Document:

Office Lease Agreement

 Exhibit 10.22 
  

 

 
 OFFICE LEASE AGREEMENT 
 THIS Office Lease Agreement (the “Lease”) is made and entered into on this the 13th day of August 2007, between CALIBER INVESTMENT GROUP LLC, a Delaware limited liability company, having an
office at 2936 Via Esperanza, Suite A, Edmond, Oklahoma 73013 (the “Landlord”), and Diamondback Holdings LLC, doing business as Diamondback Energy Services, a Delaware limited liability company, having a notice and mailing address at 14301
Caliber Drive, Oklahoma City, OK 73134 (the “Tenant”). Unless otherwise separately defined, the capitalized terms used herein are defined at Section 1 hereof. 
 W I T N E S S E T H 
 1     Construction and
Definitions Unless otherwise herein defined, the terms used in this Lease have the meanings indicated in this Section 1 and shall include the plural as well as the singular. The word “including” shall be construed to be
followed by the words “without limitation” or “but not limited to.” The words “herein,” “hereof,” “hereunder,” “hereafter,” and other words of similar import shall refer to this Lease as a
whole and not to any particular Section or other subdivision. All references to Exhibits or other attachments shall refer to the Exhibits, diagrams, and other special provisions attached to this Lease, all of which are incorporated by reference
herein for all purposes. 
 1.1     Actual Operating Costs All costs incurred or to be incurred by
Landlord for any given calendar year in connection with the management, operation, safety, security, replacement, and maintenance of the Building, the Land, the Common Areas, and all other improvements on the Land; as more fully defined in Exhibit C
attached hereto. 
 1.2     Additional Rent Tenant’s Pro Rata Share of Actual Operating Costs
and any other sums (exclusive of Base Rent) that are required to be paid to Landlord by Tenant hereunder, which sums are deemed to be Additional Rent under this Lease. 
 1.3     Base Rent The aggregate amount determined in accordance with Section 5 hereof. The Base Rent for the first month during the Lease Term (as defined herein)
shall be paid by Tenant to Landlord contemporaneously with Tenant’s execution hereof. 
 1.4     Base
Year 2007. 
 1.5     Building The structure located at 14301 Caliber Drive, Oklahoma City,
County of Oklahoma, State of Oklahoma, commonly known as the Diamondback Building owned by Landlord, together with the adjacent parking areas designated for the Building’s use and a reasonable amount of landscaped area around the Building.

 1.6     Building Regulations The rules and regulations adopted from time to time by Landlord for
the convenience, peace, safety, and welfare of the tenants of the Building and to govern the Building use and the distribution of services which are applicable to all tenants of the Building. The current Building Regulations are set out at Exhibit B
attached hereto. Any modification to the Building Regulations shall bind Tenant upon delivery of a copy thereof to Tenant. Landlord shall not be responsible to Tenant for the nonperformance of any portion of the Building Regulations by any other
tenants, occupants, or invitees of the Building. 
 1.7     Building Standard The type, brand,
quality and/or quantity of materials Landlord designates from time-to-time to be the minimum quality and/or quantity to be used in the Building or the exclusive type, grade, quality and/or quantity of material to be used in the Building. 

1.8     Business Hours The hours of operation for the Building will be 8:00 a.m. until 6:00 p.m. every Monday
through Friday, and 8:00 a.m. to 1:00 p.m. on Saturdays, exclusive of the normal business holidays of New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day (“Holidays”). Landlord, from time to
time during the Lease Term, shall have the right to designate, in the Building Regulations, additional Holidays, provided such additional Holidays are commonly recognized by other office buildings in the area where the Building is located.

 1.9     Commencement Date The date upon which the Lease Term (as defined herein) commences as
specified in Section 3 hereof, which may or may not be the date projected therein. 
 1.10     Common
Areas Those areas, as designated by Landlord from time to time, located within the Building, or on the Property, intended for non-exclusive common use by the public and other tenants of the Building, including, corridors, elevator foyers,
mail rooms, restrooms, mechanical rooms, elevator mechanical rooms, stairways, janitorial closets, electrical and telephone closets, vending areas, lobby areas (whether at ground level or otherwise), entrances, exits, sidewalks, plaza areas,
driveways, parking areas and landscaped areas and other similar facilities. 
 1.11     Effective
Date The date inserted on the first page of this Lease following execution by the last party signing the counterparts of this Lease. 
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 1.12    Encumbrance(s)    All mortgages, security agreements, collateral assignments, and other encumbrances, and all ground leases or master leases which might now or hereafter affect
any portion of Landlord’s interest in this Lease, the Building, and/or the Land, and all renewals, modifications, consolidations, replacements, and extensions thereof. 
 1.13    Estimated Operating Cost Landlord’s good faith estimate of the operating cost to be incurred in any given calendar year. 
 1.14    Expiration Date The date when the Lease Term expires as specified at Section 3 hereof, or such
earlier date as specifically provided herein. 
 1.15    Governmental Authorities All federal, state,
county, and municipal governmental bodies and agencies or instrumentalities thereof, including all judicial, quasi-judicial, and administrative bodies, having jurisdiction over the Land and Building, Landlord’s ownership and operation thereof,
and Tenant’s business and use and occupancy of the Leased Premises and Building. 
 1.16    Guarantor Any Person executing a full or partial guaranty of payment or performance of any one or more of Tenant’s obligations under this Lease. 
 1.17    Hazardous Material Any hazardous or toxic substance, material, or waste, including but not limited to
those substances, materials, and wastes listed now or in the future in the United States Department of Transportation Hazardous Materials Table or by the Environmental Protection Agency as hazardous substances, or such substances, materials, and
wastes that are or become regulated under any applicable Law. 
 1.18    Holder The mortgagee,
secured party, or lessor under any Encumbrance and such party’s successors and assigns. 
 1.19    Improvement Allowance The credit to Tenant against the Construction Cost, and used to determine Tenant’s Construction Cost to be incurred in the renovation and redecoration of the Leasehold
Improvements. 
 1.20    Landlord Caliber Investment Group LLC, a Delaware Limited Liability Company,
and its successors and assigns. 
 1.21    Laws All laws, statutes, regulations, rules, ordinances,
and orders of any Governmental Authority, including common law and rulings, decisions, and interpretations of all judicial, quasi-judicial, and administrative bodies. 
 1.22    Lease This lease agreement and all subsequent amendments and modifications, together with all schedules, exhibits, diagrams, and other special provisions attached
hereto or subsequently attached hereto or thereto, and to any amendments or modifications thereof. 
 1.23    Lease Term The period of time designated at Section 3 hereof, as the same might be modified from time to time by the written agreement of Landlord and Tenant. 
 1.24    Leased Premises The space in the Building leased to Tenant hereunder, as more fully described in
Section 2 hereof, and depicted in Exhibit A attached hereto and the Leasehold Improvements related thereto. 
 1.25    Lease Year Twelve (12) complete months following the Commencement Date and each successive twelve (12) month period thereafter during the Lease Term. 
 1.26    Leasehold Improvements All improvements located within the Leased Premises on the Commencement Date
together with all renovations and redecorating as constructed or installed pursuant to the Final Working Drawings, and all subsequent alterations and additions thereto, all of which are a part of the Building and the property of Landlord from the
time of installation and shall be surrendered by Tenant to Landlord upon the Expiration Date or earlier termination of this Lease. 
 1.27    Net Rentable Area of Leased Premises The area contained within the demising walls of the Leased Premises and any other area designated for the exclusive use of Tenant plus an allocation of the
Tenant’s pro rata share of the square footage of the Common Areas (as defined herein). For purposes of the Lease it is agreed and stipulated by both Landlord and Tenant that the Net Rentable Area of the Leased Premises is 14,303 square feet.

 1.28    Net Rentable Area of the Building    40,865 square feet. 

1.29    Person A natural person or a corporation, partnership, limited liability company, or any other legal
entity, or a Governmental Authority, as the case may be. 
 1.30    Permitted Use General office use
and no other use or purpose, as further defined in Section 7 hereof. 
 1.31    Property The
Building together with the parcel(s) of land on which it is located, other improvements located on such land, adjacent parcels of land that Landlord operates jointly with the Building, and other buildings and improvements located on such adjacent
parcels of land. 
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 1.32    Rent The collective sums to
be paid by Tenant to Landlord as Base Rent and Additional Rent as provided for herein, and all such other amounts as required to be paid by Tenant to Landlord pursuant to the terms hereof. 
 1.33    Substantial Completion The completion of the renovation and redecorating of the Leasehold Improvements to
the extent that the same can be occupied by Tenant for the conduct of Tenant’s business. The completion of minor construction deficiencies or completion of punch list items will not delay Substantial Completion. 
 1.34    Taxes All (i) real and personal property and ad valorem taxes or other tax levied in lieu of real
property taxes; (ii) municipal taxes, special assessments, or similar charges; and (iii) all other taxes, assessments, and governmental charges (including taxes on rents or services), levied or assessed against the Building, the Land, or
any other improvements, fixtures, or personal property owned by Landlord and located on or incorporated into the Building. If any special assessments are payable over a period of years, only that portion required to be paid during a calendar year,
together with interest thereon, shall be treated as a Tax allocable to such year. 
 1.35    Tenant    Diamondback Holdings LLC, doing business as Diamondback Energy Services, and its permitted affiliates, successors and assigns. 
 1.36    Tenant’s Construction Cost That portion of the final Construction Cost of the renovation and
redecorating of the Leasehold Improvements to be paid by Tenant as provided for herein, being an amount equal to the Construction Cost minus the Improvement Allowance, if applicable. 
 1.37    Tenant’s Share A fraction having as the numerator the Net Rentable Area of the Leased Premises and
as the denominator the Net Rentable Area of the Building. Tenant’s Share is agreed by Landlord and Tenant to be 14,303 / 40,865 or 35%. 
 2     Leased Premises Landlord hereby leases the
Leased Premises, together with the right, in common with others, to use the Common Areas, to Tenant and Tenant hereby leases the same from Landlord. As depicted in Exhibit A attached hereto, the Leased Premises are comprised of 12,533 square feet of
Net Rentable Area on the second (2nd) floor of the Building, commonly known as Suite 200; plus an allocation of 1,770 square feet of the Common Areas (as defined herein).

 3     Term The Lease Term is ten (10) years having a Commencement Date on
August 13, 2007. If the Commencement Date occurs on the first day of a month, the Expiration Date will be ten (10) years from the last day of the preceding month. If the Commencement Date occurs on a date other than the first day of the
month, the Expiration Date will be ten (10) years from the last day of the month in which the Commencement Date occurs, unless extended as hereafter provided. 
 3.1     Early Occupancy If Tenant takes possession of the Leased Premises prior to the Commencement Date, such possession shall be subject to all the terms and
conditions hereof and Tenant shall pay Base Rent and Additional Rent, as provided in Section 5 hereof, to Landlord for each day of occupancy prior to the Commencement Date. Notwithstanding the foregoing, if Tenant, with Landlord’s prior
approval, takes possession of the Leased Premises prior to the Commencement Date for the sole purpose of performing any Landlord-approved improvements therein or installing furniture, equipment or other personal property of Tenant, such possession
shall be subject to all of the terms and conditions of the Lease, except that Tenant shall not be required to pay Rent with respect to the period of time prior to the Commencement Date during which Tenant performs such work. Tenant shall, however,
be liable for the cost of any services (e.g. electricity, HVAC, freight elevators) that are provided to Tenant or the Leased Premises during the period of Tenant’s possession prior to the Commencement Date. Nothing herein shall be construed as
granting Tenant the right to take possession of the Leased Premises prior to the Commencement Date, whether for construction, fixturing or any other purpose, without the prior consent of Landlord. 
 3.2     Late Occupancy If for any reason the Leased Premises are not a available to Tenant for occupancy by
the Commencement Date identified in Section 3 hereof, (the “Projected Commencement Date”), this Lease will nevertheless continue in effect. 
 3.2.1      Tenant’s Causation If the failure to occupy the Leased Premises arises from any default, delay, or omission by Tenant or anyone acting under or
for Tenant, the payment of Rent will commence on the Projected Commencement Date in accordance with Section 3 hereof, and the Lease Term will not be modified. For the purposes of this Section 3.2.1, default, delay or omission by the Tenant
shall include, but is not limited to the following: (i) Tenant’s failure to furnish information in accordance with the Work Letter Agreement or to respond to any request by Landlord for any approval of information within any time period
prescribed, or if no time period is prescribed, then within two (2) Business Days of such request; (ii)Tenant’s insistence on materials, finishes or installations that have long lead times after having first been informed by Landlord that
such materials, finishes or installations will cause a Delay; (iii) Changes in any plans and specifications requested by Tenant; (iv) The performance or nonperformance by a person or entity employed by on or behalf of Tenant in the
completion of any work in the Premises (all such work and such persons or entities being subject to prior approval of Landlord); (v) Any request by Tenant that Landlord delay the completion of any of the Landlord’s Work; (vi) Any
breach or default by Tenant in the performance of Tenant’s obligations under this Lease; (vii) Any delay resulting from Tenant’s having taken possession of the Premises for any reason prior to substantial completion of the
Landlord’s Work; or (viii) Any other delay chargeable to Tenant, its agents, employees or independent contractors. 
 3.2.2      Other Causation If the failure to occupy the Leased Premises by the Projected Commencement Date arises through no fault of Tenant, Rent will abate and not commence until the 

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 date the Leased Premises are delivered to Tenant, vacant and ready
for occupancy; and the Lease Term will be extended by the period of time which elapses between the Projected Commencement Date and the date of such occupancy. 
 3.2.3      Outside Date If through no fault of Tenant, the Leased Premises have not been delivered to Tenant within sixty (60) calendar days from the
Commencement Date, Tenant may terminate this Lease and neither party shall have any obligation to the other party for any action taken prior to the termination. The abatement of Rent or termination as provided herein will constitute full settlement
of all claims which Tenant might otherwise have against Landlord by reason of any delay in occupancy of the Leased Premises. 
 4     Adjustment of Commencement Date The adjustment of the Commencement Date and, accordingly, the postponement of Tenant’s obligation to pay Base Rent and other sums due hereunder shall be
Tenant’s sole remedy and shall constitute full settlement of all claims that Tenant might otherwise have against Landlord by reason of the Leased Premises not being ready for occupancy by Tenant on the Projected Commencement Date. Promptly
after the determination of the Commencement Date, Landlord and Tenant shall enter into a letter agreement (the “Tenant Estoppel”) on the form attached hereto as Exhibit E setting forth the Commencement Date, the Termination Date and any
other dates that are affected by the adjustment of the Commencement Date. Notwithstanding anything herein to the contrary, Landlord may elect, by written notice to Tenant, not to adjust the Commencement Date as provided above if such adjustment
would cause Landlord to be in violation of the existing rights granted to any other tenant of the Building. If Landlord elects not to adjust the Commencement Date, the Commencement Date shall be the Projected Commencement Date, provided that Base
Rent and Additional Rent shall not commence until the date that the Leased Premises are delivered to Tenant, vacant and ready for occupancy. 
 5     Rent  Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base
Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall become due under this Lease (including, without limitation, any charges for replacement of electric lamps and any other services, goods or materials
furnished by Landlord at Tenant’s request). Tenant shall pay Rent to be mailed or delivered to Landlord at 2936 Via Esperanza, Suite A, Edmond, Oklahoma 73013. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than
the correct installment of Rent due under this Lease shall be deemed to be other than a payment on account of the earliest Rent due hereunder, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be
deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other available remedy. The acceptance by Landlord of an installment of Rent on a date
after the due date of such payment shall not be construed to be a waiver of Landlord’s right to declare a Default for any other late payment. All amounts received by Landlord from Tenant hereunder shall be applied first to the earliest accrued
and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease. 
 5.1      Base Rent Base Rate is payable on the first day of each month, in advance and without prior notice or demand, in monthly installments beginning on the Commencement Date, or such other
date as provided herein and continuing on the first day of each month thereafter through the Expiration Date. During the Lease Term (subject to the proration provisions of Section 5.3 hereof), Tenant shall pay monthly Base Rent to Landlord as
follows: 
  

			
	Base Rent Schedule
	Monthly Rent Schedule	  	Monthly Base Rent
	August 13, 2007 through July 31, 2012	  	$27,414.08
	August 1, 2012 through July 31, 2017	  	$29,797.92

 The Base Rent amount was calculated based upon the agreed rate of $23.00 per square foot per
year of Net Rentable Area in the Leased Premises for the first five (5) years and a rate of $25.00 per square foot per year of Net Rentable Area in the Leased Premises for the second five (5) years. In the event the size of the Leased
Premises should be increased through Tenant change orders or a revision to the original size of the Leased Premises, the Base Rent shall be upwardly adjusted pro rata to accommodate any such increase. 
 5.2      Additional Rent Tenant agrees to pay Landlord on the first day of each
month following receipt of a statement therefore and monthly thereafter an amount which is equal to monthly amount attributable to Tenant’s Share of the Estimated Operating Costs for the Building. In addition Tenant shall pay and be liable for
all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant
under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of the Rent on which the tax is based. The Additional Rent payable hereunder shall be adjusted from time-to-time in accordance with the
provisions of Exhibit C attached hereto and incorporated herein for all purposes.
 5.3      Prorations If the Commencement Date is a date other than the first day of a month, or if the Expiration Date is a date other than the last day of a month, the installment of Base Rent for
the month in which the Commencement Date occurs will be prorated based on a thirty (30) day month. If any assessment for Additional Rent is computed for a term beginning before the Commencement Date or extending beyond the Expiration Date, the
assessment will be prorated based on a three hundred sixty five (365) day year. 
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 5.4      Late Charges
Tenant shall pay all Rent at the times and in the manner herein provided. Tenant’s obligation to pay Rent is an independent covenant and no act or circumstance whatsoever (whether constituting a default by Landlord or not) will release Tenant
from the obligation to pay Rent timely or give rise to a counterclaim, offset, or deduction unless specifically otherwise provided herein. Time is of the essence in the performance of each of Tenant’s obligations hereunder. To the extent
allowed by law, in the event Tenant fails to make timely payment of Rent or any other amount due and owing hereunder and the amount remains unpaid for a period of ten (10) calendar days from such due date, in addition to any and all other sums
due and owing herein, Landlord may collect from Tenant as Additional Rent an administrative service fee in an amount equal to three percent (3%) of the amount of the payment then due. 
 6     Security Deposit Tenant herewith deposits with Landlord an amount equal to one (1) month’s
Base Rent. Such deposit will be held by Landlord throughout the Lease Term without liability for interest and as security for the performance by Tenant of Tenant’s covenants and obligations hereunder. It is expressly understood, the Security
Deposit will not be considered an advance payment of Rent or a measure of Landlord’s damages for any Default by Tenant. Landlord shall have no fiduciary responsibilities or trust obligations whatsoever with regard to the Security Deposit and
shall not assume the duties of a trustee for the Security Deposit. Landlord may commingle the deposit with Landlord’s other funds and may, from time to time, without prejudice to any other remedy, use the deposit to satisfy any arrearages of
Rent or any other obligation of Tenant hereunder. Following any such application of the deposit, Tenant, on demand, shall restore the deposit to its original amount and Tenant’s failure to do so within ten (10) calendar days of written
notice from Landlord shall be a Default hereunder. If Tenant is not in Default at the termination of this Lease, the balance of any such deposit remaining after any such application will be returned to Tenant. If Landlord transfers Landlord’s
interest in the Building during the Lease Term, Landlord shall assign the deposit to the transferee, and thereafter the transferor will have no further liability with respect to any such deposit so assigned. Tenant agrees to look solely to such
transferee or assignee or successor thereof for the return of the Security Deposit. Landlord and its successors and assigns shall not be bound by any actual or attempted assignment or encumbrance of the Security Deposit by Tenant. 
 7     Use Tenant will occupy the Leased Premises continuously and in entirety and will not use or permit any
portion of the Leased Premises to be used for any purpose other than for general office space and related administrative activities. Tenant may not use the Leased Premises for any purpose which is unlawful, disreputable, dangerous to life, limb or
property, adversely affects Landlord’s leasing of the Building, or which, in Landlord’s sole judgment, creates a nuisance, or increases the risk of casualty or the rate of fire or casualty insurance covering the Building or its contents.
In the event that any act of Tenant results in any increase in the cost of insurance covering the Building or its contents, Tenant agrees to pay to Landlord the amount of such increased cost as Additional Rent. Tenant will conduct Tenant’s
business and will control Tenant’s agents, employees, licensees, and invitees in such a manner as not to create any nuisance or interfere with, annoy, or disturb other tenants of the Building. Tenant will maintain the Leased Premises in a clean
and healthful condition. Tenant, at Tenant’s expense, shall comply and shall cause Tenant’s agents, employees, licensees, and invitees to comply fully with: (i) the Building Regulations attached hereto as Exhibit B; (ii) all Laws
pertaining to Tenant’s use of the Leased Premises; (iii) all other Legal Requirements, including all applicable Laws pertaining to air and water quality, hazardous materials, waste disposal, all emissions and other environmental matters;
and (iv) all zoning and other land use matters, and any directive of any Governmental Authority, pursuant to Law, which shall impose any duty upon Landlord or Tenant with respect to the use or occupancy of the Leased Premises. In the event
Tenant receives any notice with respect to a violation or alleged violation of any of the aforementioned legal requirements, Tenant, within ten (10) days after the receipt thereof, shall provide Landlord with copies of such notices. 

7.1      Compliance With Declaration of Protective Covenants for Quail Springs Office
Park  Tenant’s use of the Premises and Common Areas shall be subject to and in full compliance with the Declaration of Protective Covenants of Quail Springs Office Park and any current or subsequent amendments thereto,
including the Declaration of Protective Covenants dated as of April 27, 1983, and recorded in Book 4997 at Page 999, in the office of the County Clerk of Oklahoma County, Oklahoma (“Oklahoma County Clerk”), as amended by that certain
Amendment to Declaration of Protective Covenants dated as of September 20, 1984, and recorded with the Oklahoma County Clerk in Book 5230 at Page 44, as further amended by that certain Second Amendment to Declaration of Protective Covenants
dated as of March 17, 1998 and recorded with the Oklahoma County Clerk in book 7269 at Page 735, as further amended by that certain Third Amendment to Declaration of Protective Covenants dated as of September 30, 2005 and recorded with the
Oklahoma County Clerk in book 9875 at Page 560 (collectively the “Declaration”), all of which subject the Building to the terms, conditions, restrictions and provisions therein contained and as said Declaration is amended from time to
time. It is expressly understood and agreed that the terms of the Declaration may vary from the terms of this Lease. 
 7.2      Americans with Disabilities Act Requirements Landlord is responsible for and will maintain the Common Areas of the Building in substantial compliance with the public accommodations
provisions of Title III of the Americans with Disabilities Act of 1990, as amended (the “ADA”). Landlord shall bear the cost of any improvements, repairs, renovations, or modifications to the Common Areas that may from time to time be
required to bring the Building into compliance or maintain the Building’s compliance with Title III of the ADA. Tenant shall indemnify and hold Landlord harmless from and against any losses, costs, damages, or claims of whatever nature, arising
out of or in connection with the compliance requirements set forth in the ADA, as amended, relating to the use and occupancy of the Leased Premises and/or alteration and/or renovation of the Leasehold Improvements, including, but not limited to, any
changes necessitated because of the specific needs of Tenant’s employees. 
 8     Landlord’s
Services and Other Obligations Landlord agrees to furnish Tenant the following services: 
 8.1      Standard Services So long as Tenant is not in Default, and subject to the limitations prescribed by the Building Regulations, Landlord agrees to furnish to Tenant during the
Business Hours the following services: (i) access to running water at the points of supply generally provided in the Building and in 
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 reasonable quantities consistent with customary office usage;
(ii) heated and refrigerated air conditioning at such times, temperatures, and in such amounts as are considered by Landlord, in its reasonable judgment, to be standard for buildings of similar class, size, age and location, or as required by
governmental authorities (specifically excluding, however, service, if necessary, for the operation of Tenant’s supplemental heating, ventilation, and air conditioning system for Tenant’s computer equipment or similar high electricity
consumption equipment, if any, all of which is considered excess service and will be provided at additional cost to Tenant as hereinafter provided); (iii) elevator service in common with other tenants of the Building; (iv) access to
electrical power in accordance with and subject to the terms and conditions of Section 9 hereof; (v) janitorial services as Landlord regularly provides to other tenants of the Building; provided, however, if Tenant’s floor covering or
other improvements require special treatment, Tenant shall pay the additional cleaning cost attributable thereto as Additional Rent upon presentation of a statement therefor by Landlord; (vi) ordinary maintenance services, to the extent
reasonably deemed by Landlord to be standard for buildings of similar class, age and location, required to maintain the exterior and mechanical systems of the Building and the Common Areas; (vii) electric lighting for the Common Areas in the
manner and to the extent deemed by Landlord to be reasonably required; and (viii) main telephone service to the Building, such service to be made available in a telecommunications equipment area located on same floor of the Building as the
Leased Premises or at such other location in the Building as Landlord may designate and provide. 
 8.2     Excess Services To the extent Tenant requests, uses, or requires any other utilities or building services in addition to those identified herein, above the utilities or building services in
frequency, scope, quality or quantities substantially greater than the standards set by Landlord for the Building, then Landlord shall use reasonable efforts to attempt to furnish Tenant with such additional utilities or building services. Tenant
agrees to pay to Landlord as Additional Rent such charges as Landlord might from time to time prescribe for such additional services. Unless previously included, installed, and paid pursuant to the Final Working Drawings, Tenant shall pay the cost
of installing, servicing, and maintaining any special or additional lines, risers, or other equipment that may be required for Tenant’s computer, electro-data processing, or other equipment requiring high electrical consumption, all of which
will be installed under Landlord’s supervision. 
 8.3     Landlord’s Repairs Landlord
shall make all inspections and repairs to the mechanical, electrical, plumbing and HVAC systems within the Building or providing service to the Leased Premises as customarily required for such equipment to be functional for their intended purposes.
Landlord will promptly endeavor to repair any malfunction of such equipment when required, following any notice of malfunction from Tenant, but the failure to any extent to furnish, or any stoppage or interruption of the foregoing services will not
render Landlord liable in any respect for damages to Tenant or any other Person or be construed as an eviction of Tenant or entitle Tenant to any abatement of Rent or relieve Tenant from performing any obligation contained herein. Tenant will
promptly notify Landlord of any damage or malfunction of such systems of which Tenant has knowledge. Any such repairs made necessary by the act, neglect, fault, or omission of Tenant or Tenant’s agents, employees, invitees, or visitors shall be
made by Landlord at Tenant’s expense; and Tenant shall remit promptly such cost to Landlord as Additional Rent upon written demand therefor. 
 8.4     Landlord’s Reservation Notwithstanding the foregoing, Landlord reserves the right, without any liability to Tenant and without being in breach of any covenant or agreement of
this Lease, to temporarily interrupt or discontinue all or any portion of Landlord’s services hereunder at such times, and for so long as may be necessary in Landlord’s reasonable judgment, by reason of accident, unavailability of
employees, strikes, riots, acts of God, or other events beyond the control of Landlord. Reasonable advance notice shall be given to Tenant for any anticipated interruption. 
 9     Use of Electrical Services by Tenant All electricity used by Tenant in the Leased Premises shall be paid for by Tenant through inclusion in Base Rent and
Additional Rent (except as provided for in this Section 9 with respect to excess usage). Landlord shall have the right at any time and from time-to-time during the Lease Term to contract for electricity service from such providers of such
services as Landlord shall elect (each being an “Electric Service Provider”). Tenant shall cooperate with Landlord, and the applicable Electric Service Provider, at all times and, as reasonably necessary, shall allow Landlord and such
Electric Service Provider reasonable access to the Building’s electric lines, feeders, risers, wiring, and any other machinery within the Leased Premises. Landlord shall in no way be liable or responsible for any loss, damage, or expense that
Tenant may sustain or incur by reason of any change, failure, interference, disruption, or defect in the supply or character of the electric energy furnished to the Leased Premises, or if the quantity or character of the electric energy supplied by
the Electric Service Provider is no longer available or suitable for Tenant’s requirements, and no such change, failure, defect, unavailability, or unsuitability shall constitute an actual or constructive eviction, in whole or in part, or
entitle Tenant to any abatement or diminution of rent, or relieve Tenant from any of its obligations under the Lease. Tenant’s use of electrical services furnished by Landlord shall not exceed in voltage, rated capacity, or overall load that
which is standard for the Building. In the event Tenant shall request that it be allowed to consume electrical services in excess of Building Standard, Landlord may refuse to consent to such usage or may consent upon such conditions as Landlord
reasonably elects (including the installation of utility service upgrades, submeters, air handlers or cooling units), and all such additional usage (to the extent permitted by law), installation and maintenance thereof shall be paid for by Tenant as
Additional Rent. Landlord, at any time during the Lease Term, shall have the right to separately meter electrical usage for the Leased Premises or to measure electrical usage by survey or any other method that Landlord, in its reasonable judgment,
deems appropriate. 
 10     Maintenance Landlord and Tenant agree as follows: 
 10.1     Landlord’s Responsibilities Subject to the provisions herein regarding damage by fire or other
casualty, Landlord shall, at its expense (except as included in Actual Operating Costs) keep and maintain in good repair and working order and make all repairs to and perform necessary maintenance upon: (i) all structural elements of the
Building; (ii) all mechanical, electrical and plumbing systems that serve the 
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 Building in general; and (iii) the Building facilities common to
all tenants including but not limited to, the ceilings, walls and floors in the Common Areas. Landlord shall not be liable to Tenant for any damage or inconvenience and Tenant shall not be entitled to any abatement or reduction of Rent by reason of
any repairs, alterations, or additions made by Landlord. 
 10.2 Tenant’s Maintenance Obligations Tenant will, at
Tenant’s expense, maintain the Leased Premises in good order, condition and repair throughout the entire Lease Term, ordinary wear and tear excepted. Tenant agrees to keep the areas visible from outside the Leased Premises in a neat, clean and
attractive condition at all times. Tenant shall be responsible for all repairs, replacements and alterations in and to the Leased Premises, Building and Property and the facilities and systems thereof, the need for which arises out of
(i) Tenant’s use or occupancy of the Leased Premises, (ii) the installation, removal, use or operation of Tenant’s property, (iii) the moving of Tenant’s Property into or out of the Building, or (iv) the act,
omission, misuse or negligence of Tenant, its agents, contractors, employees or invitees. All such repairs, replacements or alterations shall be performed in accordance with Section 11 hereof, and the rules, policies and procedures reasonably
enacted by Landlord from time to time for the performance of work in the Building. If Tenant fails to maintain the Leased Premises in good order, condition and repair, Landlord shall give Tenant notice to perform such acts as are reasonably required
to so maintain the Leased Premises. If Tenant fails to promptly commence such work and diligently pursue it to its completion, then Landlord may, at is option, make such repairs, and Tenant shall pay the cost thereof to Landlord on demand as
Additional Rent, together with an administration charge in an amount equal to ten percent (10%) of the cost of such repairs. 
 11  Alteration of Leasehold Improvements Tenant shall not make or allow to be made any alterations, additions or improvements to the Leased Premises, without first obtaining the written consent of Landlord in each
such instance, which consent may be refused or given on such conditions as Landlord may elect. Prior to commencing any such work and as a condition to obtaining Landlord’s consent, Tenant must furnish Landlord with plans and specifications
acceptable to Landlord; names and addresses of contractors reasonably acceptable to Landlord; copies of contracts; necessary permits and approvals; evidence of contractor’s and subcontractor’s insurance; and a payment bond or other
security, all in form and amount satisfactory to Landlord. Tenant shall be responsible for insuring that all such persons procure and maintain insurance coverage against such risks, in such amounts and with such companies as Landlord may require,
including, but not limited to, Builder’s Risk and Worker’s Compensation insurance. All such improvements, alterations or additions shall be constructed in a good and workmanlike manner using Building Standard materials or other new
materials of equal or greater quantity. Landlord, to the extent reasonably necessary to avoid any disruption to the tenants and occupants of the Building, shall have the right to designate the time when any such alterations, additions and
improvements may be performed and to otherwise designate reasonable rules, regulations and procedures for the performance of work in the Building. Upon completion, Tenant shall furnish “as-built” plans, contractors’ affidavits and
full and final waivers of lien and receipted bills covering all labor and materials. All improvements, alterations and additions shall comply with the insurance requirements, codes, ordinances, laws and regulations, including without limitation, the
Americans with Disabilities Act. Tenant shall reimburse Landlord upon demand for all sums, if any, expended by Landlord for third party examination of the architectural, mechanical, electrical and plumbing plans for any alterations, additions or
improvements. In addition, if Landlord so requests, Landlord shall be entitled to oversee the construction of any alterations, additions or improvements that may affect the structure of the Building or any of the mechanical, electrical, plumbing or
life safety systems of the Building. In the event Landlord elects to oversee such work, Landlord shall be entitled to receive a fee for such oversight in an amount equal to ten percent (10%) of the cost of such alterations, additions or
improvements. Landlord’s approval of Tenant’s plans and specifications for any work performed for or on behalf of Tenant shall not be deemed to be representation by Landlord that such plans and specifications comply with applicable
insurance requirements, building codes, ordinances, laws or regulations or that the alterations, additions and improvements constructed in accordance with such plans and specifications will be adequate for Tenant’s use. 
 11.1 Fixtures and Personalty All fixtures (including trade fixtures attached to the Leased Premises), equipment, improvements, and
appurtenances attached to or built into the Leased Premises, as reflected in the Final Working Drawings or subsequently installed pursuant to any other provisions hereof, whether by Landlord at Landlord’s expense or at Tenant’s expense, or
by the Tenant, shall be and remain part of the Leased Premises and shall not be removed by Tenant at the expiration of the Lease Term, unless otherwise expressly provided herein. 
 11.1.1 Fixtures The following shall be deemed fixtures that comprise a part of the Leased Premises, except as otherwise specifically
provided herein: all electric ceiling and lighting fixtures and outlets, plumbing, heating, sprinkling, telephone, telegraph, and built-in communication systems; partitions, railings, doors, paneling, molding, cabinetry, shelving, flooring, and
floor and wall coverings; and all ventilating, silencing, air conditioning, cooling, and heating equipment, where installed within or to interior walls, floors, and ceilings. 
 11.1.2 Movable Items Where not built into the Leased Premises or attached to interior walls, floors, and ceilings, and if furnished by or at Tenant’s expense without credit by the
Improvement Allowance, all readily removable electric fixtures, non-attached carpets or rugs, electric fans, water coolers, kitchen appliances, furniture, furnishings, movable trade fixtures, and equipment shall not be deemed fixtures and a part of
the Leased Premises, and may be removed by Tenant upon the condition that such removal does not damage the Leased Premises and upon condition also that Tenant shall pay the cost of repairing any damage to the Leased Premises arising from any such
removal. 
 11.2  Mechanic’s Liens Tenant will not permit any mechanic’s liens or other liens to be
placed upon the Premises, the Building, or the Property and nothing in this Lease shall be deemed or construed in any way as constituting the consent or request of Landlord, express or implied, by inference or otherwise, to any person for the
performance of any labor or the furnishing of any materials to the Leased Premises, the Building, or the Property or any part thereof, nor as giving Tenant any right, power, or authority to contract 
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 for or permit the rendering of any services or the furnishing of any
materials that would give rise to any mechanic’s or other liens against the Leased Premises, the Building, or the Property. In the event any such lien is attached to the Leased Premises, the Building, or the Property, then, in addition to any
other right or remedy of Landlord, Landlord may, but shall not be obligated to, discharge the same. Any amount paid by Landlord for any of the aforesaid purposes including, but not limited to, reasonable attorneys’ fees, shall be paid by Tenant
to Landlord promptly on demand as Additional Rent. Tenant shall within ten (10) days of receiving such notice of lien or claim (a) have such lien or claim released or (b) deliver to Landlord a bond in form, content, amount and issued
by surety, satisfactory to Landlord, indemnifying, protecting, defending and holding harmless the Indemnities against all costs and liabilities resulting from such lien or claim and the foreclosure or attempted foreclosure thereof. Tenant’s
failure to comply with the provisions of the foregoing sentence shall be deemed an Event of Default under Section 22 hereof entitling Landlord to exercise all of its remedies therefor without the requirement of any additional notice or cure
period. 
 12  Assignment; Subletting Except as permitted hereunder in this Section 12, Tenant will not
assign, sublease, transfer or encumber this Lease or any interest herein or in whole or in part (collectively or individually, a “Transfer”), without the prior written consent of Landlord, which consent shall not be unreasonably withheld.
Without limitation, it is agreed that Landlord’s consent shall not be considered unreasonably withheld if: (i) the proposed transferee’s financial condition does not meet the criteria Landlord uses to select Building tenants having
similar leasehold obligations; (ii) the proposed transferee’s business is not suitable for the Building considering the business of the other tenants and the Building’s prestige, or would result in a violation of another tenant’s
rights; (iii) the proposed transferee is a governmental agency or occupant of the Building; (iv) Tenant is in default beyond any applicable notice and cure period; or (v) any portion of the Building or the Premises would likely become
subject to additional or different laws as a consequence of the proposed Transfer. 
 12.1    Landlord’s
Election If Tenant requests Landlord’s consent to a Transfer, Tenant shall submit to Landlord written notice of such request, together with the name of the proposed assignee, the proposed effective date, financial statements for the
proposed transferee, a complete copy of the proposed assignment, sublease; together with any and all other information as Landlord may reasonably request, at least thirty (30) calendar days prior to the date of the proposed Transfer. Landlord
will have the option for a period of thirty (30) calendar days after receipt of such notice to either: (i) permit Tenant to assign, encumber, or sublet the Leased Premises; or (ii) refuse any consent and continue this Lease in effect.
The failure by Landlord to exercise either of the foregoing options within the time provided will be deemed a refusal and election to keep this Lease in full force and effect. Consent by Landlord to one or more Transfer(s) shall not operate as a
waiver of Landlord’s rights to approve any subsequent Transfer(s). In no event shall any Transfer release or relieve Tenant from any obligation under this Lease or any liability hereunder. Tenant shall reimburse Landlord for all costs
associated with Landlord’s review of any Transfer or requested Transfer. In addition, Tenant shall reimburse Landlord for its actual reasonable costs and expenses (including without limitation reasonable attorney’s fees) incurred by
Landlord in connection with Landlord’s review of such requested Transfer. 
 12.2    Proceeds In
the event Landlord consents to a requested Transfer, Tenant shall pay to Landlord fifty percent (50%) of all cash and other consideration which Tenant receives as a result of a Transfer that is in excess of the rent payable to Landlord
hereunder for the portion of the Leased Premises and Term covered by the Transfer within ten (10) days following receipt thereof by Tenant. If Tenant is in Monetary Default (defined in Section 20 hereof), Landlord may require that all
sublease payments be made directly to Landlord, in which case Tenant shall receive a credit against Rent in the amount of any payments received (less Landlord’s share of any excess). 
 12.3    Permitted Transfer to Commonly Controlled Entity Tenant may assign its entire interest under this Lease
or sublet the Leased Premises to any entity controlling or controlled by or under common control with Tenant or to any successor to Tenant by purchase, merger, consolidation or reorganization (hereinafter, collectively, referred to as
“Permitted Transfer”) without the consent of Landlord, provided: (i) Tenant is not in default under this Lease; (ii) such proposed transferee shall have a net worth which is at least equal to the greater of Tenant’s net
worth at the date of this Lease or Tenant’s net worth as of the day prior to the proposed purchase, merger, consolidation or reorganization as evidenced to Landlord’s reasonable satisfaction; (iii) such proposed transferee operates
the business in the Leased Premises for the Permitted Use and no other purpose; and (iv) Tenant shall give Landlord written notice at least thirty (30) days prior to the effective date of the proposed purchase, merger, consolidation or
reorganization. 
 12.4  Perpetual Nature of Lease Notwithstanding any consent granted by Landlord, Tenant and
each assignee, mortgagee, and sublessee will at all times remain fully liable for the payment of Rent and for the performance of Tenant’s obligations hereunder. No consent granted by Landlord will constitute a waiver of the provisions of this
Section 12 except as to the specific instance covered thereby. Any attempted Transfer in violation of this Section 12 shall, exercisable in Landlord’s sole and absolute discretion, be voidable. Tenant agrees that in the event Landlord
withholds its consent to any Transfer contrary to the provisions of this Section 12, Tenant’s sole remedy shall be to seek an injunction in equity or compel performance by Landlord to give its consent and Tenant expressly waives any right
to damages in the event of such withholding by Landlord of its consent. 
 13  Signage Tenant will be provided,
at Landlord’s expense, one building standard strip on the lobby directory. Landlord will also provide, at Landlord’s expense, one suite identification sign adjacent to or on the main entry door of the Leased Premises. Tenant will pay
Landlord’s reasonable charges for changing such building directory and identification sign at Tenant’s request. No other signage shall be used or permitted on the Leased Premises without Landlord’s prior written consent. 

14  Entry by Landlord Tenant shall permit Landlord or its agents or representatives to enter into and upon any part of
the Leased Premises at all reasonable hours (or, in any emergency, at any hour), to inspect, clean, or make repairs, alterations, or additions thereto, including any work that Landlord deems necessary for the safety, 
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 protection or preservation of the Building or any occupants thereof,
or to facilitate repairs, alterations or additions to the Building or any other tenant’s premises. Landlord may also enter the Leased Premises to conduct an economic appraisal of the Building or to show the Leased Premises to prospective
purchasers, mortgagees, and tenants. 
 14.1 Notice of Entry Except for any entry by Landlord in an emergency situation
or to provide normal cleaning and janitorial service, Landlord shall provide Tenant with reasonable prior notice of any entry into the Leased Premises, which notice may be given verbally. 
 14.2 Effect of Entry Landlord and Landlord’s agents, employees, and contractors will have the absolute right to enter the Leased
Premises and Tenant will not be entitled to any abatement or reduction of Rent by reason thereby, nor shall any such entry for such purposes constitute an actual or constructive eviction of Tenant. 
 15 Insurance Tenant and Landlord shall each maintain during the Lease Term, at their respective expense, the following insurance
coverages provided in this Section 15: 
 15.1 Landlord’s Insurance Landlord will maintain the following policy
or policies of insurance: (i) fire and extended coverage insurance covering the Building and the Common Areas (other than on Tenant’s Property or on any additional improvements constructed in the Leased Premises by Tenant) for the full
insurable value thereof; and (ii) commercial general liability insurance insuring injury to or death of any person occasioned by or arising out of or in connection with the ownership, maintenance, management, leasing, and operation of the
Building, the limits of such policy or policies to be in an amount of not less than $1,000,000.00 with respect to injuries to or death of any one person and in an amount of not less than $500,000.00 with respect to any one occurrence. The cost of
such insurance shall be included as a part of the Actual Operating Costs, and payments for losses thereunder shall be made solely to Landlord or the mortgagees of Landlord as their interests shall appear. 
 15.2 Tenant’s Insurance Tenant will maintain the following policy or policies of insurance, at its expense, insuring Tenant and
naming Landlord as an additional insured: (i) special form (formerly known as all risk) property insurance on all of its personal property, including removable trade fixtures and leasehold and tenant improvements, and Tenant’s Property
located in the Leased Premises and in such additional amounts as are required to meet Tenant’s obligations hereunder and with deductibles in an amount for the full replacement cost thereof; and (ii) commercial general liability insurance
(including endorsement or separate policy for owned or non-owned automobile liability) with respect to its activities in the Building and on the Property, with the premiums thereon fully paid on or before the due date, in an amount of not less than
$2,000,000 per occurrence per person coverage for bodily injury, property damage, personal injury or combination thereof (the term “personal injury” as used herein means, without limitation, false arrest, detention or imprisonment,
malicious prosecution, wrongful entry, liable and slander), provided that if only single limit coverage is available it shall be for at least $2,000,000 per occurrence with an umbrella policy of at least $5,000,000 combined single limit per
occurrence. Tenant’s insurance policies shall name Landlord as an additional insured and shall include coverage for the contractual liability of Tenant to indemnify Landlord hereunder and shall have deductibles in an amount reasonably
satisfactory to Landlord. Prior to Tenant’s taking possession of the Premises, Tenant shall furnish evidence satisfactory to Landlord of the maintenance and timely renewal of such insurance, and Tenant shall obtain and deliver to Landlord a
written obligation on the part of each insurer to notify Landlord at least thirty (30) days prior to the modification, cancellation or expiration of such insurance policies. In the event Tenant shall not have delivered to Landlord a policy or
certificate evidencing such insurance at least thirty (30) days prior to the expiration date of each expiring policy, Landlord may obtain such insurance as Landlord may reasonably require to protect Landlord’s interest (which obtaining of
insurance shall not be deemed to be a waiver of Tenant’s default hereunder). The cost to Landlord of obtaining such policies, plus an administrative fee in the amount of fifteen percent (15%) of the cost of such policies shall be paid by
Tenant to Landlord as Additional Rent upon demand. 
 15.2.1 Evidence of Coverage Tenant will furnish to Landlord on or
before the Commencement Date, a certificate of insurance satisfactory to Landlord, confirming the maintenance of such insurance and the payment of all premiums. Renewal certificates or copies of renewal policies will be delivered to Landlord at
least thirty (30) calendar days prior to the expiration of any policy. Tenant will obtain a written obligation on the part of each insurance company to notify Landlord at least thirty (30) calendar days prior to cancellation of such
insurance. 
 12.2.2 Carriers All insurance required under this Section 15 shall be issued by an insurance company
with a rating of no less than A-VIII in the current Best’s Insurance Guide, or A- in the current Standard & Poor Insurance Solvency Review, or that is otherwise acceptable to Landlord, and admitted to engage in the business of
insurance in the State of Oklahoma. 
 15.3 Waiver of Certain Claims Each of the parties hereby releases the other from
all liability for damage due to any act or neglect of the other (except as hereinafter provided) occasioned to property owned by said parties, which is or might be incident to or the result of any casualty for which either of the parties is now
carrying, is required by this Lease to carry, or may hereafter carry insurance; provided, however, that the releases herein contained shall not apply to any loss or damage occasioned by the deliberate, harmful, or negligent act of either of the
parties hereto or their agents, employees, or other Persons acting on their behalf. Since this mutual waiver will preclude the assignment of any such claim by subrogation (or otherwise) to an insurance company (or any other person), Landlord and
Tenant each agree to give each insurance company which has issued, or on the future may issue, policies of insurance, with respect to the items covered by this waiver, written notice of the terms of this mutual waiver, and to have such insurance
policies properly endorsed, if necessary, to prevent the invalidation of any of the coverage provided by such insurance policies by reason of such mutual waiver. Upon request by either party, Tenant or Landlord shall provide the other with proof of
insurance containing evidence of the insurer’s acknowledgement of the provisions of this Section 15.3. 
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 15.4 Waiver of Subrogation Landlord and
Tenant hereby waive any and all rights of recovery against the other, their officers, agents, and employees, to the extent the same is insured against under any insurance policy that covers the Building, the Leased Premises, or any assets thereon
and/or any business conducted thereon, occurring out of the use and occupancy of the Leased Premises for loss or damage to their respective real and/or personal property arising as a result of a casualty or condemnation contemplated by this Lease,
regardless of whether the negligence of the other party caused any such loss. Each of the parties shall, upon obtaining the policies of insurance required by this Lease, notify the insurance carrier that the foregoing waiver is contained in this
Lease and shall require such carrier to include an appropriate waiver of subrogation provision in the policies. For the purpose of the foregoing waiver, the amount of any deductible applicable to any loss or damage shall be deemed covered by, and
recoverable by the insured under the insurance policy to which such deductible relates. In the event that Tenant is permitted to and self-insures any risk for which insurance is required to be carried under this Lease, or if Tenant fails to carry
any insurance required to be carried by Tenant pursuant to this Lease, then all loss or damage to Tenant, its leasehold interest, its business, its property, the Premises or any additions or improvements thereto or contents thereof shall be deemed
covered by and recoverable by Tenant under valid and collectible policies of insurance. Notwithstanding anything to the contrary herein, Landlord shall not be liable to the Tenant or any insurance company (by way of subrogation or otherwise)
insuring the Tenant for any loss or damage to any property, or bodily injury or personal injury or any resulting loss of income or losses from worker’s compensation laws and benefits, even though such loss or damage might have been occasioned
by the negligence of Landlord, its agents or employees, or Building Manager, if any such loss or damage was required to be covered by insurance pursuant to this Lease. 
 The insurance requirements set forth in this Section 15 are independent of the waiver, indemnification, and other obligations under this Lease and will not be construed or interpreted in any way to
restrict, limit or modify the waiver, indemnification and other obligations or to in any way limit any party’s liability under this Lease. 
 16     Indemnity.    To the extent not expressly prohibited by law, Landlord nor any of its respective officers, directors, employees, members, managers, or agents
shall be liable to Tenant, or to Tenant’s agents, servants, employees, customers, licensees, or invitees for any injury to person or damage to property caused by any act, omission, or neglect of Tenant, its agents, servants, employees,
customers, invitees, licensees or by any other person entering the Building or upon the Property under the invitation of Tenant or arising out of the use of the Property, Building or Leased Premises by Tenant and the conduct of its business or out
of a default by Tenant in the performance of its obligations hereunder. Tenant hereby indemnifies and holds Landlord and its officers, directors, employees, members, managers and agents (“Indemnitees”), harmless from all liability and
claims for any property damage, or bodily injury or death of, or personal injury to, a person in or on the Leased Premises, or at any other place, including the Property or the Building and this indemnity shall be enforceable to the full extent
whether or not such liability and claims are the result of the sole, joint or concurrent acts, negligent or intentional, or otherwise, of Tenant, or its employees, agents, servants, customers, invitees or licensees. Such indemnity for the benefit of
Indemnitees shall be enforceable even if Indemnitees, or any one or more of them have or has caused or participated in causing such liability and claims by their joint or concurrent acts, negligent or intentional, or otherwise. Additionally,
Landlord shall not be liable to Tenant or Tenant’s employees, contractors, agents, invitees or customers, for any injury to person or damage to property sustained by Tenant or any such party or any other person claiming through Tenant resulting
from any accident or occurrence in the Leased Premises or any other portion of the Building caused by the Leased Premises or any other portion of the Building becoming out of repair or by defect in or failure of equipment, pipes, or wiring, or by
broken glass, or by the backing up of drains, or by gas, water, steam, electricity, or oil leaking, escaping or flowing into the Leased Premises (except where due to Landlord’s willful failure to make repairs required to be made pursuant to
other provisions of this Lease, after the expiration of a reasonable time after written notice to Landlord of the need for such repairs), nor shall Landlord be liable to Tenant for any loss or damage that may be occasioned by or through the acts or
omissions of other tenants of the Building or of any other persons whomsoever, including, but not limited to riot, strike, insurrection, war, court order, requisition, order of any governmental body or authority, acts of God, fire or theft.
Notwithstanding the terms of this Lease to the contrary, the terms of this Section 16 shall survive the expiration or earlier termination of this Lease. 
 17     Casualty  The following provisions shall apply to damage or destruction to the Building or the Leased Premises: 
 17.1     Damage to Leased Premises If the Leased Premises or any part thereof shall be damaged by fire or
other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s sole opinion, be required (whether or not
the Leased Premises shall have been damaged by such casualty) or in the event there is less than two (2) years of the Lease Term remaining or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result
of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety
(90) days after the date of such casualty. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within the Leased Premises,
if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement attached hereto as Exhibit D; to substantially the same condition in which it was immediately prior to the happening of the casualty. Notwithstanding the
foregoing, Landlord’s obligation to restore the Building, and the improvements located within the Leased Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, shall not require Landlord to
expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord’s obligation to restore shall be further limited so that Landlord shall not be required to
expend for the repair and restoration of the improvements located within the Leased Premises, if any, for which 
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 Landlord had financial responsibility pursuant to the Work Letter
Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all
improvements, including furniture, fixtures and equipment, which are necessary to permit Tenant’s reoccupancy of the Leased Premises. Except as set forth above, all cost and expense of reconstructing the Leased Premises shall be borne by
Tenant, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant’s ability to pay such costs prior to Landlord’s commencement of repair and restoration of the Leased Premises. Landlord shall not be liable for any
inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent
during the time and to the extent the Leased Premises are unfit for occupancy. If the Leased Premises or any other portion of the Property is damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant’s
agents, employees, or invitees, the Rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Property caused thereby to the extent such cost and
expense is not covered by insurance proceeds. 
 17.2     Damage to Building If the Building,
but not the Leased Premises, shall be so damaged by casualty that substantial alteration or reconstruction of the Building shall, in Landlord’s sole judgment, be required or in the event of any material uninsured loss to the Building, Landlord
may, at Landlord’s option, terminate this Lease by notifying Tenant in writing of such termination within sixty (60) calendar days after the date of casualty. On such termination Tenant will pay Rent and all other obligations of Tenant
apportioned to the date of termination and Tenant will immediately surrender the Leased Premises to Landlord. If Landlord does not exercise the option to terminate this Lease within such period, Landlord will repair and restore the Building and the
Common Areas pursuant to this Lease. Rent will not be abated or reduced during such restoration or repair so long as Tenant’s continued occupancy of the Leased Premises is not materially interrupted. If the Building is damaged by any casualty
resulting from the fault or negligence of Tenant or any of Tenant’s agents, employees, or invitees, the Rent hereunder shall not abate and Tenant shall be liable to Landlord for the cost of repair and restoration of the Building to the extent
such cost and expenses are not covered by insurance proceeds. 
 17.3     No Liability Landlord
shall not be liable to Tenant for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or Landlord’s restoration work, other than abatement of Rent, as and when applicable in
accordance with this Section 17. 
 17.4.     Holder’s Requirements. Any provisions of this
Section 17 to the contrary notwithstanding, Tenant hereby acknowledges that in the event any Holder under any Encumbrance should require that proceeds of insurance be used to retire the indebtedness secured thereby in accordance with the
provisions of such Encumbrance, Landlord shall have no obligation to rebuild or restore the Building, and this Lease shall terminate on sixty (60) calendar days written notice to Tenant. 
 18   Condemnation If the whole or any substantial part of the Leased Premises or if the Building or any portion
thereof which would leave the remainder of the Building unsuitable for use as an office building comparable to its use on the Commencement Date, or if the land on which the Building is located or any material portion thereof, is taken or condemned
in whole or part for any public use or purpose by right of eminent domain, or is transferred by agreement in connection with, in lieu of, or under threat of condemnation, then Landlord may, at its option, terminate this Lease and the Rent shall be
abated during the unexpired portion of this Lease, effective as of the date title vests in the condemner or transferee. Landlord will receive the entire award from such taking (or the entire compensation paid on account of any transfer by
agreement). Tenant, however, shall be entitled to claim, prove, and receive in any condemnation proceeding such awards as may be allowed under applicable Laws for fixtures and other equipment installed by Tenant, but only if such award shall be made
by the court in addition to (and shall in no manner whatsoever reduce) the award made by the court to Landlord for the Land and Building. For purposes of this Section 18 only, the term “Building” shall not include parking facilities,
driveways, or non-paved landscaped exteriors. 
 19   Hazardous Materials Tenant hereby represents and
covenants to Landlord the following: No toxic or hazardous substances or wastes, pollutants or contaminants (including, without limitation, asbestos, urea formaldehyde, the group of organic compounds known as polychlorinated biphenyls, petroleum
products including gasoline, fuel oil, crude oil and various constituents of such products, radon, and any hazardous substance as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601-9657, as
amended (“CERCLA”) (collectively, “Hazardous Materials”) other than customary office supplies and cleaning supplies stored and handled within the Leased Premises in accordance with all applicable laws, will be generated, treated,
stored, released or disposed of, or otherwise placed, deposited in or located on the Property, and no activity shall be taken on the Property, by Tenant, its agents, employees, invitees or contractors, that would cause or contribute to (i) the
Property or any part thereof to become a generation, treatment, storage or disposal facility within the meaning of or otherwise bring the Property within the ambit of the Resource Conservation and Recovery Act of 1976 (“RCRA”), 42 U.S.C.
5901 et. seq., or any similar state law or local ordinance, (ii) a release or threatened release of toxic or hazardous wastes or substances, pollutants or contaminants, from the Property or any part thereof within the meaning of, or
otherwise result in liability in connection with the Property within the ambit of CERCLA, or any similar state law or local ordinance, or (iii) the discharge of pollutants or effluents into any water source or system, the dredging or filling of
any waters, or the discharge into the air of any emissions, that would require a permit under the Federal Water Pollution Control Act, 33 U.S.C. 1251 et. seq., or the Clean Air Act, 42 U.S.C. 7401 et. seq., or any similar state law or local
ordinance. 
 19.1 Disclosure Tenant shall immediately notify Landlord in writing of any release or threatened release of
Hazardous Materials of which Tenant has knowledge, whether or not the release is in quantities that would require, under law, the reporting of such release to a governmental or regulatory agency. Tenant shall also immediately notify Landlord in
writing of, and shall contemporaneously provide Landlord with a copy of: (i) any written notice of release of Hazardous Materials on the Property that is provided by Tenant or any subtenant 
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 or other occupant if the Premises to a governmental or regulatory
agency; (ii) any notice of a violation, or a potential or alleged violation, of any Environmental Law (hereinafter defined) that is received by Tenant or any subtenant or other occupant of the Premises from any governmental or regulatory
agency; (iii) any inquiry, investigation, enforcement, cleanup, removal, or other action that is instituted or threatened by a governmental or regulatory agency against Tenant or any subtenant or other occupant of the Premises and that relates
to the release or discharge of Hazardous Materials on or from the Property; (iv) any claim that is instituted or threatened by any third-party against Tenant or any subtenant or other occupant of the Premises and that relates to any release or
discharge of Hazardous Materials on or from the Property; and (v) any notice of the loss of any environmental operating permit by Tenant or any subtenant or other occupant of the Premises. 
 19.2 Inspection Landlord and its agents shall have the right, but not the duty, to inspect the Leased Premises at any time to
determine Tenant’s compliance with this Section 19. Landlord shall have the right to immediately enter upon the Leased Premises to remedy any Discharge caused by Tenant’s failure to comply and Tenant shall reimburse Landlord for all
costs and expenses incurred by Landlord. Landlord shall use reasonable efforts to minimize interference with Tenant’s business, but shall not be liable for any interference caused thereby. 
 19.3 Indemnification If Tenant breaches the obligations of this Section 19 or if the presence of Hazardous Material within the
Building or the Leased Premises caused or permitted by Tenant, results in contamination of the Leased Premises or the Building by Hazardous Material otherwise for which Tenant is legally liable, then Tenant shall indemnify, defend, and hold Landlord
harmless from any and all claims, judgments, damages, penalties, fines, costs, liabilities, or losses incurred by Landlord (including diminution in value of the Leased Premises, damages for the loss or restriction on use of rentable or usable space
or of any amenity of the Leased Premises, damages arising from any adverse impact on marketing of space, and sums paid in settlement of claims, attorney fees, consultant fees, and expert fees) which arise during or after the Lease Term as a result
of such contamination. This indemnification includes costs incurred by Landlord in connection with any investigation of site conditions and any action to remedy any contamination of the Land, Building, or Leased Premises (a “Discharge”),
including any clean-up, remedial, removal, or restoration work required by any Governmental Authority because of Hazardous Material present in the soil or ground water on or under the Land. If the presence of any Hazardous Material within the
Building or the Leased Premises caused or permitted by Tenant results in Discharge, Tenant shall promptly take all actions at its sole expense as are necessary to return the Land, Building, or Leased Premises to the condition existing prior to the
Discharge, provided, that Landlord’s approval of such actions shall first be obtained. The foregoing indemnity shall survive the Expiration Date or earlier termination of this Lease. 
 As used in this Section 19 “Environmental Laws” mean all present and future federal, state and municipal laws, ordinances, rules and
regulations applicable to environmental and ecological conditions, and the rules and regulations of the U.S. Environmental Protection Agency, and any other federal, state or municipal agency, or governmental board or entity relating to environmental
matters. 
 20  Default The following events shall be deemed to be events of default by Tenant hereunder
(“Tenant Defaults” or “Default”) if not cured within the applicable cure period: 
 20.1 Monetary Default
Tenant shall fail to pay when due any Base Rent, Additional Rent or other amount payable by Tenant to Landlord under this Lease within ten (10) calendar days after written notice thereof to Tenant. 
 20.2 Non-Monetary Defaults Tenant’s failure to cure any of the following events within thirty (30) calendar days after
written notice thereof to Tenant: 
  

	 	 (i)
	 Any failure by Tenant (other than a Monetary Default) to comply with any term, provision or covenant of this Lease, or the Building Regulations, however, that if the term,
condition, covenant or obligation to be performed by Tenant is of such nature that the same cannot reasonably be performed within such thirty-day period, such default shall be deemed to have been cured if Tenant commences such performance within
said thirty-day period and thereafter diligently undertakes to complete the same, and in fact, completes same within sixty (60) days after notice; or 

  

	 	 (ii)
	 Failure by Tenant to continue to occupy all of the Leased Premises and to conduct and operate Tenant’s business within the Leased Premises during the Business Hours
of the Building for a period of more than thirty (30) consecutive calendar days; or 

  

	 	 (iii)
	 Tenant or any Guarantor shall (a) become insolvent, (b) make a transfer in fraud of creditors (c) make an assignment for the benefit of creditors,
(d) admit in writing its inability to pay its debts as they become due, or (e) file a petition under any section or chapter of the United States Bankruptcy Code, as amended, pertaining to bankruptcy, or under any similar law or statute of
the United States or any State thereof; or 

  

	 	 (iv)
	 A receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any Guarantor or of the Premises or of any of Tenant’s property
located thereon in any proceeding brought by Tenant or any Guarantor, or any such receiver or trustee shall be appointed in any proceeding brought against Tenant or any Guarantor. 

 21 Remedies Upon the occurrence of any Default, Landlord shall have the following rights and remedies, in addition to those allowed
by law or equity, any one or more of which may be exercised without further notice to or demand upon Tenant and which may be pursued successively or cumulatively as Landlord may elect: 
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	 	 (i)
	 Landlord may re-enter the Leased Premises and cure any default of Tenant, in which event Tenant shall, upon demand, reimburse Landlord as Additional Rent for any cost and
expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action, regardless of whether caused by Landlord’s negligence or
otherwise; 

  

	 	 (ii)
	 Landlord may terminate this Lease by giving to Tenant notice of Landlord’s election to do so, in which event the Term shall end, and all right, title and interest of
Tenant hereunder shall expire, on the date stated in such notice; 

  

	 	 (iii)
	 Landlord may enforce the provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific
performance of any covenant or agreement contained herein, or for the enforcement of any other appropriate legal or equitable remedy, including recovery of all moneys due or to become due from Tenant under any of the provisions of this Lease.

 21.1 Surrender of Possession If this Lease is terminated by Landlord, Tenant shall surrender
possession and vacate the Leased Premises and immediately deliver possession thereof to Landlord, and Landlord may re-enter and take complete and peaceful possession of the Leased Premises, with process of law, full and complete license to do so
being hereby granted to Landlord, and Landlord may remove all occupants and property therefrom, using such force as may be necessary to the extent allowed by law, without being deemed guilty in any manner of trespass, eviction or forcible entry and
detainer and without relinquishing Landlord’s right to Rent or any other right given to Landlord hereunder or by operation of law. 
 21.2 Lease Termination If this Lease is terminated by Landlord, Landlord shall be entitled to recover from Tenant all Rent accrued and unpaid for the period up to and including such termination date, as well as all other
additional sums payable by Tenant, or for which Tenant is liable or for which Tenant has agreed to indemnify Landlord under any of the provisions of this Lease, which may be then owing and unpaid, and all costs and expenses, including without
limitation court costs and attorneys’ fees incurred by Landlord in the enforcement of its rights and remedies hereunder, and, in addition, Landlord shall be entitled to recover as damages for loss of the bargain and not as a penalty
(i) the unamortized portion of any concessions offered by Landlord to Tenant in connection with this Lease, including without limitation Landlord’s contribution to the cost of tenant improvements and alterations, if any, installed by
either Landlord or Tenant pursuant to this Lease or any work letter in connection with this Lease, (ii) the aggregate sum which at the time of such termination represents the excess, if any, of the present value of the aggregate rents which
would have been payable after the termination date had this Lease not been terminated, including, without limitation, Base Rent at the annual rate or respective annual rates for the remainder of the Term provided for in this Lease and the amount
projected by Landlord to represent Additional Rent for the remainder of the Term over the then present value of the then aggregate fair rent value of the Premises for the balance of the Term, such present worth to be computed in each case on the
basis of a ten percent (10%) per annum discount from the respective dates upon which such Rents would have been payable hereunder had this Lease not been terminated, and (iii) any damages in addition thereto, including without limitation
reasonable attorneys’ fees and court costs, which Landlord sustains as a result of the breach of any of the covenants of this Lease other than for the payment of Rent. 
 21.3 Tenant’s Property All property of Tenant removed from the Leased Premises by Landlord pursuant to any provision of this Lease or applicable law may be handled, removed or stored by
Landlord at the cost and expense of Tenant, and Landlord shall not be responsible in any event for the value, preservation or safekeeping thereof. Tenant shall pay Landlord for all expenses incurred by Landlord with respect to such removal and
storage so long as the same is in Landlord’s possession or under Landlord’s control. All such property not removed from storage by Tenant within thirty (30) days after the end of the Term or the termination of Tenant’s right to
possession of the Premises, however terminated, at Landlord’s option, Landlord will thereafter comply with all notice requirements and other procedures required by the Law of the State of Oklahoma with respect to the disposition of abandoned or
unclaimed property. Landlord will apply any net proceeds, after deducting any actual and direct costs and fees incurred in securing, storing, and selling such property, against any Rent or other amounts due hereunder, or if no amounts are due
Landlord hereunder, then to Tenant. 
 21.4 Landlord Mitigation Landlord shall use commercially reasonable efforts to
mitigate any damages resulting from Default by Tenant under this Lease. Landlord’s obligation to mitigate damages after Default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Leased Premises to another
tenant (a “Substitute Tenant”) in accordance with the following criteria: 
  

	 	 (i)
	 Landlord shall have no obligations to solicit or entertain negotiations with any other prospective tenants for the Leased Premises until Landlord obtains full and complete
possession of the Leased Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant; 

  

	 	 (ii)
	 Landlord shall not be obligated to lease or show the Leased Premises, on a priority basis, offer the Leased Premises to a prospective tenant when other premises in the
Building suitable for that prospective tenant’s use are (or soon will be) available; 

  

	 	 (iii)
	 Landlord shall not be obligated to lease the Leased Premises to a Substitute Tenant for a Rent less than the current fair market Rent then prevailing for similar uses in
comparable buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for
comparable space in the Building; 

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	 	 (iv)
	 Landlord shall not be obligated to enter into a lease with a Substitute Tenant whose use would: 

  

	 	 a.
	 violate any restriction, covenant, or requirement contained in the lease of another tenant of the Building; 

  

	 	 b.
	 adversely affect the reputation of the Building; or 

  

	 	 c.
	 be incompatible with the operation of the Building as an office building; 

  

	 	 (v)
	 Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant which does not have, in Landlord’s reasonable opinion, sufficient financial
resources to operate the Leased Premises in a first class manner; and 

  

	 	 (vi)
	 Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Leased Premises suitable for use by a proposed Substitute Tenant
unless: 

  

	 	 a.
	 Tenant pays any such sum to Landlord in advance of Landlord’s execution of a lease with such tenant (which payment shall not be in lieu of any damages or other sums
to which Landlord may be entitled as a result of Tenant’s default under this Lease); or 

  

	 	 b.
	 Landlord, in Landlord’s reasonable discretion, determines that any such expenditure is financially justified in connection with entering into any such substitute
lease. 

 21.5 Landlord’s Lien In addition to any statutory lien for Rent in Landlord’s
favor, Landlord (the secured party for purposes hereof) shall have and Tenant (the debtor for purposes hereof) hereby grants to Landlord, a continuing security interest for all Base Rent, Additional Rent and other sums of money becoming due
hereunder from Tenant, upon all goods, wares, equipment, fixtures, furniture, inventory, accounts, contract rights, chattel paper and other personal property of Tenant situated on the Leased Premises subject to this Lease and such property shall not
be removed therefrom without the consent of Landlord until all arrearages in Rent as well as any and all sums of money then due to Landlord hereunder shall first have been paid and discharged. In the event of a default under this Lease, landlord
shall have, in addition to any other remedies provided herein or by law, all rights and remedies under the Uniform Commercial Code, including without limitation the right to sell the property described in this Section at public or private sale upon
ten (10) days notice to Tenant which notice Tenant hereby agrees is adequate and reasonable. Tenant hereby agrees to execute such other instruments necessary or desirable in Landlord’s discretion to perfect the security interest hereby
created. Any statutory lien for Rent in not hereby waived, the express contractual lien herein being granted in addition and supplementary thereto. Tenant warrants and represents that the collateral subject to the security interest granted herein is
not purchased or used by Tenant for personal, family or household purposes. Tenant further warrants and represents that the lien granted herein constitutes a first and superior lien and the Tenant will not allow the placing of any other lien upon
the property described in this Section without the prior written consent of Landlord. 
 21.6 Reservation of Rights The
rights reserved by Landlord herein are cumulative of every other right or remedy which Landlord might otherwise have at law or in equity. The exercise of one or more rights or remedies will not prejudice the concurrent or subsequent exercise of
other rights or remedies. 
 21.7 Non-Waiver of Remedies Landlord’s acceptance of Rent following the occurrence of a
Default will not be construed as Landlord’s waiver of such Default. No waiver by Landlord of any Default will be deemed to constitute a waiver of any other or future Default hereunder. The receipt by Landlord of less than the full rent due
shall not be construed to be other than a payment on account of rent then due, nor shall any statement on Tenant’s check or any letter accompanying Tenant’s check be deemed an accord and satisfaction, and Landlord may accept such payment
without prejudice to Landlord’s right to recover the balance of the rent due or to pursue any other remedies provided in this lease. The acceptance by Landlord of rent hereunder shall not be construed to be a waiver of any breach by Tenant of
any term, covenant or condition of this Lease. No act or omission by Landlord or its employees or agents during the term of this Lease shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept such a surrender shall be
valid unless in writing and signed by Landlord. No re-entry or taking possession of the Leased Premises by Landlord will be construed as an election by Landlord to terminate this Lease, unless a written notice of termination is given to Tenant. The
failure of Landlord to enforce the Building Regulations against Tenant or any other tenant in the Building will not be deemed a waiver thereof. No provision of this Lease will be deemed to have been waived by Landlord unless such waiver is in
writing and signed by Landlord. 
 21.8 Enforcement In the event of any litigation between Tenant and Landlord to enforce
any provision of this Lease or any right of either party hereto, the unsuccessful party to such litigation shall pay to the successful party all costs and expenses, including reasonable attorney’s fees, incurred therein. Furthermore, if
Landlord, without fault, is made a party to any litigation instituted by or against Tenant, Tenant shall indemnify Landlord against, and protect, defend, and save it harmless from, all costs and expenses, including reasonable attorney’s fees,
incurred by it in connection therewith. If Tenant, without fault, is made party to any litigation instituted by or against Landlord, Landlord shall indemnify Tenant against, and protect, defend, and save it harmless from, all costs and expenses,
including reasonable attorney’s fees, incurred by it in connection therewith. 
 22   Peaceful Enjoyment.
Tenant shall, and may peacefully have, hold, and enjoy the Leased Premises, subject to the other terms hereof, provided that Tenant pays the Rent and other sums herein recited to be paid by Tenant and timely performs all of Tenant’s
covenants and agreements herein contained. This covenant and any and all other covenants of Landlord shall be binding upon Landlord and its successors only with respect to breaches occurring during its or their respective periods of ownership of the
Landlord’s interest hereunder. 
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 23 Surrender of Leased Premises Upon Expiration Upon the
expiration of the Lease, Tenant will at once surrender possession and vacate the Leased Premises, together with all items comprising the Leasehold Improvements, and such Leased Premises shall be in good condition and repair, ordinary wear and tear
excepted (conditions existing because of Tenant’s failure to perform maintenance, repairs or replacements as required of Tenant under this Lease shall not be deemed “reasonable wear and tear”). Tenant shall ascertain from Landlord at
least forty-five (45) calendar days prior to the Expiration Date whether Landlord requires Tenant to restore the Leased Premises or any part thereof to the condition which existed at the Commencement Date. Upon any such notification, Tenant, at
Tenant’s sole cost and expense, shall restore the same in accordance with this Lease before the Expiration Date and shall remove all property Tenant is entitled to remove hereunder, together with any alterations, additions, and improvements
which Landlord has given Tenant written instructions to remove. Tenant, at Tenant’s expense, shall immediately repair any damage to the Leased Premises resulting from the removal of Tenant’s unattached, movable property or property
Landlord has given Tenant written instructions to remove. If the Leased Premises are not surrendered as provided herein, Tenant shall indemnify Landlord against any loss or liability resulting from the delay of Tenant in surrendering the Leased
Premises. Tenant shall surrender to Landlord all keys to the Premises and make known to Landlord the explanation of all combination locks, which Tenant is permitted to leave on the Leased Premises. 
 24 Holding Over In the event of holding over by Tenant after expiration or other termination of this Lease, occupancy of the Leased
Premises subsequent to such termination or expiration shall be that of a tenancy at sufferance and in no event for month-to-month or year-to-year. Tenant shall, throughout the entire holdover period, be subject to all the terms and provisions of
this Lease and shall pay for its use and occupancy an amount (on a per month basis without reduction for any partial months during any such holdover) equal to twice the sum (or 200%) of (i) the greater of then current market rate, or
(i) the Base Rent and Additional Rent which would have been applicable had the Lease Term continued through the period of such holding over by Tenant. No holding over by Tenant or payments of money by Tenant to Landlord after the expiration of
the Lease Term shall be construed to extend the Lease Term or prevent Landlord from recovery of immediate possession of the Leased Premises by summary proceedings or otherwise unless Landlord has sent written notice to Tenant that Landlord has
elected to extend the Lease Term. In addition to the obligation to pay the amounts set forth above during any such holdover period, Tenant shall also be liable to Landlord for all damages, including, without limitation, any consequential damages,
which Landlord may suffer by reason of any holding over by Tenant and Tenant shall also indemnify Landlord against any and all claims made by any other tenant or prospective tenant against Landlord for delay by Landlord in delivering possession of
the Premises to such other tenant or prospective tenant. 
 25 Certificates.  Tenant agrees to
execute and deliver from time to time within fifteen (15) calendar days after written request by Landlord, a certificate, to the extent true or except as otherwise set forth in the certificate, certifying: (i) that Tenant has entered into
occupancy of the Leased Premises; (ii) the amount of Base Rent payable by Tenant hereunder; (iii) that this Lease is in full force and effect and has not been assigned, modified, supplemented, or amended; (iv) that neither Landlord
nor Tenant is in default hereunder; (v) that this Lease represents the entire agreement between Landlord and Tenant; (vi) the Expiration Date; (vii) that all conditions under this Lease to be performed by Landlord have been satisfied;
(viii) that no Rent has been paid more than thirty (30) calendar days in advance of its due date; (ix) that no defense or offset is currently known to Tenant or claimed by Tenant against Landlord or against enforcement of this Lease;
(x) that the address for notices to be sent to Tenant is as set forth in such certificate; (xi) that Tenant will look only to Landlord for return of any deposit hereunder; (xii) and such other certifications which might reasonably be
required by Landlord. The certificate will also contain an agreement by Tenant with Holder that after the date of such certificate, Tenant will not: (i) pay any Rent more than thirty (30) calendar days in advance of its due date;
(ii) surrender or consent to the modification, amendment, or termination of this Lease by Landlord without the prior written consent of the Holder; or (iii) seek to terminate this Lease by reason of any default by Landlord until Tenant has
given fifteen (15) business days’ prior written notice of such default to Holder. 
 26 Subordination to
Mortgage/Estoppel Certificate.    Tenant accepts this Lease subject and subordinate to any mortgage, deed of trust or other lien presently existing or hereafter arising upon the Leased Premises, or upon the Building
and/or the Property and to any renewals, modifications, refinancings and extensions thereof, but Tenant agrees that any such mortgagee shall have the right at any time to subordinate such mortgage, deed of trust or other lien to this Lease on such
terms and subject to such conditions as such mortgagee may deem appropriate in its discretion. The provisions of the foregoing sentence shall be self-operative and no further instrument of subordination shall be required. However, Landlord is hereby
irrevocably vested with full power and authority to subordinate this Lease to any mortgage, deed of trust or other lien now existing or hereafter placed upon the Leased Premises, or the Building and/or the Property and Tenant agrees within ten
(10) days after demand to execute such further instruments subordinating this Lease or attorning to the holder of any such liens as Landlord may request. The terms of this Lease are subject to approval by the Landlord’s existing lender(s)
and any lender(s) who, at the time of the execution of this Lease, have committed or are considering committing to Landlord to make a loan secured by all or any portion of the Property, and such approval is a condition precedent to Landlord’s
obligations hereunder. In the event that Tenant should fail to execute any subordination or other agreement required by this Section promptly as requested, Tenant hereby irrevocably constitutes Landlord as its attorney-in-fact to execute such
instrument in Tenant’s name, place and stead, it being agreed that such power is one coupled with an interest in Landlord and is accordingly irrevocable. Tenant agrees that it will from time-to-time upon request by Landlord execute and deliver
to such persons as Landlord shall request a statement in recordable form certifying that this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect as so modified), stating
the dates to which rent and other charges payable under this Lease have been paid, stating that Landlord is not in default hereunder (or if Tenant alleges a default stating the nature of such alleged default) and further stating such other matters
as Landlord shall reasonably require. Tenant agrees periodically to furnish within ten (10) days after so requested by Landlord, ground lessor or the holder of any deed of trust, mortgage or security agreement covering the Building, the
Property, or any interest of Landlord therein, a certificate signed by Tenant certifying (i) that this Lease is in full force and effect and unmodified (or if there have been modifications, that the same is in full force and effect as modified
and stating the modifications), (ii) as to the Commencement Date and the date through 
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 which Base Rent and Tenant’s Additional Rent have been paid,
(iii) that Tenant has accepted possession of the Leased Premises and that any improvements required by the terms of this Lease to be made by Landlord have been completed to the satisfaction of Tenant, (iv) that except as stated in the
certificate no rent has been paid more than thirty (30) days in advance of its due date, (v) that the address for notices to be sent to Tenant is as set forth in this Lease (or has been changed by notice duly given and is as set forth in
the certificate), (vi) that except as stated in the certificate, Tenant, as of the date of such certificate, has no charge, lien, or claim of offset against rent due or to become due, (vii) that except as stated in the certificate,
Landlord is not then in default under this Lease, (viii) as to the amount of the Approximate Rentable Area of the Premises then occupied by Tenant, (ix) that there are no renewal or extension options, purchase options, rights of first
refusal or the like in favor of Tenant except as set forth in this Lease, (x) the amount and nature of accounts payable to Landlord under terms of this Lease, and (xi) as to such other matters as may be requested by Landlord or ground
lessor or the holder of any such deed of trust, mortgage or security agreement. Any such certificate may be relied upon by any ground lessor, prospective purchaser, secured party, mortgagee or any beneficiary under any mortgage, deed of trust on the
Building or the Property or any part thereof or interest of Landlord therein. 
 27 Acceptance. By taking
possession of the Leased Premises, Tenant will be deemed conclusively to have accepted the Leased Premises (including mechanical, electrical, plumbing, and fire protection, and heating, ventilation, and air conditioning, in its present condition) as
suitable for the purposes for which the same are leased, to have accepted the Building, and to have waived any defects therein, excepting latent defects, subject, however, to the completion by Landlord of the renovation and redecoration of the
Leasehold Improvements and further subject to the correction or completion of certain minor details or deficiencies to the renovation and redecorating of the Leasehold Improvements, reflected on a written punchlist submitted by Tenant to Landlord
within twenty (20) calendar days after the date of Substantial Completion. Tenant’s failure to provide a written punchlist to Landlord within twenty (20) calendar days after the date of Substantial Completion, shall automatically
constitute Tenant’s waiver of any corrective or completion work and Landlord’s release from having to perform any such corrective or completion work. 
 28 Security Interest For valuable consideration and as security for the payment of Rent and all other obligations of Tenant under this Lease, Tenant hereby grants Landlord a security interest
in all of Tenant’s equipment, furnishings, inventory, trade, fixtures, personal property and all proceeds and products from such property located in or arising out of Tenant’s use of the Leased Premises (all such property is referred to as
“Collateral”). Upon the occurrence of a Default in any provision of this Lease, Landlord shall be entitled to all remedies of a secured creditor under the Uniform Commercial Code of the State of Oklahoma. Tenant agrees that adequate notice
of any public or private sale of Collateral under the Uniform Commercial Code shall be on at least ten (10) calendar days’ prior notice. Tenant agrees to sign any financing statement, amendment, or continuation statement that Landlord may
present to Tenant covering the Collateral within ten (10) calendar days of presentment. Tenant hereby appoints Landlord as Tenant’s attorney-in-fact to sign and file any and all such financing statements, amendments, or continuation
statements at the expense of Tenant, in the event Tenant fails to do so. The foregoing is in addition to any statutory lien for rent, damages, and costs as otherwise may be provided under applicable law. 
 29  Rights Reserved to Landlord Landlord reserves the following rights, exercisable without notice, except as provided
herein, and without liability to Tenant for damage or injury to property, person or business and without affecting an eviction or disturbance of Tenant’s use or possession or giving rise to any claim for setoff or abatement of rent or affecting
any of Tenant’s obligations under this Lease: (i) upon thirty (30) days prior notice to change the name or street address of the Building; (ii) to install and maintain signs on the exterior and interior of the Building;
(iii) to designate and approve window coverings to present a uniform exterior appearance; (iv) to make any decorations, alterations, additions, improvements to the Building or Property, or any part thereof (including, with prior notice,
the Leased Premises) which Landlord shall desire, or deem necessary for the safety, protection, preservation or improvement of the Building or Property, or as Landlord may be required to do by law; (v) to have access to the Leased Premises at
reasonable hours to perform its duties and obligations and to exercise its rights under this Lease; (vi) to retain at all times and to use in appropriate instances, pass keys to all locks within and to the Leased Premises; (vii) to approve
the weight, size, or location of heavy equipment, or articles within the Leased Premises; (viii) to close or restrict access to the Building at all times other than Normal Business Hours subject to Tenant’s right to admittance at all times
under such regulations as Landlord may prescribe from time to time, or to close (temporarily or permanently) any of the entrances to the Building;; provided Landlord shall have the right to restrict or prohibit access to the Building or the Leased
Premises at any time Landlord determines it is necessary to do so to minimize the risk of injuries or death to persons or damage to property (ix) to change the arrangement and/or location of entrances of passageways, doors and doorways,
corridors, elevators, stairs, toilets and public parts of the Building or Property; (x) to regulate access to telephone, electrical and other utility closets in the Building and to require use of designated contractors for any work involving
access to the same; (xi) if Tenant has vacated the Leased Premises during the last six (6) months of the Lease Term, to perform additions, alterations and improvements to the Leased Premises in connection with a reletting or anticipated
reletting thereof without being responsible or liable for the value or preservation of any then existing improvements to the Leased Premises; and (xii) to grant to anyone the exclusive right to conduct any business or undertaking in the
Building provided Landlord’s exercise of its rights under this clause (xii), shall not be deemed to prohibit Tenant from the operation of its business in the Premises and shall not constitute a constructive eviction. 
 30  Landlord’s Transfer In the event Landlord transfers Landlord’s interest in the Building, Landlord will thereby be released
from any further obligation hereunder, the transferee will thereafter be liable for the performance of any obligations of Landlord hereunder, and Tenant agrees to attorn and look solely to the transferee for the performance of such obligations.

 31  Parking Landlord shall have the right, but not the obligation, to designate certain parking spaces “reserved”
for whomever Landlord deems appropriate. So long as no Default has occurred, Landlord will provide to Tenant, at no cost to Tenant, the nonexclusive use of the non-reserved surface parking areas on a first-come, first-served basis, in areas
designated by the Landlord. Tenant shall not use the Leased Premises in a manner 
 Page 16 
 Landord: JN    Tenant: AS 
  

  

 that will cause Tenant, Tenant’s Employees and/or Tenant’s
invitees to disproportionately and/or excessively utilize the Building’s parking spaces. If Tenant uses the Leased Premises in such a manner, Tenant, at Tenant’s sole cost and expenses, shall be required to obtain and utilize shuttle
parking or other off-site Tenant parking facilities so as to not cause the other tenants in the Building inconvenience. In such an event, the Tenant’s failure to make alternate parking arrangements at Tenant’s sole cost and expense shall
constitute a default under the terms of this Lease. 
 32  Notices Any notice to be given hereunder will be
deemed to be given three (3) days after being deposited with the United States Postal Service, certified or registered mail, return receipt requested, with sufficient postage prepaid, addressed as stated below, or on the day of its personal
delivery to the office of the respective party set forth below; and if telecopied or delivered by overnight courier, such notice will be deemed to be given on the business day immediately following the day on which it was telecopied or deposited
with the courier. 
 Any Notice to Tenant shall be sent to: 
 Diamondback Holdings, LLC 
 Attention: Grant DeFehr, COO 
 14301 Caliber Drive, Suite 200 
 Oklahoma City, OK 73134 
 Telephone:   (405) 242-4080 
 Facsimile:     (405) 242-4081 
 Any Notice to Landlord shall be sent to: 
 Caliber Investment Group LLC 
 Attn: Chad R. Reineke 
 2936 Via
Esperanza, Suite A, 
 Edmond, Oklahoma 73013 
 Telephone: (405) 285-8400 
 Facsimile: (405) 285-2610 
 Either party may at any time designate any other address for notices by giving written notice thereof to the other party. 
 33   Miscellaneous Landlord and Tenant further agree as follows: 
 33.1 Authority The individual signing this Lease on behalf of Tenant represents (i) that such individual is duly authorized to
execute or attest and deliver this Lease on behalf of Tenant in accordance with the organizational documents of Tenant; (ii) that this Lease is binding upon Tenant; (iii) that Tenant is duly organized and legally existing in the state of
its organization, and is qualified to do business in the state in which the Premises is located. 
 33.2 Joint and Several
Liability If the Tenant as such is comprised of more than one person or entity, the obligations hereunder imposed upon Tenant shall be joint and several obligations of all such parties. All notices, payments, and agreements given or made by,
with or to any one of such persons or entities shall be deemed to have been given or made by, with or to all of them. 
 33.3
Headings The headings and titles to the paragraphs of this Lease are for convenience only and shall have no affect upon the construction or interpretation of any part hereof. 
 33.4 Severability If any clause or provision of this Lease is illegal, invalid, or unenforceable under any present or future Law, the
remainder of this Lease will not be affected thereby. It is the intention of the parties that if any provision is held to be illegal, invalid, or unenforceable, there will be added in lieu thereof a provision as similar in terms to such provision as
is possible in order to still be legal, valid, and enforceable. 
 33.5 Interpretation Landlord and Tenant understand,
agree and acknowledge that (i) this Lease has been freely negotiated by both parties; and (ii) in any controversy, dispute or contest over the meaning, interpretation, validity, or enforceability of this Lease or any of its terms or
conditions, there shall be not inference, presumption, or conclusion drawn whatsoever against either party by virtue of that party having drafted this Lease or any portion thereof. 
 33.6 Binding Effect The provisions of this Lease will be binding on and inure to the benefit of Landlord and Tenant and their
respective successors and permitted assigns. 
 33.7 Governing Law, Jurisdiction, Venue This Lease will be construed and
enforced according to the Laws of the State of Oklahoma. All claims, disputes, and other matters in question arising out of or relating to this Lease, or the breach thereof, will be decided by proceedings instituted and litigated in a court of
competent jurisdiction in Oklahoma County, Oklahoma. 
 33.8 Force Majeure Events of “Force Majeure” shall
include strikes, riots, acts of God, shortages of labor or materials, war, governmental laws, regulations or restrictions, or any other cause whatsoever beyond the control of Landlord or Tenant, as the case may be. Whenever a period of time is
herein prescribed for the taking of any action by Landlord or Tenant (other than the payment of Rent and all other such sums of money as shall become due hereunder), such party shall not be liable or responsible for, there shall be excluded from the
computation of such period of time, any delays due to events of Force Majeure. 
 Page 17 
 Landord: JN    Tenant: AS 
  

  

 33.9 Attorney Fees If either party is required to hire
an attorney because of the breach by the other of any provision of this Lease, then the prevailing party will be entitled to receive its reasonable attorney fees and expenses from the other to the extent permitted by Law. 
 33.10 Waiver of Jury Trial TO THE MAXIMUM EXTENT PERMITTED BY LAW, LANDLORD AND TENANT EACH WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY
JURY IN ANY LITIGATION ARISING OUT OF OR WITH RESPECT TO THIS LEASE. 
 33.11 Entire Agreement This Lease, including the
following Exhibits: (i) Exhibit A “Outline and Location of Leased Premises;” (ii) Exhibit B “Building Regulations;” (iii) Exhibit C “Payment of Actual Operating Costs;” (iv) Exhibit D “Work
Letter;” (v) Exhibit F “Tenant Estoppel;” and (vi) Exhibit G “Continuing Guaranty of all of Tenant’s Obligations,” constitutes the entire agreement between the parties hereto with respect to the subject matter
of this Lease and supersedes all prior agreements and understandings between the parties related to the Premises, including all lease proposals, letters of intent and similar documents. Tenant expressly acknowledges and agrees that Landlord has not
made and is not making, and Tenant, in executing and delivering this Lease, is not relying upon, any warranties, representations, promises or statements, except to the extent that the same are expressly set forth in this Lease. All understandings
and agreements heretofore had between the parties are merged in this Lease which alone fully and completely expresses the agreement of the parties, neither party relying upon any statement or representation not embodied in this Lease. This Lease may
be modified only be a written agreement signed by Landlord and Tenant. Landlord and Tenant expressly agree that there are and shall be no implied warranties of merchantability, habitability, suitability, fitness for a particular purpose or of
any other kind arising out of this Lease, all of which are hereby waived by Tenant, and that there are no warranties which extend beyond those expressly set forth in this Lease. 
 34   LIMITATION OF LIABILITY EXCEPT TO THE EXTENT SPECIFICALLY ADDRESSED HEREIN, TENANT SHALL NOT HAVE THE RIGHT TO
AN ABATEMENT OF RENT OR TO TERMINATE THIS LEASE AS A RESULT OF LANDLORD’S DEFAULT AS TO ANY COVENANT OR AGREEMENT CONTAINED IN THIS LEASE OR AS A RESULT OF THE BREACH OF ANY PROMISE OR INDUCEMENT IN CONNECTION HEREWITH, WHETHER IN THIS LEASE OR
ELSEWHERE AND TENANT HEREBY WAIVES SUCH REMEDIES OF ABATEMENT OF RENT AND TERMINATION. TENANT HEREBY AGREES THAT TENANT’S REMEDIES FOR DEFAULT HEREUNDER OR IN ANY WAY ARISING IN CONNECTION WITH THIS LEASE INCLUDING ANY BREACH OF ANY PROMISE OR
INDUCEMENT OR WARRANTY, EXPRESSED OR IMPLIED, SHALL BE LIMITED TO SUIT FOR DIRECT AND PROXIMATE DAMAGES PROVIDED THAT TENANT HAS GIVEN THE NOTICES AS HEREINAFTER REQUIRED. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, THE
LIABILITY OF LANDLORD TO TENANT FOR ANY DEFAULT BY LANDLORD UNDER THIS LEASE SHALL BE LIMITED TO THE INTEREST OF LANDLORD IN THE BUILDING AND THE PROPERTY AND TENANT AGREES TO LOOK SOLELY TO LANDLORD’S INTEREST IN THE BUILDING AND THE PROPERTY
FOR THE RECOVERY OF ANY JUDGMENT AGAINST THE LANDLORD, IT BEING INTENDED THAT LANDLORD SHALL NOT BE PERSONALLY LIABILE FOR ANY JUDGMENT OR DEFICIENCY. TENANT HEREBY COVENANTS THAT, PRIOR TO THE FILING OF ANY SUIT FOR DIRECT AND PROXIMATE DAMAGES, IT
SHALL GIVE LANDLORD AND ALL MORTGAGEES WHOM TENANT HAS BEEN NOTIFIED HOLD MORTGAGES OR DEED OF TRUST LIENS ON THE PROPERTY, BUILDING OR PREMISES (“LANDLORD MORTGAGEES”) NOTICE AND REASONABLE TIME TO CURE ANY ALLEGED DEFAULT BY LANDLORD.

 [REMAINDER OF THIS PAGE INTENTIONALL LEFT BLANK] 
 [SIGNATURES TO APPEAR ON THE FOLLOWING PAGE] 
  
  
  
 Page 18 
 Landord: JN    Tenant: AS 
  

  

 IN WITNESS WHEREOF, Landlord and Tenant have executed this
Lease in multiple original counterparts as of the day and year first above written. 
  

			
	 LANDLORD
	  	 CALIBER INVESTMENT GROUP LLC,

		  	 a Delaware limited liability company

		
		  	 By: /s/ Jade
Noles                                

		
		  	 Name: Jade Noles

		
		  	 Title:   President

		
		  	
		
	 TENANT
	  	 DIAMONDBACK HOLDINGS LLC,

		  	 A Delaware limited liability company

		
		  	 By: /s/ Arty
Straehla                            

		
		  	 Name: Arty Straehla

		
		  	 Title: CEO

  
 ACKNOWLEDGMENT 
 STATE OF
                            ) 
                                        ) ss.

 COUNTY OF
                        ) 
 Before me, , a Notary Public in and for said County and State, on this          day of August, 2007, personally appeared
                            , to me known to be the identical person who subscribed the name of the
maker thereof to the foregoing instrument as its (attorney-in-fact, president, vice president, or mayor, as the case may be), and acknowledged to me that              executed the
same as              free and voluntary act and deed, and as the free and voluntary act and deed of such corporation, for the uses and purposes therein set forth. 

			
	  
	  	
	 Notary Public
	  	

 My commission expires
                             
                                        
   [S E A L] 
  
  
  

Page 19 
 Landord:
JN    Tenant: ASForm of Indenture relating to debt securities

 Exhibit 4.1 
 INDENTURE 
 between 
 PICO HOLDINGS, INC. 
 and 
 [                                      
      ], a [                    ], 
 as Trustee 
 Dated as of
[                ], 200[  ] 

 CROSS-REFERENCE TABLE 
 This Cross-Reference Table is not part of the Indenture 
  

					
	 Trust Indenture Act of 1939 Section
	  	Indenture Section
	 310
	  	(a)(1)	  	7.08
		  	(a)(2)	  	7.08
		  	(a)(3)	  	Not applicable
		  	(a)(4)	  	Not applicable
		  	(a)(5)	  	7.08
		  	(b)	  	7.09
		  	(c)	  	Not applicable
	 311
	  	(a)	  	*
		  	(b)	  	*
		  	(c)	  	Not applicable
	 312
	  	(a)	  	5.01
		  	(b)	  	*
		  	(c)	  	*
	 313
	  	(a)	  	5.03
		  	(b)(1)	  	Not applicable
		  	(b)(2)	  	*
		  	(c)	  	*
		  	(d)	  	*
	 314
	  	(a)	  	5.02
		  	(b)	  	Not applicable
		  	(c)(1)	  	14.05
		  	(c)(2)	  	14.05
		  	(c)(3)	  	Not applicable
		  	(d)	  	Not applicable
		  	(e)	  	14.05
		  	(f)	  	Not applicable
	 315
	  	(a)	  	7.01
		  	(b)	  	6.08
		  	(c)	  	7.01
		  	(d)	  	7.01
		  	(e)	  	6.09
	 316
	  	(a)(1)	  	6.01 and 6.07
		  	(a)(2)	  	Not applicable
		  	(b)	  	6.04
		  	(c)	  	*
	 317
	  	(a)	  	6.02
		  	(b)	  	4.04(a)
	 318
	  	(a)	  	14.08

	*	Automatically included under Section 318(c) of the Trust Indenture Act of 1939, as amended. 

 TABLE OF CONTENTS 
  

									
	 	 	 	 	 	 	 	  	Page
	ARTICLE 1	 	DEFINITIONS	  	1
					
		 	Section 1.01	 		 	Definitions	  	1
			
	ARTICLE 2	 	DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  	5
					
		 	Section 2.01	 		 	Forms	  	5
					
		 	Section 2.02	 		 	Amount Unlimited; Issuable in Series	  	6
					
		 	Section 2.03	 		 	Authentication	  	9
					
		 	Section 2.04	 		 	Date and Denomination of Securities	  	10
					
		 	Section 2.05	 		 	Execution of Securities	  	11
					
		 	Section 2.06	 		 	Exchange and Registration of Transfer of Securities	  	11
					
		 	Section 2.07	 		 	Mutilated, Destroyed, Lost or Stolen Securities	  	13
					
		 	Section 2.08	 		 	Temporary Securities	  	14
					
		 	Section 2.09	 		 	Cancellation of Securities Paid, etc.	  	15
					
		 	Section 2.10	 		 	Computation of Interest	  	15
					
		 	Section 2.11	 		 	Form of Legend for Global Securities	  	15
					
		 	Section 2.12	 		 	CUSIP and ISIN Numbers	  	16
			
	ARTICLE 3	 	REDEMPTION OF SECURITIES; SINKING FUNDS	  	16
					
		 	Section 3.01	 		 	Applicability of Article	  	16
					
		 	Section 3.02	 		 	Notice of Redemption; Selection of Securities	  	16
					
		 	Section 3.03	 		 	Payment of Securities Called for Redemption	  	17
					
		 	Section 3.04	 		 	Satisfaction of Mandatory Sinking Fund Payments with Securities	  	18
					
		 	Section 3.05	 		 	Redemption of Securities for Sinking Fund	  	18
					
		 	Section 3.06	 		 	Repayment at the Option of the Holder	  	20
			
	ARTICLE 4	 	PARTICULAR COVENANTS OF THE COMPANY	  	20
					
		 	Section 4.01	 		 	Payment of Principal, Premium and Interest	  	20
					
		 	Section 4.02	 		 	Offices for Notices and Payments, etc.	  	20
					
		 	Section 4.03	 		 	Appointment to Fill Vacancies in Trustee’s Office	  	21
					
		 	Section 4.04	 		 	Provision as to Paying Agent	  	21
					
		 	Section 4.05	 		 	Statement as to Compliance	  	22
					
		 	Section 4.06	 		 	Additional Amounts	  	22

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 

									
	 	 	 	 	 	 	 	  	Page
	ARTICLE 5	 	SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  	23
					
		 	Section 5.01	 		 	Securityholder Lists	  	23
					
		 	Section 5.02	 		 	Reports by the Company	  	23
					
		 	Section 5.03	 		 	Reports by the Trustee	  	23
			
	ARTICLE 6	 	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	  	24
					
		 	Section 6.01	 		 	Events of Default	  	24
					
		 	Section 6.02	 		 	Payment of Securities on Default; Suit Therefor	  	26
					
		 	Section 6.03	 		 	Application of Moneys Collected by Trustee	  	27
					
		 	Section 6.04	 		 	Proceedings by Securityholders	  	28
					
		 	Section 6.05	 		 	Proceedings by Trustee	  	29
					
		 	Section 6.06	 		 	Remedies Cumulative and Continuing	  	29
					
		 	Section 6.07	 		 	Direction of Proceedings and Waiver of Defaults by Securityholders	  	29
					
		 	Section 6.08	 		 	Notice of Defaults	  	30
					
		 	Section 6.09	 		 	Undertaking to Pay Costs	  	30
			
	ARTICLE 7	 	CONCERNING THE TRUSTEE	  	31
					
		 	Section 7.01	 		 	Duties and Responsibilities of Trustee	  	31
					
		 	Section 7.02	 		 	Reliance on Documents, Opinions, etc.	  	32
					
		 	Section 7.03	 		 	No Responsibility for Recitals, etc.	  	34
					
		 	Section 7.04	 		 	Ownership of Securities	  	34
					
		 	Section 7.05	 		 	Moneys to be Held in Trust	  	34
					
		 	Section 7.06	 		 	Compensation and Expenses of Trustee and Indemnity	  	35
					
		 	Section 7.07	 		 	Officers’ Certificate as Evidence	  	35
					
		 	Section 7.08	 		 	Eligibility of Trustee	  	35
					
		 	Section 7.09	 		 	Resignation or Removal of Trustee	  	36
					
		 	Section 7.10	 		 	Acceptance by Successor Trustee	  	37
					
		 	Section 7.11	 		 	Succession by Merger, etc.	  	38
					
		 	Section 7.12	 		 	Other Matters Concerning the Trustee	  	38
					
		 	Section 7.13	 		 	Appointment of Authenticating Agent	  	38

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 

									
	 	 	 	 	 	 	 	  	Page
	ARTICLE 8	 	CONCERNING THE SECURITYHOLDERS	  	40
					
		 	Section 8.01	 		 	Action of Securityholders	  	40
					
		 	Section 8.02	 		 	Proof of Execution by Securityholders	  	40
					
		 	Section 8.03	 		 	Who Are Deemed Absolute Owners	  	41
					
		 	Section 8.04	 		 	Company-Owned Securities Disregarded	  	41
					
		 	Section 8.05	 		 	Revocation of Consents; Future Holders Bound	  	41
			
	ARTICLE 9	 	SECURITYHOLDERS’ MEETINGS	  	42
					
		 	Section 9.01	 		 	Purposes of Meetings	  	42
					
		 	Section 9.02	 		 	Call of Meetings by Trustee	  	42
					
		 	Section 9.03	 		 	Call of Meetings by Company or Securityholders	  	42
					
		 	Section 9.04	 		 	Qualifications for Voting	  	43
					
		 	Section 9.05	 		 	Quorum; Adjourned Meetings	  	43
					
		 	Section 9.06	 		 	Regulations	  	44
					
		 	Section 9.07	 		 	Voting	  	44
					
		 	Section 9.08	 		 	No Delay of Rights by Meeting	  	45
			
	ARTICLE 10	 	SUPPLEMENTAL INDENTURES	  	45
					
		 	Section 10.01	 		 	Supplemental Indentures without Consent of Securityholders	  	45
					
		 	Section 10.02	 		 	Supplemental Indentures with Consent of Securityholders	  	47
					
		 	Section 10.03	 		 	Compliance with Trust Indenture Act; Effect of Supplemental Indentures	  	48
					
		 	Section 10.04	 		 	Notation on Securities	  	48
					
		 	Section 10.05	 		 	Evidence of Compliance of Supplemental Indenture to be Furnished Trustee	  	48
			
	ARTICLE 11	 	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  	48
					
		 	Section 11.01	 		 	Company May Consolidate, Merge or Sell Assets on Certain Terms	  	48
					
		 	Section 11.02	 		 	Successor Corporation or Limited Liability Company to be Substituted	  	49
					
		 	Section 11.03	 		 	Documents to be Given Trustee	  	50

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 

									
	 	 	 	 	 	 	 	  	Page
	ARTICLE 12	 	SATISFACTION AND DISCHARGE OF INDENTURE	  	50
					
		 	Section 12.01	 		 	Discharge of Indenture	  	50
					
		 	Section 12.02	 		 	Legal Defeasance	  	51
					
		 	Section 12.03	 		 	Covenant Defeasance	  	52
					
		 	Section 12.04	 		 	Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions	  	52
					
		 	Section 12.05	 		 	Paying Agent to Repay Moneys Held	  	53
					
		 	Section 12.06	 		 	Return of Unclaimed Moneys	  	53
					
		 	Section 12.07	 		 	Reinstatement	  	53
			
	ARTICLE 13	 	IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS	  	53
					
		 	Section 13.01	 		 	Indenture and Securities Solely Corporate Obligations	  	53
			
	ARTICLE 14	 	MISCELLANEOUS PROVISIONS	  	54
					
		 	Section 14.01	 		 	Provisions Binding on Company’s Successors	  	54
					
		 	Section 14.02	 		 	Official Acts by Successor Corporation	  	54
					
		 	Section 14.03	 		 	Addresses for Notices, Notice to Holders, Waiver	  	54
					
		 	Section 14.04	 		 	New York Contract	  	55
					
		 	Section 14.05	 		 	Evidence of Compliance with Conditions Precedent	  	55
					
		 	Section 14.06	 		 	Legal Holidays	  	55
					
		 	Section 14.07	 		 	Securities in a Specified Currency other than Dollars	  	55
					
		 	Section 14.08	 		 	Trust Indenture Act to Control	  	56
					
		 	Section 14.09	 		 	Table of Contents, Headings, etc.	  	56
					
		 	Section 14.10	 		 	Execution in Counterparts	  	56
					
		 	Section 14.11	 		 	Separability; Benefits	  	56

  

 -iv- 

 THIS INDENTURE, dated as of
[                ], 200[  ] between PICO Holdings, Inc., a California corporation (the “Company”), and
[                ], a [                ] (the “Trustee”),

 WITNESSETH: 
 WHEREAS, the
Company has duly authorized the issue from time to time of its 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 as follows:

 ARTICLE 1 
 DEFINITIONS

 Section 1.01 Definitions 
 The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture shall have the respective meanings specified in
this Section 1.01. All other terms used in this Indenture which are defined in the Trust Indenture Act of 1939, as amended, or which are by reference therein defined in the Securities Act of 1933, as amended (except as herein otherwise
expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in such Trust Indenture Act and in such Securities Act as in force at the date of this Indenture as originally executed. The words
“herein,” “hereof,” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 Authenticating Agent: 
 The term
“Authenticating Agent” shall mean any Person authorized by the Trustee pursuant to Section 7.13 to act on behalf of the Trustee to authenticate Securities. 
 Beneficial Owner: 
 The term “Beneficial Owner” shall mean a Person who is the
beneficial owner of a beneficial interest in a Global Security as reflected on the books of the Depositary or on the books of a Person maintaining an account with such Depositary (directly as a Depositary participant or as an indirect participant,
in each case in accordance with the rules of such Depositary). 
  

 1 

 Board of Directors: 
 The term “Board of Directors” shall mean the Board of Directors of the Company or any Committee of such Board or specified officers and employees of the Company to which the powers of such Board have
been lawfully delegated. 
 Common Stock: 
 The term “Common Stock” shall mean the shares of common stock, $0.001 par value per share, of the Company existing on the date of this Indenture or any shares of capital stock of the Company into which such shares of Common
Stock shall be reclassified or changed. 
 Company: 
 The term “Company” shall mean PICO Holdings, Inc., a California corporation, until any successor corporation or limited liability company shall have become such pursuant to the provisions of Article
Eleven, and thereafter “Company” shall mean such successor, except as otherwise provided in Section 11.02. 
 Depositary:

 The term “Depositary” shall mean, with respect to Securities of any series issuable in whole or in part in the form of
one or more Global Securities, a clearing agency registered under the Securities Exchange Act of 1934, as amended, that is designated to act as depositary for such Securities as contemplated by Section 2.02. 
 Dollar: 
 The term “Dollar”
shall mean the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 
 Event of Default: 
 The term “Event of Default” shall have the meaning specified in
Section 6.01. 
 Global Security: 
 The term “Global Security” shall mean a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.11 (or such legend as may be specified as contemplated by
Section 2.02 for such Securities). 
 Indenture: 
 The term “Indenture” shall mean this instrument as originally executed or as it may be amended or supplemented from time to time as herein provided, and shall include the form and terms of particular
series of Securities established as contemplated hereunder. 
  

 2 

 Interest: 
 The term “interest,” when used with respect to a non-interest bearing Security, means interest payable after the principal thereof has become due and payable whether at maturity, by declaration of
acceleration, by call for redemption, pursuant to a sinking fund, or otherwise. 
 Officers’ Certificate: 
 The term “Officers’ Certificate” shall mean a certificate signed by the Chairman of the Board, President and Chief Executive
Officer, Chief Operating Officer or any Vice President and by the Chief Financial Officer and Treasurer or Secretary of the Company and delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act of
1939 and include the statements provided for in Section 14.05 if and to the extent required by the provisions of such Section. 
 Opinion of
Counsel: 
 The term “Opinion of Counsel” shall mean an opinion in writing signed by legal counsel, who may be an
employee of or of counsel to the Company, or may be other counsel, in any case, satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in
Section 14.05 if and to the extent required by the provisions of such Sections. 
 Original Issue Discount Security: 
 The term “Original Issue Discount Security” shall mean any Security which 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 6.01. 
 Overdue Rate: 
 The term “Overdue Rate” with respect to each series of Securities shall mean the rate of interest designated as such in the resolution of
the Board of Directors or the supplemental indenture, as the case may be, relating to such series as contemplated by Section 2.02, or if no such rate is specified, the rate at which such Securities shall bear interest. 
 Person: 
 The term “Person”
shall mean any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 Preferred Stock: 
 The term “Preferred
Stock” shall mean, if applicable, shares of any class or series of preferred stock of the Company as may be issued by the Company from time to time pursuant to the Company’s articles of incorporation, as may be amended, restated or
modified from time to time. 
  

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 principal office of the Trustee: 
 The term “principal office of the Trustee,” or other similar term, shall mean the office of the Trustee at which at any particular time
its corporate trust business shall be principally administered. 
 Responsible Officer: 
 The term “Responsible Officer” when used with respect to the Trustee shall mean any officer to whom any corporate trust matter is
referred because of his knowledge of and familiarity with the particular subject. 
 Security or Securities; Outstanding: 
 The terms “Security” or “Securities” shall mean any Security or Securities, as the case may be, authenticated and
delivered under this Indenture. 
 The term “Outstanding,” when used with reference to Securities, shall, subject to the
provisions of Section 8.04, mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except 
 (a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities, or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside
and segregated in trust by the Company (if the Company shall act as its own paying agent), provided that if such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been mailed as provided
in Article Three, or provision satisfactory to the Trustee shall have been made for mailing such notice; 
 (c) Securities as
to which defeasance has been effected pursuant to Section 12.02; and 
 (d) Securities in lieu of or in substitution for
which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of Section 2.07, unless proof satisfactory to the Trustee is presented that any such Securities are held by persons in
whose hands any of such Securities is a valid, binding and legal obligation of the Company. 
 In determining whether the holders of the
requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding
for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.01. 
  

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 Securityholder: 
 The term “Securityholder,” “holder of Securities,” or other similar terms, shall mean any person in whose name at the time a particular Security is registered on the books of the
Company kept for that purpose in accordance with the terms hereof. 
 Specified Currency: 
 The term “Specified Currency” shall mean the currency in which a Security is denominated, which may include Dollars, any foreign currency
or any composite of two or more currencies. 
 Subsidiary: 
 The term “Subsidiary” shall mean any corporation more than 50% of the voting stock of which at the time is owned or controlled, directly or indirectly, by the Company or the accounts of which are in
fact consolidated with the accounts of the Company. 
 Trust Indenture Act of 1939: 
 The term “Trust Indenture Act of 1939” shall mean the Trust Indenture Act of 1939 as it was in force at the date of execution of this
Indenture, except as provided in Section 10.03. 
 Trustee: 
 The term “Trustee” shall mean the corporation or association named as Trustee in this Indenture and, subject to the provisions of Article Seven hereof, shall also include its successors and assigns as
Trustee hereunder. If pursuant to the provisions of this Indenture there shall be at any time more than one Trustee hereunder, the term “Trustee” as used with respect to Securities of any series shall mean the Trustee with respect to
Securities of that series. 
 U.S. Government Obligations: 
 The term “U.S. Government Obligations” shall have the meaning specified in Section 12.02. 
 ARTICLE 2 
 DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 
 Section 2.01 Forms 
 (a)
The Securities of each series shall be in substantially such form as shall be established by or pursuant to a resolution of the Board of Directors 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 such legends or endorsements placed thereon as the officers executing the same may approve (execution thereof to be conclusive evidence of
such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the
Securities of such series may be listed, or to conform to usage. 
  

 5 

 (b) The resolutions adopted by the Board of Directors or one or more indentures supplemental hereto
establishing the form and terms of the Securities of any series pursuant to Sections 2.01 and 2.02, respectively, of this Indenture, may provide for the issuance of Global Securities. If Securities of a series are so authorized to be issued as
Global Securities, any such Global Security may provide that it shall represent that aggregate amount of Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may
from time to time be reduced to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount or changes in the rights of holders of Securities represented thereby, shall be made in such
manner and by such person or persons as shall be specified therein. 
 (c) The Trustee’s certificate of authentication on all Securities
shall be in substantially the following form: 
 “This is one of the Securities of the series designated therein described in the
within-mentioned Indenture. 
  

			
	[                    ], as Trustee
		
	By:	 	  

		 	Authorized Signatory”

 Section 2.02 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 a resolution of the Board of Directors or established in
one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 
 (1) the title of the Securities of the
series (which shall distinguish the Securities of the series from all other Securities); 
 (2) any limit upon the aggregate principal amount
of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Sections 2.06, 2.07, 2.08, 3.03, 3.06 or 10.04); 
 (3) the date or dates on which the principal and premium, if any, of the
Securities of the series is payable; 
 (4) the rate or rates, or the method of determination thereof, at which the Securities of the series
shall bear interest, if any, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and, if other than as set forth in Section 2.04, the record dates for the determination of
holders to whom interest is payable; 
  

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 (5) in addition to the office or agency of the Company in the Borough of Manhattan, The City of New York,
required to be maintained pursuant to Section 4.02, any other place or places where the principal of, and premium, if any, and any interest on Securities of the series shall be payable; 
 (6) the Specified Currency of the Securities of the series; 
 (7) the currency or currencies in which payments on the Securities of the series are payable, if other than the Specified Currency; 
 (8) the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, pursuant to any
sinking fund or otherwise; 
 (9) the obligation, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to
any sinking fund or analogous provisions or at the option of a holder thereof and the price at which, or process by which, and the period or periods within which, and the terms and conditions upon which Securities of the series shall be redeemed,
purchased or repaid, in whole or in part, pursuant to such obligation; 
 (10) if other than denominations of $1,000 and any integral
multiple of $1,000 in excess thereof, the denominations in which Securities of the series shall be issuable; 
 (11) 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 pursuant to Section 6.01; 
 (12) if the principal of or interest on the Securities of the series is to be payable, at the election of the Company or a holder thereof, in a coin or
currency other than the Specified Currency, the period or periods within which, and the terms and conditions upon which, such election may be made; 
 (13) if the amount of payments of principal of and interest on the Securities of the series may be determined with reference to an index based on a coin or currency other than the Specified Currency, the manner in which such amounts shall
be determined; 
 (14) any Events of Default with respect to the Securities of the series, if not set forth herein; 
 (15) if other than the rate of interest stated in the title of the Securities of the series, the applicable Overdue Rate; 
 (16) in the case of any series of non-interest bearing Securities, the applicable dates for purposes of clause (a) of Section 5.01; 

 

 7 

 (17) if other than
[                ] is to act as Trustee for the Securities of the series, the name and principal office of such Trustee; 
 (18) if either or both of Sections 12.02 and 12.03 do not apply to any Securities of the series; 
 (19) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such
case, the name of the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.11 and any circumstances in
addition to or in lieu of those set forth in clause (2) of Section 2.06 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be
registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (20) any addition to
the covenants set forth in Article Four which applies to Securities of the series and whether any such covenant shall be subject to covenant defeasance under Section 12.03; 
 (21) if convertible into shares of Common Stock or Preferred Stock, the terms on which such Securities are convertible, including the initial conversion
price, the conversion period, any events requiring an adjustment of the applicable conversion price and any requirements relating to the reservation of such shares of Common Stock or Preferred Stock for purposes of conversion; 
 (22) the applicability of any guarantees of Securities of the series or the provision of collateral security with respect to Securities of the series;

 (23) the rankings of the Securities of the series and, if applicable, the terms of subordination of such Securities; and 
 (24) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
such resolution of the Board of Directors or in any such indenture supplemental hereto. 
 Notwithstanding Section 2.02(2) herein and
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; provided that no Event of Default with respect to such series has occurred and is continuing. 
  

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 Section 2.03 Authentication 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication. Except as otherwise provided in this Article Two, the Trustee shall thereupon authenticate and deliver such Securities to or upon the written order of the Company, signed by its Chairman of the Board, its
President and Chief Executive Officer, its Chief Operating Officer or any of its Vice Presidents and by its Chief Financial Officer and Treasurer or its Secretary, which order shall set forth the number of separate Securities certificates, the
principal amount of each of the Securities to be authenticated, the date on which the original issue of Securities is to be authenticated, the registered holder of each such Security and delivery instructions. In authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon: 
 (1) a copy of any resolution or resolutions of the Board of Directors relating thereto and, if applicable, an appropriate record of any action taken
pursuant to such resolution, in each case certified by the Secretary or an Assistant Secretary of the Company; 
 (2) an executed
supplemental indenture, if any, relating thereto; 
 (3) an Officers’ Certificate prepared in accordance with Section 14.05 which
shall also state to the best knowledge of the signers of such Certificate that no Event of Default with respect to any series of Securities shall have occurred and be continuing; and 
 (4) an Opinion of Counsel prepared in accordance with Section 14.05, which Opinion of Counsel may include customary qualifications and assumptions,
to the effect: 
 (a) that the form of such Securities has been established by or pursuant to a resolution of the Board of Directors or by a
supplemental indenture as permitted by Section 2.01 in conformity with the provisions of this Indenture; 
 (b) that the terms of such
Securities have been established by or pursuant to a resolution of the Board of Directors or by a supplemental indenture as permitted by Section 2.02 in conformity with the provisions of this Indenture; 
 (c) that the Securities have been duly authorized by all necessary corporate action on the part of the Company and, upon payment for and delivery of the
Securities in accordance with this Indenture and the authentication of the certificate or certificates representing the Securities by a duly authorized signatory of the Trustee, will be legally valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally (including, without limitation,
fraudulent conveyance laws), and by general principles of equity including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief,
regardless of whether considered in a proceeding in equity or at law; and 
 (d) that the execution and delivery by the Company of such
Securities do not, and the performance by the Company of its obligations thereunder will not violate the Company’s articles of incorporation or bylaws. 
  

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 The Trustee shall have the right to decline to authenticate and deliver or cause to be authenticated and
delivered any Securities under this Section 2.03 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee, or a
trust committee of directors or trustees and/or vice presidents shall determine that such action would expose the Trustee to personal liability to existing Securityholders. 
 Section 2.04 Date and Denomination of Securities 
 The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 2.02. In the absence of any such specification with
respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple of $1,000 in excess thereof. 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 with the approval of the Trustee. 
 Every Security shall be dated the date of its authentication. 
 The person in whose name any Security of a
particular series is registered at the close of business on any record date (as hereinafter defined) with respect to any interest payment date for such series shall be entitled to receive the interest payable on such interest payment date
notwithstanding the cancellation of such Security upon any registration of transfer or exchange subsequent to the record date and prior to such interest payment date; provided, however, that if and to the extent that the Company shall
default in the payment of the interest due on such interest payment date, such defaulted interest shall be paid to the persons in whose names Outstanding Securities of such series are registered on a subsequent record date established by notice
given by mail by or on behalf of the Company to the holders of such Securities not less than 15 days preceding such subsequent record date, such record date to be not less than five days preceding the date of payment of such defaulted interest.
Except as otherwise specified as contemplated by Section 2.02 for Securities of a particular series, the term “record date” as used in this Section 2.04 with respect to any regular interest payment date, shall mean, the last day
of the calendar month preceding such interest payment date if such interest payment date is the fifteenth day of such calendar month, and shall mean the fifteenth day of the calendar month preceding such interest payment date if such interest
payment date is the first day of a calendar month, whether or not such day shall be a day on which banking institutions in The City of New York are authorized or required by law or executive order to close or remain closed. 
 Interest on the Securities may at the option of the Company be paid by check mailed to the persons entitled thereto at their respective addresses as such
appear on the registry books of the Company. 
 Section 2.05 Execution of Securities 
 The Securities shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman of the Board, its President
and Chief Executive Officer, its Chief Operating Officer or any its Vice Presidents and by its Chief Financial Officer and 

  

 10 

 
Treasurer or its Secretary. Only such Securities as shall bear thereon a certificate of authentication substantially in the form herein recited, executed by
the Trustee by the manual signature of an authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Company shall be
conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. 
 In case any officer of the Company who shall have signed any of the Securities shall cease to be such officer before the Securities so signed shall have
been authenticated and delivered by the Trustee, or disposed of by the Company, such Securities nevertheless may be authenticated and delivered or disposed of as though the person who signed such Securities had not ceased to be such officer of the
Company; and any Security may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Company, although at the date of the execution of this Indenture any such
person was not such an officer. 
 Section 2.06 Exchange and Registration of Transfer of Securities 
 Securities of any series may be exchanged for a like aggregate principal amount of Securities of the same series of other authorized denominations.
Securities to be exchanged shall be surrendered, at the option of the holders thereof, either at the office or agency designated and maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, in accordance with the
provisions of Section 4.02 or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose in accordance with the provisions of Section 4.02, and the Company shall execute and register and
the Trustee shall authenticate and deliver in exchange therefor the Security or Securities which the Securityholder making the exchange shall be entitled to receive. Each person designated by the Company pursuant to the provisions of
Section 4.02 as a person authorized to register and register transfer of the Securities is sometimes herein referred to as a “Security registrar”. 
 The Company shall keep, at each such office or agency, a register for each series of Securities issued hereunder (the registers of all Security registrars being herein sometimes collectively referred to as the
“Security register” or the “registry books of the Company”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register Securities and shall register the transfer of Securities as provided in
this Article Two. The Security register shall be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the Security register shall be open for inspection by the Trustee
and any Security registrar other than the Trustee. Upon due presentment for registration or registration of transfer of any Security of any series at any designated office or agency, the Company shall execute and register and the Trustee shall
authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series for an equal aggregate principal amount. Registration or registration of transfer of any Security by any Security registrar in the
registry books of the Company maintained by such Security registrar, and delivery of such Security, duly authenticated, shall be deemed to complete the registration or registration of transfer of such Security. 
  

 11 

 No person shall at any time be designated as or act as a Security registrar unless such person is at such
time empowered under applicable law to act as such under and to the extent required by applicable law and regulations. 
 All Securities
presented for registration of transfer or for exchange, redemption or payment shall (if so required by the Company or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer or exchange in form
satisfactory to the Company and the Trustee duly executed by, the holder or his attorney duly authorized in writing. 
 No service charge
shall be made for any exchange or registration of transfer of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The Company shall not be required to exchange or register a transfer of (a) any Securities of any series for the period of 15 days before the
selection of Securities of that series to be redeemed and thereafter until the date of the mailing of a notice of redemption of Securities of that series selected for redemption, or (b) any Securities selected, called or being called for
redemption in whole or in part except, in the case of any Security to be redeemed in part, the portion thereof not so to be redeemed. 
 The
provisions of clauses (1), (2), (3), (4), (5), (6) and (7) below shall apply only to Global Securities: 
 (1) Each Global Security
authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or nominee thereof or custodian therefor, and each such Global Security
shall constitute a single Security for all purposes under this Indenture. 
 (2) Notwithstanding any other provision in this Indenture, no
Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee
thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue its services as Depositary for such Global Security and no successor Depositary has been appointed within 90 days after such notice
or (ii) ceases to be a “clearing agency” registered under Section 17A of the Securities Exchange Act of 1934, as amended, when the Depositary is required to be so registered to act as the Depositary and so notifies the Company,
and no successor Depositary has been appointed within 90 days after such notice, (B) the Company determines at any time that the Securities shall no longer be represented by Global Securities and shall inform such Depositary of such
determination and participants in such Depositary elect to withdraw their beneficial interests in the Securities from such Depositary, following notification by the Depositary of their right to do so, or (C) such exchange is made upon request
by or on behalf of the Depositary in accordance with customary procedures, following the request of a Beneficial Owner seeking to exercise or enforce its rights under the Securities. 
  

 12 

 (3) Subject to clause (2) above, any exchange of a Global Security for other Securities may be made
in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 
 (4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 
 (5) Subject to the provisions of clause (7) below, the registered Holder may grant proxies and otherwise authorize any Person, including Agent
Members (as defined below in clause (7)) and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 
 (6) In the event of the occurrence of any of the events specified in clause (2) above, the Company will promptly make available to the Trustee a
reasonable supply of certificated Securities in definitive, fully registered form, without interest coupons. 
 (7) Neither any members of,
or participants in, the Depositary (collectively, the “Agent Members”) nor any other Persons on whose behalf Agent Members may act shall have any rights under this Indenture with respect to any Global Security registered in the name of the
Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and holder of
such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
written authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary practices of such
Persons governing the exercise of the rights of a holder of any Security. 
 (8) None of the Company, the Trustee nor any agent of the
Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. 
 Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities 
 In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company in the case of a mutilated Security
shall, and in the case of a destroyed, lost or stolen Security may in its discretion, execute and, upon the written request or authorization of any officer of the Company, the Trustee shall authenticate and deliver, a new Security of the same
series, bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted
Security shall furnish to the Company and to the Trustee such security or indemnity as may be required by them to save each of them harmless from any loss or liability which any of them may suffer if a Security is replaced 

  

 13 

 
and subsequently presented or claimed for payment and, in every case of destruction, loss or theft, the applicant shall also furnish the Company and to the
Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and the ownership thereof. 
 Upon the issuance of
any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Security which has
matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substituted Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated
Security) if the applicant for such payment shall furnish to the Company and to the Trustee such security or indemnity as may be required by them to save each of them harmless from any loss or liability which any of them may suffer if a Security is
replaced and subsequently presented or claimed for payment and, in case of destruction, loss or theft, evidence satisfactory to the Company and the Trustee of the destruction, loss or theft of such Security and the ownership thereof. 
 Every substituted Security issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Security is destroyed, lost or
stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities and shall preclude (to the extent lawful) any and all other rights or remedies with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
 Section 2.08 Temporary Securities 
 Pending the preparation of definitive Securities of any series the Company may execute and the Trustee shall authenticate and deliver temporary Securities (printed, lithographed or typewritten). Temporary Securities shall be issuable in any
authorized denomination and substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the
Company. Every such temporary Security shall be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the definitive Securities in lieu of which they are issued. Without unreasonable
delay the Company will execute and deliver to the Trustee definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor, at the option of the holders thereof, either at the
office or agency to be designated and maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, in accordance with the provisions of Section 4.02 or at any of such other offices or agencies as may be
designated and maintained by the Company for such purpose in accordance with the provisions of Section 4.02, and the Trustee shall authenticate and deliver in exchange for such temporary Securities an equal aggregate principal amount of
definitive Securities of the same series. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of the same series authenticated and delivered hereunder. 
  

 14 

 Section 2.09 Cancellation of Securities Paid, etc. 
 All Securities surrendered for the purpose of payment, redemption, repayment, exchange or registration of transfer or for credit against any sinking fund
shall, if surrendered to the Company, any Security registrar, any paying agent or any other agent of the Company or of the Trustee, be delivered to the Trustee and promptly cancelled by it, or, if surrendered to the Trustee, shall be promptly
cancelled by it, and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee may dispose of cancelled Securities in accordance with its customary procedures and deliver a
certificate of such disposition to the Company or, at the written request of the Company, shall deliver cancelled Securities to the Company. If the Company shall acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 
 Section 2.10 Computation of Interest 
 Except as otherwise specified as contemplated by
Section 2.02 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 Section 2.11 Form of Legend for Global Securities 
 Unless otherwise specified as
contemplated by Section 2.02 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form (or such other form as a securities exchange or Depositary
may request or require): 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 15 

 Section 2.12 CUSIP and ISIN Numbers 
 The Company in issuing the Securities may use “CUSIP” and/or “ISIN” numbers (if then generally in use), and the Trustee shall use
CUSIP or ISIN numbers, as the case may be, in notices of redemption, exchange or conversion 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, exchange or conversion. The Company will promptly notify, and in any event within 10 business days, the Trustee of any initial CUSIP and/or ISIN numbers and of any changes in the CUSIP and/or ISIN numbers. 
 ARTICLE 3 
 REDEMPTION OF SECURITIES;
SINKING FUNDS 
 Section 3.01 Applicability of Article 
 The provisions of this Article shall be applicable, as the case may be, (i) to the Securities of any series which are redeemable before their
maturity and (ii) to any sinking fund for the retirement of Securities of any series, in either case except as otherwise specified as contemplated by Section 2.02 for Securities of such series. 
 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 Securities of any series is herein referred to as an “optional sinking fund payment.” 
 Section 3.02 Notice of Redemption; Selection of Securities 
 In case the Company shall desire to exercise any right to redeem all, or, as the case may be, any part of, the Securities of any series in accordance with
their terms, it shall fix a date for redemption and shall mail a notice of such redemption at least 30 and not more than 60 days prior to the date fixed for redemption to the holders of Securities of such series so to be redeemed as a whole or in
part at their last addresses as the same appear on the registry books of the Company and to the Trustee, except as the resolutions adopted by the Board of Directors to establish the terms of any series of Securities may otherwise provide. Such
mailing shall be by first class mail. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the holder receives such notice. In any case, failure to give such 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. 
 Each such notice of redemption shall specify the date fixed for redemption, the redemption price at which the Securities of such series are to be
redeemed (or if not then ascertainable, the manner of calculation thereof), the CUSIP number, if any, of the Securities to be redeemed the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that
any interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after such date any interest thereon or on the 

  

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portions thereof to be redeemed will cease to accrue and whether such redemption is conditional upon or subject to the happening of any event. Where the
redemption price is not ascertainable at the time the notice of redemption is given as aforesaid, the Company shall notify the Trustee of such redemption price promptly after the calculation thereof. If less than all the Securities of a series are
to be redeemed, the notice of redemption shall specify the number or numbers of the Securities of that series to be redeemed. 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 that series in principal amount equal to the unredeemed portion thereof will be
issued. 
 On or prior to the redemption date specified in the notice of redemption given as provided in this Section 3.02, by 11:00
a.m., New York time, 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, will segregate and hold in trust as provided in Section 4.04) an amount of money sufficient
to redeem on the redemption date all the Securities or portions thereof so called for redemption, together with accrued interest to the date fixed for redemption. If the Securities of a series are to be redeemed, the Company will give the Trustee
notice not less than 45 days (or such shorter period as may be acceptable to the Trustee) prior to the redemption date as to the aggregate principal amount of Securities of such series to be redeemed and the Trustee shall select or cause to be
selected, in such manner as in its sole discretion it shall deem appropriate and fair, the Securities of that series or portions thereof to be redeemed. Securities of a series may be redeemed in part only in multiples of the smallest authorized
denomination of that series. 
 Section 3.03 Payment of Securities Called for Redemption 
 If notice of redemption has been given as provided in Section 3.02 or Section 3.05 (and any condition to such redemption has been satisfied),
the Securities or portions of Securities of the series with respect to which such notice has been given shall become due and payable on the date and at the place or places stated in such notice at the applicable redemption price, together with any
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 or portions of such Securities, together with any interest accrued to such date) any interest on the
Securities of such series or portions of Securities of such series so called for redemption shall cease to accrue. On presentation and surrender of such Securities at a place of payment in such notice specified, the such Securities or the specified
portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with any interest accrued thereon to the date fixed for redemption; provided, however, that any regularly scheduled installment of
interest becoming due on or prior to the date fixed for redemption shall be payable to holders of such Securities registered as such on the relevant record date according to their terms. 
 Upon presentation of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the holder thereof,
at the expense of the Company, a new Security or Securities of the same series, of authorized denominations, in aggregate principal amount equal to the unredeemed portion of the Security so presented. 
  

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 Section 3.04 Satisfaction of Mandatory Sinking Fund Payments with Securities

 In lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may
at its option (a) deliver to the Trustee Securities of that series theretofore purchased or otherwise acquired by the Company or (b) receive credit for the principal amount of Securities of that series which have been redeemed either at
the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities; provided that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment
shall be reduced accordingly. 
 Section 3.05 Redemption of Securities for Sinking Fund 
 Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee a certificate signed
by the Chief Financial Officer, Treasurer or any Assistant Treasurer of the Company specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash (which cash may be deposited with the Trustee or with one or more paying agents or, if the Company is acting as its own paying agent, segregated and held in trust as provided in Section 4.04) and the portion
thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.04 (which Securities, if not theretofore delivered, will accompany such certificate) and whether the Company intends to
exercise its right to make a permitted optional sinking fund payment with respect to such series. Such certificate shall also state that no Event of Default has occurred and is continuing with respect to such series. Such certificate shall be
irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. In the case of the failure of the Company to deliver such
certificate (or to deliver the Securities specified in this paragraph), the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal
amount of such Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities as provided in Section 3.04 and without the right to make any optional sinking fund payment, if any, with respect to such
series. 
 Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of any preceding sinking fund
payments made in cash which shall equal or exceed $100,000 or the equivalent amount in the Specified Currency (if other than Dollars) (or a lesser sum if the Company shall so request or determine) with respect to the Securities of any particular
series shall be applied by the Trustee (or by the Company if the Company is acting as its own paying agent) on the sinking fund payment date on which such payment is made (or, if such payment is made before a sinking fund payment date, on the next
sinking fund payment date following the date of such payment) to the redemption of such Securities at the redemption price specified in such Securities for operation of the sinking fund together with accrued interest, if any, to the date fixed for
redemption. Any sinking fund moneys not so applied or allocated by the Trustee (or by the Company if the Company is acting as its own paying agent) to the 

  

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redemption of Securities shall be added to the next cash sinking fund payment received by the Trustee (or if the Company is acting as its own paying agent,
segregated and held in trust as provided in Section 4.04) for such series and, together with such payment (or such amount so segregated), shall be applied in accordance with the provisions of this Section 3.05. Any and all sinking fund
moneys with respect to the Securities of any particular series held by the Trustee (or if the Company is acting as its own paying agent, segregated and held in trust as provided in Section 4.04) on the last sinking fund payment date with
respect to Securities of such series and not held for the payment or redemption of particular Securities of such series shall be applied by the Trustee (or by the Company if the Company is acting as its own paying agent), together with other moneys,
if necessary, to be deposited (or segregated) sufficient for the purpose, to the payment of the principal of the Securities of that series at maturity. 
 The Trustee shall select or cause to be selected the Securities to be redeemed upon such sinking fund payment date in the manner specified in the last paragraph of Section 3.02, and the Company shall cause notice
of the redemption thereof to be given in the manner provided in Section 3.02 except that the notice of redemption shall also state that the Securities are being redeemed by operation of the sinking fund. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03. 
 On or before each sinking fund
payment date, the Company shall pay to the Trustee in cash (or, if the Company is acting as its own paying agent, will segregate and hold in trust as provided in Section 4.04) a sum equal to any interest accrued to the date fixed for redemption
of Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this Section. 
 Neither the Trustee nor the
Company shall redeem any Securities of a series with sinking fund moneys or mail any notice of redemption of such Securities by operation of the sinking fund for such series during the continuance of a default in payment of interest, if any, on such
Securities or of any Event of Default (other than an Event of Default occurring as a consequence of this paragraph) with respect to such Securities, except that if the notice of redemption of any such Securities shall theretofore have been mailed in
accordance with the provisions hereof, the Trustee (or the Company if the Company is acting as its own paying agent) shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated by the Company)
for that purpose in accordance with the terms of this Article. 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 such sinking
fund shall, during the continuance of such default or Event of Default, be held as security for the payment of such Securities; provided, however, that in case such default or Event of Default shall have been cured or waived as
provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for such Securities on which such moneys may be applied pursuant to the provisions of this Section. 
 Section 3.06 Repayment at the Option of the Holder 
 Any series of Securities may be made, by provision contained in or established pursuant to a supplemental indenture or a resolution of the Board of Directors pursuant to Section 2.02 hereof, subject to repayment,
in whole or in part, at the option of the holder on a date or dates 

  

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specified prior to maturity, at a price equal to 100% of the principal amount thereof, together with accrued interest to the date of repayment, on such
notice as may be required, provided, however, that the holder of a Security may only elect partial repayment in an amount that will result in the portion of such Security that will remain Outstanding after such repayment constituting
an authorized denomination, or combination thereof, of such Securities. 
 ARTICLE 4 
 PARTICULAR COVENANTS OF THE COMPANY 
 Section 4.01 Payment of Principal, Premium and Interest  
 The Company covenants and agrees for the benefit of
each series of Securities that it will duly and punctually pay or cause to be paid the principal of, premium, if any, and interest, if any, on each of the Securities of that series at the places, at the respective times and in the manner provided in
such Securities. 
 Section 4.02 Offices for Notices and Payments, etc.  
 As long as any of the Securities of a series remain Outstanding, the Company will designate and maintain in the Borough of Manhattan, The City of New
York, an office or agency where the Securities of that series may be presented for payment, an office or agency where the Securities of that series may be presented for registration of transfer and for exchange as provided in this Indenture and an
office or agency where notices and demands to or upon the Company in respect of the Securities of that series or of this Indenture may be served. In addition to such office or offices or agency or agencies, the Company may from time to time
designate and maintain one or more additional offices or agencies within or outside the Borough of Manhattan, The City of New York, where the Securities of that series may be presented for registration of transfer or for exchange, and the Company
may from time to time rescind such designation, as it may deem desirable or expedient. The Company will give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. In case the Company shall
fail to maintain any such office or agency in the Borough of Manhattan, The City of New York, or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served
at the principal office of the Trustee. 
 The Company hereby initially designates the office of the Trustee located at
[                                        
                ] as the office or agency of the Company in the Borough of Manhattan, The City of New York, where the Securities of each series may be presented for
payment, for registration of transfer and for exchange as provided in this Indenture and where notices and demands to or upon the Company in respect of the Securities of each series or of this Indenture may be served. 
 Section 4.03 Appointment to Fill Vacancies in Trustee’s Office 
 The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a
successor trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder. 
  

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 Section 4.04 Provision as to Paying Agent 
 (a) If the Company shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying agent to
execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 
 (1) that it will hold all sums held by it as such agent for the payment of the principal of, premium, if any, or interest, if any, on the Securities of such series (whether such sums have been paid to it by the
Company or by any other obligor on the Securities of such series) in trust for the benefit of the holders of the Securities of such series; 
 (2) that it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment of the principal of, premium, if any, or interest, if any, on the Securities of such
series when the same shall be due and payable; and 
 (3) that at any time during the continuance of any failure by the Company (or by any
other obligor on the Securities of such series) specified in the preceding paragraph (2), such paying agent will, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by it. 
 (b) If the Company shall act as its own paying agent with respect to the Securities of any series, it will, on or before each due date of the principal
of, premium, if any, or interest, if any, on the Securities of such series, set aside, segregate and hold in trust for the benefit of the holders of such Securities a sum sufficient to pay such principal, premium, if any, or interest, if any, so
becoming due and will promptly notify the Trustee of any failure to take such action and of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment of the principal of, premium, if any, or interest,
if any, on the Securities of such series when the same shall become due and payable. 
 (c) Anything in this Section 4.04 to the
contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained. 
 (d) Anything in this
Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to Sections 12.05 and 12.06. 
 (e) Whenever the Company shall have one or more paying agents with respect to the Securities of any series, it will, prior to each due date of the principal of, premium, if any, or interest, if any, on the Securities
of such series, deposit with a designated paying agent a sum sufficient to pay the principal, premium, if any, and interest, if any, so becoming due, such sum to be held in trust for the benefit of the persons entitled to such principal, premium, if
any, or interest, if any, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of any failure so to act. 
  

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 Section 4.05 Statement as to Compliance 
 The Company will furnish to the Trustee on or before May 1, in each year (beginning with the first May 1 following the first date of issuance of
any Securities under this Indenture) a brief certificate (which need not comply with Section 14.05) from the principal executive, financial or accounting officer of the Company as required by Section 314(a)(4) of the Trust Indenture Act of
1939. Except with respect to the receipt of Securities payments and any default or Event of Default information contained in the certificate delivered to it pursuant to this Section 4.05, the Trustee shall have no duty to review, ascertain or
confirm the Company’s compliance with, or breach of, any representation, warranty or covenant made in this Indenture. 
 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, premium, if any, 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 any premium, 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 
 SECURITYHOLDER LISTS AND REPORTS 
 BY THE COMPANY AND THE TRUSTEE 
 Section 5.01 Securityholder Lists 
 If and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Company and any other obligor on the Securities 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 of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 15 days after each record date for the payment of
interest on such Securities, as hereinabove specified, as of such record date, and on dates to be determined pursuant to Section 2.02 for non-interest bearing Securities in each year, 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 5.02 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 Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports that the Company is required to file with the Securities and
Exchange Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, or pursuant to Section 314 of the Trust Indenture Act of 1939. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates). The Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provisions of this Indenture or to ascertain the correctness or otherwise of the information or
the statements contained therein. The Trustee is entitled to assume such compliance and correctness unless a Responsible Officer of the Trustee is informed otherwise. 
 Section 5.03 Reports by the Trustee 
 Any Trustee’s report required under
Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on or before [                    ] in each year beginning
[                    ], as provided in Section 313(c) of the Trust Indenture Act of 1939, so long as any Securities are Outstanding
hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 days prior thereto. 
  

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 ARTICLE 6 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS 
 ON EVENT OF DEFAULT 
 Section 6.01 Events of Default 
 The term “Event of Default” whenever used herein with respect to Securities of any series means any one of the following events and such other events as may be established with respect to the Securities of such series as
contemplated by Section 2.02 hereof, continued for the period of time, if any, and after the giving of notice, if any, designated in this Indenture or as may be established with respect to such Securities as contemplated by Section 2.02
hereof, as the case may be, unless it is either inapplicable or is specifically deleted or modified in the applicable resolution of the Board of Directors or in the supplemental indenture under which such series of Securities is issued, as the case
may be, as contemplated by Section 2.02: 
 (a) default for 30 days in the payment of any installment of interest on any Security of such
series when and as the same shall become due and payable; or 
 (b) default in the payment of the principal of, or premium, if any, on any
Security of such series when and as the same shall become due and payable whether at maturity, upon redemption, by declaration, repayment or otherwise; or 
 (c) default in the making or satisfaction of any sinking fund payment or analogous obligation as and for 30 days when the same shall become due and payable by the terms of the Securities of such series; or 

(d) failure on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company in respect of
the Securities of such series contained in this Indenture (other than a covenant or agreement in respect of the Securities of such series a default in whose observance or performance is elsewhere in this Section 6.01 specifically dealt with)
continued for a period of 60 days after the date on which written notice of such failure, requiring the Company to remedy the same, shall have been given to the Company by the Trustee, or to the Company and the Trustee by the holders of at least
twenty-five percent (25%) in aggregate principal amount of the Securities of such series at the time Outstanding; or 
 (e) a decree or
order by a court having jurisdiction in the premises shall have been entered adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization of the Company under the Federal Bankruptcy Code or any other
similar applicable Federal or State law, and such decree or order shall have continued undischarged and unstayed for a period of 60 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver or
liquidator or trustee or assignee (or other similar official) in bankruptcy or insolvency of the Company or of all or substantially all of the property of the Company, or for the winding up or liquidation of the affairs of the Company, shall have
been entered, and such decree or order shall have continued undischarged and unstayed for a period of 60 days; or 
  

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 (f) the Company shall institute proceedings to be adjudicated a voluntary bankrupt, or shall consent to
the filing of a bankruptcy proceeding against the Company, or shall file a petition or answer or consent seeking reorganization under the Federal Bankruptcy Code or any other similar applicable Federal or State law, or shall consent to the filing of
any such petition, or shall consent to the appointment of a receiver or liquidator or trustee or assignee (or other similar official) in bankruptcy or insolvency of it or of its property, or shall make an assignment for the benefit of creditors, or
shall admit in writing the inability of the Company to pay its debts generally as they become due; or 
 (g) any other Event of Default
provided in the applicable resolution of the Board of Directors or in the supplemental indenture under which such series of Securities is issued, as the case may be, as contemplated by Section 2.02. 
 If an Event of Default as contemplated by Sections 6.01(e) or 6.01(f) occurs, the principal amount (or, if the Securities of such series are Original
Issue Discount Securities, such portions of the principal amount as may be specified in the terms of such series) with respect to Securities of any series at the time Outstanding will become due and payable immediately. If any other Event of Default
with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in each and every such case, unless the principal of all of the Securities of such series shall have already become due and payable, either the
Trustee or the holders of not less than twenty-five percent (25%) in aggregate principal amount of the Securities of such series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by Securityholders of
such series), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all the Securities of such series
to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities of such series contained to the contrary notwithstanding. This
provision, however, is subject to the condition that if, at any time after the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of
such series) of the Securities of any series shall have been so declared or otherwise 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, if any, upon all of the Securities of such series and the principal of, and premium, if any, on any and all Securities of such series
which shall have become due otherwise than by acceleration (with interest on overdue installments of interest (to the extent that payment of such interest is enforceable under applicable law) and on such principal at the Overdue Rate applicable to
such series, to the date of such payment or deposit) and all amounts payable to the Trustee pursuant to the provisions of Section 7.06, and any and all defaults under this Indenture with respect to such series of Securities, other than the
nonpayment of principal of and accrued interest on Securities of such series which shall have become due solely by acceleration, shall have been remedied or cured or waived or provision shall have been made therefor to the satisfaction of the
Trustee—then and in every such case the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding, by written notice to the Company and to the Trustee, may waive all defaults with respect to such
series and rescind and annul such declaration or acceleration 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. 
  

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 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceeding
shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company and the Trustee shall be restored respectively
to their several positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceeding had been taken. 
 Section 6.02 Payment of Securities on Default; Suit Therefor 
 The Company covenants that (a) in case default shall be made in the payment of any installment of interest upon any Security of any series as and
when the same shall become due and payable, and such default shall have continued for a period of 30 days, (b) in case default shall be made in the payment of the principal of, or premium, if any, on any Security of any series as and when the
same shall become due and payable, whether at maturity of the Securities of that series or upon redemption or by declaration, repayment or otherwise or (c) in case of default in the making or satisfaction of any sinking fund payment or
analogous obligation when the same becomes due by the terms of the Securities of any series—then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holder of any such Security (or holders of any series of
Securities in the case of clause (c) above) the whole amount that then shall have become due and payable on any such Security (or Securities of any such series in the case of clause (c) above) for principal, premium, if any, and interest,
if any, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue installments of interest, if any, at the Overdue Rate applicable to any such
Security (or Securities of any such series in the case of clause (c) above); and, in addition thereto, such further amount as shall be sufficient to cover costs and expenses of collection, and any further amounts payable to the Trustee pursuant
to the provisions of Section 7.06. 
 In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of any express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment
or final decree, and may enforce any such judgment or final decree against the Company or any other obligor upon such Securities and collect in the manner provided by law out of the property of the Company or any other obligor on such Securities
wherever situated the moneys adjudged or decreed to be payable. 
 In case there shall be pending proceedings for the bankruptcy, for the
insolvency or for the reorganization of the Company or any other obligor on the Securities of any series under the Federal Bankruptcy Code or any other similar applicable Federal or State law, or in case a receiver or trustee (or other similar
official) shall have been appointed for the property of the Company or such other obligor, or in the case of any other similar judicial proceedings relative to the Company or other obligor on the Securities of any series, or to the creditors or
property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the 

  

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provisions of this Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims
for the whole amount of principal (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be due and payable with respect to such series pursuant to a declaration in accordance with
Section 6.01), premium, if any, and interest, if any, owing and unpaid in respect of the Securities of any series and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee and of the Securityholders of any series allowed in such judicial proceedings relative to the Company or any other obligor on the Securities of any series, its or their creditors, or its or their
property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of costs and expenses of collection, and any further amounts payable to the Trustee pursuant
to the provisions of Section 7.06 and incurred by it up to the date of such distribution; and any receiver, assignee or trustee (or other similar official) in bankruptcy or reorganization is hereby authorized by each of the Securityholders 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 Securityholders, to pay to the Trustee costs and expenses of collection and any further amounts payable to the Trustee
pursuant to the provisions of Section 7.06 and incurred by it up to the date of such distribution. 
 Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting any of the Securities of any series or the rights of any
holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 
 All rights of
action and of asserting claims under this Indenture, or under the Securities of any series, may be enforced by the Trustee without the possession of any of the Securities of such series or the production thereof in any trial or other proceeding
relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the holders of the Securities in respect of
which such action was taken. In any proceedings brought by the Trustee (and also any proceedings in which a declaratory judgment of a court may be sought as to the interpretation or construction of any provision of this Indenture, to which the
Trustee shall be a party) the Trustee shall be held to represent all the holders of the Securities to which such proceedings relate, and it shall not be necessary to make any holders of such Securities parties to any such proceedings. 
 Section 6.03 Application of Moneys Collected by Trustee 
 Any moneys collected by the Trustee pursuant to this Article and, if an Event of Default has occurred and is continuing, any money or other property distributable in respect of the Company’s obligations under the
Indenture shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the several Securities in respect of which moneys have been collected, and the notation thereon of
the payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee
pursuant to the provisions of Section 7.06; 
  

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 SECOND: In case the principal of the Outstanding Securities in respect of which such moneys have been
collected shall not have become due (at maturity, upon redemption, by declaration, repayment or otherwise) and be unpaid, to the payment of interest, if any, on such Securities, 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 Overdue Rate applicable to such Securities, such payments to be made ratably to the person entitled thereto; 

THIRD: In case the principal of the Outstanding Securities in respect of which such moneys have been collected shall have become due (at maturity,
upon redemption, by declaration, repayment or otherwise), to the payment of the whole amount then owing and unpaid upon such Securities for principal, premium, if any, and interest, if any, with interest on the overdue principal, and premium, if
any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest, if any, at the Overdue Rate applicable to such Securities; and in case such moneys shall be insufficient to pay in full the whole
amounts so due and unpaid upon such Securities, then to the payment of such principal, premium, if any, and interest, if any, without preference or priority of principal, and premium, if any, over interest, if any, or of interest, if any, over
principal, and premium, if any, or of any installment of interest, if any, over any other installment of interest, if any, or of any such Security over any other such Security, ratably to the aggregate of such principal, premium, if any, and accrued
and unpaid interest, if any; and 
 FOURTH: To the payment of the remainder, if any, to the Company, its successors or assigns, or to
whosoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 
 Section 6.04
Proceedings by Securityholders 
 No holder of any Security of any series shall have any right by virtue of or by availing of any
provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee (or other similar official), or for any other remedy
hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default with respect to Securities of such series and of the continuance thereof, as hereinbefore provided, (ii) the holders of not
less than twenty-five percent (25%) in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and (iii) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity, shall not have received from the holders of a majority in principal amount of the Securities of such series then Outstanding a direction inconsistent with that request, and shall have neglected or refused to institute
any such action, suit or proceeding, it being understood and intended, and being expressly covenanted by the taker and holder of every Security with every other taker and holder and the Trustee, that no one or more holders of Securities of such
series shall have any right in any manner whatever by virtue or by availing of any provision of this 

  

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Indenture to affect, disturb or prejudice the rights of any other holder of Securities of such series, or to obtain or seek to obtain priority over or
preference to any other such holder, or to enforce any right under this Indenture, except in the matter herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. 
 Notwithstanding any other provisions in this Indenture, however, the right of any holder of any Security to receive payment of the principal of, premium,
if any, and interest, if any, on such Security, on or after the respective due dates expressed in such Security, or upon redemption, by declaration, repayment or otherwise, or to institute suit for the enforcement of any such payment on or after
such respective dates or to convert any Security, shall not be impaired or affected without the consent of such holder, and no provision of the Securities of any series or of this Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest, if any, on the Securities of such series at the respective places, at the respective times, at the respective rates and in the coin or currency, therein and
herein prescribed. 
 Section 6.05 Proceedings by Trustee 
 In case of an Event of Default hereunder the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement
of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 Section 6.06 Remedies Cumulative and Continuing 
 All powers and remedies given by this Article Six to the Trustee or to the Securityholders of any series shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other
powers and remedies available to the Trustee or the holders of such Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of
the Trustee or of any holder of any such Securities to exercise any right or power accruing upon any default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article Six or by law to the Trustee or to the Securityholders of any series may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders of such series. 
 Section 6.07 Direction of Proceedings and Waiver
of Defaults by Securityholders 
 (a) The holders of a majority in aggregate principal amount of the Securities of any series at the time
Outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series;
provided, however, that (subject to the provisions of Section 7.01) the Trustee shall have the right to decline to 

  

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follow any such direction if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the
Trustee in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible Officers shall determine that the action or proceeding so directed would involve the Trustee in
personal liability or expense for which it is not adequately indemnified. 
 (b) Prior to any acceleration or declaration accelerating the
maturity of the Securities of any series, the holders of a majority in aggregate principal amount of the Securities of such series at the time Outstanding may, on behalf of the holders of all of the Securities of such series, waive any past default
or Event of Default with respect to such series and its consequences except a default in the payment of interest, if any, on, or the principal of or premium, if any, on any Security of such series, or in the payment of any sinking fund installment
or analogous obligation with respect to Securities of such series, or in respect of a covenant or provision hereof which under Section 10.02 cannot be modified or amended without the consent of the holder of each Security affected. Upon any
such waiver the Company, the Trustee and the holders of the Securities of that series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent thereon. Whenever any default or Event of Default hereunder shall have been waived as permitted by this Section 6.07(b), such default or Event of Default shall for all purposes of the Securities of such
series and this Indenture be deemed to have been cured and to be not continuing. 
 Section 6.08 Notice of Defaults

 The Trustee shall, within 90 days after the occurrence of a default with respect to the Securities of any series, mail to all holders of
Securities of such series, as the names and addresses of such holders appear upon the registry books of the Company, notice of all defaults with respect to such series known to the Trustee, unless such defaults shall have been cured or waived before
the giving of such notice (the term “defaults” for the purpose of this Section 6.08 being hereby defined to be the events specified in Section 6.01 or established with respect to such Securities as contemplated by
Section 2.02, not including the periods of grace, if any, provided for therein or established with respect to such Securities as contemplated by Section 2.02 and irrespective of the giving of the notices specified in clause (d) of
Section 6.01 or established with respect to such Securities as contemplated by Section 2.02); provided, however, that except in the case of default in the payment of the principal of, premium, if any, or interest, if any, on
any of the Securities of such series or in the making of any sinking fund installment or analogous obligation with respect to such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the
executive committee, or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the holders of Securities of such series. 
 Section 6.09 Undertaking to Pay Costs 
 All parties to this Indenture agree, and each holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken, omitted or suffered by it as Trustee, the filing by any party litigant in such 

  

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suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 6.09 shall not apply (i) to any suit instituted by the
Trustee, (ii) to any suit instituted by any holder of Securities of any series or group of such holders, holding in the aggregate more than ten percent (10%) in principal amount of the Outstanding Securities of such series or (iii) to
any suit instituted by any Securityholder for the enforcement of the payment of the principal of, premium, if any, or interest, if any, on any Security (A) on or after the due date expressed in such Security, (B) on or after the date fixed
for redemption or repayment or (C) after such Security shall have become due by declaration. 
 ARTICLE 7 
 CONCERNING THE TRUSTEE 
 Section 7.01
Duties and Responsibilities of Trustee 
 With respect to the holders of any series of Securities issued hereunder, the Trustee,
prior to the occurrence of an Event of Default with respect to the Securities of such series and after the curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been cured or waived) the Trustee shall exercise such of the rights and powers vested in
it by this Indenture with respect to such series, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs. 
 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act,
or its own willful misconduct, except that 
 (a) prior to the occurrence of an Event of Default with respect to the Securities of a series
and after the curing or waiving of all Events of Default with respect to such series which may have occurred: 
 (1) the duties and
obligations of the Trustee with respect to the Securities of a series shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture; 
  

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 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer
or Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (c) the Trustee
shall not be liable with respect to any action taken, omitted or suffered to be taken by it in good faith in accordance with the direction of the holders of Securities of any series pursuant to Section 6.07 relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to Securities of such series; 
 (d) whether or not therein expressly so provided, every provision of this Indenture relating to the conduct of, the liability of or affording protection
to the Trustee for any series of Securities shall be subject to the provisions of this Section 7.01; and 
 (e) money held in trust by
the Trustee need not be segregated from other funds except as required by law. 
 None of the provisions of this Indenture shall be construed
as requiring the Trustee to expend or risk its own funds or otherwise to incur any personal financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 The provisions of this Section 7.01 are in furtherance of and subject to Section 315 of the Trust Indenture Act of 1939. 
 Section 7.02 Reliance on Documents, Opinions, etc. 
 In furtherance of and subject to the Trust Indenture Act of
1939, and subject to the provisions of Section 7.01: 
 (a) the Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an instrument signed in the
name of the Company by its Chairman of the Board, its President and Chief Executive Officer, its Chief Operating Officer or any of its Vice Presidents and by its Chief Financial Officer and Treasurer or Secretary (unless other evidence in respect
thereof be herein specifically prescribed); and any resolution of the Board of Directors of the Company may be evidenced to the Trustee by a copy thereof certified by the Secretary, an Assistant Secretary or an Attesting Secretary of the Company;

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

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 (d) 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 Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and
liabilities which might be incurred therein or thereby; 
 (e) the Trustee shall not be liable for any action taken, omitted or suffered by
it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f)
the Trustee shall not be bound to make any inquiry or investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or
document unless requested in writing so to do by the holders of a majority in aggregate principal amount of the Securities of any series affected then Outstanding; provided, however, that if the payment within a reasonable time to the
Trustee of the costs and 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 conferred upon it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding; and the reasonable expense of such investigation shall be paid by the Company, or, if paid by the Trustee, shall be
repaid by the Company upon demand; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (h) the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or written notice of any event which is in fact such a default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee and such notice references the Securities and this Indenture; 
 (i) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of it capacities hereunder and each agent, custodian and other Person employed to act hereunder; 
 (j) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; 
 (k) the Trustee shall not be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not
limited to, loss or profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 
  

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 (l) the Trustee shall not be required to give any note, bond or surety in respect of the execution of the
trusts and powers under this Indenture; and 
 (m) the Trustee shall not be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused, directly or indirectly by circumstances beyond its reasonable control, including, without limitation, acts of God, earthquakes, fire, flood, terrorism, wars and other military
disturbances, sabotage, epidemics, riots, interruptions, loss or malfunction of utilities or communication services and acts of civil or military authorities and governmental action. 
 Section 7.03 No Responsibility for Recitals, etc. 
 The recitals contained herein and in the Securities shall be taken as the statements of the Company (except in the Trustee’s certificates of authentication), and the Trustee assumes no responsibility for the
correctness of the same. The Trustee shall not be responsible for and makes no representations as to the validity or sufficiency of this Indenture or the Securities, provided that the Trustee shall not be relieved of its duty to authenticate
Securities only as authorized by this Indenture. The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds therefrom, and it shall not be responsible for any statement in any of the
Securities or any other document in connection with the sale of the Securities. 
 Section 7.04 Ownership of Securities

 The Trustee and any agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of
Securities with the same rights it would have if it were not Trustee or such agent. 
 Section 7.05 Moneys to be Held in
Trust 
 Subject to the provisions of Sections 12.05 and 12.06 hereof, all moneys received by the Trustee or any paying agent shall, until
used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. So long as no Event of Default shall have occurred and be
continuing, all interest allowed on any such moneys shall be paid from time to time upon the written order of the Company, signed by its Chairman of the Board, President and Chief Executive Officer, Chief Operating Officer, any of its Vice
Presidents, Chief Financial Officer and Treasurer or Secretary. 
 Section 7.06 Compensation and Expenses of Trustee and
Indemnity 
 The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable
compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and, except as otherwise expressly provided, the Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee in 

  

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accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all
persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. If any property other than cash shall at any time be subject to the lien of this Indenture, the Trustee, if
and to the extent authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property to such lien, shall be entitled to make advances for the purpose of preserving such property or
of discharging tax liens or other prior liens or encumbrances thereon. The Company also covenants to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on the
part of the Trustee, arising out of or in connection with the acceptance or administration of this trust and its duties hereunder, including the costs and expenses of defending itself against any claim of liability in the premises. The obligations
of the Company under this Section 7.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture. Such additional indebtedness shall be secured by a lien prior 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. 
 Section 7.07 Officers’ Certificate as Evidence 
 Subject to the provisions of Sections 7.01 and 7.02, whenever in the administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking, omitting or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or willful misconduct 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 willful misconduct on
the part of the Trustee, shall be full warrant to the Trustee for any action taken, omitted or suffered by it under the provisions of this Indenture upon the faith thereof. 
 Section 7.08 Eligibility of Trustee 
 The Trustee hereunder shall at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, which (a) is authorized under
such laws to exercise corporate trust powers, (b) is subject to supervision or examination by Federal or State authority and (c) shall have at all times a combined capital and surplus of not less than $50,000,000. If such corporation
publishes reports of condition at least annually, pursuant to law, or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 7.08, the combined capital and surplus of such corporation at
any time shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.08,
the Trustee shall resign immediately in the manner and with the effect specified in Section 7.09. 
 The provisions of this
Section 7.08 are in furtherance of and subject to Section 310(a) of the Trust Indenture Act of 1939. 
  

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 Section 7.09 Resignation or Removal of Trustee 
 (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to any one or more or all series of Securities by
giving written notice of resignation to the Company and by mailing notice thereof to the holders of the applicable series of Securities at their addresses as they shall appear on the registry books of the Company. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed with respect to any series and have accepted appointment within 60 days after the giving of such notice of resignation,
the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities of the applicable series for at least six months
may, subject to the provisions of Section 6.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (1) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of
Securities after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities of such series for at least six months, or 
 (2) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and Section 310(a) of the Trust Indenture Act of
1939 with respect to any series of Securities and shall fail to resign after written request therefor by the Company or by any such Securityholder, or 
 (3) the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in
any such case, the Company may remove the Trustee with respect to such series and appoint a successor trustee with respect to such series by written instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy of
which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has been a bona fide holder of a
Security or Securities of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with
respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee with respect to such series. 
  

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 (c) The holders of a majority in aggregate principal amount of the Securities of one or more series (each
series voting as a class) or all series at the time Outstanding may at any time remove the Trustee with respect to the applicable series or all series, as the case may be, and appoint with respect to the applicable series or all series, as the case
may be, a successor trustee by written notice of such action to the Company, the Trustee and the successor trustee. 
 (d) Any resignation or
removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant to any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the
successor trustee as provided in Section 7.10. 
 (e) No predecessor trustee shall be liable for the acts or omissions of any successor
trustee. 
 Section 7.10 Acceptance by Successor Trustee 
 Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to any or all applicable series shall become effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon payment (or due provision therefor) of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such
successor trustee all the rights and powers with respect to such series of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing in order to more fully and certainly
vest in and confirm to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the
provisions of Section 7.06. 
 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 predecessor trustee and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee with respect to the Securities of any series as to which the predecessor trustee is not retiring shall continue to be vested in the
predecessor trustee and 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. 
 No successor trustee with respect to a series of Securities shall accept appointment as provided in this Section 7.10
unless at the time of such acceptance such successor trustee shall, with respect to such series, be qualified under Section 310(b) of the Trust Indenture Act of 1939 and eligible under the provisions of Section 7.08. 
  

 37 

 Upon acceptance of appointment by a successor trustee with respect to any series as provided in this
Section 7.10, the Company shall mail notice of the succession of such trustee hereunder to the holders of Securities of such series at their addresses as they shall appear on the registry books of the Company. If the Company fails to mail such
notice within ten days after the acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 
 Section 7.11 Succession by Merger, etc. 
 Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any
Person succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor to the Trustee hereunder, provided such Person shall be qualified under Section 310(b) of the Trust Indenture Act of 1939 and
eligible under the provisions of Section 7.08, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 In case at the time such successor to the Trustee shall succeed to the trust created by this Indenture with respect to one or more series of Securities
any of such Securities shall have been authenticated but not delivered, any such successor to the Trustee by merger, conversion or consolidation may adopt the certificate of authentication of any predecessor trustee and deliver such Security so
authenticated; and in case at that time any of such Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of such successor to the Trustee or, if such successor to the Trustee
is a successor by merger, conversion or consolidation, the name of any predecessor hereunder; and in all such cases such certificate shall have the full force which it is anywhere in such Securities or provided in this Indenture that the certificate
of the Trustee shall have. 
 Section 7.12 Other Matters Concerning the Trustee 
 The principal corporate trust office of the Trustee at the date of this Indenture is located at
[                                        
        ]. 
 Section 7.13 Appointment of Authenticating Agent 
 The Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon
original issue and upon exchange, registration of transfer, partial conversion or partial redemption or pursuant to Section 2.07, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each 

  

 38 

 
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or
State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a
party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating
Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all holders of Securities as their names and addresses appear in the Security register. Any
successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each
Authenticating Agent from time to time reasonable compensation for its services under this Section. 
 If an appointment is made pursuant to
this Section, the Securities may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 “Dated: 
 This is one of the Securities described in
the within-mentioned Indenture. 
  

			
	[                            ], as
Trustee
		
	By:	 	  

		 	As Authenticating Agent
		
	By:	 	  

		 	Authorized Signatory”

  

 39 

 ARTICLE 8 
 CONCERNING THE SECURITYHOLDERS 
 Section 8.01 Action of Securityholders 
 Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Securities of any or all series
may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action) the fact that at the time of taking any such action the holders of such specified percentage have
joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by such Securityholders in person or by agent or proxy appointed in writing, (b) by the record of such holders of Securities
voting in favor thereof at any meeting of such Securityholders duly called and held in accordance with the provisions of Article Nine or (c) by a combination of such instrument or instruments and any such record of such a meeting of such
Securityholders. 
 Section 8.02 Proof of Execution by Securityholders 
 Subject to the provisions of Sections 7.01, 7.02 and 9.06, proof of the execution of any instrument by a Securityholder or his agent or proxy shall be
sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be reasonably satisfactory to the Trustee. The ownership of Securities shall be proved by the registry books
of the Company. 
 The record of any Securityholders’ meeting shall be proved in the manner provided in Section 9.07. 

The Company may set a record date for purposes of determining the identity of holders of Securities of any series entitled to vote or consent to or
revoke any action referred to in Section 8.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or reconsideration) not more than 60 days nor less than
five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, with respect to Securities of any series, only holders of Securities of such series of record on such record date shall be
entitled to so vote or give such consent or revoke such vote or consent. 
  

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 Section 8.03 Who Are Deemed Absolute Owners 
 The Company, the Trustee and any agent of the Company or of the Trustee may deem the person in whose name any Security shall be registered upon the
registry books of the Company to be, and may treat him as, the owner of such Security (whether or not such 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, premium, if any, and (subject to Section 2.04) interest, if any, on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be
affected by any notice to the contrary. All such payments so made to any holder for the time being, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable
upon any such Security. 
 No Beneficial Owner of a beneficial interest in any Global Security held on its behalf by a Depositary shall have
any rights under this Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Security for all purposes whatsoever. None of the
Company, the Trustee or any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or maintaining,
supervising or reviewing any records relating to such beneficial ownership interests. 
 Section 8.04 Company-Owned Securities
Disregarded 
 In determining whether the holders of the requisite aggregate principal amount of Securities have concurred in any demand,
request, notice, direction, consent or waiver under this Indenture, Securities which are owned by the Company or any other obligor on the Securities with respect to which such determination is being made or by any person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the
purpose of any such determination; provided, that for the purposes of determining whether the Trustee shall be protected in relying on any such demand, request, notice, direction, consent or waiver only Securities which the Trustee knows are
so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the
pledgee’s right to vote such Securities and that the pledgee is not a person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as
to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
 Section 8.05
Revocation of Consents; Future Holders Bound 
 At any time prior to (but not after) the evidencing to the Trustee, as provided in
Section 8.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action, any holder of a
Security which is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee at its principal office and upon proof of holding as provided in
Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the 

  

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holder of any Security shall be conclusive and binding upon such holder and upon all future holders of such Security, irrespective of whether or not any
notation in regard thereto is made upon such Security or any Security issued in exchange or substitution therefor. 
 ARTICLE 9

 SECURITYHOLDERS’ MEETINGS 
 Section 9.01 Purposes of Meetings 
 A meeting of holders of Securities of any or all series may be called at any
time and from time to time pursuant to the provisions of this Article Nine for any of the following purposes: 
 (1) to give any notice to the
Company or to the Trustee, to give any directions to the Trustee, to consent to the waiving of any default hereunder and its consequences or to take any other action authorized to be taken by Securityholders pursuant to any of the provisions of
Article Six; 
 (2) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article Seven; 
 (3) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or 
 (4) to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Securities of any
or all series, as the case may be, under any other provision of this Indenture or under applicable law. 
 Section 9.02 Call
of Meetings by Trustee 
 The Trustee may at any time call a meeting of holders of Securities of any or all series to take any action
specified in Section 9.01, to be held at such time and at such place in [                    ], as the Trustee shall determine. Notice of
every meeting of the holders of Securities of any or all series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to holders of Securities of each series
affected at their addresses as they shall appear on the registry books of the Company. Such notice shall be mailed not less than 10 nor more than 90 days prior to the date fixed for the meeting. 
 Section 9.03 Call of Meetings by Company or Securityholders 
 In case at any time the Company, pursuant to a resolution of its Board of Directors, or the holders of at least ten percent (10%) in aggregate
principal amount of the Securities then Outstanding of any series that may be affected by the action proposed to be taken at the meeting shall have requested the Trustee to call a meeting of the holders of Securities of all series that may be so
affected, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or such
Securityholders, in the amount specified above, may determine the time and the place in [                    ] for such meeting and may call
such meeting to take any action authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02. 
  

 42 

 Section 9.04 Qualifications for Voting 
 To be entitled to vote at any meeting of Securityholders a person shall (a) be a holder of one or more Securities with respect to which such meeting
is being held or (b) be a person appointed by an instrument in writing as proxy by a holder of one or more such Securities. The only persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the persons
entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
 Section 9.05 Quorum; Adjourned Meetings 
 The Persons entitled to vote a majority in
aggregate principal amount of the Securities of the relevant series at the time Outstanding shall constitute a quorum for the transaction of all business specified in Section 9.01. No business shall be transacted in the absence of a quorum
(determined as provided in this Section 9.05). In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of the holders of Securities (as provided in
Section 9.03), be dissolved. In any other case the meeting shall be adjourned for a period of not less than ten days as determined by the chairman of the meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting
shall be further adjourned for a period of not less than ten days as determined by the chairman of the meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 9.02, except that such notice must be
mailed not less than five days prior to the date on which the meeting is scheduled to be reconvened. 
 Subject to the foregoing, at the
second reconvening of any meeting adjourned for lack of a quorum, the Persons entitled to vote twenty-five percent (25%) in aggregate principal amount of the Securities of the relevant series then Outstanding shall constitute a quorum for the
taking of any action set forth in the notice of the original meeting. Notice of the reconvening of an adjourned meeting shall state expressly the percentage of the aggregate principal amount of the Securities of the relevant series then Outstanding
which shall constitute a quorum. 
 At a meeting or any adjourned meeting duly convened and at which a quorum is present as aforesaid, any
resolution and all matters (except as limited by the proviso in Section 10.02) shall be effectively passed and decided if passed or decided by Persons entitled to vote a majority in aggregate principal amount of the Securities of the relevant
series then Outstanding. 
 Any holder of a Security who has executed in person or by proxy and delivered to the Trustee an instrument in
writing complying with the provisions of Article Eight shall be deemed to be present for the purposes of determining a quorum and be deemed to have voted; provided that such holder of a Security shall be considered as present or voting only
with respect to the matters covered by such instrument in writing. 
  

 43 

 Section 9.06 Regulations 
 Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Securityholders, in regard to proof of the holder of Securities and
of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the
meeting as it shall deem fit. 
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the
meeting shall have been called by the Company or by Securityholders as provided in Section 9.03, in which case the Company or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 
 Subject to the provisions of
Section 8.04, at any meeting each holder of Securities with respect to which such meeting is being held or proxy shall be entitled to vote the principal amount (in the case of Original Issue Discount Securities, such principal amount to be
determined as provided in the definition of “Security or Securities; Outstanding” in Section 1.01) of such Securities held or represented by such holder; provided, however, that no vote shall be cast or counted at any
meeting in respect of any such Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of such Securities held by him or
instruments in writing as aforesaid duly designating him as the person to vote on behalf of other such Securityholders. Any meeting of holders of Securities with respect to which a meeting was duly called pursuant to the provisions of Sections 9.02
or 9.03 may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.07 Voting 
 The
vote upon any resolution submitted to any meeting of holders of Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such holders of Securities or of their
representatives by proxy and the principal amount (in the case of Original Issue Discount Securities, such principal amount to be determined as provided in the definition of “Security or Securities; Outstanding” in Section 1.01) and
number or numbers of such Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file
with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary of the meeting and there
shall be attached to such record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing
that such notice was mailed as provided in Section 9.02. The record shall show the principal amount of the Securities (in the case of Original Issue Discount Securities, such principal amount to be determined as provided in the definition of
“Security or Securities; Outstanding” in Section 1.01) voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 
  

 44 

 Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 9.08 No Delay of Rights by Meeting 
 Nothing in this Article Nine contained shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Securityholders of any or all series or any rights expressly or impliedly conferred
hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Securityholders of any or all such series under any of the provisions of this Indenture or of the
Securities. 
 ARTICLE 10 
 SUPPLEMENTAL INDENTURES 
 Section 10.01 Supplemental Indentures without Consent of Securityholders 

The Company, when authorized by resolution of the Board of Directors, and the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto for one or more of the following purposes: 
 (a) to evidence the succession of another Person to the Company,
or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company pursuant to Article Eleven hereof; 
 (b) to add to the covenants of the Company such further covenants, restrictions, conditions or provisions for the protection of the holders of all or any series of Securities (and if such covenants are to be for the
benefit of less than all series of Securities, stating that such covenants are expressly being included for the benefit of such series) as the Board of Directors of the Company and the Trustee shall consider to be for the protection of the holders
of such Securities, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions a default or an Event of Default permitting the enforcement of all or any of
the several remedies provided in this Indenture as herein set forth; provided, however, that in respect of any such additional covenant, restriction, condition or provision, such supplemental indenture may provide for a particular
period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default;

 (c) to add any additional Events of Default (and, if such Events of Default are to be applicable to less than all series of Securities,
stating that such Events of Default are applicable only to specified series); 
 (d) to provide for the issuance under this Indenture of
Securities in coupon form (including Securities registrable as to principal only) and to provide for exchangeability of such Securities with the Securities of the same series issued hereunder in fully registered form and to make all appropriate
changes for such purpose; 
  

 45 

 (e) to establish the forms or terms of Securities of any series as permitted by Sections 2.01 and 2.02;

 (f) to provide for uncertificated debt securities in addition to or in place of certificated debt securities; 
 (g) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental indenture, or to make such other provisions in regard to matters or questions arising under this Indenture which shall not materially adversely affect the interests of the
holders of any Securities; 
 (h) to conform the provisions of this Indenture to the description of the Securities contained in the
prospectus or other offering document pursuant to which the Securities were sold; 
 (i) to modify or amend this Indenture to permit the
qualification of this Indenture or any indentures supplemental hereto under the Trust Indenture Act of 1939, as amended; 
 (j) to add to or
change any provision of this Indenture to provide that bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal or premium with respect to registered Securities or of principal,
premium or interest with respect to bearer Securities, or to permit registered Securities to be exchanged for bearer Securities; provided, however, that any such addition, change or elimination may not materially adversely affect the
interests of any holders of Securities at the time Outstanding nor permit or facilitate the issuance of Securities of any series in uncertificated form; 
 (k) to add guarantees with respect to the Securities of any series or to secure the Securities of any series; 
 (l) to evidence and provide for the acceptance of appointment hereunder by a successor or separate trustee with respect to the Securities of one or more series or 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 7.10 or pursuant to Section 2.02(17); and 
 (m) to add to, change or eliminate any of the provisions of this Indenture; provided, however, that any such addition, change or
elimination may be effected only when no Outstanding Security of any series created prior to the execution of such supplemental indenture is entitled to the benefit of such provision. 
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  

 46 

 Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the
Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 10.02. 
 Section 10.02 Supplemental Indentures with Consent of Securityholders 
 With the written
consent (evidenced as provided in Sections 8.01 and 8.02) of the holders of a majority in the aggregate principal amount of the Securities of each series (each series voting as a class) affected by such supplemental indenture at the time
Outstanding, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or any supplemental indenture or of modifying in any manner the rights of the holders of the Securities or each such series; provided, however, that no such supplemental indenture shall (i) change the stated
maturity of principal of, or any installment of principal of or interest on, any Security, (ii) reduce the rate of or extend the time of payment of interest, if any, on any Security or alter the manner of calculation of interest payable on any
Security (except as part of any remarketing of the Securities of any series, or any interest rate reset with respect thereto in each case in accordance with the terms thereof), (iii) reduce the principal amount or premium, if any, on any
Security, (iv) make the principal amount or premium, if any, or interest, if any, on any Security payable in any coin or currency other than that provided in any Security, (v) reduce the percentage in principal amount of Securities of any
series the holders of which are required to consent to any such supplemental indenture or any waiver of any past default or Event of Default pursuant to Section 6.07(b), (vi) change any place of payment where the Securities of any series
or interest thereon is payable, (vii) impair the right of any holder of a Security to institute suit for any such payment, reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an
acceleration of the maturity thereof pursuant to Section 6.01, adversely affect the right of repayment, if any, at the option of the holder or extend the time or reduce the amount of any payment to any sinking fund or analogous obligation
relating to any Security, or (viii) modify any provision of Section 6.07(b) or 10.02 (except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of
the holder of each Security so affected), without, in the case of each of the foregoing clauses (i) through (viii), the consent of the holder of each Security so affected. 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 the holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the holders of Securities of any other series. 
 Upon the
request of the Company, accompanied by a copy of the resolutions of the Board of Directors authorizing the execution and delivery of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders
as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion but shall not be obligated to, enter into such supplemental indenture. 
  

 47 

 It shall not be necessary for the consent of the Securityholders under this Section 10.02 to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Section 10.03 Compliance with Trust Indenture Act; Effect of Supplemental Indentures 
 Any supplemental indenture
executed pursuant to the provisions of this Article Ten shall comply with the Trust Indenture Act of 1939, as then in effect. Upon the execution of any supplemental indenture pursuant to the provisions of this Article Ten, this Indenture shall be
deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of the Securities shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes. 
 Section 10.04 Notation on Securities 
 Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article Ten may bear a
notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee and delivered in exchange for the Securities of such series then
Outstanding. 
 Section 10.05 Evidence of Compliance of Supplemental Indenture to be Furnished Trustee 
 The Trustee, subject to the provisions of Sections 7.01 and 7.02, may receive an Officers’ Certificate and an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article Ten. 
 ARTICLE 11 

 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
 Section 11.01 Company May Consolidate, Merge or Sell Assets on Certain Terms 
 Nothing
contained in this Indenture or in any of the Securities shall be deemed to prevent the consolidation or merger of the Company with or into any other Person, or the merger into the Company of any other Person, or the sale by the Company of its assets
as, or substantially as, an entirety, or otherwise; provided, however, that (a) in case of any such consolidation or merger the corporation resulting from such consolidation or any Person other than the Company into which such
merger shall be made shall succeed to and be substituted for the Company with the same effect as if it has been named herein as a party hereto and shall become liable and be bound for, and shall expressly assume, by a supplemental indenture hereto,
executed and delivered to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if any, on all the Securities of each series, if any, appertaining thereto and the performance and 

  

 48 

 
observance of each and every covenant and condition of this Indenture on the part of the Company to be performed or observed, (b) as a condition of any
such sale of the assets of the Company as, or substantially as, an entirety, the Person to which such assets shall be sold shall (i) expressly assume the due and punctual payment of the principal of, premium, if any, and interest, if any, on
all the Securities of each series, if any, appertaining thereto and the performance and observance of all the covenants and conditions of this Indenture on the part of the Company to be performed or observed and (ii) simultaneously with the
delivery to it of the conveyances or instruments of transfer of such assets, execute and deliver to the Trustee a supplemental indenture thereto, in form satisfactory to the Trustee, whereby such purchasing Person shall so assume the due and
punctual payment of the principal of, premium, if any, and interest, if any, on all the Securities of each series and the performance and observance of each and every covenant and condition of this Indenture on the part of the Company to be
performed or observed, to the same extent that the Company is bound and liable, (c) either the Company is the continuing corporation or the successor corporation is a corporation or limited liability company organized under the laws of the
United States of America or any state thereof or the District of Columbia, and (d) the Company is not, or such successor corporation is not, immediately after such merger, consolidation or sale, in default in the performance of any obligations
under this Indenture. 
 Section 11.02 Successor Corporation or Limited Liability Company to be Substituted 
 In case of any such merger, consolidation or sale, and upon any such assumption by the successor corporation or limited liability company, such successor
corporation or limited liability company shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the Company, and the Company shall be relieved of any further obligation under this Indenture and
under the Securities. Such successor corporation or limited liability company thereupon may cause to be signed, and may issue either in its own name or in the name of PICO Holdings, Inc., any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation or limited liability company, instead of the Company, and subject to all the terms, conditions and limitations in
this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such
successor corporation or limited liability company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the
Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof. 
 In case of any such merger, consolidation or sale, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter
to be issued as may be appropriate. 
 Section 11.03 Documents to be Given Trustee 
 The Trustee, subject to the provisions of Sections 7.01 and 7.02, may receive an Officers’ Certificate and an Opinion of Counsel as conclusive
evidence that any such consolidation, merger or sale, and any such assumption, comply with the provisions of this Article Eleven. 
  

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 ARTICLE 12 
 SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 12.01 Discharge of Indenture

 When (a) the Company shall deliver to the Trustee for cancellation all Securities theretofore authenticated (other than any Securities
which shall have been destroyed, lost or stolen or in lieu of or in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the provisions of Section 2.07 or Securities for
whose payment money has theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 12.06) and not theretofore cancelled, or (b) all the Securities not theretofore cancelled or 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 the Company shall deposit with the Trustee, in trust, funds sufficient to pay at maturity or upon redemption all of the Securities (other than any (i) Securities which shall have been destroyed, lost or stolen and in lieu of or
in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the provisions of Section 2.07 or (ii) Securities for whose payment money has theretofore been deposited in
trust and thereafter repaid to the Company as provided in Section 12.06) not theretofore cancelled or delivered to the Trustee for cancellation, including principal, premium, if any, and interest, if any, due or to become due to such date of
maturity or date fixed for redemption, as the case may be, and if in either case the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect (except as to
(i) rights of registration of transfer and exchange of Securities, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of holders to receive payments of principal thereof and interest thereon,
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 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 satisfaction of and discharging this Indenture, the Company, however, hereby agreeing to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee in connection with
this Indenture or the Securities. 
 Section 12.02 Legal Defeasance 
 On the 91st day following the deposit referred to in clause (a) of this Section 12.02, the Company will be deemed to have paid and will be
discharged from its obligations in respect of the Securities of the series with respect to which such deposit shall have been made and the Indenture with respect to such Securities, other than (i) the rights of the Securityholders of
Outstanding Securities of such series to receive, solely from the trust fund described in clause (a) of this Section 12.02, payments in respect of the principal of and interest on such securities when such payments are due and
(ii) its obligations in Article Two and Sections 4.02, 7.06, 7.09, 12.06 and 12.07; provided the following conditions have been satisfied: 
 (a) The Company has irrevocably deposited in trust with the Trustee, as trust funds solely for the benefit of the Securityholders of such series, money sufficient, or U.S. Government Obligations, the principal of and
interest on which shall be sufficient, or a combination thereof sufficient, in the opinion of the Board of Directors of the Company evidenced by a resolution set forth in an Officers’ Certificate delivered to the Trustee, without consideration
of any reinvestment, to pay principal of, premium, if any, and interest, if any, on the Securities of such series to maturity or redemption, as the case may be, provided that any redemption before maturity has been irrevocably provided for under
arrangements satisfactory to the Trustee. 
  

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 (b) The deposit will not result in a breach or violation of, or constitute a default under, the Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound. 
 (c) The Company has delivered to the Trustee
either (x) a ruling received from the Internal Revenue Service to the effect that the holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be
subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise have been the case or (y) an Opinion of Counsel, based on a change in law after the date of the Indenture, to the same effect as
the ruling described in clause (x). 
 (d) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
in each case stating that all conditions precedent provided for herein relating to the defeasance have been complied with. 
 Prior to the
end of the 91-day period, none of the Company’s obligations under the Indenture with respect to the Securities of such series will be discharged. Thereafter, the Trustee, upon the request and at the cost and expense of the Company, will
acknowledge in writing the discharge of the Company’s obligations under the Securities of such series and the Indenture with respect to such series except for the surviving obligations specified above. 
 As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United States of America
for the payment of which its full faith and credit is pledged or (ii) an obligation of a Person controlled or supervised by and acting as 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, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

  

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 Section 12.03 Covenant Defeasance 
 After the 91st day following the deposit referred to in clause (a) of this Section 12.03 with respect to the Securities of a series, the
Company’s obligations set forth in the covenant or covenants for such series of Securities established as contemplated by Section 2.02(20) will terminate, and clauses (d) (to the extent relating to such covenant or covenants) and
(g) of Section 6.01 will no longer constitute Events of Default with respect to the Securities of a series, provided the following conditions have been satisfied: 
 (a) the Company has complied with clauses (a), (b) and (d) of Section 12.02; and 
 (b) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the holders of the Securities of such series will not recognize
income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise have been the case. 
 Except as specifically stated above, none of the Company’s obligations under the Indenture will be discharged. 
 Section 12.04 Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions 
 All moneys and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to the provisions of Section 12.02 or
12.03 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Company if acting as its own paying agent), to the holders of the particular Securities for payment or redemption of which such
moneys or U.S. Government Obligations have been deposited with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest, if any. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 12.01 or 12.03 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the holders of the Securities. 
 Anything in this Article 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 held by it as provided in Section 12.02 or 12.03 with respect to any Securities 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 the legal defeasance or covenant defeasance, as the case may be, with respect to such Securities. 

 

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 Section 12.05 Paying Agent to Repay Moneys Held 
 Upon the satisfaction and discharge of this Indenture all moneys then held by any paying agent of the Securities (other than the Trustee) shall, upon
demand of the Company, be repaid to the Company or paid to the Trustee, and thereupon such paying agent shall be released from all further liability with respect to such moneys. 
 Section 12.06 Return of Unclaimed Moneys 
 Any moneys deposited with or paid to the Trustee for payment of the principal of, premium, if any, or interest, if any, on Securities of any series and not applied but remaining unclaimed by the holders of Securities
of that series for two years after the date upon which the principal of, premium, if any, or interest, if any, on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on written
demand; and the holder of any such Securities shall thereafter look only to the Company for any payment which such holder may be entitled to collect and all liability of the Trustee with respect to such money shall thereupon cease. 
 Section 12.07 Reinstatement 
 If and for so long as the Trustee is unable to apply any money or U.S. Government Obligations held in trust pursuant to Section 12.01, 12.02 or 12.03 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 the Indenture and the Securities will be reinstated as though no such deposit in trust had been made. If the Company
makes any payment of principal of or interest on any Securities because of the reinstatement of its obligations, it will be subrogated to the rights of the Securityholders of such Securities to receive such payment from the money or U.S. Government
Obligations held in trust. 
 ARTICLE 13 
 IMMUNITY OF INCORPORATORS, 
 SHAREHOLDERS, OFFICERS AND DIRECTORS 
 Section 13.01 Indenture and Securities Solely Corporate Obligations 
 No recourse for the payment of the principal of, premium, if any, or interest, if any, on any Security, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture, or in any Security, or because of the creation of any indebtedness represented thereby, shall be
had against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issue of the Securities. 
  

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 ARTICLE 14 
 MISCELLANEOUS PROVISIONS 
 Section 14.01 Provisions Binding on Company’s Successors

 All the covenants, stipulations, promises and agreements by the Company contained in this Indenture shall bind the Company’s
successors and assigns whether so expressed or not. 
 Section 14.02 Official Acts by Successor Corporation 
 Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation that shall at the time be the lawful sole successor of the Company. 
 Section 14.03 Addresses for Notices, Notice to Holders, Waiver 
 Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of
Securities on the Company may be given or served by being deposited postage prepaid by first class mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to PICO Holdings, Inc., 875 Prospect
Street, Suite 301, La Jolla, California 92037, Attention: Damian C. Georgino, Esq. Any notice, direction, request or demand by any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if
given or made in writing at the principal office of the Trustee, addressed to the attention of its corporate trust office as specified in Section 7.12 hereof. 
 Where this Indenture provides for notice to holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each
holder affected by such event, at his address as it appears in the Security register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to
holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular holder shall affect the sufficiency of such notice with respect to other holders. 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 by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder. 
 Section 14.04 New York Contract 
 This Indenture and each Security shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in
accordance with the laws of such State. 
  

 54 

 Section 14.05 Evidence of Compliance with Conditions Precedent 
 Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such
counsel, all such conditions precedent have been complied with. 
 Each certificate or opinion provided for in this Indenture and delivered
to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include: (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinion contained in such certificate or opinion are based; (3) a statement that, in the opinion of such person, he has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or
covenant has been complied with. 
 Section 14.06 Legal Holidays 
 In any case where the date of maturity of interest, if any, on or principal of, or premium, if any, on the Securities or the date fixed for redemption or
repayment of any Security will be in The City of New York, New York, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or required by law or executive order to close or remain closed, then payment of such
interest, if any, on or principal of or premium, if any, on the Securities need not be made on such date but may be made on the next succeeding day not in such city, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are
authorized or required by law or executive order to close or remain closed, with the same force and effect as if made on the date of maturity or a date fixed for redemption or repayment, and no interest shall accrue for the period from and after
such date. 
 Section 14.07 Securities in a Specified Currency other than Dollars 
 Unless otherwise specified as contemplated by Section 2.02 with respect to a particular series of Securities, whenever for purposes of this Indenture
any action may be taken by the holders of a specified percentage in aggregate principal amount of Securities of all series or all series affected by a particular action at the time Outstanding and, at such time, there are Outstanding any Securities
of any series which are denominated in a Specified Currency other than Dollars then the principal amount of Securities of such series which shall be deemed to be Outstanding for the purpose of taking such action shall be that amount of Dollars that
could be obtained for such amount of such Specified Currency at the Market Exchange Rate. For purposes of this Section 14.07, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of the
Specified Currency published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such 

  

 55 

 
Specified Currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York
or such other quotations as the Trustee shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series denominated in a Specified Currency other than Dollars
in connection with any action taken by holders of Securities pursuant to the terms of this Indenture, including, without limitation, any determination contemplated in Section 6.01(d) or (e). 
 All decisions and determination of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding
paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Securityholders. 
 Section 14.08 Trust Indenture Act to Control 
 If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by
operation of, Sections 310 to 318, inclusive, of the Trust Indenture Act of 1939, such imposed duties or incorporated provision shall control. 
 Section 14.09 Table of Contents, Headings, etc. 
 The table of contents and the titles and headings of the
articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 14.10 Execution in Counterparts 
 This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 Section 14.11 Separability; Benefits 
 In case any one or more of the provisions contained in this Indenture or in the Securities shall for any reason be held to be invalid, illegal or unenforceable, in any respect, then, to the extent permitted by law,
such invalidity, illegality or unenforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Nothing
in this Indenture or in the Securities, expressed or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the holders of the Securities, any benefit or any legal or equitable right, remedy or claim
under this Indenture. 
  

 56 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
[                    ], 200[  ]. 
  

			
	PICO HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[                                ], as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 57

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