Document:

Exhibit
4.3

 

U.S.
ENERGY CORP.,

Issuer

 

AND

 

[●],

Trustee

 

 

 

INDENTURE

 

Dated
as of [●], 20[●]

 

 

 

Debt
Securities

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    1	DEFINITIONS	1
	Section
    1.01	Definitions
    of Terms	1
	ARTICLE
    2	ISSUE,
    DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
	Section
    2.01	Designation
    and Terms of Securities	4
	Section
    2.02	Form
    of Securities and Trustee’s Certificate	7
	Section
    2.03	Denominations:
    Provisions for Payment	7
	Section
    2.04	Execution
    and Authentications	8
	Section
    2.05	Registration
    of Transfer and Exchange	9
	Section
    2.06	Temporary
    Securities	10
	Section
    2.07	Mutilated,
    Destroyed, Lost or Stolen Securities	10
	Section
    2.08	Cancellation	11
	Section
    2.09	Benefits
    of Indenture	11
	Section
    2.10	Authenticating
    Agent	11
	Section
    2.11	Global
    Securities	11
	ARTICLE
    3	REDEMPTION
    OF SECURITIES AND SINKING FUND PROVISIONS	12
	Section
    3.01	Redemption	12
	Section
    3.02	Notice
    of Redemption	12
	Section
    3.03	Payment
    Upon Redemption	13
	Section
    3.04	Sinking
    Fund	14
	Section
    3.05	Satisfaction
    of Sinking Fund Payments with Securities	14
	Section
    3.06	Redemption
    of Securities for Sinking Fund	14
	ARTICLE
    4	COVENANTS	14
	Section
    4.01	Payment
    of Principal, Premium and Interest	14
	Section
    4.02	Maintenance
    of Office or Agency	15
	Section
    4.03	Paying
    Agents	15
	Section
    4.04	Appointment
    to Fill Vacancy in Office of Trustee	16
	Section
    4.05	Compliance
    with Consolidation Provisions	16
	ARTICLE
    5	SECURITYHOLDERS’
    LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	16
	Section
    5.01	Company
    to Furnish Trustee Names and Addresses of Securityholders	16
	Section
    5.02	Preservation
    Of Information; Communications With Securityholders	16
	Section
    5.03	Reports
    by the Company	17
	Section
    5.04	Reports
    by the Trustee	17
	ARTICLE
    6	REMEDIES
    OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	17
	Section
    6.01	Events
    of Default	17
	Section
    6.02	Collection
    of Indebtedness and Suits for Enforcement by Trustee	19
	Section
    6.03	Application
    of Moneys Collected	20
	Section
    6.04	Limitation
    on Suits	20
	Section
    6.05	Rights
    and Remedies Cumulative; Delay or Omission Not Waiver	21
	Section
    6.06	Control
    by Securityholders	21
	Section
    6.07	Undertaking
    to Pay Costs	21
	ARTICLE
    7	CONCERNING
    THE TRUSTEE	22
	Section
    7.01	Certain
    Duties and Responsibilities of Trustee	22
	Section
    7.02	Certain
    Rights of Trustee	23
	Section
    7.03	Trustee
    Not Responsible for Recitals or Issuance or Securities	24
	Section
    7.04	May
    Hold Securities	24
	Section
    7.05	Moneys
    Held in Trust	24
	Section
    7.06	Compensation
    and Reimbursement	25
	Section
    7.07	Reliance
    on Officer’s Certificate	25
	Section
    7.08	Disqualification;
    Conflicting Interests	25
	Section
    7.09	Corporate
    Trustee Required; Eligibility	26
	Section
    7.10	Resignation
    and Removal; Appointment of Successor	26

 

    	 

     

    

 

	Section
    7.11	Acceptance
    of Appointment By Successor	27
	Section
    7.12	Merger,
    Conversion, Consolidation or Succession to Business	28
	Section
    7.13	Preferential
    Collection of Claims Against the Company	28
	Section
    7.14	Notice
    of Default	28
	ARTICLE
    8	CONCERNING
    THE SECURITYHOLDERS	28
	Section
    8.01	Evidence
    of Action by Securityholders	28
	Section
    8.02	Proof
    of Execution by Securityholders	29
	Section
    8.03	Who
    May be Deemed Owners	29
	Section
    8.04	Certain
    Securities Owned by Company Disregarded	29
	Section
    8.05	Actions
    Binding on Future Securityholders	30
	ARTICLE
    9	SUPPLEMENTAL
    INDENTURES	30
	Section
    9.01	Supplemental
    Indentures Without the Consent of Securityholders	30
	Section
    9.02	Supplemental
    Indentures With Consent of Securityholders	31
	Section
    9.03	Effect
    of Supplemental Indentures	31
	Section
    9.04	Securities
    Affected by Supplemental Indentures	31
	Section
    9.05	Execution
    of Supplemental Indentures	32
	ARTICLE
    10	SUCCESSOR
    ENTITY	32
	Section
    10.01	Company
    May Consolidate, Etc.	32
	Section
    10.02	Successor
    Entity Substituted	32
	ARTICLE
    11	SATISFACTION
    AND DISCHARGE	33
	Section
    11.01	Satisfaction
    and Discharge of Indenture	33
	Section
    11.02	Discharge
    of Obligations	33
	Section
    11.03	Deposited
    Moneys to be Held in Trust	34
	Section
    11.04	Payment
    of Moneys Held by Paying Agents	34
	Section
    11.05	Repayment
    to Company	34
	ARTICLE
    12	IMMUNITY
    OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	34
	Section
    12.01	No
    Recourse	34
	ARTICLE
    13	MISCELLANEOUS
    PROVISIONS	35
	Section
    13.01	Effect
    on Successors and Assigns	35
	Section
    13.02	Actions
    by Successor	35
	Section
    13.03	Surrender
    of Company Powers	35
	Section
    13.04	Notices	35
	Section
    13.05	Governing
    Law	35
	Section
    13.06	Treatment
    of Securities as Debt	35
	Section
    13.07	Certificates
    as to Conditions Precedent	36
	Section
    13.08	Payments
    on Business Days	36
	Section
    13.09	Conflict
    with Trust Indenture Act	36
	Section
    13.10	Counterparts	36
	Section
    13.11	Separability	36
	Section
    13.12	Compliance
    Certificates	37
	Section
    13.13	U.S.A
    Patriot Act	37
	Section
    13.14	Force
    Majeure	37
	Section
    13.15	Table
    of Contents; Headings	37

 

	(1)	This
    Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of
    its terms or provisions.

 

    	 

     

    

 

INDENTURE

 

INDENTURE,
dated as of [●], 20[●], among U.S. Energy Corp., a Delaware corporation (the
“Company”), and [●], as trustee (the “Trustee”):

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate
principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities
without coupons, to be authenticated by the certificate of the Trustee;

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and

 

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE
1

DEFINITIONS

 

Section
1.01 Definitions of Terms.

 

The
terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have
the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in
this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in
the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating
Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed
by the Trustee pursuant to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board
of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly
authorized committee of such Board.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect
on the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking
institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are
authorized or obligated by law, executive order or regulation to close, provided, however, for clarification, commercial
banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York generally are open for use by customers on such day.

 

    	1

     

    

 

“Certificate”
means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.07.

 

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

 

“Company”
means U.S. Energy Corp., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the
provisions of Article Ten, shall also include its successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business
shall be principally administered, which office at the date hereof is located at _______________________________.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Defaulted
Interest” has the meaning set forth in Section 2.03.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under
the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant
to either Section 2.01 or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued
for the period of time, if any, therein designated.

 

“Exchange
Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder.

 

“Global
Security” means a Security issued to evidence all or a part of any series of Securities which is executed by
the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (b) obligations 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 that, in either case, are not callable or redeemable at the option of the
issuer thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued
by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of
or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt;
provided, however, 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 Governmental Obligation or
the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“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.

 

    	2

     

    

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities
established as contemplated by Section 2.01.

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means
the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series
as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, the chief executive officer, the president, the chief
financial officer, the chief operating officer, any executive vice president, any senior vice president, any vice president, the
treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided
for in Section 13.07(b), if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee
of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include
the statements provided for in Section 13.07(b), if and to the extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations 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, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been
made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer
its corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any
supplemental indenture hereto).

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

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

 

    	3

     

    

 

“Securityholder”,
“holder of Securities”, “registered holder”, or other similar
term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for
that purpose in accordance with the terms of this Indenture.

 

“Security
Register” and “Security Registrar” shall have the meanings as set forth in
Section 2.05.

 

“Subsidiary”
means, with respect to any Person:

 

(1)
any corporation or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors
is, at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”),
by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person;

 

(2)
a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such
partnership; or

 

(3)
any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and
one or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority
ownership interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner or
member of such Person or, if applicable, a majority of the directors or other governing body of such Person.

 

“Trustee”
means _________________________, and, subject to the provisions of Article Seven, shall also include its successors and assigns,
and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall
mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities
shall mean the trustee with respect to that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“U.S.A.
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

ARTICLE
2

ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section
2.01 Designation and Terms of Securities.

 

(a)
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to
time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial
issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental hereto:

 

(1)
the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2)
any limit upon the aggregate principal amount of the Securities of that series that 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 that series);

 

    	4

     

    

 

(3)
the maturity date or dates on which the principal of the Securities of the series is payable;

 

(4)
the form of the Securities of the series including the form of the certificate of authentication for such series;

 

(5)
the applicability of any guarantees;

 

(6)
whether or not the Securities will be secured or unsecured, and the terms of any secured debt;

 

(7)
whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the
terms of any subordination;

 

(8)
if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued
is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration
of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another
security or the method by which any such portion shall be determined;

 

(9)
the interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will
begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for
determining such dates;

 

(10)
the Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

(11)
if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the
Company may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the
terms of those redemption provisions;

 

(12)
the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory
sinking fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series
of Securities and the currency or currency unit in which the Securities are payable;

 

(13)
the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S.
dollars ($1,000) or any integral multiple thereof;

 

(14)
any and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security
for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with
the marketing of Securities of that series;

 

(15)
whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the
terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual
Securities; and the Depositary for such Global Security or Securities;

 

(16)
if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions
upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable,
or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’
option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion
or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

 

    	5

     

    

 

(17)
if other than the full 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;

 

(18)
any changes in or additions to the covenants applicable to the series of Securities being issued, including, among others,
the consolidation, merger or sale covenant;

 

(19)
only additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee
or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be
due and payable;

 

(20)
additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

(21)
additions to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

(22)
additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent
of Securityholders of Securities issued under this Indenture;

 

(23)
the currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S.
dollars;

 

(24)
whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option,
the terms and conditions upon which the election may be made;

 

(25)
the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if
any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person”
for federal tax purposes;

 

(26)
any restrictions on transfer, sale or assignment of the Securities of the series; and

 

(27)
any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or
changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

 

(b)
All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any
such Board Resolution or in any indentures supplemental hereto.

 

If
any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities
of any particular series may be issued at various times, with different dates on which the principal or any installment of principal
is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different redemption dates.

 

    	6

     

    

 

Section
2.02 Form of Securities and Trustee’s Certificate.

 

The
Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially
of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and
set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation
and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate 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 securities exchange on which Securities of that series may be listed,
or to conform to usage.

 

Section
2.03 Denominations: Provisions for Payment.

 

The
Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates
and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the
Securities of any series, as well as any premium thereon in the case of a redemption or repurchase thereof prior to maturity,
and any cash amount due upon the conversion or exchange thereof, shall be payable in the coin or currency of the United States
of America that at the time is legal tender for public and private debt, at the office or agency of the Company in the continental
United States of America maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on
the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.

 

The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities)
is registered at the close of business on the regular record date for such interest installment. In the event that any Security
of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date
with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section 3.03.

 

Any
interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities
of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered
holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by
the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1)
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted
Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than
15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security
Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of
such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be
paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special
record date.

 

    	7

     

    

 

(2)
The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Unless
otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with
respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month
immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof
shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment
Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day
of a month, whether or not such date is a Business Day.

 

Subject
to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that
were carried by such other Security.

 

Section
2.04 Execution and Authentications.

 

The
Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature.

 

The
Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding
the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to
be such an officer of the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange
rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

A
Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent.
Such signature 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. 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,
together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and
the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

Upon
the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities
under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture
Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate
stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with
the provisions of this Indenture.

 

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

 

    	8

     

    

 

Section
2.05 Registration of Transfer and Exchange.

 

(a)
Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company in the continental
United States of America designated for such purpose, for other Securities of such series of authorized denominations, and for
a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the
same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b)
The Company shall keep, or cause to be kept at its office or agency in the continental United States of America designated
for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject
to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities
as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the
purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution
(the “Security Registrar”).

 

Upon
surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security
or Securities of the same series as the Security presented for a like aggregate principal amount.

 

All
Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied
(if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory
to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney
in writing.

 

(c)
Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration
of transfer of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or
exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section
9.04 not involving any transfer.

 

(d)
The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn,
other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case
may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

    	9

     

    

 

Section
2.06 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) of any authorized denomination. Such temporary Securities shall be
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 temporary Security of
any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will
execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may
be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company in the continental
United States of America designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver
in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless
the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice
from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this
Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

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 (subject to the
next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) 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 the Trustee such security or indemnity as may be required
by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the
Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and
of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request
or authorization of any officer of the Company. 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
(including the fees and expenses of the Trustee) connected therewith.

 

In
case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may,
instead of issuing a substitute 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 the Trustee such security or indemnity
as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company
and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every
replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by
anyone, 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, notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their
surrender.

 

    	10

     

    

 

Section
2.08 Cancellation.

 

All
Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion or
exchange shall, if surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee
for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof
except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of
such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request
the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition
to the Company. If the Company shall otherwise 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
2.09 Benefits of Indenture.

 

Nothing
in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities, any legal or equitable right, remedy or claim under or in respect of this Indenture,
or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the Securities.

 

Section
2.10 Authenticating Agent.

 

So
long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series
of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion
thereof, 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. All references in this Indenture to the authentication of Securities
by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent
shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported
or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business
to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision
or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance
with these provisions, it shall resign immediately.

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee
may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties
of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

Section
2.11 Global Securities.

 

(a)
If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global
Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the
Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as
its custodian, retained by the Trustee) and (iv) shall bear a legend substantially to the following effect: “Except
as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another
nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

    	11

     

    

 

(b)
Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part
and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary
for such series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)
If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue
as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed
by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or
if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee,
this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to
Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons,
in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series
shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the
Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an
Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall
be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant
to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such
Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

ARTICLE
3

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

Section
3.01 Redemption.

 

The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.01 hereof.

 

Section
3.02 Notice of Redemption.

 

(a)
In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities
of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company
shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed
by mailing, first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail), a
notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption of that series
to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified
in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the
holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect
the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of
any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance
with any such restriction.

 

    	12

     

    

 

Each
such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series
are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the
office or agency of the Company in the continental United States of America, upon presentation and surrender of such Securities,
that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date
interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than all the Securities
of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the
particular Securities to be so redeemed.

 

In
case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security
or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b)
If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’
notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner
as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal
to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of
the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions
signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name
of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption
is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain
with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable
copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required
under the provisions of this Section.

 

Section
3.03 Payment Upon Redemption.

 

(a)
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities
of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such
notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall
default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On
presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the
notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest
accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest
installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date
pursuant to Section 2.03).

 

(b)
Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee
shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense
of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion
of the Security so presented.

 

    	13

     

    

 

Section
3.04 Sinking Fund.

 

The
provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise specified as contemplated by Section 2.01 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”. If provided for by the terms
of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05.
Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities
of such series.

 

Section
3.05 Satisfaction of Sinking Fund Payments with Securities.

 

The
Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that 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, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities
as provided for by the terms of such series, 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 sinking fund payment shall be reduced accordingly.

 

Section
3.06 Redemption of Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together
with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.02. 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.

 

ARTICLE
4

COVENANTS

 

Section
4.01 Payment of Principal, Premium and Interest.

 

The
Company will duly and punctually pay or cause to be paid the principal of (and premium, if any), interest on, and any redemption
price or repurchase price for the Securities of that series at the time and place and in the manner provided herein and established
with respect to such Securities. Payments of the principal of, redemption price for or repurchase price for, the Securities may
be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to
the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire
transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than
15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and
established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto
as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder
shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the
relevant payment date.

 

    	14

     

    

 

Section
4.02 Maintenance of Office or Agency.

 

So
long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the continental
United States of America with respect to each such series and at such other location or locations as may be designated as provided
in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be
presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company
in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect
to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s
Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time
the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Trustee
as its paying agent with respect to the Securities.

 

Section
4.03 Paying Agents.

 

(a)
If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the
Company will cause each 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:

 

(1)
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest
on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities)
in trust for the benefit of the Persons entitled thereto;

 

(2)
that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any
payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and
payable;

 

(3)
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon
the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)
that it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)
If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due
date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.
Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify
the Trustee of this action or failure so to act.

 

    	15

     

    

 

(c)
Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section
is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held
in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those
upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent
to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.

 

Section
4.04 Appointment to Fill Vacancy in Office of Trustee.

 

The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section
7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section
4.05 Compliance with Consolidation Provisions.

 

The
Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case
where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other
Person unless the provisions of Article Ten hereof are complied with.

 

ARTICLE
5

SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section
5.01 Company to Furnish Trustee Names and Addresses of Securityholders.

 

The
Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series
of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish
such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the
Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any
such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security
Registrar.

 

Section
5.02 Preservation Of Information; Communications With Securityholders.

 

(a)
The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses
of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names
and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)
The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)
Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect
to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall
satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of
the Trust Indenture Act.

 

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Section
5.03 Reports by the Company.

 

(a)
The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after
the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports
(or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe)
that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided,
however, the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials
for which the Company has sought and received confidential treatment by the Commission; and provided further, that so long as
such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR),
or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further
action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other
reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this Section
5.03.

 

(b)
Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the
information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained
therein, or determinable from information contained therein including the Company’s compliance with any of their covenants
thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).

 

Section
5.04 Reports by the Trustee.

 

(a)
If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each ______ __, commencing
______ __, 20__, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear
upon the Security Register, a brief report dated as of such ______ __, which complies with Section 313(a) of the Trust Indenture
Act.

 

(b)
The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)
A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees
to notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE
6

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section
6.01 Events of Default.

 

(a)
Whenever used herein with respect to Securities of a particular series, “Event of Default” means
any one or more of the following events that has occurred and is continuing:

 

(1)
the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when
the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension
of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute
a default in the payment of interest for this purpose;

 

(2)
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and
when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment
required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of
the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default
in the payment of principal or premium, if any;

 

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(3)
the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in
this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than
a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities
other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to
be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to
the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25%
in principal amount of the Securities of that series at the time Outstanding;

 

(4)
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)
a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation
of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)
In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less
than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the
Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued
and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above
occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately
due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c)
At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series
shall have been so declared 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 holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and
its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that
series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and,
to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment
of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become
due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No
such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)
In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture
and such proceedings 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, subject to any determination in such proceedings,
the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 

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Section
6.02 Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)
The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the
same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it
shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall
have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, 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 overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b)
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action 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 other obligor upon the Securities of that series and collect the moneys adjudged
or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the
Securities of that series, wherever situated.

 

(c)
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or
judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the
Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and
to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

 

(d)
All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at
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, after provision for payment to the Trustee of
any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

 

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 at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in the 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.

 

    	19

     

    

 

Nothing
contained herein 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 the Securities of that 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.

 

Section
6.03 Application of Moneys Collected.

 

Any
moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if
only partially paid, and upon surrender thereof if fully paid:

 

FIRST:
To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

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

 

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

 

Section
6.04 Limitation on Suits.

 

No
holder of any Security of any series shall have any right by virtue 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 for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event
of Default, as hereinbefore provided; (ii) the holders of not less than 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; (iii) such holder or holders 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; (iv) the Trustee for 90 days after
its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding
and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give
the Trustee a direction inconsistent with the request.

 

Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for
the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without
the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker
and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders
of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture
to affect, disturb or prejudice the rights of the holders of any other of such Securities, 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 manner herein provided
and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement
of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

    	20

     

    

 

Section
6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)
Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)
No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon
any Event of 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 or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders.

 

Section
6.06 Control by Securityholders.

 

The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance
with Section 8.04, 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 such series; provided, however, that
such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion
to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding
so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability
or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may
on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in
the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same
shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance
with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this
Indenture and the Company, the Trustee and the holders of the Securities of such 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 impair any right consequent
thereon.

 

Section
6.07 Undertaking to Pay Costs.

 

All
parties to this Indenture agree, and each holder of any Securities by such holder’s 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 or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this Indenture.

 

    	21

     

    

 

ARTICLE
7

CONCERNING
THE TRUSTEE

 

Section
7.01 Certain Duties and Responsibilities of Trustee.

 

(a)
The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing
of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with
respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.

 

(b)
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:

 

(i)
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 such Events of Default with respect to that series that may have occurred:

 

(A)
the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series 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

 

(B)
in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that by any 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;

 

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

 

(iii)
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time
Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; and

 

(iv)
none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if
there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.

 

    	22

     

    

 

Section
7.02 Certain Rights of Trustee.

 

Except
as otherwise provided in 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, consent, order, approval, bond, security 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 a Board Resolution
or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect
thereof is specifically prescribed herein);

 

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

 

(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 that may be incurred
therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an
Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities
of that series such of the rights and powers vested in it by this Indenture, and to 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 or her own affairs;

 

(e)
The Trustee shall not be liable for any action taken or omitted to be taken 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 investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents,
unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities
of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within
a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture,
the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The
reasonable expense of every such examination 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)
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances;

 

    	23

     

    

 

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

 

(j)
The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written
instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions
to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized
representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its sole discretion elects to act upon such instructions,
the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic
instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception
and misuse by third parties.

 

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

 

In
addition, the Trustee shall not be deemed to have knowledge of an Event of Default other than an Event of Default relating to
the failure to pay the interest on, or the principal of, the Securities, until the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section
7.03 Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a)
The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same.

 

(b)
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)
The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds
of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this
Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other
than the Trustee.

 

Section
7.04 May Hold Securities.

 

The
Trustee or any paying agent or Security Registrar, 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, paying agent or Security Registrar.

 

Section
7.05 Moneys Held in Trust.

 

Subject
to the provisions of Section 11.05, all moneys received by the Trustee 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. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree
to in writing with the Company to pay thereon.

 

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Section
7.06 Compensation and Reimbursement.

 

(a)
The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation
(which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company
and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise
expressly provided herein, 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 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 bad faith and except as the Company and Trustee may from
time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees)
for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the
Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs
and expenses of defending itself against any claim of liability in the premises.

 

(b)
The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee
for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder. 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.

 

(c)
To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on
all funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular
Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4)
or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection
therewith are to constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive
the termination of this Indenture and the resignation or removal of the Trustee.

 

Section
7.07 Reliance on Officer’s Certificate.

 

Except
as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem
it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence
of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s
Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee,
shall be fully warranted to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this
Indenture upon the faith thereof.

 

Section
7.08 Disqualification; Conflicting Interests.

 

If
the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of
the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the
Trust Indenture Act.

 

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Section
7.09 Corporate Trustee Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized
and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia,
or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision
or examination by federal, state, territorial, or District of Columbia authority.

 

If
such corporation or other Person 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, the combined capital and surplus of such
corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control
with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

Section
7.10 Resignation and Removal; Appointment of Successor.

 

(a)
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series
by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid,
to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument,
in duplicate, executed by order of the Board of Directors, 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 and have accepted appointment within
30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who
has been a bona fide holder of a Security or Securities for at least six months may 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 one of the following shall occur:

 

(i)
the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written
request therefor by the Company or by any such Securityholder; or

 

(iii)
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, 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 all Securities and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security
or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

    	26

     

    

 

(c)
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any
time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee
for such series with the consent of the Company.

 

(d)
Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series
pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee
as provided in Section 7.11.

 

(e)
Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series
or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section
7.11 Acceptance of Appointment By Successor.

 

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

 

(b)
In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series,
the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute
and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) 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, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates
have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested
in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor trustee relates.

 

    	27

     

    

 

(c)
Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of
this Section, as the case may be.

 

(d)
No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
and eligible under this Article.

 

(e)
Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the
succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses
appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section
7.12 Merger, Conversion, Consolidation or Succession to Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall
be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08
and eligible under the provisions of Section 7.09, 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 any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities.

 

Section
7.13 Preferential Collection of Claims Against the Company.

 

The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein.

 

Section
7.14 Notice of Default

 

If
any Event of Default occurs and is continuing and if such Event of Default is actually known to a Responsible Officer of the Trustee,
the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture
Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible
Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided,
however , that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on
any Security, the Trustee 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 determine that the withholding
of such notice is in the interest of the Securityholders.

 

ARTICLE
8

CONCERNING
THE SECURITYHOLDERS

 

Section
8.01 Evidence of Action by Securityholders.

 

Whenever
in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities
of a particular 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 majority or
specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.

 

    	28

     

    

 

If
the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record
date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date,
but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the
purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that
purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after the record date.

 

Section
8.02 Proof of Execution by Securityholders.

 

Subject
to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization)
or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
manner:

 

(a)
The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable
to the Trustee.

 

(b)
The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security
Registrar thereof.

 

The
Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section
8.03 Who May be Deemed Owners.

 

Prior
to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar
as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership
or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of
the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither
the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

Section
8.04 Certain Securities Owned by Company Disregarded.

 

In
determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred
in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other
obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned
shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes
of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect
to 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 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.

 

    	29

     

    

 

Section
8.05 Actions Binding on Future Securityholders.

 

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 majority or percentage in aggregate principal amount of the Securities of a particular series specified in this
Indenture in connection with such action, any holder of a Security of that series that 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, 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 holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners
of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE
9

SUPPLEMENTAL
INDENTURES

 

Section
9.01 Supplemental Indentures Without the Consent of Securityholders.

 

In
addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect), without the consent of any Securityholders, for one or more of the following purposes:

 

(a)
to cure any ambiguity, defect, or inconsistency in this Indenture or in the Securities of any series;

 

(b)
to comply with Article Ten;

 

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

 

(d)
to add to the covenants, restrictions, conditions or provisions such new covenants, restrictions, conditions or provisions
for the benefit of the Securityholders, to make the occurrence, or the occurrence and the continuance, of a default in any such
additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power conferred
upon the Company in this Indenture;

 

(e)
to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes
of issue, authentication, and delivery of Securities, as set forth in this Indenture;

 

(f)
to make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g)
to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided
in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture
or any series of Securities, or to add to the rights of the holders of any series of Securities;

 

    	30

     

    

 

(h)
to evidence and provide for the acceptance of appointment under this Indenture by a successor trustee; or

 

(i)
to comply with any requirements of the Commission with the qualification of this Indenture under the Trust Indenture Act.

 

The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section 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 9.02.

 

Section
9.02 Supplemental Indentures With Consent of Securityholders.

 

With
the written consent of the holders of at least a majority in aggregate principal amount of the Securities of each series affected
by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and
the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not
covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, (b) reduce the principal amount, reduce the rate of or extend the
time of payment of interest, or reduce any premium payable upon the redemption of any series of Securities or (b) reduce the percentage
of Securities, the holders of which are required to consent to any amendment, supplement, modification or waiver.

 

It
shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance
thereof.

 

Section
9.03 Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and 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 Securities of
the series affected thereby 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
9.04 Securities Affected by Supplemental Indentures.

 

Securities
of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided
such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for
in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in
the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may
be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

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Section
9.05 Execution of Supplemental Indentures.

 

Upon
the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture,
and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto 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. The Trustee, subject to the provisions of Sections 7.01
and 7.02, shall receive an Officer’s Certificate upon request and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article, that all conditions
precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of
Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities
pursuant to Section 2.01 hereof

 

Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general
terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby .as their names and
addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

ARTICLE
10

SUCCESSOR
ENTITY

 

Section
10.01 Company May Consolidate, Etc.

 

Nothing
contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or
not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or
its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated
with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, (a) the Company
hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such
transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any)
and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and
the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series
or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly
assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably
satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into
which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the
Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities
of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of
that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or
property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion
or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation,
merger, sale, conveyance, transfer or other disposition.

 

Section
10.02 Successor Entity Substituted.

 

(a)
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the
successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of
the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall
succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon
the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

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(b)
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and
form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)
Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any
Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase
or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).

 

ARTICLE
11

SATISFACTION
AND DISCHARGE

 

Section
11.01 Satisfaction and Discharge of Indenture.

 

If
at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and
that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations
have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or
discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered
to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one
year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys
or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption
all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if
any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture
shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07,
4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections
7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and
expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect
to such series.

 

Section
11.02 Discharge of Obligations.

 

If
at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not
become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee
as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities
of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest
due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this
Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07,
4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid.

 

    	33

     

    

 

Thereafter,
Sections 7.06 and 11.05 shall survive.

 

Section
11.03 Deposited Moneys to be Held in Trust.

 

All
moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall
be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent),
to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations
have been deposited with the Trustee.

 

Section
11.04 Payment of Moneys Held by Paying Agents.

 

In
connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

 

Section
11.05 Repayment to Company.

 

Any
moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed
by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat
or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request
or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be
released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities
entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

ARTICLE
12

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section
12.01 No Recourse.

 

No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future
as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor
or 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 this Indenture and the obligations issued hereunder are solely corporate
obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance
of such Securities.

 

    	34

     

    

 

ARTICLE
13

MISCELLANEOUS
PROVISIONS

 

Section
13.01 Effect on Successors and Assigns.

 

All
the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors
and assigns, whether so expressed or not.

 

Section
13.02 Actions by Successor.

 

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 corresponding board, committee or
officer of any corporation that shall at the time be the lawful successor of the Company.

 

Section
13.03 Surrender of Company Powers.

 

The
Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any
of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to
any successor corporation.

 

Section
13.04 Notices.

 

Except
as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture, the holders
of Securities or any other Person pursuant to this Indenture to or on the Company, may be given or served by being in writing
and sent by electronic transmission or deposited in first class mail, postage prepaid, addressed (until another address is filed
in writing by the Company with the Trustee), to the Company as follows: U.S. Energy Corp., 1616 S. Voss, Suite 725, Houston, Texas
77057, Attention: [●]. Any notice, election, request or demand by the Company or any Securityholder or by any other Person
pursuant to this Indenture 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 Corporate Trust Office of the Trustee.

 

Section
13.05 Governing Law.

 

This
Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

In
addition, the Company: (a) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture
or any Securities, as the case may be, may be instituted in any U.S. federal court with applicable subject matter jurisdiction
sitting in The City of New York; (b) waives, to the fullest extent permitted by applicable law, any objection which it may now
or hereafter have to the laying of venue of any such suit, action or proceeding, and any claim that any suit, action or proceeding
in such a court has been brought in an inconvenient forum; and (c) submits to the non-exclusive jurisdiction of such courts in
any suit, action or proceeding.

 

Section
13.06 Treatment of Securities as Debt.

 

It
is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions
of this Indenture shall be interpreted to further this intention.

 

    	35

     

    

 

Section
13.07 Certificates as to Conditions Precedent.

 

(a)
Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture
(except with respect to the initial issuance of Securities), the Company shall furnish to the Trustee an Officer’s Certificate
and an Opinion of Counsel or reliance letter, upon request, stating that all conditions precedent provided for in this Indenture
(other than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(4) of the Trust Indenture Act) relating
to the proposed action have been complied with, except that in the case of any such application or demand as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or demand,
no additional certificate need be furnished; provided, however, that no Opinion of Counsel or reliance letter shall be required
in connection with the issuance of Securities on the date on which the Securities are originally issued or deemed issued as set
forth on the face of such Securities.

 

(b)
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(4)
of the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read such covenant
or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements
contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination
or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

 

Section
13.08 Payments on Business Days.

 

Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, established
in one or more indentures supplemental to this Indenture, or otherwise explicitly stated, in any case where the date of maturity
of interest or principal of any Security, or the date for the repurchase of any Security or for the redemption of any Security
shall not be a Business Day, then payment of interest, principal (and premium, if any), redemption price or repurchase price due
on such date may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of
maturity, repurchase or redemption, and no interest shall accrue for the period after such nominal date as a result of such delay.

 

Section
13.09 Conflict with Trust Indenture Act.

 

If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

Section
13.10 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
13.11 Separability.

 

In
case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

    	36

     

    

 

Section
13.12 Compliance Certificates.

 

The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series
were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred
during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial
officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the
Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace
or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge of
such an Event of Default, the certificate shall describe any such Event of Default and its status.

 

Section
13.13 U.S.A Patriot Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties
to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to
satisfy the requirements of the U.S.A. Patriot Act.

 

Section
13.14 Force Majeure.

 

In
no event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications
or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar, any paying agent or
any other agent under this Indenture shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

Section
13.15 Table of Contents; Headings

 

The
table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference
only, are not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof.

 

    	37

     

    

 

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

 

	 	U.S.
    ENERGY CORP.
	 	 	     
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	[●],
    as Trustee	 
	 	  	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	38

     

    

 

CROSS-REFERENCE
TABLE (1)

 

	Section
    of Trust Indenture Act of 1939, as Amended	 	Section
    of Indenture
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

 

	(1)	This
    Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any
    of its terms or provisions.

 

    	39Exhibit 10.3

 

 

NUTON COLLABORATION AGREEMENT

 

MCEWEN COPPER INC. 

AND

 

MCEWEN MINING INC. 

AND

 

ROBERT R. MCEWEN 

AND

 

NUTON LLC

 

AUGUST
30, 2022

 

 

    

    

    

 

TABLE OF CONTENTS

 

	ARTICLE 1 DEFINITIONS AND INTERPRETATION	4
	 	 	 	 
		1.01	Definitions	4
		1.02	Gender, Number and Derivatives	8
		1.03	Headings, etc.	8
		1.04	Currency	8
		1.05	Rules of Construction	8
		1.06	Certain Phrases, etc.	
		1.07	Schedules	8
		1.08	Parties and Persons	8
		1.09	Statutory and Contractual References	9
		1.10	Business Days	9
		1.11	Time of Day and Date	9
		1.12	Time Periods	9
		1.13	Time By Which Obligations Must Be
                                            Performed	9
		1.14	Conflicts	9
	 	 	 	 
	ARTICLE 2 GOVERNANCE	10
	 	 	 	 
		2.01	Nuton
                                            Collaboration Committee	10
		2.02	Board Member	10
		2.03	D&O Insurance and Indemnities	11
		2.04	Board Observer Alternative	11
		2.05	Approvals	12
		2.06	Equal Opportunity to Evaluate and Bid on
                                            any Off-take, Streams & Royalties	13
		2.07	Shareholder Agreement	13
	 	 	 	 
	ARTICLE 3 RESTRICTIONS ON TRANSFER AND SALE OF SHARES	13
	 	 	 	 
		3.01	Standstill	13
	 	 	 	 
	ARTICLE 4 NUTON AND OTHER COVENANTS AND ACKNOWLEDGEMENT	15
	 	 	 	 
		4.01	Information
                                            and Access Rights	15
		4.02	Copper Heap-Leach Related Technologies
                                            Exclusivity	15
		4.03	Nuton Collaboration	16
		4.04	Business Integrity Matters	18
		4.05	Business Practices	19
	 	 	 	 
	ARTICLE 5 DISPUTE RESOLUTION	20
	 	 	 	 
		5.01	Disputes	20
		5.02	Injunctive Relief	21
	 	 	 	 
	ARTICLE 6 REPRESENTATIONS AND WARRANTIES	21
	 	 	 	 
		6.01	Representations and Warranties
                                            of the Corporation	21
		6.02	Representations and Warranties of
                                            McEwen Mining	22
		6.03	Representations and Warranties of Robert R.
                                            McEwen	22
		6.04	Representations
                                            and Warranties of the Investor	22

 

     

    Page 3 of 28

    

  

	ARTICLE 7 MISCELLANEOUS	23
	 	 	 	 
		7.01	Authority; Effect	23
		7.02	Notices	23
		7.03	Determination of Investor’s Ownership Percentage	24
		7.04	Termination and Effect of Termination	24
		7.05	Confidentiality	25
		7.06	Public Announcements	26
		7.07	Assignment	26
		7.08	Remedies	26
		7.09	Amendments	27
		7.10	Waiver	27
		7.11	No Third Party Rights	27
		7.12	Time of Essence	27
		7.13	Governing Law	27
		7.14	Further Assurances	27
		7.15	Independent Legal Advice	28
		7.16	Entire Agreement	28
		7.17	Successors and Assigns	28
		7.18	Counterparts	28
		7.19	Severability	28

 

     

    Page 4 of 28

    

 

NUTON COLLABORATION AGREEMENT

 

THIS
NUTON COLLABORATION AGREEMENT (this
 “Agreement” ) is dated as of this 30th day
of August, 2022, between:

 

MCEWEN COPPER INC., a
corporation incorporated under the laws of the Province of Alberta,Canada (the
 “Corporation”)

 

-
and -

 

MCEWEN MINING INC., a
corporation incorporated under the laws of the State of Colorado, U.S.A. (“McEwen Mining”)

 

-
and -

 

ROBERT
R. MCEWEN, an individual acting in his personal capacity (“Robert
R. McEwen”)

 

- and -

 

NUTON
LLC, a limited liability company formed under the laws of the State of Delaware, U.S.A. (the “Investor”)

 

WHEREAS the
Corporation has entered into a subscription agreement dated August 30, 2022, pursuant to which the Investor will acquire 2,500,000
common shares in the capital of the Corporation (the “Subscription”);

 

AND
WHEREAS in connection with the Subscription, the Corporation,
McEwen Mining, Robert R. McEwen
and the Investor have agreed to certain rights and obligations set out herein and the Corporation and the Investor have agreed to
collaborate on certain testing of Nuton® Technologies on geological samples collected from the Los Azules Project (as defined
below), on the terms set out herein;

 

NOW
THEREFORE in consideration of the foregoing and the mutual covenants and agreements below and for other good and valuable
consideration to which neither party would otherwise be entitled, the receipt and sufficiency of which is irrevocably acknowledged,
it is agreed by and between the Parties as follows:

 

ARTICLE 1

DEFINITIONS AND INTERPRETATION

 

		1.01	Definitions.

 

As used in this
Agreement, the following terms shall have the following meanings unless the context otherwise requires:

 

“affiliate” has
the meaning given to it in NI 45-106, subject to the terms “person” and “issuer” in NI 45-106 being ascribed
the same meaning as the term “Person” in this Agreement,and in the case of the Investor, “affiliate” shall
include any company, partnership, joint venture, or other corporate entity that, whether directly or indirectly, controls, is
controlled by, or which is under the same management or control of either Rio Tinto Limited (ABN 96 004 458 404) or Rio Tinto plc
(Company No. 719885), and their respective Representatives. For purposes of this definition, “control” (and its
derivations) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract, or otherwise;

 

     

    Page 5 of 28

    

 

“Agreement” has the meaning ascribed thereto in
the preamble;

 

“Board” means the board of
directors of the Corporation;

 

“Board Designee” has the
meaning ascribed thereto in Section 2.02(1);

 

“Board Observer” has the meaning ascribed thereto
in Section 2.04(1);

 

“Business Integrity
Laws” means all applicable Laws or other legally binding measures of any jurisdiction, including but not limited to Canada,
the United Kingdom, the United States of America (federal and state), Australia and Argentina, that relate to the prevention of bribery,
corruption, money laundering, dealings with the proceeds of crime, the facilitation of tax evasion or fraud, including without limitation
Corruption of Foreign Public Officials Act (Canada), the U.S. Foreign Corrupt Practices Act of 1977, national and international
laws enacted to implement the OECD Convention Combating Bribery of Foreign Officials, and other similar laws and regulations;

 

“Business Day”
means a day (other than a Saturday or Sunday or a public holiday) when commercial banks are open for ordinary banking business in
Toronto, Ontario, Canada or Salt Lake City, Utah, United States of America;

 

“Change of
Control” means any Person, or group of Persons acting jointly or in concert, acquiring beneficial ownership of a majority
of the outstanding voting securities of McEwen Mining, the Corporation or any of their respective affiliates;

 

“Common Shares” means the common
shares in the capital of the Corporation;

 

“Confidential
Information” has the meaning ascribed thereto in Section 7.05;

 

“Confidentiality
Agreement” means that certain Non-Disclosure Agreement with a commencement date of May 9, 2022 between Rio Tinto Technology
Holdings Corporation and the Corporation;

 

“Convertible Securities”
means securities directly or indirectly convertible into, exchangeable for or exercisable to acquire Common Shares or other voting
or participating securities of the Corporation;

 

“Corporation” has the meaning ascribed thereto in
the preamble;

 

“Robert R. McEwen” has the
meaning ascribed thereto in the preamble;

 

“Governmental Entity” means (i) any international, multinational, national, federal, provincial, state, municipal, local or other governmental
or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) any subdivision
or authority of any of the above, (iii) any stock exchange and (iv) any quasi-governmental or private body exercising any regulatory,
expropriation or taxing authority under or for the account of any of the above;

 

     

    Page 6 of 28

    

 

“Government
Official” means (i) any person deemed to be a public officer or public official under applicable laws; (ii) any
officer or employee of any Governmental Entity, or any person acting in an official capacity on behalf of any such Governmental
Entity; (iii) any officer, employee, or official of a political party; (iv) any candidate for political office;
(v) any officer or employee of a public international organisation (including, but not limited to, the United
Nations, IMF, or World Bank); (v) any individual
who holds or performs the duties of an appointment, office, or position created by custom or convention, including members of royal
families and tribal leaders; (vi) a person who is, or holds themselves out to be, an authorised intermediary of any person
falling within (i) to
(v) above; or (vi) any person who is a relative of any person falling within (i) to (v) above;

 

“Information” has the meaning
ascribed thereto in Section 4.02(2);

 

“Intellectual Property” has
the meaning ascribed thereto in Section 4.03(5);

 

“Investor” has the meaning
ascribed thereto in the preamble;

 

“Investor’s Ownership
Percentage” means , at any time, the Investor’s percentage ownership interest in the equity capital of the Corporation on a
non-diluted basis, which shall be calculated by dividing (y) the number of Common Shares beneficially owned and controlled, directly
or indirectly, by the Investor and its affiliates, by (z) the total number of Common Shares issued and outstanding at such time;
provided that in the case of both (y) and (z), the number of Common Shares used in the calculation shall assume the exercise and/or
conversion of any Convertible Securities beneficially owned and controlled, directly or indirectly, by the Investor and its affiliates
(regardless of the exercise or conversion price);

 

“Laws” means
applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of common and civil law and equity,
orders, decrees, rules, regulations and municipal by-laws, whether domestic, foreign or international, (ii)  judicial, arbitral,
administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, rulings, decrees and awards
of any Governmental Entity, and (iii) policies, practices and guidelines of, or contracts with, any Governmental Entity, which,
although not actually having the force of law, are considered by such Governmental Entity as requiring compliance as if having the force
of law, in each case binding on or affecting the Person, or the assets of the Person, referred to in the context in which such word is
used;

 

“Liquidity Event” has the meaning ascribed thereto
in the Shareholder Agreement;

 

“Los Azules Project”
means the copper exploration and development project located in the San Juan Province, Argentina owned by the Corporation’s subsidiary
Andes Corporacion Minera S.A. as described in the technical report entitled “SEC S-K 229.1304 Initial Assessment Individual Disclosure
for the Los Azules Project, Argentina” with an effective reporting date of September 1, 2017 prepared by Mining Plus, together
with all property rights and interests associated with or forming part of such project and all improvements thereon, in each case whether
now owned or hereafter acquired;

 

“McEwen Mining” has the meaning
ascribed thereto in the preamble;

 

“Non-Financing
Issuance” means an issuance of Common Shares as contemplated by Section 5.3 of the Shareholder Agreement or pursuant to the
exercise or conversion of any Convertible Securities contemplated by Section 5.3 of the Shareholder Agreement;

 

     

    Page 7 of 28

    

 

“NI 45-106”
means National Instrument 45-106 - Prospectus Exemptions;

 

“Nuton
Collaboration Committee” has the meaning ascribed thereto in Section 2.01(1);

 

“Nuton
Collaboration Committee Member” has the meaning ascribed thereto in Section 2.01(2);

 

“Party” or “Parties”
means one or more of the parties to this Agreement;

 

“Person” includes
a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability company, unlimited
liability company, joint stock company, trust, unincorporated organization, an association, a union, joint venture or other entity
or Governmental Entity, and pronouns have a similarly extended meaning;

 

“Related
Party” mean Persons that are deemed not to deal at arm’s length with the Corporation or any of its subsidiaries, including
(i) McEwen Mining and its subsidiaries (excluding the Corporation and its subsidiaries), (ii) Evanachan Limited, a corporation
incorporated under the laws of Ontario, (iii) in relation to directors
and officers of the Corporation or any of its subsidiaries and (iv) Robert R. McEwen
and his immediate family members;

 

“Rio Tinto Business Integrity Policies” means The way we work and the Rio Tinto Business
Integrity Standard, each of which is available at https://www.riotinto.com/sustainability, as updated from time to time;

 

“Schedule
A” means the description of the Stage 1 Viability Testing Program and estimated schedule, a copy of which is attached
and incorporated fully herein.

 

“Shareholder Agreement” means the unanimous shareholder agreement of the Corporation dated August 20, 2021 as the
same may be amended from time to time;

 

“Share Offer” has
the meaning ascribed thereto in Section 2.04(1);

 

“Stage
1 Viability Testing” has the meaning ascribed thereto in Section 4.02(2);

 

“Subscription” has
the meaning ascribed thereto in the preamble;

 

“Subscription
Closing Date” means the closing date of the Subscription;

 

“subsidiary” has
the meaning given to it in NI 45-106;

 

“Term Sheet” means the non-binding term sheet for the Subscription and Nuton® Collaboration Agreements dated August 19,
2022 between the Corporation and the Investor; and

 

“Transfer” means,
with respect to any Common Shares, any interest therein, or any other securities or equity interests relating thereto, a direct or
indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including
the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law,
pursuant to judicial process or otherwise, and “Transferred” shall have a
correlative meaning.

 

     

    Page 8 of 28

    

 

		1.02	Gender, Number and Derivatives.

 

Any reference in this Agreement
to gender includes all genders. Words importing the singular number only include the plural and vice versa, as the context requires.
If a term is defined herein, a capitalized derivative of such term shall have a corresponding meaning unless the context otherwise requires.

 

		1.03	Headings, etc.

 

The provision of a table
of contents, the division of this Agreement into articles and sections and the insertion of headings are for convenience of reference
only and shall not and do not affect the interpretation of this Agreement.

 

		1.04	Currency.

 

All references in this Agreement
to dollars or to “$” are expressed in U.S. currency unless otherwise specifically indicated.

 

		1.05	Rules of Construction.

 

The Parties to this Agreement
waive the application of any law or rules of construction providing that ambiguities in any agreement or other document shall be
construed against the Party drafting such agreement or other document. In construing this Agreement, the rule known as the ejusdem
generis rule shall not apply nor shall any similar rule or approach apply to the construction of this Agreement and, accordingly,
general words introduced or followed by the word “other” or “including” or “in particular” shall not be
given a restrictive meaning because they are followed or preceded (as the case may be) by particular examples intended to fall within
the meaning of the general words.

 

		1.06	Certain Phrases, etc.

 

In this Agreement, (i) the
words “including”, “includes” and “include” mean “including (or includes or include) without limitation”,
and (ii) the words “the aggregate of”, “the total of”, “the sum of”, or a phrase of similar meaning means “the
aggregate (or total or sum), without duplication, of”. The expressions “Article” or “Section” or other subdivisions
followed by a number mean and refer to the specified Article, Section or other subdivision of the Agreement and the expressions
 “hereof”, “herein”, “hereinafter”, “hereto”, “hereunder”, “hereby” and similar
expressions refer to this Agreement. All references to specific Articles, Sections, or other subdivisions of this Agreement followed
by a number are references to the whole of the Article, Section or other subdivision of this Agreement, as applicable, bearing that
number, including all subsidiary provisions containing that same number as a prefix.

 

		1.07	Schedules.

 

The Schedules to this Agreement
are an integral part of this Agreement and a reference to this Agreement includes a reference to the Schedules.

 

		1.08	Parties and Persons.

 

References in this Agreement
to any Party or other Person shall include, where the context permits, references to the estate of that Party or Person or that Party
or Person’s respective successors resulting from any amalgamation, merger, arrangement or other reorganization of such Party or other
Person.

 

     

    Page 9 of 28

    

 

		1.09	Statutory and Contractual References.

 

Except as otherwise provided in this Agreement:

 

(1)            any
reference in this Agreement to a statute shall include and shall be deemed to be a reference to, such statute and to the regulations,
policies and rules made pursuant thereto, with all amendments made thereto and in force from time to time, and to any statute, regulation,
policy or rule that may be passed that has the effect of supplementing or superseding the statute so referred to or the regulations,
policies or rules made pursuant thereto; and

 

(2)            any
reference in this Agreement to an agreement refers to such agreement as amended, restated, supplemented or replaced from time to time.

 

		1.10	Business Days.

 

Any reference to a number
of days shall refer to calendar days unless Business Days are specified.

 

		1.11	Time of Day and Date.

 

Any references to time of
day or date means the local time or date in Toronto, Ontario, Canada unless otherwise specified.

 

		1.12	Time Periods.

 

Unless otherwise specified,
time periods within or following which any act is to be done shall be calculated by excluding the day on which the action is taken and
including the day on which the period ends and by extending the period to the Business Day immediately following if the last day of the
period is not a Business Day.

 

		1.13	Time By Which Obligations Must Be Performed.

 

Where this Agreement states
that an obligation shall be performed “no later than” or “within” or “by” a prescribed number of days before
a stipulated date or event or “by” a date which is a prescribed number of days before a stipulated date or event, the latest
performance shall be 5:00 p.m. on the last day for performance of the obligation concerned, or if that day is not a Business Day,
5:00 p.m. Eastern time on the next Business Day. Where this Agreement states that an obligation shall be performed “on”
a stipulated date, the latest time for performance shall be 5:00 p.m. Eastern time on that day, or, if that day is not a Business
Day, 5:00 p.m. Eastern Time on the next Business Day.

 

		1.14	Conflicts.

 

If there is any conflict
or inconsistency between a provision of the body of this Agreement and that of any document delivered pursuant to this Agreement, the
provision of the body of this Agreement shall prevail.

 

     

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ARTICLE 2

GOVERNANCE

 

		2.01	Nuton Collaboration Committee.

 

(1)            Within
thirty (30) days following the Subscription Closing Date, the Corporation shall establish for a minimum of 12 months a Nuton Collaboration
Committee (the “NCC”). The purpose of the NCC will be to focus collaborative efforts on developing the best heap leach process
alternative for the Los Azules Project and provide the technical basis of understanding for a potential future commercial agreement.
The NCC initially shall include two members from the Corporation designated by the Board. The NCC shall be a non-binding advisory committee
to senior management and the Board and shall meet at a minimum quarterly.

 

(2)            The
Investor shall designate up to two (2) individuals to act as members (each such member a “NCC
Member”) of the NCC, such designation exercisable at the sole discretion of the Investor from time to time by
delivery of notice in writing to the Corporation given in accordance with Section 7.02.

 

(3)            Each
NCC Member shall be entitled to: (a) receive notice of and to attend all meetings of the NCC (including by video or telephone conference
call); (b) take part in discussions and deliberations of matters brought before the NCC; (c) receive all notices, consents,
minutes, documents and other information and materials that are sent to members of the NCC; and (d) receive copies of all written
recommendations proposed by the NCC each at substantially the same time and in substantially the same manner as the other members of
the NCC.

 

		(4)	No
                                            NCC Member shall be entitled to any compensation from the Corporation.

 

		2.02	Board Member.

 

		(1)	The
                                            Investor shall have the right (but not the obligation) to designate one (1) nominee (the
“Board Designee” ) with the same rights and entitlements as any other Board member
of the Corporation for election or appointment to the Board from time to time and the Corporation will promptly recommend for election
and, prior to a Liquidity Event, cause to be appointed, and, such right exercisable at the sole discretion of the Investor by delivery
of notice in writing to the Corporation given in accordance with Section 7.02.

  

(2)            Provided
that the Investor gives notice of intent to appoint the initial Board Designee prior to a Liquidity Event, such Board Designee
shall be appointed to the Board as promptly as practicable (and in any event within ten Business Days following receipt of notice of
the identity of such Board Designee) pursuant to the power of the Board to appoint additional directors between shareholders meetings
or to fill a vacancy on the Board.

 

(3)            Prior
to a Liquidity Event, the Investor must advise the Corporation of the identity of the Board Designee at least thirty (30) days prior
to any meeting at which directors of the Corporation are to be elected, or within ten (10) days of being notified of the record
date of any meeting if the record date is within forty-five (45) days of such meeting, failing which the incumbent Board Designee shall
be nominated for re-election.

 

(4)            If
the Investor’s Ownership Percentage falls below 7.5%, then the Investor shall cause its Board Designee then elected or
appointed to the Board to resign and such Investor will have no further entitlement hereunder to require the Corporation to nominate
individuals for election or appointment to the Board. If within one year of the
Investor’s Ownership Percentage falling below 7.5%, the Investor’s Ownership Percentage again becomes 7.5% or greater,
the Investor’s rights under this Section 2.02 shall be reinstated.

 

     

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(5)            Following
a Liquidity Event, upon receipt of a notice pursuant to Section 2.02(1), the Corporation shall include the Board Designee on any
proxy for a meeting of shareholders at which directors are to be elected and recommend that Board Designee for election to the Board.

 

(6)            If
a Board Designee ceases to be a director of the Corporation for any reason, the Investor may nominate another Board Designee to fill
the vacancy thereby created, and as promptly as practicable following that nomination (and in any event within ten Business Days following
receipt of such nomination), such Board Designee shall be appointed to the Board pursuant to the power of the Board to appoint additional
directors between shareholders meetings or to fill a vacancy on the Board.

 

		2.03	D&O Insurance and Indemnities.

 

(1)            The
Board Designee shall be entitled to the benefit of any directors’ liability insurance or indemnities to which the other directors of
the Corporation are entitled or have the benefit thereof, including any blanket policy held by McEwen Mining and which would cover MEC
Board members.

 

(2)            To
the fullest extent permitted by law, the Corporation shall indemnify the Board Designee (and any former Board Designee) (an “Indemnitee”), and that Indemnitee’s heirs, administrators, executors, legal representatives, successors and assigns,
against all costs, charges, fees and expenses, including any amount paid to settle an action or satisfy a judgment, reasonably incurred
by the Indemnitee in respect of any civil, criminal, administrative investigative or other claim, lawsuit or proceeding to which the
Indemnitee is involved because of that association with the Corporation, if:

 

		(a)	the
                                            Indemnitee acted honestly and in good faith with a view to the best interests of the
                                            Corporation; and

 

		(b)	in
                                            the case of a criminal or administrative action or proceeding that is enforced by a monetary
                                            penalty, the Indemnitee had reasonable grounds for believing that his or her conduct in respect
                                            of which the proceeding was brought was lawful.

 

(3)            The
Corporation shall advance monies to an Indemnitee for the costs, charges and expenses of a proceeding referred to in Section 2.03(2) provided
that the Indemnitee shall repay the monies if the Indemnitee does not fulfill the conditions of Sections 2.03(2)(a) and 2.03(2)(b).

 

(4)            The
Corporation shall forthwith pass all resolutions and take all other steps as may be required to give full effect to this
Section.

 

(5)            The
Board Designee shall not be entitled to any compensation from the Corporation.

 

		2.04	Board Observer Alternative

 

(1)            The
Investor, in the alternative to putting forth a Board Designee as determined by the Investor in its sole discretion, shall have the
right (but not the obligation) to designate one (1) individual to act as a non-voting observer
(the “Board Observer”) to the Board, such right exercisable at the sole
discretion of the Investor by delivery of notice in writing to the Corporation given in accordance with Section 7.02.

 

     

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(2)            Subject to
the following sentence, the Board Observer shall be entitled to: (a) receive notice of and to attend all meetings of the Board
(including by video or telephone conference call); (b) to the extent permitted by the chair of the Board, acting reasonably and
in good faith, take part in discussions and deliberations of matters brought before the Board;
(c) receive all notices, consents, minutes, documents and other information and materials that are sent to members of
the Board; and (d) receive copies of all written resolutions proposed to be adopted by the Board, including any resolution as
approved, each at substantially the same time and in substantially the same manner as the other members of the Board.
Notwithstanding the foregoing sentence, the Board Observer shall not be entitled to: (i) vote on any matters brought before the
Board; and (ii) attend meetings of the Board, or receive any related information, minutes or materials in respect thereof,
where the Chair of the Board believes, in their sole discretion, that there could be a potential conflict as a matter of applicable
corporate law as a result of a topic of discussion in the meeting of the Board relating to the Investor or any other member of the
Rio Tinto Group.

 

(3)            All
Board meetings shall be duly constituted notwithstanding the absence of the Board Observer and for clarity the presence or waiver
of the Board Observer shall not be required for quorum of a meeting of the Board. No Board meeting shall be subject to delay and the
Corporation shall not be in breach of its obligations hereunder provided that the Corporation has provided notice of a Board meeting,
as applicable, to the Board Observer on the same terms as provided to the members of the Board.

 

(4)            The
Board Observer shall not be entitled to any compensation from the Corporation.

 

(5)            The
Corporation hereby acknowledges that the Board Observer will be acting solely as an observer of the Board on behalf of the Investor,
and that in no event do the Parties intend that the Board Observer be responsible as a fiduciary to the Corporation, its management,
shareholders or creditors or any other person.

 

		2.05	Approvals.

 

(1)            Without
the prior written approval of the Investor, which shall not be unreasonably withheld, the Corporation shall (and shall cause
each of its subsidiaries to) not undertake, permit or resolve to undertake or permit any of the following matters in respect of the
Corporation or any of its subsidiaries:

 

		(a)	change
                                            its articles or bylaws or create any new share classes or series;

 

		(b)	issue
                                            shares of any subsidiary of the Corporation to any person other than the Corporation or any
                                            of its subsidiaries unless required to do so by applicable law or regulation;

 

		(c)	distribute
                                            its assets to any shareholder other than the Corporation or any of its subsidiaries;

 

     

    Page 13 of 28

    

 

		(d)	any
                                            winding-up, reorganization or dissolution of the Corporation or any of its subsidiaries
                                            or making any material assignment for the benefit of any of its creditors;

 

		(e)	enter
                                            into any transaction with any Related Party (except in relation to (i) a debt
                                            financing transaction on arms’ length commercial terms, or (ii) a subscription for shares
                                            of the Corporation to which the Investor’s pre-emptive rights in the Shareholder Agreement
                                            apply, or (iii) a subscription for shares of the Corporation to which the Investor has
                                            been offered the right to participate pro-rata with the Related Party(ies), or (iv) any
                                            bona fide arrangement for cost sharing of management services and G&A on a cost recovery
                                            basis, or (v) any bona fide grant of stock options, RSUs or DSUs or issuance of shares
                                            on the exercise of such equity derivatives to any related party who is a director, officer,
                                            or employee of the Corporation or any of its subsidiaries). ’

 

(2)            The
rights set forth in this Section 2.05 shall terminate upon the earlier of a Liquidity Event and the Investor’s Ownership Percentage
falling below 7.5%.

 

		2.06	Equal Opportunity to
                                            Evaluate and Bid on any Off-take, Streams and Royalties.

 

(1)            If
the Corporation or any of its subsidiaries propose to issue, grant, sell or enter into any off-take, metal streaming or royalty transaction
or rights (or any similar commodity-linked transaction or rights) affecting the Los Azules asset, excluding any proposed or required
to be granted to a governmental agency in Argentina, the Investor shall be provided an equal opportunity to evaluate and bid on any such
off-take, metal streaming or royalty transaction or rights (or any similar commodity-linked transaction or rights).

 

		2.07	Shareholder Agreement.

 

(1)            Without
the prior written approval of the Investor, the Corporation, McEwen Mining and Robert R. McEwen
agree, directly and indirectly not to:

 

		(a)	complete
                                            a Liquidity Event until after March 31st, 2023, or

 

		(b)	permit
                                            the Corporation to make a substantial acquisition(s) (greater than $25.5 million
                                            in the aggregate) until after a Liquidity Event occurs.

 

ARTICLE 3 

RESTRICTIONS ON TRANSFER AND SALE OF SHARES

 

		3.01	Standstill.

 

		(1)	The
                                            Investor agrees that neither it nor any of its affiliates will, during the twelve (12) month
                                            period following the Subscription Closing Date, without the prior approval of McEwen
                                            Mining (in the case of McEwen Mining or its subsidiaries (other than the Corporation or its
                                            subsidiaries)) or the Corporation (in all other cases) or as otherwise expressly permitted
                                            or contemplated under the Subscription, this Agreement or the Shareholder Agreement, directly,
                                            indirectly, or jointly or in concert with any other person (as that expression is defined
                                            in the Securities Act (Ontario)):

 

		(a)	acquire,
                                            offer to acquire or agree to acquire, directly or indirectly, by purchase or otherwise,
                                            individually or jointly or in concert with any other person (as that expression is defined
                                            in the Securities Act (Ontario)), any securities of McEwen Mining, the Corporation or any
                                            of their respective affiliates or securities convertible into or exchangeable for securities
                                            of McEwen Mining, the Corporation or any of their respective affiliates, or direct or indirect
                                            rights or options to acquire any securities of McEwen Mining, the Corporation or any of their
                                            respective affiliates;

 

     

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		(b)	directly
                                            or indirectly make, or in any way participate in, any solicitation of proxies to vote
                                            any securities of McEwen Mining, the Corporation or any of their respective affiliates;

 

		(c)	otherwise
                                            act alone or in concert with others to seek to control McEwen Mining, the Corporation
                                            or any their respective affiliates or to obtain representation on the board of directors
                                            of McEwen Mining, the Corporation or any their respective affiliates, otherwise than explicitly
                                            set out in this Agreement;

 

		(d)	engage
                                            in any discussions or negotiations, enter into any agreement or submit a proposal
                                            or offer to McEwen Mining, the Corporation, or any of their respective affiliates or shareholders
                                            relating to any business combination, take-over bid or similar transaction for the acquisition
                                            of McEwen Mining, the Corporation or any of their respective affiliates; or

 

		(e)	make
                                            any public announcement of any intention to do or take any of the foregoing or take
                                            any action that could require McEwen Mining, the Corporation or any of their respective affiliates
                                            to make a public announcement with respect to any of the foregoing; or

 

		(f)	attempt
                                            to induce any person not to make or conclude any proposal with respect to McEwen Mining,
                                            the Corporation or any of their respective affiliates by threatening or indicating that Investor
                                            or any of its affiliates may take any of the foregoing actions.

 

(2)            This
Section 3.01 shall cease to bind the Investor and its affiliates as of the date a person or persons jointly or in concert (other
than the Investor or its affiliates) publicly announce its or their intention to commence a Change of Control transaction which would
result in a Change of Control of the ownership of the Los Azules Project, or McEwen Mining, the Corporation or any of their respective
affiliates publicly announces that any of their respective boards of directors has approved an agreement which contemplates a Change
of Control transaction which would result in a Change of Control of the ownership of the Los Azules Project, whichever occurs first.

 

(3)            Notwithstanding
any other provision of this Section 3.01, the Investor and its affiliates shall, with the prior consent of McEwen Mining, the Corporation
or any of their respective affiliates (such consent not to fettered by any agreement to the contrary with any third party), be permitted
to (i) make a confidential proposal to the board of directors of McEwen Mining, the Corporation or any of their respective affiliates
regarding any of the transactions or activities contemplated in this Section 3.01, provided that neither the Investor nor any of
its affiliates shall make any public disclosure of the making of or terms of such proposal except with the prior written consent of McEwen
Mining, the Corporation or any of their respective affiliates.

 

		(4)	This Section 3.01 shall
                                            survive the termination of the Agreement.

 

     

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ARTICLE 4 

NUTON AND OTHER COVENANTS
AND ACKNOWLEDGEMENT

 

		4.01	Information and Access Rights.

 

(1)            The
Corporation shall provide the Investor with timely access to all heap leach- related process information, including without limitation
geological information, but excluding any information obtained under confidentiality from another entity and which may exclude Information
deemed to be proprietary to the Corporation, acting reasonably, and in compliance with the above terms through the NCC.

 

(2)            While
the Stage 1 Viability Testing Work Program is ongoing, upon specific and reasonable request by the Corporation, the Investor shall
use its reasonable commercial efforts to make its corporate non-proprietary and non-confidential technical knowledge base available
to the Corporation, acting reasonably, through the NCC representatives, to assist in developing the Los Azules Project. Such efforts
shall be limited to high level technical guidance and not unreasonably burdensome to the individual fulfilling the request. As part
of any commercial agreement at the asset level, the Investor shall in good faith consider reasonable requests by the Corporation for
services and more detailed technical knowledge, subject to mutually
satisfactory commercial arrangements between the parties.

 

(3)            The
Corporation shall permit and shall cause its subsidiaries to permit the Investor or any agents or representatives designated by the Investor
to visit the Los Azules Project on a reasonable basis as requested by the Investor at the Investor’s sole cost and with reasonable notice
and an agenda for the proposed visit provided by the Investor that is pre-approved by the Corporation, acting reasonably.

 

(4)            As
soon as available and in any event no later than ten (10) days after issuance, the Corporation shall deliver to the Investor copies
of: (a) any reports prepared by the Corporation or its affiliates pursuant to with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects or Section 1300 of SEC Regulation S-K that relate or concern heap leaching; and (b) any
technical report with respect to the Los Azules Project that relate or concern heap leaching, including any such reports evaluating the
geology or metallurgy of the Los Azules Project, to the extent such reports are not publicly disclosed.

 

(5)            The
Corporation shall prepare annual audited consolidated financial statements commencing with the year ended December 31, 2022 and
shall provide such financial statements to its shareholders within 90 days of each end.

 

(6)            The
rights set forth in this Section 4.01 shall terminate upon the later of 12 months following the Subscription Closing Date and the
Investor’s Ownership Percentage falling below 7.5%.

 

		4.02	Copper Heap-Leach Related Technologies Exclusivity.

 

(1)            The
Corporation agrees that neither it nor any of its affiliates shall enter into any agreement, partnership, transaction or other binding
understanding of any kind concerning, relating to, or pertaining to any novel, trade secret or patented copper heap-leach related technology
in respect of or in any way related to the Los Azules Project, whether for the purposes of testing another Person’s technology, or entering
into a potential commercial transaction with another Person, without the prior written consent of the Investor for a period of twelve
(12) months from Subscription Closing Date

 

     

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(2)            The
Corporation represents and warrants to the Investor that, other than this Agreement, neither it nor any of its affiliates is a party
to any agreement, partnership, transaction or other binding understanding of any kind concerning, relating to, or pertaining to any novel
or patented copper heap-leach related technology in respect of or in any way related to the Los Azules Project. For certainty, the Corporation
is permitted to conduct metallurgical testing and related activities with third party consultants for the purpose of evaluating a conventional
copper heap leach flowsheet for inclusion in a planned public technical report.

 

		4.03	Nuton Collaboration.

 

(1)            The
Corporation and the Investor covenant and agree to work together collaboratively, acting reasonably and in good faith, to engage in Stage
1 viability testing of Nuton Technologies on samples collected from the Los Azules Project during an estimated 12-month period from the
Subscription Closing Date as further described in Schedule A (“Stage 1 Viability Testing”). The Corporation and the
Investor agree to use their reasonable commercial efforts to implement the Stage 1 test program schedule set forth in Schedule A with
the understanding that certain steps are dependent on successful completion of a prior step and that the schedule may be modified by
mutual agreement of the Corporation and the Investor, except in the case where there is delay due to the workload and/or availability
of the Investor’s third-party laboratory where the Investor will communicate such delays to the Corporation within a reasonable time
of learning of them.

 

(2)            The
Corporation shall bear the costs and expenses incurred in relation to the collection of the samples and costs to transfer them to the
Investor. The Investor shall bear all other costs and expenses related to testing.

 

(3)            Any
information (in any form) relating to or provided in connection with Stage 1 Viability Testing which either Party (including through
its affiliates or representatives) discloses, or makes available, to the other Party; or is acquired or obtained by a Party as a result
of its dealings with the other Party (including its affiliates or representatives), before, on or after the commencement of Stage 1 Viability
Testing remains the property of the disclosing Party (other than the samples, the ownership of which is discussed below), and without
limitation, includes:

 

		(a)	the oral or written reports produced by
                                            the Investor concerning any aspect of Stage 1 Viability Testing Program;

 

		(b)	any information that is notified, marked
                                            or identified as “confidential”, or under the circumstances of its disclosure,
                                            should reasonably be considered as confidential;

 

		(c)	any information or matters of a technical,
                                            non-technical, financial or business nature, such as know-how, formulas, secret processes
                                            or machines, trade secrets, equipment, tooling, inventions, studies, research projects, development
                                            plans, information about operations, future plans and methods or systems of doing business,
                                            strategies, pricing, costs, profits, sales, markets, lists of actual or potential customers,
                                            customer requirements, models, articles, notes, books, correspondence, drawings, forms, photographs,
                                            unpublished applications for patent(s), trademark(s), or design(s), copyright(s), papers,
                                            notebooks, reports, records, research, operational, industrial or development data, blueprints,
                                            sample models, photographs, financial and marketing data, business plans, computer programs,
                                            software or code, files and disks, owned by, or licensed to, the Investor or any of its affiliates;
                                            and

 

     

    Page 17 of 28

    

 

		(d)	any
                                            document or other material (in any form) that refers to, records, or is produced based
                                            on, or is derived from, any disclosed information, but excludes information:

 

		(i)	that
                                            is or becomes publicly available otherwise than as a result of a breach of this Section 4.03
                                            or in breach of an obligation of confidence;

 

		(ii)	the
                                            Corporation and the Investor agree in writing is not confidential;

 

		(iii)	a
                                            Party receives from a third party, provided it was not disclosed by or acquired from
                                            that third party unlawfully or in breach of an obligation of confidence;or

 

		(iv)	that
                                            was previously known to the Party (or independently created or developed by it), without
                                            access to the Information as the Party can reasonably prove, by documented and probative
                                            evidence,

 

and does
not cease to be Information merely because individual features of the Information may be found separately or within a general
disclosure in the public domain or otherwise (“Information”). The Party receiving
the Information uses such Information disclosed ‘as is’ and at its own risk. The Corporation and the Investor acknowledge that the obligations
under this Section 4.03 apply in addition to any obligation that may arise at law or under statute with respect to the Information.

 

(4)            The
Corporation and the Investor agree that the geological samples and any other related materials transferred by the Corporation to the
Investor, upon receipt of such samples and any other related materials by the Investor, is from the time of receipt the property of the
Investor. Notwithstanding the foregoing or anything else to the contrary in this Agreement, the Investor agrees (i) to destroy the
samples and any other related materials transferred by the Corporation in its possession once Stage 1 Viability Testing is completed
and (ii) to send to the Corporation (properly packaged and labelled and in accordance with delivery instructions provided by the
Corporation) a representative sample of the leached samples for the Corporation’s use, if requested in advance by the Corporation. The
Corporation’s collection of the samples and any other related materials transferred to the Investor and any evaluation or analysis or
other contribution under this Agreement shall not be considered a work for hire. The Investor will be deemed to be the full owner of
the samples and any other related materials transferred to it by the Corporation upon receipt of the samples and any other related materials
from the Corporation, hereunder, including all Intellectual Property, Information and data developed or derived as a result of or
in connection with the Stage 1 Viability Testing.

 

(5)            Nothing
in this Agreement will be interpreted, construed, deemed, or read to create, imply, give effect to, or otherwise recognize any
licence, transfer or assignment of Intellectual Property rights of any kind between or among the Parties, including, all industrial
and intellectual property rights whether protectable by statute, at common law or in equity, including all copyright and similar
rights which may subsist or may hereafter subsist in works or any subject matter, rights in relation to inventions(including all
patents and patent applications), trade secrets and knowhow, rights in relation to designs (whether or not registerable), rights in
relation to registered or unregistered trademarks, but excludes non-assignable moral rights and
similar non-assignable personal rights of authors and producers (“Intellectual
Property”).

 

     

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(6)            The
following clauses contained in the Confidentiality Agreement survive as applied to this Section 4.03: Clause 3 (Permitted Disclosure),
Clause 4 (Mandatory Disclosure); Clause 5 (Return or Destruction of Information) and Clauses 6.3 and 6.5 (Enforcement, Remedies and Termination).

 

(7)            The
Corporation and the Investor shall use, handle test, apply and dispose of any samples, as applicable, in compliance with applicable federal,
state and local laws, rules, regulations and ordinances.

 

(8)            The
Investor shall keep the Corporation apprised of testing results and progress at regular intervals to be agreed upon but no less than
monthly unless no new material information is available.

 

(9)            The
Corporation or the Investor may, at any time, without cause or prejudice to its rights, terminate the Stage 1 Viability Testing, upon
30 days’ written notice to the other Party. Upon receipt of such notice, the Corporation and Investor must comply with the obligations
under clause 5 of the Confidentiality Agreement.

 

(10)            In
no event will either the Corporation or the Investor (or their respective affiliates) be liable for any damages arising from the other
Party’s testing during the Stage 1 Viability Testing or use of the Information, including indirect, incidental, special, consequential,
or punitive damages or damages for loss of profits, equipment or data, whether in an action in contract, tort (including negligence)
or otherwise. Each Party’s liability for such damages in no event will exceed US $100. The Parties acknowledge that the limitations of
liability in this Section 4.03(10) are material and without which they would not have agreed to the terms of this Section 4.03.

 

(11)            The
Corporation acknowledges that any future use of Nuton® Technologies at the Los Azules Project shall require the execution of a commercial
agreement between the Parties or their affiliates.

 

(12)            Furthermore,
the Investor agrees that if Nuton Technologies demonstrate commercial viability as mutually agreed between the Parties, the Corporation
may publicly disclose the recovery rates and other high-level results from the outcome of the Stage 1 Viability Testing Program, provided
that any such disclosure shall be subject to the approval of the Investor, acting reasonably.

 

		4.04	Business Integrity Matters.

 

(1)            The
Corporation represents and warrants to the Investor that it and its subsidiaries are in compliance, and covenants that it and its subsidiaries
shall remain in compliance, with all relevant Business Integrity Laws.

 

(2)            The
Corporation represents and warrants to the Investor all permits and other authorizations obtained, or which will be obtained in connection
with the Los Azules Project have been and will be obtained in compliance with the relevant Business Integrity Laws.

 

(3)            No
representative of the Corporation or any of its affiliates is a Government Official or Governmental Entity, and no Governmental Entity
or Government Official has or will be a beneficiary of or have a right or ability to share either directly or indirectly in any payments
made in relation to this Agreement or any transactions undertaken in connection with this Agreement.

 

     

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(4)            No
Person (whether a Government Official, Governmental Entity, private individual, enterprise, or otherwise) has approached the Corporation
or any of its affiliates for the purpose of any activity in violation of Business Integrity Laws.

 

(5)            The
Corporation shall promptly report to the Investor any request or demand for any undue or suspicious financial or other advantage of any
kind received in connection with the performance of this Agreement or any transactions contemplated under this Agreement.

 

(6)            Neither
the Corporation nor its affiliates, nor any of its or their respective representatives, is or has been the subject of any formal investigation,
proceedings, conviction, or written notice relating to compliance with applicable Business Integrity Laws and, to their knowledge, there
are no circumstances which could lead to such.

 

(7)            The
Corporation is not and has not in the last five years been listed by any Governmental Entity as being debarred, suspended, proposed for
suspension or debarment, or otherwise ineligible for participation in government procurement programs or other government contracts including
without limitation, any exclusion under applicable Laws.

 

(8)            The
Corporation has received a copy of, will maintain in place, and comply (for and on behalf of itself and its subsidiaries) with the relevant
Rio Tinto Business Integrity Policies, which for the purposes of this Agreement shall be limited to those related to corruption, anti-bribery,
anti-trust, sanctions and human rights, in the performance of and for the duration of this Agreement.

 

(9)            The
Corporation shall ensure that all of its and its subsidiaries representatives engaged in connection with this Agreement and the transactions
contemplated by this Agreement comply with the relevant Rio Tinto Business Integrity Policies, which for the purposes of this Agreement
shall be limited to those related to corruption, anti-bribery, anti-trust, sanctions and human rights, and are appropriately trained
to ensure compliance with applicable Business Integrity Laws and the relevant Rio Tinto Business Integrity Policies, including those
related to corruption, anti-bribery, anti-trust, sanctions and human rights.

 

(10)            The
Corporation shall be responsible for the observance and performance by its and its subsidiaries’ representatives and shall be directly
liable to the Investor in the event of breach by any such Person of the relevant Rio Tinto Business Integrity Policies, which, for purposes
of this Agreement shall be limited to those related to corruption, anti-bribery, anti-trust, sanctions, and human rights, and applicable
Business Integrity Laws.

 

		4.05	Business Practices.

 

(1)            The
Corporation agrees to promptly (and in any event within seven (7) Business Days) notify the Investor in writing if it becomes aware
that it or any of its affiliates has become the subject of any investigation, inquiry, or enforcement proceedings by any Governmental
Entity regarding any breach or potential breach of any Business Integrity Laws, or any such investigation is threatened or pending.

 

(2)            The
Corporation agrees promptly (and in any event within seven (7) Business Days) to notify the Investor in writing in the event it
becomes aware of any actual or suspected breach or violation of this Agreement or the Business Integrity Laws by the Corporation or any
of its affiliates.

 

     

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(3)            Any
notification given in accordance with Section 4.05(1) or Section 4.05(2) shall be given in as much detail
as possible and to the extent permissible under applicable Laws. The Corporation agrees to cooperate fully and in good faith with the
Investor in relation to any enquiries the Investor may require in relation to such notifications.

 

(4)            The
Corporation shall ensure that, before the Corporation or any of its subsidiaries enter into any agreement with a third-party services
provider, it shall perform commercially reasonable due diligence in accordance with the relevant Rio Tinto Business Integrity Policies
before retaining or engaging any third party in connection with this Agreement.

 

(5)            Notwithstanding
and without limiting any of the above, the Corporation agrees that no sub-contract or engagement it has with any third party will in
any way relieve the Corporation of responsibility for the performance of this Agreement and compliance with its terms.

 

(6)            The
Corporation undertakes to identify and encourage opportunities which benefit indigenous people and local communities.

 

(7)            The
Corporation will ensure that its performance in accordance with this Agreement will comply with all applicable federal, provincial, state,
and local Laws, including all statutes, regulations, and case law governing labor and employment, including any and all applicable Laws
related to co-employment and worker classification.

 

ARTICLE 5

DISPUTE RESOLUTION

 

		5.01	Disputes.

 

(1)            Mandatory
Informal Resolution Meeting. If a dispute arises between or among the Parties in respect of any matter in relation to this Agreement,
it shall be referred to authorized individuals of the relevant Parties to resolve by written notice of any one party. The authorized
individuals shall endeavor to meet in person to discuss resolution of the dispute or, at a minimum, by videoconference if an in-person
meeting is not practicable.

 

(2)            Further
Actions for Resolving Disputes Involving Confidential Information. Should the Parties be unable to resolve a dispute
that involves or relates to Confidential Information within twenty (20) days from the date of such written notice, the dispute shall
be referred to binding confidential arbitration and administered by the ADR Institute of Canada, Inc. under its Arbitration Rules,
as amended or supplemented by the provisions of this Article 5 (an “Arbitration”). The
service of any notice, process, motion or any other document in connection with an Arbitration or any enforcement of any arbitration
award may be made in the same manner that communications may be given under 7.02. The Arbitration will be conducted in the English language
in the City of Toronto, Ontario, Canada with one arbitrator. Except as required under applicable Law, neither a Party nor an arbitrator
may disclose the existence, content, or results of any arbitration related in any manner to Confidential Information without the prior
written consent of the parties to the Arbitration, save and except no consent is required for disclosure to professional advisors and
tax authorities in connection with or as a result of an Arbitration. The costs of an Arbitration pursuant to this provision shall be
borne by the parties equally.

 

     

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(3)            Further
Actions for Resolving Other Disputes. Should the Parties be unable to resolve a dispute within twenty (20) days from the date of
the written notice of a dispute that does not relate to or involve Confidential Information, then the Parties shall by mutual agreement
submit the dispute to a neutral mediator. The Parties may also at their election waive mediation by mutual written agreement and refer
the dispute to litigation, which shall be under the exclusive jurisdiction of the Courts of the Province of Ontario. The reasonable attorneys’
fees and costs related to any litigation activities shall be recoverable by the prevailing party in the litigation.

  

If the
dispute proceeds to mediation, the authorized individuals shall have seven (7) days from the date of such written notice to each
submit by email to the other Party(ies) a written list of no less than three (3), but no more than five (5), acceptable qualified mediators
not affiliated with any of the Parties. Within seven (7) days from the date of receipt of such list, the authorized individuals
shall rank the mediators in numerical order of preference and exchange such rankings by email with the relevant Party(ies).

 

If one
or more names are on all of the lists, the highest-ranking person shall be designated as the mediator. If no mediator has been selected
under this procedure, the Parties agree that they will each select one mediator from the list(s) submitted by the other Party(ies)
and those mediators shall select and appoint another mediator to serve as the sole mediator. The mediation session shall be held within
thirty (30) days after the appointment of a mediator, subject to the mediator’s availability.

 

If the
Parties accept the mediator’s recommendations or agree on the resolution of the dispute, then the agreement will be signed by and become
binding on the Parties. If no agreement is reached, then once seven (7) days has passed since the completion of mediation, any of
the Parties to the dispute may refer the dispute to litigation. The Parties agree to attorn to the exclusive jurisdiction of the Courts
of the Province of Ontario in the case of litigation in accordance with this provision. The costs of mediation pursuant to this provision
shall be borne by the parties equally, however, reasonable attorneys’ fees and costs related to any litigation activities post- mediation
shall be recoverable by the prevailing party in the litigation.

 

		5.02	Injunctive Relief.

 

Any arbitrator appointed
pursuant to Section 5.01 shall have the power to grant any legal or equitable remedy or relief available under the applicable
law, including injunctive relief (whether interim and/or final) and specific performance and any measures ordered by the arbitrators
may be specifically enforced by any court of competent jurisdiction. The
Parties agree that any Party may have recourse to the Courts of the Province of Ontario to seek interim or provisional measures,
including injunctive relief and pre-arbitral attachments or injunctions and any such request shall not be deemed incompatible with
the agreement to arbitrate under this Agreement or a waiver of such right to arbitrate.

 

ARTICLE 6

REPRESENTATIONS AND
WARRANTIES

 

		6.01	Representations and Warranties
                                            of the Corporation.

 

The Corporation represents
and warrants to the Investor as follows and acknowledges and agrees that the Investor is relying on such representations and warranties
to enter into this Agreement:

 

(1)            the
Corporation is duly incorporated, validly existing and in good standing under the laws of the Province of Ontario and has all requisite
corporate power and authority to execute and deliver this Agreement;

 

     

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		(2)	this
                                            Agreement has been duly executed and delivered by the Corporation; and

 

(3)            this
Agreement constitutes the valid and binding agreement of the Corporation, enforceable against the Corporation in accordance with
its terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar laws relating
to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law),
in each case now or hereafter in effect.

 

		6.02	Representations
                                            and Warranties of McEwen Mining.

 

McEwen
Mining represents and warrants to the Investor as follows and acknowledges and agrees that the Investor is relying on such representations
and warranties to enter into this Agreement:

 

(1)            McEwen
Mining is duly incorporated, validly existing and in good standing under the laws of the State of Colorado and has all requisite corporate
power and authority to execute and deliver this Agreement;

 

		(2)	this
                                            Agreement has been duly executed and delivered by McEwen Mining; and

 

(3)            this
Agreement constitutes the valid and binding agreement of McEwen Mining, enforceable against McEwen Mining in accordance with its
terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar laws relating
to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law),
in each case now or hereafter in effect.

 

		6.03	Representations and Warranties
                                            of Robert R. McEwen

 

Robert
R. McEwen represents and warrants to the Investor as follows and acknowledges and agrees that the Investor is relying on such
representations and warranties to enter into this Agreement:

 

		(1)	this
                                            Agreement has been duly executed and delivered by Robert R. McEwen; and

 

(2)            this
Agreement constitutes the valid and binding agreement of Robert R. McEwen, enforceable against
Robert R. McEwen in accordance with its terms, except as may be limited by bankruptcy, insolvency,
fraudulent conveyance, moratorium, and similar laws relating to or affecting creditors’ rights generally and general equitable principles
(whether considered in a proceeding in equity or at law), in each case now or hereafter in effect.

 

		6.04	Representations
                                            and Warranties of the Investor.

 

The
Investor represents and warrants to the Corporation as follows and acknowledges and agrees that the Corporation is relying on
such representations and warranties to enter into this Agreement:

 

(1)            the
Investor is validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority
to execute and deliver this Agreement;

 

     

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		(2)	this
                                            Agreement has been duly executed and delivered by the Investor; and

 

(3)            this
Agreement constitutes the valid and binding agreement of the Investor, enforceable against the Investor in accordance with its
terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar laws relating
to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law),
in each case now or hereafter in effect.

 

ARTICLE 7

MISCELLANEOUS

 

		7.01	Authority; Effect.

 

Each
Party hereto represents and warrants to and agrees with each other Party that the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized on behalf of such Party and do not violate any agreement
or other instrument applicable to such Party or by which its assets are bound. This Agreement does not, and shall not be construed to,
give rise to the creation of a partnership among any of the Parties hereto, or to constitute any of such Parties members of a joint venture
or other association.

 

		7.02	Notices.

 

Any
notices, requests, demands, designations and other communications required or permitted pursuant to this Agreement shall be
effective if in writing and (i) delivered personally, (ii) sent by e-mail, or (iii) sent by
overnight courier, in each case, addressed as follows:

 

	 	(1)	If to the Corporation, to:
	 
	 	 	McEwen Copper Inc. 
	 	 	150 King St, West Suite 2800
	 	 	Toronto, ON M5H 1J9
	 	 	 
	 	 	Attention:	General Counsel  
	 	 	E-mail:	 

 

	 	(2) 	If to McEwen Mining, to:
	 	 
	 	 	McEwen Mining Inc. 
	 	 	150 King St, West Suite 2800
	 	 	Toronto, ON M5H 1J9
	 	 	 
	 	 	Attention: 	General Counsel
	 	 	E-mail:	 

 

     

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	 	(3) 	If to Robert R. McEwen, c/o:
	 	 
	 	 	McEwen Mining Inc. 
	 	 	150 King St, West Suite 2800
	 	 	Toronto, ON M5H 1J9
	 	 
	 	 	Attention:	Robert R. McEwen
	 	 	E-mail:	 
	 	 
	 	(4)	If to the Investor, to:
	 	 
	 	 	Nuton LLC 
	 	 	4700 Daybreak Parkway 
	 	 	South Jordan, Utah, United States
    of America 84009
	 	 	 
	 	 	Attention:	Roberta Kuehne
	 	 	E-mail:	 
	 	 	 
	 	 	with copies (which shall not constitute
    notice) to:
	 	 	 
	 	 	Adam Burley
	 	 	 
	 	 	Javiera Alcayaga

 

Unless
otherwise specified herein, such notices or other communications shall be deemed to have been delivered (i) on the date received,
if personally delivered, (ii) on the date received if delivered by e-mail on a Business Day before 5:00 p.m. (Toronto time),
or if not delivered on a Business Day or after 5:00 p.m. (Toronto time) on a Business Day, on the first Business Day thereafter
and (iii) 2 Business Days after being sent by overnight courier. Each of the Parties hereto shall be entitled to specify a different
address by giving notice as aforesaid to the other Party hereto.

 

		7.03	Determination of Investor’s
                                            Ownership Percentage.

 

For
all purposes of this Agreement, in determining the Investor’s Ownership Percentage, any Common Shares issued as a result of
any Non-Financing Issuance shall be disregarded and the Investor shall be deemed to own the percentage of Common Shares it would
have held at such time if such Non-Financing Issuance(s) had not occurred. This provision shall expire three (3) years
from the date of the Subscription Closing Date.

 

		7.04	Termination and Effect
                                            of Termination.

 

(1)            Unless
otherwise terminated by the mutual written agreement of the Parties, this Agreement shall continue in full force and effect and shall
only terminate, and all rights and obligations hereunder shall only cease to apply, upon the date upon which the Investor’s Ownership
Percentage is deemed to have fallen below 7.5%.

 

(2)            Notwithstanding
Section 7.04(1), the provisions of Article 5 and Article 7 shall survive any termination. No termination under
this Agreement shall relieve any Person of liability for any breach incurred prior to termination.

 

     

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		7.05	Confidentiality.

 

(1)            The
Parties acknowledge that the Confidentiality Agreement has been terminated as of the date hereof, except the Parties agree that the following
clauses contained in the Confidentiality Agreement shall survive and apply to Section 4.03 of this Agreement mutatis
mutandis as if the Investor was Rio Tinto Technology Holdings Corporation: Clause 3 (Permitted Disclosure), Clause 4 (Mandatory
Disclosure); Clause 5 (Return or Destruction of Information) and Clauses 6.3 and 6.5 (Enforcement, Remedies and Termination).

 

		(2)	Any
                                            information regarding a Party that:

 

		(a)	has not become
                                            generally available to the public;

 

		(b)	was
                                            not available to a Party or its representatives on a non-confidential basis before
                                            the date of this Agreement; or

 

		(c)	does
                                            not become available to a Party or its representatives on a non-confidential basis
                                            from a Person who is not, to the knowledge of the Party or its representatives, otherwise
                                            bound by confidentiality obligations to the provider of such information or otherwise prohibited
                                            from transmitting the information to the party or its representatives,

 

will be kept confidential
by each Party and shall constitute confidential information (the “Confidential Information”).

 

(3)            Each
Party undertakes that it and its representatives will: (a) keep such Confidential Information strictly confidential; and
(b) except with the prior written consent of the disclosing Party, not disclose to any third party any Confidential Information
received from the disclosing Party; provided that any such information may be disclosed to those affiliates and representatives of
the receiving Party who in each such case have a legitimate and verifiable need to know such information and who agree in writing or
by the receiving Party’s written policies or protocols are required to keep such information confidential and to be bound by the
terms of this Section 7.05 at least to the same extent as if they were Parties hereto. Notwithstanding any such agreement on
the part of each such affiliate or representative, each Party shall ensure that its affiliates or representatives strictly observe
the terms of this Section 7.05 and shall be liable for any breach of this Section 7.05 by any of its affiliates or
representatives. Each Party shall fully inform each of its affiliates and representatives to whom Confidential Information is
disclosed of all restrictions and requirements contained in this Section 7.05.

 

(4)            No
Confidential Information may be released to third parties without the consent of the provider thereof, except that (i) the Investor
may disclose Confidential Information to the extent required for the Stage 1 Viability Testing and (ii) the Parties agree that they
will not unreasonably withhold such consent to the extent that such Confidential Information is compelled to be released by legal process
or must be released to regulatory bodies and/or included in public documents.

 

     

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(5)            Upon
request by the provider of the Confidential Information, the other Party will return to the provider, or destroy (subject only
to normal course data back-up or archival processes), all documents, including any copies thereof, comprised in the Confidential Information
provided by the provider, and the recipient of the Confidential Information will confirm in writing that all Confidential Information
has been returned or destroyed (subject only to normal course data back-up or archival processes), as applicable, provided that one copy
of the Confidential Information may be retained within a receiving Party’s legal department for liability defense or insurance purposes
only. Notwithstanding any such return or destruction of any Confidential Information, Confidential Information, including, without limitation,
any Confidential Information retained by a receiving Party, will continue to be subject to this Agreement. In addition, Confidential
Information that has been prepared by either Party from publicly available information or from information not obtained pursuant to this
Agreement may be retained by the Party that has prepared such information. The obligations in this Section 7.05(5) do not apply
to the Investor’s retention of Confidential Information included in any documents, reports or other writings of any form that relate
to the Stage 1 Testing Program

 

(6)            The
foregoing confidentiality restrictions shall not prohibit a Party from using general geological inferences, interpretations or understanding
which it has drawn from or in the course of the Stage 1 Viability Testing Program, Los Azules Project or in the pursuit of any other
business opportunity.

 

		7.06	Public Announcements.

 

No
press release, public statement or announcement or other public disclosure with respect to this Agreement or any of the transactions
contemplated herein may be made except with the prior written consent and joint approval by the Investor and the Corporation, such consent
not being unreasonably withheld or delayed, or if required by Law or a Governmental Entity, and then only to the extent legally required.
Where the public disclosure is required by Law or a Governmental Entity, the Party required to make the public disclosure will use
its commercially reasonable efforts to obtain the approval of the other Party as to the form, nature and extent of the disclosure. The
Investor acknowledges and agrees that once it has approved the form, nature and extent of any disclosure, subsequent approval will not
be required for so long as the disclosure is not materially amended.

 

		7.07	Assignment.

 

No
Party may assign or transfer this Agreement or any of its rights or obligations under this Agreement without the prior written
consent of the other Parties, provided that the Investor may, without the consent of the other Parties, assign or transfer this Agreement
or any of its rights or obligations under this Agreement to any affiliate of the Investor.

 

		7.08	Remedies.

 

Subject
to Article 5, the Parties shall have all remedies available at law, in equity or otherwise in the event of any breach or
violation of this Agreement or any default hereunder. Each Party hereto acknowledges that a breach or threatened breach by a Party of
any provision of this Agreement may result in the other Party suffering irreparable harm which cannot be calculated or fully or adequately
compensated by recovery of damages alone. Accordingly, each Party agrees that the other Party shall be entitled to interim and permanent
injunctive relief, specific performance and other equitable remedies, in addition to any other relief to which it or any other party
may become entitled, any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive
or other equitable relief hereby being waived. No delay of or omission in the exercise of any right, power or remedy accruing to either
Party as a result of any breach or default by the other Party under this Agreement shall impair any such right, power or remedy, nor
shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later;
nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring
before or after that waiver.

 

     

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		7.09	Amendments.

 

This Agreement may not be
orally amended, modified or, extended. This Agreement may be amended, modified or extended only by an agreement in writing signed by
each of the Parties. Each such amendment, modification or, extension shall be binding upon each Party hereto.

 

		7.10	Waiver.

 

Except as expressly provided
in this Agreement, no waiver of any provision or of any breach of any provision of this Agreement shall be effective or binding unless
made in writing and signed by the Party purporting to give such waiver and, unless otherwise provided in such written waiver, shall be
limited to the specific provision or breach waived. No waiver by either Party hereto of any provisions or of any breach of any term,
covenant, representation or warranty contained in this Agreement, in one or more instances, shall be deemed to be or construed as a further
or continuing waiver of that or any other provision (whether or not similar) or of any breach of that or any other term, covenant, representation
or warranty contained in this Agreement.

 

		7.11	No Third-Party Rights.

 

The terms and provisions
of this Agreement are intended solely for the benefit of the Parties and their respective successors and permitted assigns, and it is
not the intention of the Parties to confer any third-party beneficiary rights other than those conferred in Section and this Agreement
does not confer any such rights upon any third party (including any holders of securities of the Corporation) that is not a Party to
this Agreement with the exception of those described in Section 2.03 as to Board Designees.

 

		7.12	Time of Essence.

 

Time is of the essence of this Agreement.

 

		7.13	Governing Law.

 

This Agreement shall be governed
by and construed in accordance with the laws of the Province of Ontario (without giving effect to any conflict of laws principles thereunder)
and the federal laws of Canada applicable therein.

 

		7.14	Further Assurances.

 

Each Party shall use reasonable
efforts to take all such steps, execute all such documents and do all such acts and things as may be reasonably within its power to implement
to their full extent the provisions of this Agreement and to cause the Corporation or the Investor, as the case may be, to act in the
manner contemplated by this Agreement.

 

     

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		7.15	Independent Legal Advice.

 

The Parties acknowledge that
they have entered into this Agreement willingly with full knowledge of the obligations imposed by the terms of this Agreement. Further,
the Parties acknowledge that they have been afforded the opportunity to obtain independent legal advice and confirm by the execution
of this Agreement that they have either done so or waived their right to do so, and agree that this Agreement constitutes a binding legal
obligation and that they are estopped from raising any claim on the basis that they have not obtained such advice.

 

		7.16	Entire Agreement.

 

This Agreement constitutes
the entire agreement between the Parties with respect to the matters contemplated by this Agreement and supersedes all prior agreements,
understandings, negotiations and discussions, whether oral or written, of the Parties related to such matters, including the Term Sheet.
There are no representations, warranties, covenants, conditions or other agreements, express or implied, collateral, statutory or otherwise,
between the Parties in connection with the subject matter of this Agreement, except as specifically set forth in this Agreement. The
Parties have not relied and are not relying on any other information, discussion or understanding in entering into this Agreement.

 

		7.17	Successors and Assigns.

 

This Agreement becomes effective
only when executed by each of the Parties. After that time, it is binding on and enures to the benefit of the Parties and their respective
heirs, administrators, executors, legal representatives, successors and permitted assigns.

 

		7.18	Counterparts.

 

This Agreement may be executed
in any number of counterparts, each of which is deemed to be an original, and such counterparts together constitute one and the same
instrument. Transmission of an executed signature page by email or other electronic means is as effective as a manually executed
counterpart of this Agreement.

 

		7.19	Severability.

 

If any provision of this
Agreement is determined to be illegal, invalid or unenforceable by an arbitrator or any court of competent jurisdiction from which no
appeal exists or is taken, that provision will be severed from this Agreement and the remaining provisions will remain in full force
and effect. The Parties shall engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with
a valid and enforceable provision, the economic and substantive effect of which comes as close as possible to that of the invalid or
unenforceable provision which it replaces.

 

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left blank]

 

     

     

    

 

IN WITNESS WHEREOF the Parties hereto have
duly executed this Agreement as of the day and year first above written.

 

	 	MCEWEN COPPER INC.
	 	 
	 	By:	/s/
    Robert R. McEwen
	 	 	Name: Robert R. McEwen
	 	 	Title: President
	 	 
	 	MCEWEN MINING INC.
	 	 
	 	By:	/s/ Robert R.
    McEwen
	 	 	Name: Robert R. McEwen
	 	 	Title: President
	 	 
	 	ROBERT R. MCEWEN
	 	 
	 	By:	/s/ Robert R. McEwen
	 	 	Robert R. McEwen
	 	 
	 	NUTON LLC
	 	 
	 	By:	 
	 	 	Name: Adam Burley
	 	 	Title: Director

 

     

     

    

 

IN WITNESS WHEREOF the Parties hereto have
duly executed this Agreement as of the day and year first above written.

 

	 	MCEWEN COPPER INC.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	MCEWEN MINING INC.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	ROBERT R. MCEWEN
	 	 
	 	By:	 
	 	 	Robert R. McEwen
	 	 
	 	NUTON LLC
	 	 
	 	By:	/s/ Adam Burley
	 	 	Name: Adam Burley
	 	 	Title: Director

 

     

     

    

 

SCHEDULE A

 

Stage 1 Viability
Testing Programme

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]