Document:

EX-4.6

 Exhibit 4.6 
 DATED                     , 20__ 

APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. 
 AS ISSUER 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 AS TRUSTEE 
  

 
 INDENTURE

  
  

 

 CROSS-REFERENCE TABLE 

 

					
	 Trust Indenture Act Section
	  	Indenture
Section	 
	 310(a)(1)
	  	 	7.10	  
	  (a)(2)
	  	 	7.10	  
	  (a)(3)
	  	 	N.A.	  
	  (a)(4)
	  	 	N.A.	  
	  (a)(5)
	  	 	7.10	  
	  (b)
	  	 	7.08; 7.10	  
	  (c)
	  	 	N.A.	  
	 311(a)
	  	 	7.11	  
	  (b)
	  	 	7.11	  
	  (c)
	  	 	N.A.	  
	 312(a)
	  	 	2.07	  
	  (b)
	  	 	12.04	  
	  (c)
	  	 	12.04	  
	 313(a)
	  	 	7.06	  
	  (b)
	  	 	7.06	  
	  (c)
	  	 	7.06; 12.03	  
	  (d)
	  	 	7.06	  
	 314(a)
	  	 	4.02; 12.05	  
	  (b)
	  	 	N.A.	  
	  (c)(1)
	  	 	12.05	  
	  (c)(2)
	  	 	12.05	  
	  (c)(3)
	  	 	N.A.	  
	  (d)
	  	 	N.A.	  
	  (e)
	  	 	12.05	  
	  (f)
	  	 	12.05	  
	 315(a)
	  	 	7.01(b)	  
	  (b)
	  	 	7.05; 12.03	  
	  (c)
	  	 	7.01(a)	  
	  (d)
	  	 	7.01(c)	  
	  (e)
	  	 	6.13	  
	 316(a) (last sentence)
	  	 	12.06	  
	  (a)(1)(A)
	  	 	6.05	  
	  (a)(1)(B)
	  	 	6.04	  
	  (a)(2)
	  	 	N.A.	  
	  (b)
	  	 	6.08	  
	  (c)
	  	 	12.03	  
	 317(a)(1)
	  	 	6.09	  
	  (a)(2)
	  	 	6.10	  
	  (b)
	  	 	2.06	  
	 318(a)
	  	 	12.03	  

  
 N.A.
means Not Applicable 

  
 Exh. 4.6-2

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
	 ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	6	  
	 Section 1.01.
	 	Definitions	  	 	8	  
	 Section 1.02.
	 	Incorporation by Reference of Trust Indenture Act	  	 	8	  
	 Section 1.03.
	 	Rules of Construction	  	 	8	  
	 ARTICLE TWO THE SECURITIES
	  	 	8	  
	 Section 2.01.
	 	Form and Dating	  	 	8	  
	 Section 2.02.
	 	Amount Unlimited; Issuable in Series	  	 	8	  
	 Section 2.03.
	 	Denominations	  	 	9	  
	 Section 2.04.
	 	Execution and Authentication	  	 	9	  
	 Section 2.05.
	 	Registrar and Paying Agent	  	 	9	  
	 Section 2.06.
	 	Paying Agent to Hold Money in Trust	  	 	10	  
	 Section 2.07.
	 	Securityholder Lists	  	 	10	  
	 Section 2.08.
	 	Transfer and Exchange	  	 	10	  
	 Section 2.09.
	 	Replacement Securities	  	 	11	  
	 Section 2.10.
	 	Outstanding Securities	  	 	11	  
	 Section 2.11.
	 	Temporary Securities	  	 	11	  
	 Section 2.12.
	 	Cancellation	  	 	11	  
	 Section 2.13.
	 	Defaulted Interest	  	 	11	  
	 Section 2.14
	 	CUSIP Numbers	  	 	12	  
	 ARTICLE THREE REDEMPTION
	  	 	12	  
	 Section 3.01.
	 	Company’s Option to Redeem	  	 	12	  
	 Section 3.02.
	 	Notices to Trustee	  	 	12	  
	 Section 3.03.
	 	Selection of Securities to be Redeemed	  	 	12	  
	 Section 3.04.
	 	Notice of Redemption at the Company’s Option	  	 	12	  
	 Section 3.05.
	 	Effect of Notice of Redemption	  	 	13	  
	 Section 3.06.
	 	Deposit of Redemption Price	  	 	13	  
	 Section 3.07.
	 	Holder’s Right to Require Redemption	  	 	13	  
	 Section 3.08.
	 	Procedure for Requiring Redemption	  	 	13	  
	 Section 3.09.
	 	Securities Redeemed in Part	  	 	14	  
	 ARTICLE FOUR COVENANTS
	  	 	14	  
	 Section 4.01.
	 	Payment of Securities	  	 	14	  
	 Section 4.02.
	 	Reporting	  	 	14	  
	 Section 4.03.
	 	Corporate Existence	  	 	14	  
	 Section 4.04.
	 	Compliance Certificate	  	 	14	  
	 Section 4.05.
	 	Further Instruments and Acts	  	 	14	  
	 ARTICLE FIVE SUCCESSOR CORPORATION
	  	 	15	  
	 Section 5.01.
	 	Company may Consolidate, etc., only on Certain Terms	  	 	15	  
	 Section 5.02.
	 	Successor Corporation Substituted	  	 	15	  
	 ARTICLE SIX DEFAULTS AND REMEDIES
	  	 	15	  
	 Section 6.01.
	 	Events of Default	  	 	15	  
	 Section 6.02.
	 	Acceleration	  	 	16	  

  
 Exh. 4.6-3

							
	 Section 6.03.
	 	Other Remedies	  	 	17	  
	 Section 6.04.
	 	Waiver of Existing Defaults	  	 	17	  
	 Section 6.05.
	 	Control by Majority	  	 	17	  
	 Section 6.06.
	 	Payments of Securities on Default; Suit Therefor	  	 	17	  
	 Section 6.07.
	 	Limitation on Suits	  	 	18	  
	 Section 6.08.
	 	Rights of Holders to Receive Payment and to Demand Conversion	  	 	18	  
	 Section 6.09.
	 	Collection Suit by Trustee	  	 	18	  
	 Section 6.10.
	 	Trustee May File Proofs of Claim	  	 	18	  
	 Section 6.11.
	 	Restoration of Positions	  	 	18	  
	 Section 6.12.
	 	Priorities	  	 	19	  
	 Section 6.13.
	 	Undertaking for Costs	  	 	19	  
	 Section 6.14.
	 	Stay, Extension or Usury Laws	  	 	19	  
	 Section 6.15.
	 	Liability of Stockholders, Officers, Directors and Incorporators	  	 	19	  
	 ARTICLE SEVEN TRUSTEE
	  	 	20	  
	 Section 7.01.
	 	Duties of Trustee	  	 	20	  
	 Section 7.02.
	 	Rights of Trustee	  	 	21	  
	 Section 7.03.
	 	Individual Rights of Trustee	  	 	21	  
	 Section 7.04.
	 	Trustee’s Disclaimer	  	 	21	  
	 Section 7.05.
	 	Notice of Defaults	  	 	22	  
	 Section 7.06.
	 	Reports by Trustee	  	 	22	  
	 Section 7.07.
	 	Compensation and Indemnity	  	 	22	  
	 Section 7.08.
	 	Replacement of Trustee	  	 	23	  
	 Section 7.09.
	 	Successor Trustee by Merger, Etc.	  	 	23	  
	 Section 7.10.
	 	Eligibility; Disqualification	  	 	23	  
	 Section 7.11.
	 	Preferential Collection of Claims	  	 	24	  
	 ARTICLE EIGHT DISCHARGE OF INDENTURE
	  	 	24	  
	 Section 8.01.
	 	Termination of the Company’s Obligations	  	 	24	  
	 Section 8.02.
	 	Application of Trust Money	  	 	24	  
	 Section 8.03.
	 	Repayment to the Company	  	 	25	  
	 ARTICLE NINE AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	 	25	  
	 Section 9.01.
	 	Without Consent of Holders	  	 	25	  
	 Section 9.02.
	 	With Consent of Holders	  	 	25	  
	 Section 9.03.
	 	Compliance with Trust Indenture Act	  	 	26	  
	 Section 9.04.
	 	Revocation and Effect of Consents	  	 	26	  
	 Section 9.05.
	 	Notation on or Exchange of Securities	  	 	26	  
	 Section 9.06.
	 	Trustee to Sign Amendments, Etc.	  	 	26	  
	 ARTICLE TEN CONVERSION OR EXCHANGE OF SECURITIES
	  	 	27	  
	 Section 10.01.
	 	Provisions Relating to Conversion or Exchange of Securities	  	 	27	  
	 ARTICLE ELEVEN SINKING OR PURCHASE FUNDS
	  	 	27	  
	 Section 11.01.
	 	Provisions Relating to Sinking or Purchase Funds	  	 	27	  
	 ARTICLE TWELVE MISCELLANEOUS
	  	 	27	  
	 Section 12.01.
	 	Trust Indenture Act Controls	  	 	27	  
	 Section 12.02.
	 	Supplemental Indentures Contract	  	 	27	  
	 Section 12.03.
	 	Notices	  	 	27	  

  
 Exh. 4.6-4

							
	 Section 12.04.
	 	Communication by Holders with Other Holders	  	 	28	  
	 Section 12.05.
	 	Certificate and Opinion as to Conditions Precedent	  	 	28	  
	 Section 12.06.
	 	When Treasury Securities Disregarded	  	 	29	  
	 Section 12.07.
	 	Rules by Trustee, Paying Agent, Registrar	  	 	29	  
	 Section 12.08.
	 	Legal Holidays	  	 	29	  
	 Section 12.09.
	 	Governing Law and Submission to Jurisdiction	  	 	29	  
	 Section 12.10.
	 	Actions by the Company	  	 	29	  
	 Section 12.11.
	 	No Adverse Interpretation of Other Agreements	  	 	29	  
	 Section 12.12.
	 	Successors	  	 	29	  
	 Section 12.13.
	 	Duplicate Originals	  	 	30	  
	 Section 12.14.
	 	Table of Contents, Headings, etc.	  	 	30	  
	 Section 12.15.
	 	U.S.A. PATRIOT Act	  	 	30	  
	 Section 12.16.
	 	Force Majeure	  	 	30	  

  
 Exh. 4.6-5

 INDENTURE, dated as of
            , 20         between APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.(the “Company”), a Maryland
corporation having its principal office at 9 West 57th
Street, 43rd Floor, New York, New York 10019, and WELLS
FARGO BANK, NATIONAL ASSOCIATION (the “Trustee”), a national banking association organized under the laws of the United States of America which has its corporate trust office at 150 East 42nd Street, 40th Floor New York, NY 10017. 
 Each party agrees as follows for the benefit of each other party and for the equal and ratable benefit of the Holders of the Company’s debentures, notes or other evidences of unsecured indebtedness
to be issued in one or more series (“Securities”): 
 ARTICLE ONE 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 
 “Board
Resolution” means a resolution by the Board of Directors, or other body with analogous authority with respect to the Company or any duly authorized Committee of the Board of Directors or such body, certified by its Secretary or an Assistant
Secretary as being duly adopted and in full force and effect. 
 “Business Day” means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a Legal Holiday. 
 “Capital Stock” means common or preferred stock
entitled to share in the equity or profits of a corporation. 
 “Common Stock” means the common stock, par
value $.01 per share, of the Company, as that stock may be reconstituted from time to time. 
 “Company” means
the Person named as such in this Indenture until a successor replaces it and after that means the successor. 

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust
business is principally administered (which at the date of this Indenture is at the location set forth in the first paragraph of this Indenture). 
 “Corporation” includes corporations, associations, companies and business trusts. 
 “Custodian” has the meaning provided in Section 6.01. 

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

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

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

“Fiscal Year” means the period commencing on January 1 of a year and ending on the next December 31 or such
other period (not to exceed 12 months or 53 weeks) as the Company may from time to time adopt as its fiscal year. 

“Holder” or “Securityholder” means a Person in whose name a Security is registered on the
Registrar’s books. 
 “Indenture” means this Indenture as amended or supplemented from time to time and
will include the form and terms of the Securities of each series established as contemplated by Section 2.01. 

  
 Exh. 4.6-6

 “Interest Payment Date” means the date on which an installment of interest
on the Securities is due and payable. 
 “Legal Holiday” has the meaning provided in Section 12.08.

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

“Officer” means the Chairman of the Board, any Vice Chairman of the Board, the President, the Chief Executive Officer,
the Chief Financial Officer, any Vice President, the Treasurer, the Secretary, the Controller or any Assistant Secretary of a Person. 
 “Officers’ Certificate” when used with respect to the Company means a certificate signed by two Officers. Each such certificate will comply with Section 314 of the TIA and
include the statements described in Section 12.05. 
 “Opinion of Counsel” means a written opinion from
legal counsel which is reasonably acceptable to the Trustee. That counsel may be an employee of or counsel to the Company. Each such opinion will include the statements described in Section 12.05 if and to the extent required by that Section.

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

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

“Registrar” has the meaning provided in Section 2.05. 

“SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning provided in the recitals to this Indenture. 

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

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

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

“Subsidiary” means a corporation of which a majority of the voting stock is owned by the Company, by a Subsidiary of the
Company or by the Company and one or more Subsidiaries of the Company. 
 “Supplemental Indenture” means an
indenture between the Company and the Trustee which supplements this Indenture. 
 “TIA” means the Trust
Indenture Act of 1939, as amended, as in effect on the date of this Indenture. 
 “Trustee” means the Person
named as such in this Indenture and, subject to the provisions of Article Seven, any successor to that person. 
 “Trust
Officer” means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of this Indenture. 
 “United
States” means the United States of America. 

  
 Exh. 4.6-7

 Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. In addition, the provisions of Sections 310 to and including 317 of the TIA that impose duties on any person are
incorporated by reference in, and form a part of, this Indenture. 
 The following TIA terms mean the following when used in
this Indenture: 
 “Commission” means the SEC; 

“indenture securities” means the Securities; 
 “indenture security holder” means a Holder; 
 “indenture
to be qualified” means this Indenture; 
 “indenture trustee” or “institutional
trustee” means the Trustee; and 
 “obligor” on the indenture securities means the Company. 

All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by reference to another statute or defined by
SEC rule have the meanings assigned to them. 
 Section 1.03. Rules of Construction. Unless the context otherwise
requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the United States; 

(3) “or” is not exclusive; and 
 (4) words in the singular include the plural, and in the plural include the singular. 
 ARTICLE TWO 
 THE SECURITIES 

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

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

Section 2.02. Amount Unlimited; Issuable in Series. The aggregate principal amount of the Securities which may be
authenticated and delivered under this Indenture is unlimited. 

  
 Exh. 4.6-8

 The Securities may be issued in one or more series. Prior to the issuance of Securities of a
series, the Company and the Trustee will execute a Supplemental Indenture which will set forth as to the Securities of that series, to the extent applicable: 
 (1) the title of the Securities; 
 (2) any limit upon the aggregate principal
amount of Securities which may be issued; 
 (3) the date or dates on which the Securities will mature and the amounts to be
paid upon maturity of the Securities; 
 (4) the rate or rates (which may be fixed or variable) at which the Securities will
bear interest, if any, the dates from which interest will accrue, the dates on which interest will be payable and the record date for the interest payable on any interest payment date; 

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

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

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

 (8) the right, if any, of holders of the Securities to convert them into stock or other securities of the Company, including
any provisions intended to prevent dilution of those conversion rights; 
 (9) any provisions by which the Company will be
required or permitted to make payments to a sinking fund which will be used to redeem Securities or a purchase fund which will be used to purchase Securities; 
 (10) the percentage of the principal amount of the Securities which is payable if maturity of the Securities is accelerated because of a default; and 

(11) any other terms of the Securities. 
 Section 2.03. Denominations. Unless otherwise provided in the Supplemental Indenture relating to a series of Securities, the Securities of each series will be issuable in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. 
 Section 2.04. Execution and
Authentication. Two Officers will sign the Securities of each series for the Company by manual or facsimile signature. The Company’s seal will be reproduced on the Securities. If an Officer whose signature is on a Security no longer holds
office at the time the Trustee authenticates the Security, the Security will be valid nonetheless. 
 A Security will not be
valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature will be conclusive evidence that the Security has been authenticated under this Indenture. 

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

  
 Exh. 4.6-9

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

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

Section 2.07. Securityholder Lists. The Trustee will preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of the Holders of the Securities of each series. If the Trustee is not the Registrar, the Company will furnish to the Trustee in writing (a) at least five Business Days before each Interest
Payment Date and (b) at such other times as the Trustee may request in writing, all information in the possession or control of the Company or its Paying Agent as to the names and addresses of Holders of the Securities of a series;
provided, however that if the provisions of (a) and (b) do not provide for the furnishing of such information at stated intervals of not more than six months, at least as frequently as semiannually. 

Section 2.08. Transfer and Exchange. Unless otherwise provided in the Supplemental Indenture relating to Securities of a
series, Securities which are issued in registered form will be transferred only upon the surrender of the Securities for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request to register a transfer,
the Registrar will register the transfer as requested if the requirements of Article Eight of the New York Uniform Commercial Code are met. When Securities are presented to the Registrar or a co-registrar with a request to exchange them for an equal
principal amount of Securities of the same series of other denominations, the Registrar will make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Company will execute and the Trustee
will authenticate Securities at the Registrar’s or co-registrar’s request. The Company will not charge a fee for transfers or exchanges. 
 The Company will not be required to make, and the Registrar need not register, transfers or exchanges of (i) Securities selected for redemption (except, in the case of Securities to be redeemed in
part, transfers or exchanges of the portion of the Securities not to be redeemed) or (ii) any Securities of a series for a period of 15 days before the first mailing of a notice of the Securities of that series which are to be redeemed.

 Prior to the due presentation for registration or transfer of any Security which was issued in registered form, the Company,
the Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the person in whose name the Security is registered as the absolute owner of the Security for all purposes, and none of the Company, the Trustee, the Paying Agent,
the Registrar or any co-registrar will be affected by notice to the contrary. 
 Neither the Trustee nor any Agent shall have
any responsibility or liability for any actions taken or not taken by the Depository. 

  
 Exh. 4.6-10

 Section 2.09. Replacement Securities. If a mutilated Security which had been
issued in registered form is surrendered to the Registrar or if the Holder presents evidence to the satisfaction of the Company and the Trustee that a Security which had been issued in registered form has been lost or destroyed, the Company will
issue and the Trustee will authenticate a replacement Security of the same series if the requirements of Section 8-405 of the New York Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee.
The replacement Security will not be issued until the Holder furnishes an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar or any co-registrar from any
loss which any of them may suffer if the Security is replaced. The Company may charge the Holder for its expenses in replacing a Security. 
 Every replacement Security will be an obligation of the Company, even if the replaced Security is subsequently found. 
 Section 2.10. Outstanding Securities. The Securities outstanding at any time will be all the Securities authenticated by the Trustee, except those cancelled by it, those delivered to it for
cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Company or its affiliate holds the Security. 
 If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a protected
purchaser (in which case the replaced Security will be treated as outstanding to the extent permitted by Section 8-210 of the New York Uniform Commercial Code). 
 If the Paying Agent (other than the Company or a Subsidiary) segregates and holds in trust, in accordance with this Indenture, on a redemption date or Maturity Date money sufficient to pay all principal,
premium, if any, and interest, if any, payable on that date with respect to the Securities to be redeemed or maturing, as the case may be, then on that date those Securities will cease to be outstanding and interest on them will cease to accrue.

 Section 2.11. Temporary Securities. Until definitive Securities of a series are ready for delivery, the Company
may prepare and the Trustee will authenticate temporary Securities of that series. Temporary Securities will be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Securities and deliver them in exchange for temporary Securities. 
 Section 2.12. Cancellation. The Company at any time may deliver Securities of a series to the Trustee for cancellation and the Trustee will reduce accordingly the aggregate amount of the
Securities of that series which are outstanding. The Registrar and the Paying Agent will forward to the Trustee any Securities surrendered to them for registration of transfer, exchange, payment, or conversion. The Trustee and no one else will
cancel and dispose of (subject to the record retention requirements of the Exchange Act) all Securities surrendered for registration of transfer, exchange, payment, conversion or cancellation and deliver evidence of such disposal to the Company.
Subject to Section 2.09, the Company may not issue new Securities of a series to replace Securities of the series it has redeemed, paid, converted or delivered to the Trustee for cancellation. 

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

  
 Exh. 4.6-11

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

REDEMPTION 

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

Section 3.02. Notices to Trustee. If the Company elects to redeem Securities of a series, it will notify the Trustee of the
redemption date and the principal amount and series of Securities to be redeemed. The Company will give each notice provided for in this Section at least 45 days before the redemption date. If fewer than all the Securities of a series are to be
redeemed, the record date for determining which Securities of the series are to be redeemed will be selected by the Company, which will give notice of the record date to the Trustee at least 15 days before the record date. 

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

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

(1) the redemption date; 
 (2) the redemption price plus accrued interest, if any; 
 (3) the name and address
of the Paying Agent; 
 (4) that Securities called for redemption in whole or in part must be surrendered to the Paying Agent to
collect the redemption price plus accrued interest, if any; 

  
 Exh. 4.6-12

 (5) that, unless the Company defaults in making the redemption payment, interest on
Securities (or portions of Securities) called for redemption will cease to accrue on the redemption date and, if applicable, that those Securities (or the portions of then called for redemption) will cease on the redemption date (or such other date
as is provided in the Supplemental Indenture relating to the Securities) to be convertible into, or exchangeable for, other securities or assets; 
 (6) if applicable, the current conversion or exchange price; and 
 (7) that no
representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities. 
 At the Company’s request, pursuant to an Officers’ Certificate delivered to the Trustee at least 37 days prior to the redemption date, the Trustee will give the notice of redemption in the
Company’s name and at the Company’s expense. In such event, the Company will provide the Trustee with the information required by clauses (1) through (3) and (6). 

Section 3.05. Effect of Notice of Redemption. Once notice of redemption is mailed, Securities, or portions of Securities
called for redemption will become due and payable on the redemption date and at the redemption price. Upon surrender to the Paying Agent, those Securities will be paid at the redemption price, plus accrued and unpaid interest to the redemption date.
On and after the date fixed for redemption (unless the Company defaults in the payment of the redemption price, together with interest accrued to the redemption date) interest on the Securities, or portions of them, which are redeemed will cease to
accrue and any right to convert those Securities into, or exchange them for, other securities or assets will terminate and those Securities will cease to be convertible or exchangeable. Failure to give notice or any defect in the notice to any
Holder will not affect the validity of the notice to any other Holder. 
 Section 3.06. Deposit of Redemption Price.
No later than the Business Day prior to the redemption date specified in a notice of redemption, the Company will deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, segregate and hold in trust) money sufficient to
redeem on the redemption date all the Securities called for redemption on that redemption date at the appropriate redemption price, together with accrued interest to the redemption date, other than Securities or portions of Securities called for
redemption which have been delivered by the Company to the Trustee for cancellation or Securities which have been surrendered for conversion or exchange. If any Securities called for redemption are converted or exchanged, any money deposited with
the Paying Agent for redemption of those Securities will be paid to the Company upon its request, or, if the money is held in trust by the Company or a Subsidiary as Paying Agent, the money will be discharged from the trust. 

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

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

  
 Exh. 4.6-13

 The Company’s determination of all questions regarding the validity, eligibility
(including time of receipt) and acceptance of any Security for redemption will be final and binding. 
 Section 3.09.
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company will execute and the Trustee will authenticate and deliver to the Holder (at the Company’s expense) a new Security equal of the same series
in principal amount equal to the unredeemed portion of the Security which was surrendered. 
 ARTICLE FOUR 

COVENANTS 

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

The Company will pay or cause to be paid interest on overdue principal at the rate specified in the Securities; it will also pay interest
on overdue installments of interest at the same rate (or such other rate as is provided in the applicable Supplemental Indenture), to the extent lawful. 
 Section 4.02. Reporting. The Company will file with the Trustee within 15 days after filing with the SEC, copies of its annual reports and of the information, documents, and other reports (or
copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange
Act”). The Company also will comply with the other provisions of TIA Section 314(a). 
 Section 4.03.
Corporate Existence. Subject to Article Five, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises;
provided, however, that the Company will not be required to preserve any such right or franchise if the Board of Directors determines that the preservation of the right or franchise is no longer desirable in the conduct of the
business of the Company and that its loss will not be disadvantageous in any material respect to the Holders of Securities of any series. 
 Section 4.04. Compliance Certificate. The Company will deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers’ Certificate stating that in the
course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any default by the Company and whether or not the signers know of any default that occurred during the fiscal year. If they do,
the certificate will describe the default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also will comply with TIA Section 314(a)(4). 

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

  
 Exh. 4.6-14

 ARTICLE FIVE 
 SUCCESSOR CORPORATION 
 Section 5.01. Company may Consolidate,
etc., only on Certain Terms. The Company will not consolidate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any person, unless: 

(1) the corporation formed by the consolidation or into which the Company is merged or the person which acquires by conveyance or
transfer, or which leases, the properties and assets of the Company substantially as an entirety will be a corporation organized and existing under the laws of the United States of America, a State of the United States of America or the District of
Columbia and expressly assumes, by a one or more supplemental indentures, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if any, on all the
Securities of each series and the performance of every covenant of this Indenture and of all Supplemental Indentures to be performed or observed by the Company; 
 (2) immediately after giving effect to the transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, will have occurred and be
continuing; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that the consolidation, merger, conveyance, transfer or lease and the supplemental indenture (or the supplemental indentures together) comply with this Article and that all the conditions precedent relating to the transaction set forth in
this Section have been fulfilled. 
 Section 5.02. Successor Corporation Substituted. Upon any event described in
Section 5.01, the successor corporation will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and all the Supplemental Indentures relating to outstanding series of Securities, and
the predecessor corporation will be relieved of all obligations and covenants under this Indenture and each of those Supplemental Indentures. 
 ARTICLE SIX 
 DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. 
 An “Event of Default” occurs if: 
 (1) The Company defaults in
the payment of interest on any Security of any series when it becomes due and payable and the default continues for a period of 30 days (or such other period, which may be no period) as is specified in the Supplemental Indenture relating to the
series; 
 (2) The Company defaults in the payment of the principal of, or premium, if any, on any Security of any series as and
when it becomes due and payable at its stated maturity or upon redemption, acceleration or otherwise and, if provided in the Supplemental Indenture relating to a series, the default continues for a period specified in the Supplemental Indenture;

 (3) The Company fails to comply with any of its other covenants or agreements with regard to Securities of a series or this
Indenture (other than a covenant or agreement, a default in whose performance or whose breach is dealt with specifically elsewhere in this Section) and that failure continues for a period of 60 days after the date of the notice specified below;

  
 Exh. 4.6-15

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

(A) commences a voluntary case; 
 (B) consents to the entry of an order for relief against it in an involuntary case; 
 (C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 
 (D) makes a general assignment for the benefit of its creditors; or 
 (5) a court
of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: 
 (A) for relief in an involuntary
case; 
 (B) appointing a Custodian of the Company or for any substantial part of its property; or 

(C) ordering its winding up or liquidation; 
 and the order or decree remains unstayed and in effect for 90 days. 
 Each of the
occurrences described in clauses (1) through (5) will constitute an Event of Default whatever the reason for the occurrence and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body. 
 The term
“Bankruptcy Law” means Title 11 of the United States Code or any similar United States Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator,
custodian or similar official under any Bankruptcy Law. 
 A Default under clause (3) of this Section is not an Event of
Default until the Trustee notifies the Company, or the Holders of at least 25% in principal amount of the then outstanding Securities of a series with regard to which the Company has failed to comply with a covenant or agreement notify the Company
and the Trustee, of the Default and the Company does not cure the Default within 45 days after the giving of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of
Default.” 
 A Default under clause (1), (2) or (3) with regard to Securities of a series will not constitute
a Default with regard to Securities of any other series except to the extent, if any, provided in the Supplemental Indenture relating to the other series. 
 The Company will deliver to the Trustee, within 20 days after it occurs, written notice in the form of an Officers’ Certificate of any event of which the Company is aware which with the giving of
notice and the lapse of time would become an Event of Default under clause (3), its status and what action the Company is taking or proposes to take with respect to it. 
 Section 6.02. Acceleration. If an Event of Default as to the Securities of a series occurs and is continuing, unless the principal of all of the Securities of the series has already become due
and payable, the Trustee by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of the series then outstanding by notice to the Company and the Trustee, may declare the principal of and accrued
interest, if any, on all the Securities of the series to be due and payable. Upon such a declaration, that principal and interest will be due and payable immediately. If an Event of Default specified in Section 6.01(4) or (5) occurs, the
principal of, premium, if any, and accrued interest, if any, on all the Securities will automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders. The Holders of a
majority in principal amount of the Securities of a series then outstanding, on behalf of the Holders of all the Securities of the series, by written notice to the Trustee may rescind an acceleration and its consequences if all

  
 Exh. 4.6-16

 
existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, or interest, if any, that has become due solely because of acceleration, and if the
rescission would not conflict with any judgment or decree. No such rescission will affect any subsequent default or impair any consequent right. 
 Section 6.03. Other Remedies. If an Event of Default as to a series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium, if
any, and interest, if any, on the Securities of the series or to enforce the performance of any provision under this Indenture or any applicable Supplemental Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in
exercising any right or remedy accruing upon an Event of Default will not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are
cumulative. 
 Section 6.04. Waiver of Existing Defaults. The Holders of a majority in aggregate principal amount of
the Securities of a series then outstanding, on behalf of the Holders of all the Securities of that series, by written notice to the Trustee may consent to the waiver of any past Default with regard to Securities of the series and its consequences
except (i) a default in the payment of interest or premium, if any, on, or the principal of, Securities of the series, or (ii) a default in respect of a covenant or a provision that under Section 9.02 cannot be modified or amended
without the consent of the Holders of all Securities of the series then outstanding. The defaults described in clauses (i) and (ii) in the previous sentence may be waived with the consent of the Holders of all Securities of the series then
outstanding. When a Default or Event of Default is waived, it is deemed cured and not continuing, but no waiver will extend to any subsequent or other Default or impair any consequent right. 

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

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

  
 Exh. 4.6-17

 Section 6.07. Limitation on Suits. A Securityholder may not pursue any remedy
with respect to this Indenture unless: 
 (1) the Holder gives to the Trustee written notice stating that an Event of Default as
to a series is continuing; 
 (2) the Holders of at least 25% in principal amount of the Securities of the series then
outstanding make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee
reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not
comply with the request within 60 days after receipt of the request and the offer of security or indemnity, and the Event of Default has not been waived; and 
 (5) the Trustee has received no contrary direction from the Holders of a majority in principal amount of the Securities of the series then outstanding during such 60-day period. 

A Securityholder may not use this Indenture to prejudice the rights of another Holder of the same series of Securities or to obtain a
preference or priority over another Holder of the same series of Securities (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).

 Section 6.08. Rights of Holders to Receive Payment and to Demand Conversion. Notwithstanding any other provision
of this Indenture, the right of any Holder of a Security of any series to receive payment of principal of, premium, if any, and interest, if any, on the Security (and interest on overdue principal and interest on overdue installments of interest, if
any, as provided in Section 4.01), on or after the respective due dates expressed in the Security or, in the case of redemption, on or after the redemption date, or in the case of conversion or exchange, to receive the security issuable upon
conversion or exchange or to institute suit for the enforcement of any such payment, conversion or exchange on or after the applicable due date, redemption date or conversion or exchange date, as the case may be, against the Company, will not be
impaired or affected without the consent of the Holder. 
 Section 6.09. Collection Suit by Trustee. If an Event of
Default in payment of principal, premium, if any, or interest, if any, specified in clause (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal, premium, if any, and interest remaining unpaid (together with interest on that unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 

Section 6.10. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee and the Holders of the Securities of any or all series allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law
or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make
payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
its counsel, and any other amounts due the Trustee under Section 7.07. 
 Section 6.11. Restoration of
Positions. If a judicial proceeding by the Trustee or a Securityholder to enforce any right or remedy under this Indenture or any Supplemental Indenture is dismissed or decided favorably to the Company, except as otherwise provided in the
judicial proceeding, the Company, the Trustee and the Securityholders will be restored to the positions they would have been in if the judicial proceeding had not been instituted. 

  
 Exh. 4.6-18

 Section 6.12. Priorities. If the Trustee collects any money pursuant to this
Article Six with respect to Securities of a series, subject to Article Eleven, it will pay out the money or property in the following order: 
 FIRST: to the Trustee and its attorneys and agents for amounts due under Section 7.07; 
 SECOND: to Securityholders for amounts due and unpaid on the Securities of the series for principal and interest, ratably, without preference or priority of any kind, according to the amounts due
and payable on the Securities of the series for principal and interest, respectively; and 
 THIRD: to the Company.

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

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

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

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

  
 Exh. 4.6-19

 ARTICLE SEVEN 
 TRUSTEE 
 Section 7.01. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee will exercise the rights and powers vested in it by this Indenture
and any applicable Supplemental Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(b) Except during the continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and any Supplemental Indentures and no implied covenants or obligations will be read
into this Indenture or any Supplemental Indenture against the Trustee; and 
 (ii) the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed in them, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture in the absence of willful misconduct on the Trustee’s
part; provided, however, that the Trustee will examine the certificates and opinions to determine whether or not they substantially conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not
limit the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee will not be liable for any error of
judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

(4) the Trustee will not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of
its duties under this Indenture or any Supplemental Indenture or in the exercise of any of its rights or powers, if it has reasonable grounds to believe repayment of the funds or adequate indemnity against the risk or liability is not reasonably
assured to it. 
 (d) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee is subject to the provisions of this Section 7.01 and to the provisions of the TIA. 
 (e) The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree with the Company. Money and Government Obligations held in trust by the Trustee need not be
segregated from other funds or items except to the extent required by law. 
 (g) 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 at the time outstanding given pursuant to Section 6.05 of this
Indenture, 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 or any Supplemental Indenture. 

  
 Exh. 4.6-20

 Section 7.02. Rights of Trustee. 

(a) The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The
Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting,
it may require an Officers’ Certificate or an Opinion of Counsel or both which conforms to Section 12.05. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such an Officers’
Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents or attorneys and will not be responsible for the
misconduct or negligence of any agent or attorney appointed with due care. 
 (d) The Trustee will not be liable for any action
it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, except conduct which constitutes willful misconduct or negligence. 
 (e) The Trustee may consult with counsel of its selection, and the Trustee will not be liable for any action it takes or omits in reliance on, and in accordance with, the advice of counsel and in good
faith. 
 (f) The Trustee will not be required to investigate any facts or matters stated in any document, but if it decides to
investigate any matters or facts, the Trustee or its agents or attorneys will be entitled to examine the books, records and premises of the Company at the expense of the Company, and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation. 
 (g) The Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the
Securities and this Indenture. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

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

(j) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture. 
 Section 7.03. Individual Rights of
Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any of its affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 
 Section 7.04. Trustee’s Disclaimer. The Trustee (i) is not responsible for and makes no representation as to the validity or adequacy of this Indenture, (ii) will not be
responsible for and will not make any representation as to the validity or adequacy of any Supplemental Indenture, (iii) will not be accountable for the Company’s use of the proceeds from the Securities of any series, and (iv) will
not be responsible for any statement of the Company in this Indenture or any Supplemental Indenture, other than the Trustee’s certificate of authentication, or in any prospectus used in the sale of any of the Securities, other than statements,
if any, provided in writing by the Trustee for use in such a prospectus. 

  
 Exh. 4.6-21

 Section 7.05. Notice of Defaults. The Trustee will give to the Holders of the
Securities of a series notice of any Default with regard to the Securities of that series actually known to a Trust Officer, within 90 days after receipt of such knowledge and in the manner and to the extent provided in TIA Section 313(c), and
otherwise as provided in Section 12.03 of this Indenture; 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 will be
protected in withholding notice of the Default if and so long as it in good faith determines that the withholding of the notice is in the interests of the Holders of the Securities of the series. 

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

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

Section 7.07. Compensation and Indemnity. The Company will pay to the Trustee from time to time such compensation for its
services as mutually agreed to in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the compensation for its services. Those expenses will include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel,
accountants and experts. The Company will indemnify the Trustee against any and all loss, liability, claims (whether asserted by the Company, a holder or any other person) or expense (including reasonable attorneys’ fees) incurred by it in
connection with the administration of the trust created by this Indenture or any Supplemental Indenture and the performance of its duties under this Indenture or any Supplemental Indenture. The Trustee will notify the Company promptly of any claim
for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations under this Section. The Company will defend the claim and the Trustee may have separate counsel and the Company will pay
the fees and expenses of such counsel. The Company need not pay for any settlement made without its consent. The Company need not reimburse any expense or indemnify against any loss, expense or liability incurred by the Trustee to the extent it is
due to the Trustee’s own willful misconduct or negligence. 
 To secure the Company’s obligation to make payments to
the Trustee under this Section 7.07, the Trustee will have a lien prior to the Securities on all money or property held or collected by the Trustee, other than money or property held in trust to pay principal or interest on particular
Securities. Those obligations of the Company will survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in clause (4) or (5) of Section 6.01 occurs, the expenses and the compensation for the services of
the Trustee are intended to constitute expenses of administration under any Bankruptcy Law. 
 For purposes of this
Section 7.07, “Trustee” will include any predecessor Trustee, but the willful misconduct, negligence or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 7.07. 

  
 Exh. 4.6-22

 Section 7.08. Replacement of Trustee. The Trustee may resign at any time by so
notifying the Company. The Holders of a majority in aggregate principal amount of the Securities of all series then outstanding may remove the Trustee by so notifying the Trustee and the Company and may appoint a successor Trustee. The Company may
remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 

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

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

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

No removal or appointment of a Trustee will be valid if that removal or appointment would conflict with any law applicable to the
Company. 
 A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Immediately after that, the retiring Trustee will, subject to the lien provided for in Section 7.07, transfer all property held by it as a Trustee to the successor Trustee, the resignation or removal of the retiring Trustee will become
effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture and all Supplemental Indentures. A successor Trustee will mail notice of its succession to each Securityholder. 

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

If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to
this Section, the Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 

Section 7.09. Successor Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all
or substantially all of its corporate trust assets to, another Person, the resulting, surviving or transferee Person will, without any further act, be the successor Trustee. 
 If at the time a successor by merger, conversion or consolidation to the Trustee succeeds to the trusts created by this Indenture any of the Securities have been authenticated but not delivered, the
successor to the Trustee may adopt the certificate of authentication of the predecessor Trustee, and deliver the Securities which were authenticated by the predecessor Trustee; and if at that time any of the Securities have not been authenticated,
the successor to the Trustee may authenticate those Securities in its own name as the successor to the Trustee; and in either case the certificates of authentication will have the full force provided in this Indenture for certificates of
authentication. 
 Section 7.10. Eligibility; Disqualification. The Trustee will at all times satisfy the
requirements of TIA Section 310(a). The Trustee will at all times have (or shall be a member of a bank holding company system whose parent corporation has) a combined capital and surplus of at least $50,000,000 as set forth in its most recently
published annual report of condition, which will be deemed for this paragraph to be its combined capital and surplus. The Trustee will comply with TIA Section 310(b). 

  
 Exh. 4.6-23

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

ARTICLE EIGHT 
 DISCHARGE OF INDENTURE 
 Section 8.01. Termination of the
Company’s Obligations. When (i) the Company delivers to the Trustee all outstanding Securities of all series (other than Securities replaced pursuant to Section 2.09) for cancellation or (ii) all outstanding Securities of all
series have become due and payable, or are due and payable within one year or are to be called for redemption within one year, under arrangements satisfactory to the Trustee for giving the notice of redemption, and the Company irrevocably deposits
in trust with the Trustee (subject to Article Eleven) money or U.S. Government Obligations sufficient to pay the principal, premium, if any, and interest, if any, on the Securities of all series to maturity or redemption, as the case may be, and if,
in the case of either (i) or (ii) above the Company also pays or causes to be paid all other sums payable by the Company under this Indenture, then this Indenture will cease to be of further effect. 

Notwithstanding the foregoing, the Company’s obligations to pay principal, premium, if any, and interest, if any, on the Securities
and the Company’s obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in Article Ten will survive until all the Securities of all series are no longer outstanding. Thereafter, the Company’s obligations in Section 7.07
will survive. 
 Before or after a deposit the Company may make arrangements satisfactory to the Trustee for the redemption of
Securities of a series at a future date to the extent the Securities are redeemable in accordance with Article Three and the applicable Supplemental Indenture. 
 After a deposit pursuant to this Section 8.01 or after all outstanding Securities of all series have been delivered to the Trustee for cancellation, the Trustee upon request from the Company,
accompanied by an Officers’ Certificate and an Opinion of Counsel which complies with Section 12.05, and at the cost of the Company, will acknowledge in writing the satisfaction and discharge of the Company’s obligations under the
Securities of all series and this Indenture except for those surviving obligations specified above. 
 In order to have money
available on payment dates to pay principal, premium, if any, or interest, if any, on the Securities of a series, the U.S. Government Obligations will be payable as to principal, premium, if any, or interest on or before those payment dates in
amounts sufficient to provide the necessary money. U.S. Government Obligations used for this purpose may not be callable at the issuer’s option. 
 “U.S. Government Obligations” means: 
 (1) direct obligations of
the United States for the payment of which its full faith and credit is pledged; or 
 (2) obligations of a person controlled or
supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States. 

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

  
 Exh. 4.6-24

 Section 8.03. Repayment to the Company. The Trustee and the Paying Agent will
promptly pay to the Company upon written request any excess money or securities held by them at any time. The Trustee and the Paying Agent will, subject to applicable escheatment laws, pay to the Company upon written request any money held by them
for the payment of principal, premium or interest that remains unclaimed for two years. After such payment, the Holder of any Securities shall thereafter look to the Company for any payment which such Holder may be entitled to collect, and all
liability of the Trustee and the Paying Agent with respect to that money will cease. 
 ARTICLE NINE 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 Section 9.01. Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to or consent of any Securityholder: 

(1) to cure any ambiguity, defect or inconsistency as evidenced in an Officers’ Certificate; 

(2) to comply with Article Five; 
 (3) to establish the form and terms of the Securities of any series as contemplated in Article Two of this Indenture; 
 (4) to provide for uncertificated Securities in addition to or in place of certificated Securities; or 
 (5) to make any change that does not materially adversely affect the rights of any Securityholder. 
 After an amendment under this Section becomes effective, the Company will mail to the Securityholders a notice briefly describing the amendment. The failure to give such notice to all Securityholders, or
any defect in a notice, will not impair or affect the validity of an amendment under this Section. 
 Section 9.02. With
Consent of Holders. The Company and the Trustee may (i) amend or supplement this Indenture or the Securities without notice to any Securityholder but with the written consent of the Holders of a majority in aggregate principal amount of the
Securities of all series then outstanding or (ii) supplement this Indenture with regard to a series of Securities, amend or supplement a Supplemental Indenture relating to a series of Securities, or amend the Securities of a series, without
notice to any Securityholder but with the written consent of the Holders of a majority in aggregate principal amount of the Securities of that series then outstanding. The Holders of a majority in principal amount of the Securities of all series
then outstanding may waive compliance by the Company with any provision of this Indenture or the Securities without notice to any Securityholder. The Holders of a majority in principal amount of the Securities of any series then outstanding may
waive compliance with any provision of this Indenture, any Supplemental Indenture or the Securities of that series with regard to the Securities of that series without notice to any Securityholder. However, without the consent of the Holder so
affected, no amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may: 
 (1) extend the fixed
maturity of any Security, reduce the rate or extend the time for payment of interest on any Security, reduce the principal amount of any Security or premium, if any, on any Security; 

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

  
 Exh. 4.6-25

 (3) change the currency in which the Securities are payable from that specified in the
Securities or in a Supplemental Indenture applicable to the Securities; 
 (4) impair the right, if any, to convert the
Securities into, or exchange the Securities for, other securities or assets; 
 (5) reduce the percentage of Securities required
to consent to an amendment, supplement or waiver; 
 (6) reduce the amount payable upon the redemption of any Security or change
the time at which any Security may or will be redeemed; 
 (7) modify the provisions of any Supplemental Indenture with respect
to subordination of the Securities of a series in a manner adverse to the Securityholders; or 
 (8) make any change in
Section 6.04 or 6.08 or the fifth sentence of this Section. 
 It will not be necessary for the consent of the Holders
under this Section to approve the particular form of any proposed amendment, supplement or waiver, but it will be sufficient if the consent approves the substance of the amendment, supplement or waiver. 

Section 9.03. Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture, any Supplemental
Indenture or the Securities will comply with the TIA as then in effect. 
 Section 9.04. Revocation and Effect of
Consents. A consent to an amendment, supplement or waiver by a Holder of a Security will bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to the Holder’s Security or portion of a Security. For a revocation to be effective, the Trustee must receive
written notice of the revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective in accordance with its terms, it will bind every Holder of every Security of every
series to which it applies. 
 Section 9.05. Notation on or Exchange of Securities. If an amendment changes the
terms of a series of Securities, the Trustee may require the Holder of a Security of the series to deliver the Holder’s Security to the Trustee, who will place an appropriate notation about the amendment, supplement or waiver on the Security
and will return it to the Holder. Alternatively, the Company may, in exchange for the Security, issue, and the Trustee will authenticate, a new Security that reflects the amendment, supplement or waiver. 

Section 9.06. Trustee to Sign Amendments, Etc. The Trustee will sign any amendment, supplement or waiver authorized pursuant
to Article Two or this Article Nine if the amendment, supplement or waiver does not adversely affect the rights, liabilities or immunities of the Trustee. If it does adversely affect those rights, liabilities or immunities, the Trustee may but need
not sign it. The Company may not sign an amendment or supplement until the amendment or supplement is approved by an appropriate Board Resolution. In executing any Supplemental Indenture permitted by this Article the Trustee shall receive, and shall
be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such Supplemental Indenture is authorized or permitted by this Indenture and that such Supplemental Indenture is the legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

  
 Exh. 4.6-26

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

SINKING OR PURCHASE FUNDS 
 Section 11.01. Provisions Relating to Sinking or Purchase Funds. Any requirements that the Company make, or rights of the Company to make at its option, payments prior to maturity of the
Securities of a series which will be used as a fund with which to redeem or to purchase Securities of that series, including but not limited to provisions regarding the amount of the payments, when the Company will be required, or will have the
option, to make the payments and when the payments will be applied, will be set forth in a Supplemental Indenture relating to the series of Securities. In the absence of provisions in a Supplemental Indenture relating to a series of Securities
setting forth requirements that the Company make, or rights of the Company to make at its option, payments to be used as a fund with which to redeem or purchase Securities of the series, the Company will not be subject to any such requirements and
will not have any such rights. However, unless otherwise specifically provided in a Supplemental Indenture relating to a series of Securities, the Company will at all times have the right to purchase Securities from Holders in market transactions or
otherwise. 
 ARTICLE TWELVE 
 MISCELLANEOUS 
 Section 12.01. Trust Indenture Act Controls. If
any provision of this Indenture or any Supplemental Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 through 317 of the TIA, the imposed duties will control. 

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

Section 12.03. Notices. Any notice or communication under or relating to this Indenture or any Supplemental Indenture will be
sufficiently given if in writing and delivered in person or mailed by first-class mail, certified or registered, overnight delivery return receipt requested, addressed as follows: 

 

			
	        if to the Company:	  	 Apollo Commercial Real Estate Finance, Inc.
 9 West 57th
Street, 43rd Floor

New York, New York 10019
 Attention: Chief
Executive Officer

		
	        if to the Trustee:	  	 Wells Fargo Bank, National Association,
 150 East 42nd
Street, 40th Floor

New York, NY 10017

  
 Exh. 4.6-27

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

Failure to mail a notice or communication to a Securityholder or any defect in it will not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 If by reason of the suspension of regular mail service, or by reason of any other cause, it is impossible to mail any notice as required by this Indenture or any Supplemental Indenture, then any method of
notification which is approved by the Trustee will constitute a sufficient mailing of the notice. 
 The Company may set a
record date for purposes of determining the identity of Securityholders entitled to vote or consent to any action by vote or consent authorized or permitted by Sections 6.04 and 6.05. The record date will be the later of 30 days prior to the first
solicitation of consents or the date of the most recent list of Holders furnished to the Trustee pursuant to Section 2.07 prior to the solicitation. 
 Section 12.04. Communication by Holders with Other Holders. Securityholders may communicate pursuant to TIA Section 312(b) with other Securityholders with respect to their rights under
this Indenture or the Securities. Each of the Company, the Trustee, the Registrar and anyone else will have the protection of TIA Section 312(c). 
 Section 12.05. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture or any Supplemental
Indenture, the Company will furnish to the Trustee: 
 (1) an Officers’ Certificate stating that, in the opinion of the
signer, all conditions precedent, if any, provided for in this Indenture or any Supplemental Indenture relating to the proposed action have been complied with; 
 (2) an Opinion of Counsel stating that, in the opinion of such counsel, all those conditions precedent have been complied with; and 

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

 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture or a
Supplemental Indenture will include (i) a statement that the person making the certificate or opinion has read the covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in the certificate or opinion are based; (iii) a statement that, in the opinion of the person giving the certificate or opinion, that person has made such examination or investigation as is necessary to enable
that person to express an informed opinion as to whether or not the covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of that person, the condition or covenant has been complied with.
Nothing in this Section 12.05 will be construed as requiring that the Company furnish to the Trustee any evidence of compliance with the conditions and covenants provided for in this Indenture or any Supplemental Indenture other than the
evidence specified in this Section 12.05. 

  
 Exh. 4.6-28

 Section 12.06. When Treasury Securities Disregarded. In determining whether the
Holders of the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company, or anyone under direct or indirect control or under direct or indirect common control with the Company will
be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned will be so
disregarded. Securities so owned which have been pledged in good faith will not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to the Securities and that the pledgee is not
the Company or a person directly or indirectly controlling or controlled by, or under common control with, the Company. Nothing in this Section 12.06 will be construed as requiring that the Company furnish to the Trustee any evidence of
compliance with the conditions and covenants provided for in the Indenture other than the evidence specified in this Section 12.06. 
 Section 12.07. Rules by Trustee, Paying Agent, Registrar. The Trustee may make reasonable rules for action by or at a meeting of Securityholders. The Paying Agent or Registrar may make
reasonable rules for its functions. 
 Section 12.08. Legal Holidays. A “Legal Holiday” is a
Saturday, a Sunday, or a day on which banking institutions are not required to be open in the State of New York. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a
Legal Holiday, and no interest on the sum being paid will accrue for the intervening period. 
 Section 12.09. Governing
Law and Submission to Jurisdiction; Waiver of Jury Trial. The laws of the State of New York will govern this Indenture, each Supplemental Indenture and the Securities. The Company submits to the jurisdiction of the courts of the State of New
York sitting in the Borough of Manhattan, City of New York, and of the United States District Court for the Southern District of New York, in any action or proceeding to enforce any of its obligations under this Indenture or any Supplemental
Indenture or with regard to the Securities, and agrees not to seek a transfer of any such action or proceeding on the basis of inconvenience of the forum or otherwise (but the Company will not be prevented from removing any such action or proceeding
from a state court to the United States District Court for the Southern District of New York). The Company agrees that process in any such action or proceeding may be served upon it by registered mail or in any other manner permitted by the rules of
the court in which the action or proceeding is brought. 
 EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 12.10. Actions by the Company. Any action or proceeding brought by the Company to enforce any right, assert any claim
or obtain any relief in connection with this Indenture, any Supplemental Indenture or the Securities will be brought by the Company exclusively in the courts of the State of New York sitting in the Borough of Manhattan, City of New York or in the
United States District Court for the Southern District of New York. 
 Section 12.11. No Adverse Interpretation of Other
Agreements. Neither this Indenture nor any Supplemental Indenture may be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary. No such indenture, loan or debt agreement may be used to interpret this
Indenture or any Supplemental Indenture. 
 Section 12.12. Successors. All agreements of the Company in this
Indenture, any Supplemental Indentures and the Securities will bind its successors. All agreements of the Trustee in this Indenture and any Supplemental Indentures will bind its successors. 

  
 Exh. 4.6-29

 Section 12.13. Duplicate Originals. The parties may sign any number of copies of
this Indenture or any Supplemental Indenture. Each signed copy will be an original, but all of them together will represent the same agreement. The exchange of copies of this Indenture or any Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture or any Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture or any Supplemental Indenture for all
purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 12.14. Table of Contents, Headings, etc. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only. They are not to be considered a part of this Indenture, and will in no way modify or restrict any of the terms or provisions of this Indenture. 
 Section 12.15. 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 12.16. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, 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. 

  
 Exh. 4.6-30

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

					
	APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.
		
	By:	 	 
		 	Name:	 	Stuart A. Rothstein
		 	Title:	 	President and Chief Executive Officer

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:	 	Raymond Delli Colli
		 	Title:	 	Vice President

  
 Exh. 4.6-31

 EXHIBIT A 
 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the
series described in the within-mentioned Indenture and Supplemental Indenture. 
  

			
	Wells Fargo Bank, National Association as Trustee
		
	By:	 	 
		 	Authorized Signatory
	
	Dated:EX-10.1

 Exhibit 10.1 
 $6,000,000 
 MEDICINOVA, INC. 

Common Stock 
 EQUITY DISTRIBUTION AGREEMENT 
 April 17, 2013 

Macquarie Capital (USA) Inc. 
 125 W. 55th
Street 
 New York, NY 10019 
 Ladies
and Gentlemen: 
 Medicinova, Inc., a Delaware corporation (the “Company”), and Macquarie Capital (USA) Inc.
(“MCUSA”), hereby agree as follows: 
 1. Issuance and Sale of Shares. The Company agrees that, from
time to time during the term of this Equity Distribution Agreement (the “Agreement”), on the terms and subject to the conditions set forth herein, it may issue and sell through MCUSA, acting as agent, or to MCUSA, acting as
principal, shares (the “Shares”) of the Company’s common stock par value $0.001 per share (the “Common Stock”) up to an aggregate offering price of $6,000,000, provided, however, that in no event shall
the Company issue or sell through MCUSA such number of Shares that (a) would cause the Company to not satisfy the eligibility requirements for use of Form S-3 (including Instruction I.B.6. thereof), (b) exceeds the number of shares of
Common Stock registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made, or (c) exceeds the number of authorized but unissued shares of the Company’s Common Stock (the lesser of (a),
(b) and (c), the “Maximum Amount”). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in this Section 1 on the number of Shares issued and
sold under this Agreement shall be the sole responsibility of the Company, and MCUSA shall have no obligation in connection with such compliance, provided that MCUSA strictly follows the trading instructions provided pursuant to any Issuance Notice.
The issuance and sale of Shares through or to MCUSA will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”)
of the United States of America (the “United States”), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue Common Stock in any other transaction. 

The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder (collectively, the “Securities Act”), with the Commission a Registration Statement on Form S-3 (No. 333-185022), including a base prospectus, relating to certain securities, including the Shares, to
be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder (collectively, the “Exchange Act”). The Company has prepared a prospectus supplement to the base prospectus included as part of such registration statement specifically relating to the Shares (the
“Prospectus Supplement”). The Company will furnish to MCUSA, for use by MCUSA, copies of the prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Shares. Except
where the context otherwise requires, such registration statement, as amended when it became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as
defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B or 462(b) of the Securities Act, as well as any comparable
successor registration statement filed by the Company for the sale of shares of its Common Stock, including the Shares, collectively are 

 
herein called the “Registration Statement.” The base prospectus, including all documents incorporated therein by reference, included in the Registration Statement (the
“Base Prospectus”), as it may be supplemented by the Prospectus Supplement, in the form in which such Base Prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to
Rule 424(b) under the Securities Act, together with the then issued Issuer Free Writing Prospectus(es) (as defined below), if any, and any other prospectus filed after the date hereof by the Company with respect to the Shares, including without
limitation, each Subsequent Supplement (as defined below), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and
include the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer
to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein (the “Incorporated Documents”). For purposes of this Agreement, all references to the
Registration Statement, the Prospectus or any amendment or supplement to either thereof shall be deemed to include any copy filed with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System
(“EDGAR”). 
 2. Placements. Each time that the Company wishes to issue and sell the Shares hereunder
(each, a “Proposed Issuance”), it will notify MCUSA by email notice (or other method mutually agreed to in writing by the parties) (an “Issuance Notice”) containing the number of Shares to be issued, the time period
during which sales are requested to be made (or the Trading Day (as defined in Section 3) for an underwriting commitment by MCUSA), and any minimum price per share below which sales may not be made, in each case subject to the minimum pricing
and maximum volume requirements further set forth in this Section 2 unless mutually waived, in substantially the form attached hereto as Schedule 1. MCUSA and the Company agree that (unless altered by mutual written agreement or the
parties) no Issuance Notice shall propose (a) the sale of an amount of Shares greater than the lower of (i) $50,000.00 or (ii) 10% of the lower of the 5-day or 3-month average daily traded value of the Common Stock as reported on
Bloomberg as of the date of the Issuance Notice, nor (b) a price per Share less than the greater of $1.19 or the last available closing price of a share of the Common Stock on the Nasdaq (as defined in Section 3(a)) (the “Minimum
Price”). The Issuance Notice shall originate from any of the individuals from the Company set forth on Schedule 2 (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each
of the individuals from MCUSA set forth on Schedule 2, as such Schedule 2 may be amended from time to time. The Issuance Notice shall be effective upon receipt by MCUSA, to be promptly confirmed by MCUSA to the Company by email, unless and
until (i) in accordance with the notice requirements set forth in Section 4, MCUSA declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Shares contemplated for sale under
this Agreement have been sold, (iii) in accordance with the notice requirements set forth in Section 4, the Company suspends or terminates the Issuance Notice in conjunction with termination of the Agreement, (iv) the Company has not
fulfilled its obligations pursuant to Section 7(p), or (v) the Agreement has been terminated under the provisions of Section 11. The amount of any discount, commission or other compensation to be paid by the Company to MCUSA in
connection with the sale of the Shares shall be calculated in accordance with the terms set forth in Schedule 3. It is expressly acknowledged and agreed that neither the Company nor MCUSA will have any obligation whatsoever with respect to an
Issuance Notice or any Shares unless and until the Company delivers an Issuance Notice to MCUSA and MCUSA does not decline such Issuance Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein.
Notwithstanding any other provision of this Agreement, during any period in which the Company’s insider trading policy (or functional equivalent) would prohibit the purchase or sale of Common Stock by persons subject to the policy, or during
any period in which the Company is in possession of material non-public information, the Company and MCUSA agree that (i) no sales of Shares shall occur, (ii) the Company shall not request the sale of any Shares to occur, and
(iii) MCUSA shall not become obligated to offer to sell any Shares. 
 3. Sale of Shares by MCUSA. 

(a) Subject to the terms and conditions herein set forth, including without limitation, the continuing accuracy of the representations
and warranties of the Company herein, the satisfactory performance by the Company of its obligations hereunder and the continuing satisfaction of the conditions specified in Section 7 of this Agreement, upon the Company’s issuance of an
Issuance Notice, and unless the sale of the Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, MCUSA, for the period specified in the Issuance Notice, will use its
commercially reasonable efforts consistent with its customary trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the 

  
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Nasdaq Global Market (“Nasdaq”) and the Jasdaq Market of the Osaka Securities Exchange (“OSE,” and with the Nasdaq, the “Exchanges”), to sell such
Shares up to the amount specified in such Issuance Notice, and otherwise in accordance with the terms of such Issuance Notice, provided that the Company shall not solicit sales of such Shares in Japan other than in trades on or through the
OSE. If acting as a sales agent as to such Shares, MCUSA will provide written confirmation to the Company (including by email correspondence) no later than the opening of the Trading Day (as defined below) next following the Trading Day on which it
has made any sale of Shares hereunder setting forth the number of Shares sold on such day, the aggregate amount of compensation payable by the Company to MCUSA pursuant to Section 2 with respect to all such sales on such day, and the Net
Proceeds (as defined below) payable to the Company, with an itemization of deductions made by MCUSA (as set forth in Section 5(a)) from gross proceeds for the Shares that it receives from such sales. MCUSA may sell Shares by any method
permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act, including without limitation sales made directly on the Exchanges, on any other existing trading market for the Common Stock or to
or through a market maker. Whether acting as a sales agent or principal under this Agreement, MCUSA shall be entitled to enter into arrangements with one or more selling group members (“Selling Agents”) for the distribution of the
Shares, including without limitation, Macquarie Bank Limited, provided, however, that MCUSA shall be, as between the Company and MCUSA, solely responsible for satisfaction of the fees and expenses of each such Selling Agent from the
remuneration received by MCUSA pursuant to this Agreement. During the term of this Agreement and notwithstanding anything to the contrary herein, each of the Company and MCUSA agrees that in no event will it engage in any market making, bidding,
stabilization or other trading activity with regard to the Common Stock if such activity would be prohibited under Regulation M or other anti-manipulation rules under the Securities Act and shall not engage in solicitations of sales in Japan in
a manner that would not be exempt from registration or qualification requirements of the offering regulations under Japanese securities laws. For the purposes hereof, “Trading Day” means any day on which shares of the Common Stock are
purchased and sold on the Nasdaq. 
 (b) The Company acknowledges and agrees that (i) there can be no assurance that MCUSA
will be successful in selling Shares, (ii) MCUSA will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason and (iii) MCUSA shall be under no obligation to purchase Shares
on a principal basis pursuant to this Agreement, except as otherwise specifically agreed in writing by MCUSA and the Company. 

(c) During the term of this Agreement, neither MCUSA nor any of its affiliates or subsidiaries shall engage in (i) any short sale of
any security of the Company or (ii) any sale of any security of the Company that MCUSA does not own or any sale which is consummated by the delivery of a security of the Company borrowed by, or for the account of, MCUSA. Neither MCUSA nor any
of its affiliates or subsidiaries, shall engage in any proprietary trading or trading for MCUSA’s (or its affiliates’ or subsidiaries’) own account. Under no circumstances during the term of this Agreement shall MCUSA (or its
affiliates or subsidiaries) be or become the beneficial owner of greater than 4.99% of the Company’s issued and outstanding Common Stock. 
 4. Suspension of Sales. The Company or MCUSA may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on
Schedule 2 , if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email
correspondence to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Shares; provided, however, that such suspension shall not affect or impair either party’s obligations with respect to
any Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to two of the individuals named on
Schedule 2 hereto, as such schedule may be amended from time to time. 
 5. Representations and Warranties of the
Company. The Company represents and warrants to, and agrees with, MCUSA that as of each Applicable Time (as defined in Section 19(a)): 
 (a) The Registration Statement has been filed with the Commission under the Securities Act and declared effective by the Commission under the Securities Act. No stop order suspending the effectiveness of
the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the Company’s knowledge, are contemplated or threatened by the Commission. The Company satisfied all applicable requirements
for the use of Form S-3 under the Securities Act when the Registration Statement was filed. The 

  
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Commission has not issued an order preventing or suspending the use of the Base Prospectus, any Issuer Free Writing Prospectus (as defined below) or the Prospectus relating to the proposed
offering of the Shares and no proceedings for such purpose have been instituted or are pending or, to the Company’s knowledge, are contemplated or threatened by the Commission. The Prospectus delivered to MCUSA for use in connection with the
offering of Shares was, at the time of such delivery, identical to the electronically transmitted copies thereof filed with the Commission. At the respective times each part of the Registration Statement and each amendment thereto became effective
or was deemed effective, as the case may be, the Registration Statement complied and will comply in all material respects with the Securities Act (including, but not limited, to the requirements set forth in Rule 415(a)(1)(x) and 415(a)(4)
under the Securities Act) and did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The immediately preceding
sentence does not apply to statements in or omissions from the Registration Statement or any amendments or supplements thereto based upon and in conformity with written information furnished to the Company by MCUSA specifically for use therein. The
Registration Statement contains all exhibits and schedules required to be filed by the Securities Act. 
 (b) The Company has
delivered to MCUSA, or made available through EDGAR, one complete copy of the Registration Statement and of each consent of experts filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), and the Prospectus,
as amended or supplemented, in such quantities and at such places as MCUSA has reasonably requested. 
 (c) Neither the
Prospectus nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was issued, as of the date of this Agreement, at each Applicable Time and at all times during which a prospectus is required by the
Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with any sale of the Shares (the “Delivery Period”), as the case may be, included or will
include an untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The foregoing sentence
does not apply to statements in or omissions from the Prospectus or any amendments or supplements thereto based upon and in conformity with written information furnished to the Company by MCUSA specifically for use therein. 

(d) Each Incorporated Document, at the time it was or hereafter is filed with the Commission, conformed and will conform when filed in
all material respects with the requirements of the Exchange Act and the rules and regulations promulgated thereunder, and was or will be filed on a timely basis with the Commission; no Incorporated Document when it was filed (or, if an amendment
with respect to any Incorporated Document was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading; and no Incorporated Document, when it is filed, will contain an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary in order to make the statements therein not
misleading. There is no material document of a character required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement which was not described or filed as required. All material
agreements of the Company and all agreements governing or evidencing any and all related party transactions have been filed with the Commission in accordance with the Exchange Act. 

(e) The financial statements of the Company, together with the related notes, included or incorporated by reference in the Registration
Statement and the Prospectus comply in all material respects with the requirements of the Securities Act and the Exchange Act and fairly present in all material respects the financial condition of the Company and its consolidated Subsidiaries (as
defined below) as of the dates indicated and the results of operations and changes in cash flows for the periods covered thereby and the supporting schedules included in the Registration Statement present fairly the information required to be stated
therein. The summary and selected consolidated financial and statistical data, if any, included or incorporated by reference into the Registration Statement and the Prospectus present fairly in all material respects the information shown therein and
have been compiled on a basis consistent with the Company’s audited financial statements. The assumptions used in preparing the pro forma financial statements, if any, provide a reasonable basis for presenting the significant effects
attributable to the transactions or events described therein, any related pro forma adjustments comply with Regulation G and give appropriate effect to the assumptions, and the pro forma columns and reconciliations therein reflect the proper
application of adjustments to the corresponding historical financial statements. Such financial statements and 

  
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supporting schedules, if any, have been prepared in conformity with generally accepted accounting principles as applied in the United States (“GAAP”), as applicable, applied on a
consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto and comply in all material respects with the Securities Act, the Exchange Act and the applicable rules and regulations of the Commission
thereunder. No other financial statements or schedules are required to be included in the Registration Statement or the Prospectus. Ernst & Young LLP has reported on the financial statements of the Company and its consolidated Subsidiaries
and is an independent public accounting firm with respect to the Company within the meaning and requirements of the Securities Act and the rules and regulations promulgated thereunder and the rules and regulations of the Public Company Accounting
Oversight Board. 
 (f) The Company had a reasonable basis for, and made in good faith, each “forward-looking
statement” (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated by reference in the Registration Statement or the Prospectus. 

(g) All statistical or market-related data included or incorporated by reference in the Registration Statement or the Prospectus are
based on or derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written consent of such sources to the use of such data, to the extent required. 

(h) The Company Stock is registered under Section 12(b) of the Exchange Act, is subject to the continuous disclosure obligation
under the Financial Instruments and Exchange Act of Japan and is listed for trading on the Nasdaq and the OSE. There is no action pending to delist the shares of Common Stock from Nasdaq or OSE, and the Company has taken no action designed to, or
likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or suspending the Common Stock from trading on Nasdaq or OSE, nor has the Company received any notification that Nasdaq or OSE is currently
contemplating terminating such listing. The Shares have been approved for listing on the Nasdaq and OSE subject to notice of issuance. 
 (i) The Shares have been qualified for sale under the securities laws of such jurisdictions (United States and foreign) as MCUSA determines to be applicable to sales of the Shares, or are or will be
exempt from the qualification and broker-dealer requirements of such jurisdictions. 
 (j) Neither the Company nor any of its
directors, officers or controlling persons has taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any
security of the Company, including the Common Stock, to facilitate the sale or resale of the Shares. Neither the Company, nor any of its directors, officers or controlling persons has distributed, or will distribute, any offering material in
connection with the offering and sale of the Shares other than the Registration Statement, Prospectus, and/or any Permitted Free Writing Prospectus or other materials, if any, permitted by the Securities Act. 

(k) The Company was not as of the time of the filing of the Registration Statement and as of the date hereof is not an “ineligible
issuer,” as defined in Rule 405 under the Securities Act. The Company has not, directly or indirectly, distributed and will not distribute any prospectus or other offering material in connection with the offering and sale of the Shares
other than the Prospectus and other materials, if any, permitted under the Securities Act to be distributed. 
 (l) The Company
is not and, after giving effect to the offering and sale of the Shares, will not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended. 

(m) The Company has filed in a timely manner all reports required to be filed pursuant to Sections 13(a), 13(e), 14 and 15(d) of the
Exchange Act during the preceding 12 months. The Company was at the time of filing of the Registration Statement, and at the date hereof remains eligible to use Form S-3 under the Securities Act for the primary offering of the Shares
contemplated by this Agreement subject to the limitations in Form S-3 and General Instruction I.B.6, assuming the maximum number of Shares were sold on the date hereof. The issuance and sale of the Shares pursuant to the Registration Statement as
contemplated by this Agreement complies with the requirements of Form S-3 and General Instruction I.B.6 thereunder, alone and in aggregate with all other issuances of the Company’s Common Stock within the last 12 months; however,
there is no guarantee that 

  
 5 

 
the maximum dollar amount will not decline or that the maximum dollar amount of Shares will be able to be issued and sold in compliance with Form S-3 and General Instruction I.B.6. 

(n) There are no transfer taxes or other similar fees or charges under United States law or the laws of any state or any political
subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance and sale by the Company of the Shares. 
 (o) The Company has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation. The Company has the corporate power and authority to
own its properties and conduct its business as currently being carried on and as described in the Registration Statement and the Prospectus. The Company is duly qualified to do business as a foreign corporation in good standing in California, which
is the jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would have or is reasonably likely to result in a material adverse effect
upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company or in its ability to perform its obligations under this Agreement (“Material Adverse Effect”).

 (p) Other than MediciNova (Europe) Limited, MediciNova Japan, Inc., Avigen, Inc. and the Company’s interest in Zhejiang
Sunmy Bio-Medical Co., Ltd. (collectively, for purposes of this Agreement, the “Subsidiaries”), the Company (i) has no subsidiaries and does not own any securities issued by any other business organization or governmental
authority, (ii) does not directly or indirectly, control any capital stock or other ownership interest in or have any direct or indirect interest in or control over any corporation, partnership, business trust, limited liability company,
limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other entity of any kind, and (iii) has no “variable interests” in “variable interest entities” as such terms are
defined in Financial Accounting Standards Board Interpretation No. 46. Each of the Subsidiaries has been duly organized and is validly existing and, as applicable, is a corporation or business entity in good standing under the laws of its
jurisdiction of incorporation with full corporate power and authority to own its properties and other assets and conduct its business as described in the Registration Statement and the Prospectus, and is duly qualified or licensed to do business as
a foreign corporation and, as applicable, is in good standing under the laws of each jurisdiction which requires such qualification or license, except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.
Except as set forth in the Registration Statement and the Prospectus, all of the outstanding shares of capital stock of the Subsidiaries are owned, directly or indirectly, by the Company. 

(q) The Company has the power and authority to enter into this Agreement. This Agreement has been duly authorized, executed and delivered
by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. 

(r) Neither the Company nor any of its Subsidiaries is in violation, breach or default under its certificate of incorporation, bylaws or
other equivalent organizational or governing documents. The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated will not (A) result in a breach or violation of any of the terms and
provisions of, or constitute a default under, any law, rule or regulation to which the Company or any of its Subsidiaries is subject, or by which any property or asset of the Company is bound or affected, including without limitation the federal
securities laws with respect to any further securities issued or issuable under the terms of existing warrants as a result of the sales of Shares hereunder, (B) conflict with, result in any violation or breach of, or constitute a default (or an
event that with notice or lapse of time or both would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, lease, credit
facility, debt, note, bond, mortgage, indenture or other instrument (the “Contracts”) or obligation or other understanding to which the Company or any of its Subsidiaries is a party or by which any property or asset of the Company
is bound or affected, or (C) result in a breach or violation of any of the terms and provisions of, or constitute a default under, the Company’s charter or bylaws or any Subsidiary’s equivalent organizational or governing documents,
except, in the cases of clauses (A) and (B) above, for any such violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (s) All consents, approvals, orders, authorizations and filings required on the part of the
Company in connection with the execution, delivery or performance of this Agreement have been obtained or made, other than such consents, approvals, orders and authorizations the failure of which to make or obtain is not reasonably likely to result
in a Material Adverse Effect and any filings required under securities laws to comply with applicable law reporting obligations in the U.S. and Japan and covenants in this Agreement. Except as disclosed in the Registration Statement, there are no
holders of securities of the Company or any of its Subsidiaries having rights of first refusal or preemptive rights to purchase Common Stock or registration rights requiring the Company to register under the Securities Act any shares of Common Stock
or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated hereby, whether as a result of the filing or effectiveness of the
Registration Statement or the sale of the Shares as contemplated thereby or otherwise, and the Company has complied with or obtained waiver of the notice requirements of the disclosed rights of first refusal, preemptive rights and/or registration
rights, if any. 
 (t) All of the issued and outstanding shares of capital stock of the Company are duly authorized and validly
issued, fully paid and nonassessable, and conform to the description thereof in the Registration Statement and the Prospectus. None of the outstanding shares of capital stock of the Company or any Subsidiary were issued in violation of any
preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities. The authorized capital stock of the Company, as of the close of business on April 16, 2013, consists of (i) 100,000,000 shares of
Common Stock, of which 18,310,569 shares are issued and outstanding and 6,339,786 shares are issuable pursuant to the exercise of outstanding options and warrants and (ii) 3,000,000 shares of Preferred Stock, par value $0.01 per share, of which
220,000 shares are issued and outstanding. Since December 31, 2012, the Company has not issued any securities or granted any rights to acquire securities other than (i) pursuant to the agreement between the Company and Aspire Capital Fund,
LLC dated August 20, 2012 (the “Aspire Agreement”), (ii) Common Stock of the Company pursuant to the exercise of previously outstanding options in connection with the Company’s equity incentive plans, outstanding
warrants and other outstanding obligations, or (iii) options granted pursuant to such equity incentive plans in the ordinary course of business consistent with past practice, in each case as disclosed in the Prospectus. There are no authorized
or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any Subsidiary other than
those described in the Prospectus. The description of the Company’s equity incentive plans or arrangements, and the options, warrants or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents the information
required by the Securities Act to be shown with respect to such plans, arrangements, options and rights. 
 (u) The Shares, when
issued, will be duly authorized and validly issued, fully paid and nonassessable, issued in compliance with all applicable securities laws, and free of preemptive, registration or similar rights. 

(v) The Company and its Subsidiaries have filed all foreign, federal, state and local returns (as hereinafter defined) required to be
filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. The Company and its Subsidiaries have paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has
paid all taxes imposed on or assessed against the Company and its Subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid
taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to MCUSA, (i) no issues have been raised (and are currently pending) by any taxing
authority in connection with any of the returns or taxes asserted as due from the Company and its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested
from the Company or any of its Subsidiaries. The term “taxes” means all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service,
service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any
penalties, additions to tax, or additional amounts with respect thereto. The term “returns” means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes. 

(w) Subsequent to December 31, 2012, except as disclosed in the Registration Statement, (a) the Company and its Subsidiaries
have not incurred any material liabilities or obligations, direct or contingent, required to be reflected on a consolidated balance sheet in accordance with GAAP, or entered into any material transactions

  
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other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (c) there
has not been any change in the capital stock of the Company (other than a change in the number of outstanding shares of Common Stock due to the issuance of shares pursuant to the Aspire Agreement, the issuance of shares upon the exercise of
outstanding options or warrants or the issuance of restricted stock awards or restricted stock units under the Company’s existing equity incentive plans), (d) there has not been any material change in the Company’s long-term or
short-term debt, on a consolidated basis in accordance with GAAP, and (e) there has not been the occurrence of any Material Adverse Effect. 
 (x) There are no actions, suits or proceedings pending or to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries or to the knowledge of the Company pending
against any of their respective officers or directors in their capacity as such, before or by any federal, state or foreign court or governmental agency, authority or body, or any arbitrator or mediator, which would reasonably be expected to result,
individually or in the aggregate, in a Material Adverse Effect. 
 (y) The Company and its Subsidiaries hold, and each is in
compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders (“Permits”) of any governmental or self regulatory agency, authority or body (including without limitation the
U.S. Food and Drug Administration (“FDA”)), and any other foreign, federal, state or local authority performing similar functions to those performed by the FDA required for the conduct of its business, and all such Permits are in
full force and effect, in each case except where the failure to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received any notice of proceedings
relating to the revocation, modification, suspension or non-renewal of any such Permit. No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or
agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transactions contemplated hereby (including, without limitation, the Exchanges, or approval of the stockholders of the Company
(including as may be required by the Exchanges)), other than (i) registration of the Shares under the Securities Act, (ii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares
are being offered by MCUSA or its Selling Agents, (iii) filing of any reports under the Exchange Act, (iv) such approvals as may be required by the Conduct Rules of FINRA, (v) approval of the listing of the shares by the Exchanges,
and (iv) the Extraordinary Report under the Financial Instruments and Exchange Act of Japan which must be submitted to the Kanto Local Finance Bureau. 
 (z) Each of the Company and its Subsidiaries holds good and marketable title to all real property, leases in real property, or other interests in real property described in the Registration Statement and
the Prospectus as being owned or held by the Company or any of its Subsidiaries, in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except as described in the Registration Statement and the
Prospectus. Each of the Company and its Subsidiaries owns or leases all such properties as are necessary to its respective operations as now conducted or as proposed to be conducted (consistent with the disclosure in the Registration Statement and
Prospectus), except where the failure to so own or lease would not reasonably be expected to have a Material Adverse Effect. 

(aa) Each of the Company and its Subsidiaries, as applicable, has good title to, or a valid leasehold interest in, the tangible personal
property, equipment, improvements, fixtures, and other personal property and appurtenances that are used by the Company or its Subsidiaries that are material to the conduct of their businesses (the “Company Fixtures and Equipment”),
except that the Company Fixtures and Equipment do not include any property included in the Interests (as defined below). The Company Fixtures and Equipment are structurally sound, are in good operating condition and repair, are adequate for the uses
to which they are being put, are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs and are sufficient for the conduct of the Company’s and/or its Subsidiaries’ businesses, as applicable, in the
manner as conducted prior to the Applicable Time. Each of the Company and its Subsidiaries owns all of its Company Fixtures and Equipment free and clear of all liens, claims, security interests, other encumbrances or defects, except as described in
the Registration Statement and the Prospectus and except for those that are not reasonably likely to result in a Material Adverse Effect. 
 (bb) Except as disclosed in the Registration Statement and the Prospectus, (i) the Company and each Subsidiary owns or has a valid license to use all trademarks, trademark applications, trade names,
domain names, patents, patent applications, patent rights, copyrights, technology, know-how, trade secrets, service marks, trade 

  
 8 

 
dress rights, and other intellectual property and proprietary rights (collectively, “Intellectual Property”) and has such other licenses, approvals, permits, and governmental
authorizations, each as required by governmental authorities, with respect to such Intellectual Property, in each case sufficient to conduct its business as now conducted and as currently proposed to be conducted. To the Company’s knowledge,
the registered Intellectual Property of the Company and each Subsidiary is valid and enforceable, with all material patent applications of the Company having been properly filed and prosecuted in accordance with applicable law, subject, as to
enforceability, to general principals of equity, (ii) the Company has no knowledge that the conduct of its business or the business of any Subsidiary, as now conducted infringes, misappropriates, or otherwise conflicts with the Intellectual
Property of any third party, (iii) the Company has not received a written notice within the prior six (6) years of any infringement, misappropriation or conflict by Intellectual Property owned or controlled by any third party, of or with
the Company or any Subsidiary’s Intellectual Property, (iv) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding, or other claim against the Company or any Subsidiary or, to the Company’s
knowledge, any employee (in his or her capacity as an employee of the Company or any Subsidiary) of the Company or any Subsidiary, asserting that the Company or any Subsidiary’s Intellectual Property infringes third party Intellectual Property
and (v) neither the Company nor any Subsidiary has, within the prior six (6) years, received any written notice of infringement with respect to any patent or any written notice challenging the validity, scope or enforceability of any
Intellectual Property owned by the Company or any Subsidiary. Except as disclosed in the Registration Statement and the Prospectus, the Company and each Subsidiary’s Intellectual Property is free and clear of any pledge, lien, security
interest, encumbrance, claim or equitable interest whether imposed by agreement, contract, understanding, law or equity, which, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. 

(cc) The Company has complied with, is not in violation of, and has not received any notice of violation relating to, any law, rule or
regulation relating to the conduct of its business, or the ownership or operation of its property and assets, including, without limitation, (A) the Currency and Foreign Transactions Reporting Act of 1970, as amended, or any money laundering
laws, rules or regulations, (B) the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder, (C) the Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder, and (D) the Employment
Retirement Income Security Act of 1974 and the rules and regulations thereunder and published interpretations thereunder (collectively “ERISA”), in each case except where the failure to be in compliance is not reasonably likely to
result in a Material Adverse Effect. No “prohibited transaction” (as defined in Section 406 of ERISA), or Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the “IRC”), or
“accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than events with respect to which the thirty (30)-day notice requirement under
Section 4043 of ERISA has been waived) has occurred or would reasonably be expected to occur with respect to any employee benefit plan of the Company or any of its Subsidiaries which could, singularly or in the aggregate, have a Material
Adverse Effect. Each employee benefit plan of the Company or any of its Subsidiaries is in compliance in all material respects with applicable law, including ERISA and the IRC, except for any non-compliance that is not reasonably likely to result in
a Material Adverse Effect. The Company and its Subsidiaries have not incurred and would not reasonably be expected to incur material liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as
defined in ERISA). Each pension plan for which the Company or any of its Subsidiaries would have any liability that is intended to be qualified under Section 401(a) of the IRC is so qualified, and nothing has occurred, whether by action or by
failure to act, which would reasonably be expected, singularly or in the aggregate, cause the loss of such qualification. 

(dd) The Company and its Subsidiaries (i) are in compliance with all Environmental Laws (as defined below), (ii) have received
all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval where, in
each of the foregoing clauses (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term “Environmental Laws” means all federal,
state, local or foreign laws relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws
relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating
to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, 

  
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demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder. 

(ee) Neither the Company nor, to the knowledge of the Company, any director, officer, employee, representative, agent or affiliate of the
Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the sale of the
Shares contemplated hereby, or lend, contribute or otherwise make available such proceeds to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(ff) The Company carries, or is covered by, insurance in such amounts and covering such risks as is customary for companies engaged in
similar businesses in similar industries and as the Company reasonably believes is adequate for the conduct of its business and the value of its properties. 
 (gg) Except as disclosed in the Registration Statement, no labor dispute with any current or former employee(s) of the Company exists or, to the knowledge of the Company, is imminent. The Company does not
plan to terminate any employee(s) and is not aware of any planned resignation by one or more employees that is reasonably likely to result in a Material Adverse Effect. Disclosures regarding the nature and amounts of executive compensation in the
Company’s definitive proxy statement to be filed in 2013 for incorporation into its Form 10-K for the period ended December 31, 2012 will be consistent in all material respects with such disclosure in its proxy statement filed on
April 30, 2012, except as otherwise noted in the Prospectus. 
 (hh) The operations of the Company and each Subsidiary are
and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes
of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company, threatened. 
 (ii) Neither the Company nor any of its Subsidiaries nor, to its knowledge, any other party is in
violation, breach or default of any Contract that is reasonably likely to result in a Material Adverse Effect or that is required to be disclosed in accordance with the Exchange Act but is not so disclosed. 

(jj) No statement, representation, warranty or covenant made by the Company in this Agreement or in any certificate or document required
to be delivered by this Agreement to MCUSA contains any untrue statement of a fact or omits any fact necessary in order to make the statements and information contained herein or therein, as applicable, not misleading. 

(kk) Neither the Company nor any Subsidiary has nor have, to the Company’s knowledge, any of its or any Subsidiary’s employees
or agents at any time during the last five years (i) made any unlawful contribution to any candidate for foreign office, or failed to disclose fully any contribution in violation of law, or (ii) made any payment to any federal or state
governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof. 

(ll) To the Company’s knowledge, no (i) officer or director of the Company, (ii) owner of 5% or more of the Company’s
unregistered securities or (iii) owner of any amount of the Company’s unregistered securities acquired within the 180-day period prior to the Filing Date (as defined below), has any direct or indirect affiliation or association with any
FINRA member. 
 (mm) Neither the Company nor any of its Subsidiaries or any related entities (i) is required to register
as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person associated with a FINRA member” or
“associated person of a FINRA member” (within the meaning of Article I of the Bylaws of the NASD). 

  
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 (nn) Other than MCUSA, no person or entity has the right to act as a sales agent,
underwriter or as a financial advisor in connection with the sale of the Shares contemplated hereby nor are there any contracts, agreements or understandings that would give rise to any other person having a valid claim against the Company or MCUSA
for a brokerage commission, finder’s fee or like payment in connection with the offering contemplated by this Agreement, except MCUSA’s Selling Agents subject to Section 3, or that may affect MCUSA’s compensation as calculated by
FINRA. The Company is not a party to any effective agreement with an agent or underwriter for any other “at-the-market” or continuous equity transaction or concurrent equity or debt transaction other than the Aspire Agreement. The Company
has not made any direct or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder’s fee, investing fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company
persons who provided capital to the Company, (ii) to the Company’s knowledge, any FINRA member, or (iii) to the Company’s knowledge, any person or entity that has any direct or indirect affiliation or association with any FINRA
member within the 12-month period prior to the date on which the Registration Statement was filed with the Commission (“Filing Date”) or thereafter or from the Filing Date to the execution date of this Agreement. 

(oo) The Company acknowledges and agrees that MCUSA has informed the Company that MCUSA may, to the extent permitted under the Securities
Act and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is in effect, provided, that unless acting as an underwriter pursuant to specific agreement by the Parties consistent with the terms
of this Agreement, (i) no such purchase or sales shall take place while an Issuance Notice is in effect (except to the extent MCUSA may engage in sales of Shares purchased or deemed purchased from the Company as a “riskless principal”
or in a similar capacity) and (ii) the Company shall not be deemed to have authorized or consented to any such purchases or sales by MCUSA. 
 (pp) No transaction has occurred prior to the date hereof between or among the Company or its Subsidiaries and any of its officers or directors, stockholders or any affiliate or affiliates of any such
officer or director or stockholder that is required to be and is not described in the Registration Statement and the Prospectus. 
 (qq) The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act) and such controls and procedures are effective in ensuring
that material information relating to the Company, including its Subsidiaries, is made known to the principal executive officer and the principal financial officer. The Company has utilized such controls and procedures in preparing and evaluating
the disclosures included or incorporated by reference in the Registration Statement and Prospectus. 
 (rr) The Company and each
of its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with
management’s general or specific authorization; and (iv) amounts reflected on the Company’s consolidated balance sheet for assets are compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. 
 (ss) Neither the Company nor any of its Subsidiaries is, or has ever been, a U.S. real property holding
corporation within the meaning of Section 897 of the IRC. 
 (tt) There is no transaction, arrangement, or other
relationship between the Company or any of its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in the Registration Statement or the Prospectus and is not so disclosed or that
otherwise could be reasonably likely to have a Material Adverse Effect. 
 (uu) None of the Company, its Subsidiaries or any of
their affiliates, nor any person or entity acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the transactions contemplated
by this Agreement to require approval of stockholders of the Company under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of Nasdaq and/or the OSE. None of the Company, its
Subsidiaries, their affiliates nor any person or entity acting on their behalf will take any action or steps that would cause the offering of any of the Shares to be integrated with other offerings of securities of the Company. 

  
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 (vv) The Company and its board of directors have taken all necessary action, if any, in
order to render inapplicable any stockholder rights plan or similar arrangement relating to accumulations of beneficial ownership of shares of Common Stock or a change in control of the Company or any of its Subsidiaries. 

(ww) Except as disclosed in the Registration Statement and the Prospectus, the Company and each Subsidiary possesses all certificates,
authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct its business (including without limitation, applications for marketing approval, manufacture, distribution, promotion,
testing, use, or sale of any product candidates) as disclosed in the Registration Statement and the Prospectus, except where the failure to possess such certificates, authorizations and permits would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The Company has not received and is otherwise not aware of any notices, correspondence or other communications from any regulatory agency or subdivision thereof, relating to the revocation or
modification of, non-compliance with, or failure to obtain, any such certificate, authorization or permit. 
 (xx) To the
Company’s knowledge, the clinical and preclinical studies conducted by or on behalf of the Company and any Subsidiary that are described in the Registration Statement or the Prospectus or the results of which are referred to in the Registration
Statement or the Prospectus were and, if still ongoing, are being conducted in material compliance with all laws and regulations applicable thereto in the jurisdictions in which they are being conducted including without limitation on those laws and
regulations applicable to clinical and preclinical studies from which data will be submitted to support marketing approval. The descriptions in the Registration Statement and the Prospectus of the results of such studies do not contain any
misstatement of a material fact or omit to state any material facts necessary to make such descriptions not misleading and fairly present the data derived from such studies and the Company has no knowledge of any clinical study the aggregate results
of which are materially inconsistent with the results of any clinical study conducted by or on behalf of the Company or any Subsidiary that is described in and the results of which are referred to in the Registration Statement or Prospectus. Except
as disclosed in the Registration Statement and the Prospectus, the Company has not received any written notices or statements from the FDA or any other domestic or foreign governmental agency or authority (A) imposing, requiring, requesting or
suggesting a clinical hold, termination, suspension or material modification for or of any clinical or preclinical studies that are described in the Registration Statement or the Prospectus or the results of which are referred to in the Registration
Statement or the Prospectus, or (B) suspending, revoking, modifying or limiting any previously granted, issued or approved license, permit or other authorization related to or required for the conduct of any clinical trial or preclinical study
described in or the results of which are referred to in the Registration Statement. 
 (yy) Except as disclosed in the
Registration Statement and the Prospectus, to the Company’s knowledge, the manufacture and distribution of the potential products of the Company or any Subsidiary is in compliance, in all material respects, with all laws, rules and regulations
applicable to such activities, including without limitation applicable good manufacturing practices, except for such non-compliance as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as
disclosed in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary has, either voluntarily or involuntarily, initiated, conducted or issued, or caused to be initiated, conducted or issued, any recall, field
correction, investigator notice, or other notice or action relating to any alleged product defect of any potential product of the Company or any Subsidiary, or any violation of any material applicable law, rule, regulation or any Permit , and the
Company is not aware of any facts or information that would cause it to initiate any such notice or action and has no knowledge or reason to believe that the FDA or any other domestic or foreign governmental agency or authority or any institutional
or ethical review board or other non-governmental authority intends to impose, require, request or suggest such notice or action. The studies, tests and preclinical or clinical trials conducted by or on behalf of the Company that are described in
the Registration Statement and Prospectus were and, if still pending, are being, conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant to, where applicable, accepted professional scientific
standards and the descriptions of the results of the such studies, tests and preclinical or clinical trials contained in the Registration Statement and Prospectus are accurate in all material respects. The Company has not received and is otherwise
not aware of any notices, correspondence or other communication from the FDA or other governmental regulatory agency or subdivision thereof, or any institutional or ethical review boards, asserting non-compliance with any applicable statutes, rules,
regulations, orders, or other laws, or requiring or requesting the termination, suspension or 

  
 12 

 
modification of any preclinical or clinical studies, tests, investigations, or trials conducted by, or on behalf of, the Company or any Subsidiary or in which the Company or any Subsidiary has
participated. 
 Any certificate signed by an officer of the Company and delivered to MCUSA or to counsel for MCUSA pursuant to
or in connection with this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to MCUSA as to the matters set forth therein. 
 6. Sale and Delivery; Settlement. 
 (a) Unless otherwise specified in the
applicable Issuance Notice, settlement for sales of Shares will occur on the second Business Day following the date on which such sales are made (each, a “Settlement Date” and the first such settlement date, the “First
Delivery Date”). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by MCUSA at which such
Shares were sold, after deduction for (i) MCUSA’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, (ii) any other amounts due and payable by the Company to MCUSA
hereunder pursuant to Section 7(g) hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, provided, however, that such deductions shall initially be subject to
set-off against the Diligence Fee (as defined in Schedule 3) such that MCUSA shall not deduct and retain any proceeds pursuant to this Section 6(a)(i) and (ii) until such MCUSA-earned amounts are equal to the Diligence Fee. 

(b) On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being
sold by crediting MCUSA’s or its designee’s account (provided MCUSA shall have given the Company written notice of such designee at least one Business Day prior to the Settlement Date) at The Depository Trust Company through its
Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each
Settlement Date, MCUSA will deliver the related Net Proceeds in same-day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in
its obligation to deliver Shares on a Settlement Date, the Company will, in addition to and in no way limiting the rights and obligations set forth in Section 9(a), (i) hold MCUSA harmless against any loss, claim, damage, or expense
(including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company and (ii) pay to MCUSA any commission, discount, or other compensation to which it would otherwise have been entitled
absent such default. 
 (c) Certificates for the Shares, if any, shall be in such denominations and registered in such names as
MCUSA may request in writing at least one full business day before the Settlement Date. The certificates for the Shares, if any, will be made available for examination and packaging by MCUSA in The City of New York not later than noon (New York
time) on the business day prior to the Settlement Date. 
 (d) Under no circumstances shall the Company cause or request
the offer or sale of any Shares if, after giving effect to the sale of such Shares, the aggregate gross sales proceeds sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Shares under this Agreement, the
Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company’s board of
directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to MCUSA in writing. Under no circumstances shall the Company cause or request the offer or sale of any Shares at a price lower than the Minimum
Price unless authorized from time to time by the Company’s board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to MCUSA in writing. Further, under no circumstances shall the aggregate
offering amount of Shares sold pursuant to this Agreement, including any separate underwriting or similar agreement covering principal transactions, exceed the Maximum Amount. 
 (e) The Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Shares shall only be effected by or through MCUSA; provided, however, that the foregoing
limitation shall not apply to (i) the exercise of any option, warrant, right or any conversion privilege set forth in the instrument 

  
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governing such security or (ii) sales solely to employees or security holders of the Company or its Subsidiaries, or to a trustee or other person acquiring such securities for the accounts
of such persons. 
 7. Covenants of the Company. The Company covenants and agrees with MCUSA that: 

(a) Before amending or supplementing the Registration Statement or the Prospectus, to furnish to MCUSA a copy of each such proposed
amendment or supplement and not to file any such proposed amendment or supplement to which MCUSA reasonably objects (other than any prospectus supplement relating to the offering of securities other than the Shares). The Company will notify MCUSA
promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been
filed and any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information. 
 (b) During any period in which a Prospectus relating to any Shares is required to be delivered by MCUSA under the Securities Act with respect to a pending sale of Shares, including in circumstances where
such requirement may be satisfied pursuant to Rule 172 under the Securities Act, the Company will advise MCUSA, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or any other order preventing or suspending the use of the Prospectus, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, or of the
initiation or threatening of any proceeding for any such purpose or any examination pursuant to Section 8(e) of the Securities Act, or if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in
connection with the offering of the Shares; and the Company will promptly use its commercially reasonable efforts to prevent the issuance of any stop or other order or to obtain its withdrawal if such a stop or other order should be issued.

 (c) During any period in which a Prospectus relating to the Shares is required to be delivered by MCUSA under the Securities
Act with respect to a pending sale of the Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will (i) comply with all requirements imposed upon it by the
Securities Act, as from time to time in force, and, subject to 7(a) above, file on or before their respective due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant
to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act and (ii) include in its quarterly reports on Form 10-Q, and in its annual reports on Form 10-K, a summary for the relevant reporting period
of (A) the number of Shares sold to or through MCUSA pursuant to this Agreement, (B) the Net Proceeds received by the Company from such sales and (C) the compensation paid by the Company to MCUSA with respect to such sales, or
alternately, on such dates as the Securities Act shall require, prepare a prospectus supplement (each, a “Subsequent Supplement”) with such summary information and, at least once a quarter, and subject to Section 7(a) above,
file such Subsequent Supplement pursuant to Rule 424(b) under the Securities Act (and within the time periods required thereby). The Company shall deliver such number of copies of each Subsequent Supplement to each exchange or market on which such
sales were effected as may be required by the rules or regulations thereof. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with
the Securities Act, the Company will promptly notify MCUSA to suspend the offering of Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to
correct such statement or omission or effect such compliance. 
 (d) During any period in which the Prospectus relating to the
Shares is required to be delivered by MCUSA under the Securities Act with respect to a pending sale of the Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company
will use its commercially reasonable efforts to cause the Shares to be listed on the Exchanges and to maintain such listings. 

(e) The Company will furnish to MCUSA and its counsel (at the expense of the Company) copies of the Registration Statement, the
Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during 

  
 14 

 
any period in which a Prospectus relating to the Shares is required to be delivered under the Securities Act (whether physically or through compliance with Rule 172 under the Securities Act or
any similar rule. The copies of the Registration Statement and the Prospectus and any supplements or amendments thereto furnished to MCUSA will be identical to the electronically transmitted copies thereof filed with the Commission. Notwithstanding
the foregoing, the Company will not be required to furnish any document (other than the Prospectus) to MCUSA to the extent such document is available on EDGAR. 
 (f) The Company will make generally available to its security holders as soon as practicable an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and
Rule 158 of the Securities Act. “Earnings statement” and “make generally available” will have the meanings contained in Rule 158 under the Securities Act. 
 (g) The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, in accordance with the provisions of Section 11 hereunder, will pay all
expenses incident to the performance of the Company’s obligations hereunder, which the parties acknowledge include expenses relating to: (i) the preparation, printing and filing of the Registration Statement and each amendment and
supplement thereto, of each Prospectus and of each amendment and supplement thereto, and of this Agreement, (ii) the preparation, issuance and delivery of the Shares, (iii) the printing and delivery to MCUSA of copies of the Prospectus and
any amendments and supplements thereto, (iv) the fees and expenses incurred in connection with the listing or qualification of the Shares for trading on the Exchange, (v) the fees and expenses incurred in connection with required filings
by the Company or MCUSA with the Commission and FINRA, and (vi) the Company’s counsel, audit and other professional fees and expenses in support of the transactions contemplated by this Agreement. 

(h) The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.” 

(i) During either the pendency of any Issuance Notice given hereunder or for the five (5) days thereafter, the Company shall provide
MCUSA notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of Common Stock (other than Shares offered pursuant to the provisions of this
Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; provided, that such notice shall not be required in connection with the (i) issuance or sale of
Common Stock pursuant to the Aspire Agreement, (ii) issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or Common Stock issuable upon the exercise of options or other equity awards pursuant to any employee or
director stock option or benefits plan or stock ownership plan or issuances, (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time or (iv) the issuance of Common
Stock upon the exercise of any currently outstanding warrants, options or other rights in effect or outstanding and disclosed in filings by the Company available on EDGAR; and provided further, that the price per Share of Common Stock in such
sales (other than those exempted in subclauses (i)-(iv) hereof) shall not be below the Minimum Price. Notwithstanding the foregoing, within two business days following any issuance or sale of Common Stock pursuant to the Aspire Agreement, the
Company shall provide MCUSA notice that such issuance or sale has occurred. 
 (j) The Company will, at any time during the
pendency of an Issuance Notice, advise MCUSA promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document
required to be provided to MCUSA pursuant to this Agreement. 
 (k) The Company will cooperate with any reasonable ongoing due
diligence review conducted by MCUSA, its counsel and/or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available requested documents and senior corporate officers,
during regular business hours and at the Company’s principal offices, via telephone, or via e-mail, as MCUSA may reasonably request throughout the term of this Agreement. 
 (l) To the extent required by applicable law, the Company shall endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such U.S. jurisdictions as MCUSA shall reasonably
request, 

  
 15 

 
and in each case to continue such qualifications in effect so long as necessary under such laws for the distribution of the Shares provided, however, that the Company shall not be required
to qualify to do business in any U.S. jurisdiction where it is not now qualified or to take any action which would subject it to general or unlimited service of process in any U.S. jurisdiction where it is not now subject. 

(m) Prior to or on the date the first Issuance Notice is given hereunder and then each time the Company: 

(i) files the Prospectus relating to the Shares or amends or supplements (other than a prospectus supplement relating solely to an
offering of securities other than the Shares) the Registration Statement or the Prospectus relating to the Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the
Registration Statement or the Prospectus relating to the Shares; 
 (ii) files an annual report on Form 10-K under the
Exchange Act (including any Form 10-K/A containing amended financial information or a material amendment to the previously filed Form 10-K); 
 (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or 

(iv) files a current report on Form 8-K containing amended financial information (other than information “furnished”
pursuant to Items 2.02 or 7.01 of Form 8-K) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation Date”), 

the Company shall furnish MCUSA with a certificate, in the form attached hereto as Exhibit 7(m) within three (3) Trading Days of any
Representation Date. The Company further agrees that each delivery of an Issuance Notice hereunder shall be deemed to be an affirmation by the Company to MCUSA that the representations and warranties of the Company contained in or made pursuant to
this Agreement are true and correct in all material respects as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct in all material respects as of
the Settlement Date for the Shares relating to such Issuance Notice as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and
supplemented relating to such Shares). The requirement to provide a certificate under this Section 7(m) shall be automatically waived for any Representation Date occurring at a time at which no Issuance Notice is pending, which waiver shall
continue until the earlier to occur of the date the Company delivers a Issuance Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date; provided, however, that
such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. 
 (n)
Concurrent with and dated as of the date of execution of this Agreement, the Company shall cause to be furnished to MCUSA a written opinion and negative assurance letter of Cooley, LLP and a written opinion of Anderson Mori (Cooley, LLP and Anderson
Mori together, the “Company Counsel”), in the forms attached hereto as Exhibit 7(n)(1). Within three (3) Trading Days of each subsequent Representation Date with respect to which the Company is obligated to deliver
a certificate in the form attached hereto as Exhibit 7(m), the Company shall cause to be furnished to MCUSA a written opinion of each Company Counsel and a negative assurance letter of Cooley, LLP in the forms attached hereto as
Exhibit 7(n)(2). 
 (o) Concurrent with and dated as of the date of execution of this Agreement and then within five
(5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(m) for which no waiver is applicable, the Company shall cause its
independent accountants (and any other independent accountants whose report is included in the Registration Statement or the Prospectus), to furnish MCUSA letters (the “Comfort Letters”) in form and substance satisfactory to MCUSA,
(i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act, the Exchange Act, and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect
to the financial information and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered public offerings (the first such letter, the “Initial Comfort Letter”)
and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort 

  
 16 

 
Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. 

(p) The Company agrees that MCUSA shall not be obligated to accept and take action on any Issuance Notice received on or after a
Representation Date unless and until it has received the Opinion and Comfort Letter contemplated by Sections 7(n) and (o) in relation to such Representation Date and the Company has satisfied its obligations pursuant to Section 7(k).

 (q) The Company will timely file with the Exchanges all material documents and notices required by the Exchanges from the
Company. 
 (r) The Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the
Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Shares as contemplated by the provisions hereof and the Prospectus. 

(s) Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance in writing by the
Company and MCUSA in its capacity as agent hereunder consistent with Section 20 hereof, neither MCUSA nor the Company (including its agents and representatives) will, directly or indirectly, make, use, prepare, authorize, approve or refer to
any free writing prospectus relating to the Shares to be sold by MCUSA as agent hereunder. 
 (t) If the Company has reason to
believe that the exemptive provisions set forth in Regulation M under the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify MCUSA and instruct it to suspend sales of the Shares under this
Agreement until that or other exemptive provisions have been satisfied in the judgment of each party. 
 (u) The Company shall
maintain, at its expense, a registrar and transfer agent for the Common Stock. 
 (v) If, immediately prior to the third
anniversary of the initial effective date of the Registration Statement, any of the Shares remain unsold, the Company will, at its option, prior to that third anniversary file, if it has not already done so, a new shelf registration statement
relating to the Shares, in a form satisfactory to MCUSA, and use its best efforts to cause such new registration statement to be declared effective within 180 days after that third anniversary so as to enable the continued public offering and sale
of the Shares after such third anniversary, and otherwise will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated hereby. References herein to the Registration Statement
shall include any new shelf registration statement relating to the offering of the Shares. 
 (w) The Company will not, and will
use its commercially reasonable efforts to cause its officers, trustees and affiliates not to, (i) take, directly or indirectly, any action designed to stabilize or manipulate the price of any security of the Company, or which may cause or
result in, or which might in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, to facilitate the sale or resale of any of the Shares, (ii) sell, bid for,
purchase or pay anyone any compensation for soliciting purchases of the Shares during the pendency of any Issuance Notice or (iii) pay or agree to pay to any person any compensation for soliciting any order to purchase any other securities of
the Company during the pendency of any Issuance Notice; provided, however, that upon consent of MCUSA the Company may bid for and purchase Common Stock in accordance with Rule 10b-18 under the Exchange Act. 

(x) The Company will ensure that there are at all times sufficient shares of Common Stock to provide for the issuance, free of any
preemptive rights, out of its authorized but unissued shares of Common Stock, of the Maximum Amount. 
 8. Conditions to
MCUSA’s Obligations. The obligations of MCUSA hereunder with respect to each Issuance Notice will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due
performance by the Company of its obligations hereunder, to the 

  
 17 

 
completion by MCUSA of a due diligence review satisfactory to MCUSA in its reasonable judgment, and to the continuing satisfaction (or waiver by MCUSA in its sole discretion) of the following
additional conditions: 
 (a) The Registration Statement shall have become effective and shall be available for the sale of all
Shares contemplated to be issued by any Issuance Notice. 
 (b) None of the following events shall have occurred and be
continuing: (i) receipt by the Company of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which
would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Shares for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus untrue in any material respect
or that requires the making of any changes in the Registration Statement, related Prospectus or documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (c) Except as contemplated in the Prospectus, or disclosed in the Incorporated Documents, there shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of
the Company or any Material Adverse Effect, or any development that could reasonably be expected to cause a Material Adverse Effect, the effect of which, in the reasonable judgment of MCUSA (without relieving the Company of any obligation or
liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Shares on the terms and in the manner contemplated in the Prospectus. 

(d) MCUSA shall have received the opinion of Company Counsel required to be delivered pursuant to Section 7(n) on or before the date
on which such delivery of such opinion is required pursuant to Section 7(n). 
 (e) MCUSA shall have received the Comfort
Letter required to be delivered pursuant to Section 7(o) on or before the date on which such delivery of such opinion is required pursuant to Section 7(o). 
 (f) MCUSA shall have received the certificate required to be delivered pursuant to Section 7(m) on or before the date on which delivery of such certificate is required pursuant to Section 7(m).

 (g) Trading in the Common Stock shall not have been suspended on either of the Exchanges. FINRA shall confirm it has not
objected to the fairness or reasonableness of the terms or arrangements under this Agreement. 
 (h) On each date on which the
Company shall have been required to deliver a certificate pursuant to Section 7(m), the Company shall have used its commercially reasonable efforts to furnish to MCUSA such appropriate further information, certificates and documents as MCUSA
may have reasonably requested. All such opinions, certificates, letters and other documents will have been in compliance with the provisions hereof. The Company will have furnished MCUSA with such conformed copies of such opinions, certificates,
letters and other documents as MCUSA shall have reasonably requested. 
 (i) All filings with the Commission required by
Rule 424 under the Securities Act shall have been filed prior to the issuance of any Issuance Notice hereunder and shall have been made within the applicable time period prescribed for such filing by Rule 424. 

  
 18 

 (j) The Shares shall have been listed and authorized for trading on Nasdaq and be eligible
for resale on the OSE, and satisfactory evidence of such actions shall have been provided to MCUSA and its counsel, which may include oral confirmations from a representatives of Nasdaq and OSE. 

(k) There shall not have occurred any event or condition that would permit MCUSA to terminate this Agreement pursuant to
Section 11(a). 
 (l) MCUSA may in its sole discretion waive compliance with any condition to its obligations hereunder.

 9. Indemnification and Contribution. 
 (a) The Company agrees to indemnify and hold harmless MCUSA, the directors, officers, partners, employees and agents of MCUSA and each person, if any, who (i) controls MCUSA within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under common control with MCUSA (a “MCUSA Affiliate”), from and against any and all losses, claims, liabilities,
expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section 9(c)) of, any action, suit
or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to which MCUSA, or any such person, may become
subject under the Securities Act, the Exchange Act or other federal or state or foreign statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or
indirectly, on (i) any breach by the Company of its representations, warranties and covenants under this Agreement or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the
Prospectus, or any amendments thereto (including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B, if applicable) or the omission or
alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this indemnity agreement shall not apply to the extent that such loss, claim,
liability, expense or damage arises from or is caused directly or indirectly by an untrue statement or omission or alleged untrue statement or omission made in reliance on and in conformity with information furnished in writing to the Company by or
on behalf of MCUSA expressly for inclusion in the Registration Statement or Prospectus. This indemnity agreement will be in addition to any liability that the Company might otherwise have. 

(b) MCUSA agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration
Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company (a
“Company Affiliate”) against any and all losses, liabilities, claims, damages and expenses to which the Company, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state or foreign
statutory law or regulation, at common law or otherwise, as and when incurred, but only insofar as such loss, liability, claim, damage or expense arises from or is caused directly or indirectly by an untrue statement or omission or alleged untrue
statement or omission made in reliance on and in conformity with information furnished in writing to the Company by or on behalf of MCUSA expressly for inclusion in the Registration Statement or Prospectus. 

(c) Any party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of
commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of
all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 9 and (ii) any
liability that it may have to any indemnified party under the foregoing provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any
such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the
indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any 

  
 19 

 
other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to
the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below. The indemnified party will have the right to employ its own
counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the
indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the
indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to
direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the
action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or
parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating to such fees, disbursements and other charges in reasonable detail. An
indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or
consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise
or consent (1) includes an unconditional release of each indemnified party from all liability arising or that may arise out of such claim, action or proceeding and (2) does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party. 
 (d) In order to provide for just and equitable
contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or MCUSA, the Company
and MCUSA will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or
proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than MCUSA, if any), to which the Company and MCUSA may be subject in such proportion as shall be appropriate to reflect the relative
benefits received by the Company, on the one hand, and MCUSA, on the other. The relative benefits received by the Company on the one hand and MCUSA on the other hand shall be deemed to be in the same proportion as the total net proceeds from the
sale of the Shares (before deducting expenses) received by the Company bear to the total compensation received by MCUSA from the sale of Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not
permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one
hand, and MCUSA, on the other, with respect to the statements or omissions that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such
offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the
Company, on the one hand, or MCUSA, on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and MCUSA agree that it would not be just
and equitable if contributions pursuant to this Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid
or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the purpose of this Section 9(d), any
legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions of
this Section 9(d), MCUSA shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to 

  
 20 

 
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d), any person who controls a party to this Agreement within the meaning
of the Securities Act, and any officers, directors, partners, employees or agents of MCUSA, will have the same rights to contribution as that party, and each trustee of the Company and each officer of the Company who signed the Registration
Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of
which a claim for contribution may be made under this Section 9(d), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be
sought from any other obligation it or they may have under this Section 9(d) except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is
sought. Except for a settlement entered into pursuant to the last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required
pursuant to Section 9(c) hereof. 
 10. Representations and Warranties to Survive Delivery. All representations
and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation (or statements as to the results thereof) made by or on behalf of MCUSA, any
MCUSA Affiliate, or the Company (or any of their respective officers, directors, representatives or controlling persons thereof), (ii) delivery and acceptance of the Shares and payment therefor or (iii) any termination of this Agreement.

 11. Termination. 
 (a) MCUSA may terminate this Agreement, by written notice to the Company pursuant to Section 12, as hereinafter specified at any time (1) if there has been, since the time of execution of this
Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Effect, or any development or event that has occurred or is reasonably likely to occur that is reasonably likely to, in the sole judgment of MCUSA,
have a Material Adverse Effect and makes it impractical or inadvisable to market the Shares or to enforce contracts for the sale of the Shares, (2) if there has occurred any material adverse change in the financial markets in the United States
or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic
conditions, in each case the effect of which is such as to make it, in the judgment of MCUSA, impracticable or inadvisable to market the Shares or to enforce contracts for the sale of the Shares, (3) if trading in the Shares has been suspended
or limited by the Commission or either of the Exchanges, or if trading generally on either of the Exchanges has been suspended or limited, or minimum prices for trading have been fixed on either of the Exchanges, (4) if any suspension of
trading of any securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United States shall have occurred
and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. 
 (b)
The Company shall have the right, by giving five (5) days written notice to MCUSA pursuant to Section 12, to terminate this Agreement in its sole discretion at any time after the date of this Agreement. 

(c) MCUSA shall have the right, by giving five (5) days written notice as hereinafter specified to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. 
 (d) Unless earlier terminated pursuant to this Section 11,
this Agreement shall automatically terminate upon the first to occur of (i) the mutual consent of the Company and MCUSA; and (ii) the issuance and sale of Shares through MCUSA pursuant to this Agreement for an aggregate purchase price that
shall equal or exceed the Maximum Amount. 
 (e) This Agreement shall remain in full force and effect unless terminated pursuant
to Sections 8(k), 11(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties. 
 (f) Any termination of
this Agreement shall be effective on the date specified in the applicable notice of termination; provided, however, that such termination shall not be effective until the close of business on the date

  
 21 

 
specified in such notice by MCUSA or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Shares, such Shares shall settle in accordance
with the provisions of this Agreement. 
 (g) If this Agreement is terminated pursuant to Section 8(k) or this
Section 11, such termination shall be without liability of any party to any other party except as provided in Section 7(g) hereof, and except that, in the case of any termination of this Agreement, Section 9, Section 12,
Section 16 and Section 17 hereof, and the obligation herein to pay any discount, commission or other compensation on the sales of Shares which has accrued but is unpaid, shall survive such termination and remain in full force and effect.

 12. Notices. All statements, requests, notices and agreements hereunder shall be in writing, and: 

(a) if to MCUSA, shall be delivered or sent by mail or facsimile transmission to 125 W. 55th Street, New York, NY
10019 Attention: Ken Savio, Executive Director (Fax: 212-231-2598 or email: ken.savio@macquarie.com), with copies to Ryan Burke (Fax: 212-231-2598, or email: ryan.burke@macquarie.com), Charlie Baynes-Reid and Judie Park (Fax: 212-231-1718, or email:
charlie.baynes-reid@macquarie.com and judie.park@macquarie.com), and K&L Gates LLP, 1 Park Plaza, 12th Floor, Irvine, California 92614, Attention: Thomas Poletti & Shoshannah Katz (Fax: 949-623-4477, or email: thomas.poletti@klgates.com and shoshannah.katz@klgates.com); and 

(b) if to the Company, shall be delivered or sent by mail or facsimile or electronic transmission to the address of the Company set forth
in the Registration Statement, Attention: Chief Executive Officer, (Fax: (858) 373-7000), with a copy to Cooley, LLP, 4401 Eastgate Mall, San Diego, CA 92121, Attention: Barbara Borden, (Fax: (858) 550-6420). 

Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof. 

13. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and MCUSA and their
respective successors and the affiliates, controlling persons, officers and directors referred to in Section 9 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted
assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or
by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party. 

14. Adjustments for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement
shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares. 

15. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and placement
notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this
Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and MCUSA. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and
provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be
in accordance with the intent of the parties as reflected in this Agreement. 
 16. Governing Law. This Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York. The Company hereby submits to the non-exclusive jurisdiction of any court of the State of New York located in New York County or the United States District Court
for the Southern District of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated thereby. 

  
 22 

 
The Company irrevocably and unconditionally waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated
thereby in any court of the State of New York located in New York County or the United States District Court for the Southern District of New York and irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any
such suit or proceeding in any such court has been brought in an inconvenient forum. 
 17. Waiver of Jury Trial. To the
fullest extent allowable by applicable law from time to time, each of the Company and MCUSA hereby waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or the transactions contemplated
hereby. 
 18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission or scan and electronic mail transmission. 

19. Definitions. As used in this Agreement, the following terms have the respective meanings set forth below: 

(a) “Applicable Time” means the date of this Agreement, each date on which an Issuance Notice is given, each Settlement
Date, each Representation Date and such other time(s) as agreed to by the Company and MCUSA. 
 (b) “Issuer Free Writing
Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Shares that (1) is required to be filed with the Commission by the Company, (2) is a “road show” that is a
“written communication” within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description
of the Shares or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed in Exhibit 19(b) hereto, in each case in the form filed or required to be filed with the Commission or, if not
required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) under the Securities Act. 

(c) “Rule 433” means Rule 433 of the Securities Act. 

All references in this Agreement to financial statements and schedules and other information that is “contained,”
“included” or “stated” in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is
incorporated by reference in the Registration Statement or the Prospectus, as the case may be. 
 All references in this
Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free
Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all
references in this Agreement to “supplements” to the Prospectus shall include, without limitation, any supplements, “wrappers” or similar materials prepared in connection with any offering, sale or private placement of any Shares
by MCUSA outside of the United States. 
 20. Permitted Free Writing Prospectuses. The Company represents, warrants and
agrees that, unless it obtains the prior written consent of MCUSA, and MCUSA represents, warrants and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Shares that
would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such Issuer Free Writing Prospectus consented to
by MCUSA or by the Company, as the case may be, is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing
Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely

  
 23 

 
filing with the Commission where required, legending and record keeping, and will furnish copies of any Permitted Free Writing Prospectus to MCUSA. The Company and MCUSA agree that under
no circumstances shall the parties utilize any free writing prospectus would not qualify and has not qualified and been consented to as a Permitted Free Writing Prospectus. 
 21. Absence of Fiduciary Relationship. The Company acknowledges and agrees that (i) MCUSA has been retained solely to act as underwriter or sales agent in connection with the sale of the
Shares and that no fiduciary, advisory or other agency relationship between the Company and MCUSA has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether MCUSA has advised or is advising the
Company on other matters; (ii) the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (iii) the Company has been advised that
MCUSA and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that MCUSA has no obligation to disclose such interests and transactions to the Company by virtue of any
fiduciary, advisory or agency relationship; (iv) MCUSA has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and the Company has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate; and (v) it waives, to the fullest extent permitted by law, any claims it may have against MCUSA, for breach of fiduciary duty or alleged breach of fiduciary duty and agrees
that MCUSA shall have no liability (whether direct or indirect) to the Company in respect to such fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including shareholders, partners, employees
or creditors of the Company. 
 [Remainder of Page Intentionally Blank] 

  
 24 

 If the foregoing correctly sets forth the agreement between the Company and MCUSA, please
indicate your acceptance in the space provided for that purpose below. 
  

			
	Very truly yours,
	
	MEDICINOVA, INC.
		
	By:	 	   /s/ Yuichi Iwaki

	Name:	 	Yuichi Iwaki, M.D., Ph.D.
	Title:	 	President and Chief Executive Officer

 ACCEPTED as of the date first-above written: 

MACQUARIE CAPITAL (USA) INC. 
  

			
	By:	 	   /s/ Kenneth J. Savio

	Name:	 	Ken Savio
	Title:	 	Executive Director

  

			
	MACQUARIE CAPITAL (USA) INC.
		
	By:	 	   /s/ Michael Silverton

	Name:	 	Michael Silverton
	Title:	 	Executive Director

 [Signature page to Equity Distribution Agreement] 

  
 25 

 SCHEDULE 1 
 FORM OF ISSUANCE NOTICE 
 From
[            ] 
 To:
[            ] 
 Gentlemen: 

Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement between Medicinova, Inc. (the “Company”) and
Macquarie Capital (USA), Inc. (“MCUSA”) dated April 17, 2013 (the “Agreement”), I hereby request on behalf of the Company that MCUSA [sell as an agent up to [—] shares of the
Company’s Common Stock, par value $0.001 per share, at a minimum market price of $[—] per share on or before
[—            ], 201[—].1] Capitalized terms defined in the Agreement shall have the same meanings when used herein. 

The Company hereby confirms as of the date of this Issuance Notice: 
  

	 	•	 	 The Prospectus, including the Incorporated Documents, as of the date hereof, does not, and as of the anticipated Settlement Date for the sale of such
shares, will not, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statement therein, in light of the circumstances under which they were made, not misleading.

  

	 	•	 	 The sale of shares as requested herein, pursuant to the Agreement, shall be subject to all of the representations, warranties, covenants and other
terms and conditions of the Agreement, except to the extent amended or modified hereby, all of which are expressly incorporated herein by reference. Each of the representations and warranties set forth in the Agreement shall be deemed to have been
made at and as of the date hereof and at and as of any Settlement Date. 

  

	 	•	 	 The number of shares proposed for sale pursuant to this Issuance Notice does not exceed the Maximum Amount, including the aggregate offering price of
sales to be made under this Issuance Notice, plus the aggregate offering price of all sales made previously under the Agreement. 

 Please promptly confirm receipt of this Issuance Notice. 
  

	1 	Alternate language for underwritten distribution: “purchase as principal for distribution [—] shares of the
Company’s Common Stock, par value $0.001 per share, at a price of $[—] for settlement on [—].” Note that stated settlement date shall be
T+2 from the Trading Day on which notice is given. 

  
 26 

 SCHEDULE 2 
 Macquarie Capital (USA) Inc. 
 Ken Savio: ken.savio@macquarie.com 

Ryan Burke: ryan.burke@macquarie.com 
 Tim
Gould: tim.gould@macquarie.com 
 Catherine Rivera: catherine.rivera@macquarie.com 

 

	Cc:	(which shall not constitute notice for purpose of the Agreement) 

	    	Thomas Poletti: Thomas.poletti@klgates.com 

	    	Shoshannah Katz: Shoshannah.katz@klgates.com 

Medicinova, Inc. 
 Yuichi Iwaki, M.D.,
Ph.D.: iwaki@medicinova.com 
 Michael Coffee: coffee@medicinova.com 
 Michael Gennaro: Gennaro@medicinova.com 
 Kirk Johnson, Ph.D.: kjohnson@medicinova.com 

Kazuko Matsuda, M.D., Ph.D., MPH: matsuda@medicinova.com 
 Masatsune Okajima: okajima@medicinova.com 
  

	Cc:	(which shall not constitute notice for purpose of the Agreement) 

	    	Barbara Borden: bordenbl@cooley.com 

  
 27 

 SCHEDULE 3 

COMPENSATION 
 For
sales of the Shares for which MCUSA acts as a sales agent under this Agreement, MCUSA shall be paid a fee equal to 8.0% of the gross proceeds at the applicable Settlement Date. For Shares MCUSA purchases directly from the Company for distribution,
the funds provided to MCUSA at the Settlement Date shall include an 8% commission discount from the per Share offering price. MCUSA acknowledges receipt of a advance of fees in the amount of $55,000 in support of due diligence on April 17, 2013
(the “Diligence Fee”), which shall be applied against the first $55,000 of fees/commissions earned hereunder. 
 Under no
circumstances shall the total compensation payable to MCUSA hereunder arising from the sale of Shares exceed 8% of the aggregate gross proceeds the Company expects to receive from the sale of Shares hereunder, inclusive of the Diligence Fee.

  
 28 

 Exhibit 7(m) 

OFFICER CERTIFICATE 
 The undersigned, the duly qualified and elected                     of Medicinova, Inc.
(“Company”), a Delaware corporation, does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Equity Distribution Agreement dated April 17, 2013 (the “Agreement”)
between the Company and Macquarie Capital (USA), Inc., that to the best of the knowledge of the undersigned: 
 (i) The
representations and warranties of the Company set forth in Section 5 of the Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to knowledge, materiality
or Material Adverse Effect, are true and correct on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific
calendar date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as
if made on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific calendar date and which were true and correct
as of such date; and 
 (ii) The Company has complied with all agreements and satisfied all conditions on its part to be
performed or satisfied pursuant to the Agreement at or prior to the date hereof. 
  

			
	By:	 	  

		
	Name:	 	
		
	Title:	 	

Date:                 

  
 29 

 Exhibit 7(n)(1) 

FORM OF LEGAL OPINION AND NEGATIVE ASSURANCE LETTER 

  
 30 

 Exhibit 7(n)(2) 

FORM OF LEGAL OPINION 

  
 31 

 Exhibit 19(b) 

ISSUER FREE WRITING PROSPECTUSES 
 [None.] 

  
 32

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