Document:

Exhibit 4.8

 

ALBIREO PHARMA, INC.

 

Issuer

 

AND

 

[                   
] Trustee

 

INDENTURE

 

Dated as of [                   
]

 

Subordinated Debt Securities

 

     

     

    

 

CROSS-REFERENCE TABLE (1)

 

	Section of Trust Indenture Act of 1939, as Amended	 	Section of
 Indenture
	310(a).	 	 	7.09
	310(b).	 	 	7.08 

7.10
	310(c).	 	 	Inapplicable
	311(a).	 	 	7.13(a)
	311(b).	 	 	7.13(b)
	311(c).	 	 	Inapplicable
	312(a)	 	 	5.02(a)
	312(b).	 	 	5.02(b)
	312(c).	 	 	5.02(c)
	313(a).	 	 	5.04(a)
	313(b).	 	 	5.04(a)
	313(c).	 	 	5.04(a)
	 	 	 	5.04(b)
	313(d).	 	 	5.04(b)
	314(a).	 	 	5.03
	314(b).	 	 	Inapplicable
	314(c).	 	 	13.06
	314(d).	 	 	Inapplicable
	314(e).	 	 	13.06
	314(f).	 	 	Inapplicable
	315(a).	 	 	7.01(a) 

7.02
	315(b).	 	 	6.07
	315(c).	 	 	7.01
	315(d).	 	 	7.01(b)
	 	 	 	7.01(c)
	315(e).	 	 	6.07
	316(a).	 	 	6.06
	 	 	 	8.04
	316(b).	 	 	6.04
	316(c).	 	 	8.01
	317(a).	 	 	6.02
	317(b).	 	 	4.03
	318(a).	 	 	13.08

 

 

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

 

     

     

    

 

TABLE OF CONTENTS (2)

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1
	 	 	 
	SECTION 1.01	Definitions of Terms	1
	 	 	 
	ARTICLE II	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
	 	 	 
	SECTION 2.01	Designation and Terms of Securities	4
	SECTION 2.02	Form of Securities and Trustee’s Certificate	5
	SECTION 2.03	Denominations: Provisions for Payment	6
	SECTION 2.04	Execution and Authentications	7
	SECTION 2.05	Registration of Transfer and Exchange	7
	SECTION 2.06	Temporary Securities	8
	SECTION 2.07	Mutilated, Destroyed, Lost or Stolen Securities	9
	SECTION 2.08	Cancellation	9
	SECTION 2.09	Benefits of Indenture	9
	SECTION 2.10	Authenticating Agent	9
	SECTION 2.11	Global Securities	10
	 	 	 
	ARTICLE III	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	11
	 	 	 
	SECTION 3.01	Redemption	11
	SECTION 3.02	Notice of Redemption	11
	SECTION 3.03	Payment Upon Redemption	12
	SECTION 3.04	Sinking Fund	12
	SECTION 3.05	Satisfaction of Sinking Fund Payments with Securities	12
	SECTION 3.06	Redemption of Securities for Sinking Fund	12
	 	 	 
	ARTICLE IV	COVENANTS	13
	 	 	 
	SECTION 4.01	Payment of Principal, Premium and Interest	13
	SECTION 4.02	Maintenance of Office or Agency	13
	SECTION 4.03	Paying Agents	13
	SECTION 4.04	Appointment to Fill Vacancy in Office of Trustee	14
	SECTION 4.05	Compliance with Consolidation Provisions	14
	 	 	 
	ARTICLE V	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	14
	 	 	 
	SECTION 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	14
	SECTION 5.02	Preservation of Information; Communications with Securityholders	14
	SECTION 5.03	Reports by the Company	15
	SECTION 5.04	Reports by the Trustee	15
	 	 	 
	ARTICLE VI	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	16
	 	 	 
	SECTION 6.01	Events of Default	16
	SECTION 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	17
	SECTION 6.03	Application of Moneys Collected	18
	SECTION 6.04	Limitation on Suits	18
	SECTION 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	19
	 	 	 	 

     

     

    

 

	SECTION 6.06	Control by Securityholders	19
	SECTION 6.07	Undertaking to Pay Costs	20
	 	 	 
	ARTICLE VII	CONCERNING THE TRUSTEE	20
	 	 	 
	SECTION 7.01	Certain Duties and Responsibilities of Trustee	20
	SECTION 7.02	Certain Rights of Trustee	21
	SECTION 7.03	Trustee Not Responsible for Recitals or Issuance of Securities	22
	SECTION 7.04	May Hold Securities	22
	SECTION 7.05	Moneys Held in Trust	22
	SECTION 7.06	Compensation and Reimbursement	22
	SECTION 7.07	Reliance on Officers’ Certificate	23
	SECTION 7.08	Disqualification; Conflicting Interests	23
	SECTION 7.09	Corporate Trustee Required; Eligibility	23
	SECTION 7.10	Resignation and Removal; Appointment of Successor	23
	SECTION 7.11	Acceptance of Appointment By Successor	24
	SECTION 7.12	Merger, Conversion, Consolidation or Succession to Business	25
	SECTION 7.13	Preferential Collection of Claims Against the Company	25
	 	 	 
	ARTICLE VIII	CONCERNING THE SECURITYHOLDERS	26
	 	 	 
	SECTION 8.01	Evidence of Action by Securityholders	26
	SECTION 8.02	Proof of Execution by Securityholders	26
	SECTION 8.03	Who May be Deemed Owners	26
	SECTION 8.04	Certain Securities Owned by Company Disregarded	27
	SECTION 8.05	Actions Binding on Future Securityholders	27
	SECTION 8.06	Purposes for Which Meetings May Be Called	27
	SECTION 8.07	Call Notice and Place of Meetings	27
	SECTION 8.08	Persons Entitled To Vote at Meetings	28
	SECTION 8.09	Quorum; Action	28
	SECTION 8.10	Determination of Voting Rights; Conduct and Adjournment of Meetings	28
	SECTION 8.11	Counting Votes and Recording Action of Meetings	29
	 	 	 
	ARTICLE IX	SUPPLEMENTAL INDENTURES	29
	 	 	 
	SECTION 9.01	Supplemental Indentures Without the Consent of Securityholders	29
	SECTION 9.02	Supplemental Indentures With Consent of Securityholders	30
	SECTION 9.03	Effect of Supplemental Indentures	30
	SECTION 9.04	Securities Affected by Supplemental Indentures	31
	SECTION 9.05	Execution of Supplemental Indentures	31
	 	 	 
	ARTICLE X	SUCCESSOR ENTITY	31
	 	 	 
	SECTION 10.01	Company May Consolidate, Etc.	31
	SECTION 10.02	Successor Entity Substituted	32
	SECTION 10.03	Evidence of Consolidation, Etc. to Trustee	32
	 	 	 
	ARTICLE XI	SATISFACTION AND DISCHARGE	32
	 	 	 
	SECTION 11.01	Satisfaction and Discharge of Indenture	32
	SECTION 11.02	Discharge of Obligations	33
	SECTION 11.03	Deposited Moneys to be Held in Trust	33
	SECTION 11.04	Payment of Moneys Held by Paying Agents	33
	SECTION 11.05	Repayment to Company	33
	 	 	 	 

     

     

    

 

	ARTICLE XII	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	33
	 	 	 
	SECTION 12.01	No Recourse	33
	 	 	 
	ARTICLE XIII	MISCELLANEOUS PROVISIONS	34
	 	 	 
	SECTION 13.01	Effect on Successors and Assigns	34
	SECTION 13.02	Actions by Successor	34
	SECTION 13.03	Surrender of Company Powers	34
	SECTION 13.04	Notices	34
	SECTION 13.05	Governing Law	34
	SECTION 13.06	Treatment of Securities as Debt	34
	SECTION 13.07	Compliance Certificates and Opinions	35
	SECTION 13.08	Payments on Business Days	35
	SECTION 13.09	Conflict with Trust Indenture Act	35
	SECTION 13.10	Counterparts	35
	SECTION 13.11	Separability	35
	SECTION 13.12	Assignment	35
	 	 	 
	ARTICLE XIV	SUBORDINATION OF SECURITIES	36
	 	 	 
	SECTION 14.01	Subordination Terms	36
	 	 	 	 

 

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

 

     

     

    

 

INDENTURE, dated as of [                   
], by and between Albireo Pharma, Inc., a Delaware corporation (the “Company”), and [                    ],
as trustee (the “Trustee”):

 

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

 

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

 

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

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01  Definitions of Terms.

 

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

 

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

 

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

 

“Board of Directors” means the Board
of Directors of the Company or any duly authorized committee of such Board.

 

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

 

“Business Day” means, with respect
to any series of Securities, any day other than a day on which Federal or State banking institutions in the Borough of Manhattan, the
City and State of New York, are authorized or obligated by law, executive order or regulation to close.

 

“Certificate” means a certificate signed
by the principal executive officer, the principal financial officer or the principal accounting officer of the Company. The Certificate
need not comply with the provisions of Section 13.07.

 

“Commission” means the Securities and
Exchange Commission.

 

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“Company” means the corporation named
as the “Company” in the first paragraph of this instrument until a successor corporation shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Corporate Trust Office” means the
office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at
the date hereof is located at [                   
], except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, the City and State
of New York, such office is located, at the date hereof, at [                    ].

 

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

 

“Default” means an event which is,
or after notice or lapse of time, or both, would constitute an Event of Default.

 

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

 

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

 

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

 

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

 

“Governmental Obligations” means securities
that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or
(ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America,
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either
case, are non-callable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such Governmental Obligation or
a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder
of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental
Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

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

 

“Indenture” means this instrument as
originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into
in accordance with the terms hereof.

 

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

 

“Officers’ Certificate” means
a certificate signed by the President or a Vice President and by the Chief Financial Officer, Vice President of Finance, the Treasurer
or an Assistant Treasurer or the Controller or an Assistant Controller or the Secretary or an Assistant Secretary of the Company that
is delivered to the Trustee in accordance with the terms hereof. Certificate shall include the statements provided for in Section 13.07,
if and to the extent required by the provisions thereof.

 

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“Opinion of Counsel” means a written
opinion of counsel, who may be counsel to the Company (and may include directors or employees of the Company) and which opinion is acceptable
to the Trustee which acceptance shall not be unreasonably withheld.

 

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

 

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

 

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

 

“Responsible Officer,” when used with
respect to the Trustee, means any officer of the Trustee, including any vice president, assistant vice president, secretary, assistant
secretary, the treasurer, any assistant treasurer, the managing director or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Securities” means the debt Securities
authenticated and delivered under this Indenture.

 

“Security Register” has the meaning
specified in Section 2.05.

 

“Security Registrar” has the meaning
specified in Section 2.05.

 

“Securityholder,” “holder of
Securities,” “registered holder,” or other similar term, means the Person or Persons in whose name or names a particular
Security shall be registered in the Security Register.

 

“Subsidiary” means, with respect to
any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly,
by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership,
joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned
by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trustee” means the Person named as
the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. The term “Trustee” as
used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

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“Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended, subject to the provisions of Sections 9.01, 9.02, and 10.01, as in effect at the date of execution
of this instrument; provided, however, that in the event the Trust Indenture Act is amended after such date, Trust Indenture Act means,
to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended, or any successor statute.

 

“Voting Stock,” as applied to any Person,
means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary
voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations
or other equivalents having such power only by reason of the occurrence of a contingency.

 

ARTICLE II

 

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

 

SECTION 2.01  Designation and Terms of Securities.

 

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

 

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

 

(2) the aggregate principal amount of
the Securities of such series initially to be issued and any limit upon the aggregate principal amount of the Securities of that series
that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of that series);

 

(3) the currency or units based on or
relating to currencies in which debt securities of such series are denominated and the currency or units in which principal or interest
or both will or may be payable;

 

(4) the date or dates on which the principal
of the Securities of the series is payable and the place(s) of payment;

 

(5) the rate or rates at which the Securities
of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(6) the date or dates from which such
interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest
Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such
Interest Payment Dates or the method for determining such dates;

 

(7) the right, if any, to extend the
interest payment periods or to defer the payment of interest and the duration of such extension;

 

(8) the period or periods within which,
the price or prices at which and the terms and conditions upon which, Securities of the series may be redeemed, in whole or in part, at
the option of the Company;

 

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(9) the obligation, if any, of the Company
to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions (including payments made in cash in
satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price
or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation;

 

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

 

(11) the form of the Securities of the
series including the form of the Certificate of Authentication for such series;

 

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

 

(13) any and all other terms with respect
to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including
any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing
of Securities of that series;

 

(14) whether the Securities are issuable
as a Global Security and, in such case, the identity of the Depositary for such series;

 

(15) whether the Securities will be
convertible into shares of common stock or other securities of the Company and, if so, the terms and conditions upon which such Securities
will be so convertible, including the conversion price and the conversion period;

 

(16) if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.01;

 

(17) any additional or different Events
of Default or restrictive covenants provided for with respect to the Securities of the series; and

 

(18) the subordination terms of the
Securities of the series.

 

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

 

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

 

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

 

SECTION 2.02  Form of Securities and Trustee’s
Certificate.

 

The Securities of any series and the Trustee’s
certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board Resolution of the Company and as set forth in an Officers’ Certificate
of the Company and may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any stock exchange on which Securities of that series may be listed, or to conform to usage.

 

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SECTION 2.03  Denominations: Provisions for Payment.

 

The Securities shall be issuable as registered
Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(12).
The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.
The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior
to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and
private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New
York. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day
year composed of twelve 30-day months.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 2.04  Execution and Authentications.

 

The Securities shall be signed on behalf of the
Company by its President, or one of its Vice Presidents, or its Treasurer, or one of its Assistant Treasurers, or its Secretary, or one
of its Assistant Secretaries, under its corporate seal attested by its Secretary or one of its Assistant Secretaries. Signatures may be
in the form of a manual or facsimile signature. The Company may use the facsimile signature of any Person who shall have been a President
or Vice President thereof, or of any Person who shall have been a Treasurer or Assistant Treasurer thereof, or of any Person who shall
have been a Secretary or Assistant Secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated
and delivered or disposed of such Person shall have ceased to be the President or a Vice President, the Treasurer or an Assistant Treasurer
or the Secretary or an Assistant Secretary, of the Company. The seal of the Company may be in the form of a facsimile of such seal and
may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends or
endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication.

 

A Security shall not be valid or obligatory for
any purpose and shall not be entitled to any benefit under this Indenture, in each case, until authenticated with a certificate of authentication
manually signed by an authorized signatory of the Trustee, or by an Authenticating Agent. Such certificate shall be conclusive evidence,
and the only evidence, that the Security so authenticated has been duly authenticated and delivered hereunder and that the Security is
entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order
of the Company for the authentication and delivery of such Securities, signed by its President or any Vice President and its Secretary
or any Assistant Secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

In authenticating such Securities and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject
to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been
established in conformity with the provisions of this Indenture.

 

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

 

SECTION 2.05  Registration of Transfer and Exchange.

 

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

 

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

 

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

 

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

 

(c) No service charge shall be made for
any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges
pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.

 

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

 

SECTION 2.06  Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or
typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities
in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all
as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series.
Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company
designated for the purpose in the Borough of Manhattan, the City and State of New York, and the Trustee shall authenticate and such office
or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such
series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this
Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

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SECTION 2.07  Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security shall
become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish
to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and
of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or
authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Trustee) connected therewith. In case any Security that has matured or is about to mature shall become mutilated
or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee
such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction
of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement Security issued pursuant to the
provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed,
lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and
owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments
or other securities without their surrender.

 

SECTION 2.08  Cancellation.

 

All Securities surrendered for the purpose of payment,
redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee
for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except
as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender,
the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose
of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company
shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

SECTION 2.09  Benefits of Indenture.

 

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

 

SECTION 2.10  Authenticating Agent.

 

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

 

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

 

SECTION 2.11  Global Securities

 

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

 

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

 

(c) If at any time the Depositary for
a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any
time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute
or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such condition, as the case may be, this Section 2.11 shall no longer be applicable to the Securities
of such series and the Company will execute, and subject to Section 2.05, the Trustee will authenticate and deliver the Securities
of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any
time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11
shall no longer apply to the Securities of such series. In such event the Company will execute and subject to Section 2.05, the Trustee,
upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate and deliver the Securities
of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security
for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled
by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall
be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the
Persons in whose names such Securities are so registered.

 

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ARTICLE III

 

REDEMPTION OF SECURITIES AND

SINKING FUND PROVISIONS

 

SECTION 3.01  Redemption.

 

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

 

SECTION 3.02  Notice of Redemption.

 

(a) In case the Company shall desire to
exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with the right reserved
so to do, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series
to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before
the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register unless
a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice
to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect
the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction.

 

Each such notice of redemption shall specify the
date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment
of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan,
the City and State of New York, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption
will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is for a
sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities
of that series to be redeemed in whole or in part shall specify the particular Securities to be so redeemed. In case any Security is to
be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed,
and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in
principal amount equal to the unredeemed portion thereof will be issued.

 

(b) If less than all the Securities of
a series are to be redeemed, the Company shall give the Trustee at least 30 days’ notice in advance of the date fixed for redemption
as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in
such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions
(equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities
to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf
by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company
or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the
Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such
paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient
to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

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SECTION 3.03  Payment Upon Redemption.

 

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

 

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

 

SECTION 3.04  Sinking Fund.

 

The provisions of Sections 3.04, 3.05 and 3.06
shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by
Section 2.01 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any
payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of
any series as provided for by the terms of Securities of such series.

 

SECTION 3.05  Satisfaction of Sinking Fund Payments with
Securities.

 

The Company (i) may deliver Outstanding Securities
of a series (other than any Securities previously called for redemption) and (ii) may apply as a credit Securities of a series that
have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for
by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

SECTION 3.06  Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund
payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount
of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to
be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will,
together with such Officers’ Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the
manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Section 3.03.

 

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ARTICLE IV

 

COVENANTS

 

SECTION 4.01  Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause
to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner
provided herein and established with respect to such Securities.

 

SECTION 4.02  Maintenance of Office or Agency.

 

So long as any series of the Securities remain
Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with respect
to each such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities
of that series may be presented or surrendered for payment, (ii) Securities of that series may be presented as herein above authorized
for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company
shall, by written notice signed by its President or a Vice President and delivered to the trustee, designate some other office or agency
for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.

 

SECTION 4.03  Paying Agents.

 

(a) If the Company shall appoint one or
more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.04  Appointment to Fill Vacancy in Office of Trustee.

 

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

 

SECTION 4.05  Compliance with Consolidation Provisions.

 

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

 

ARTICLE V

 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE
COMPANY AND THE TRUSTEE

 

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

 

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

 

SECTION 5.02  Preservation of Information; Communications
with Securityholders.

 

(a) The Trustee shall preserve, in as
current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the
most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received
by the Trustee in its capacity as Security Registrar (if acting in such capacity) and shall otherwise comply with Section 312(a) of
the Trust Indenture Act.

 

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

 

(c) Securityholders may communicate as
provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture
or under the Securities.

 

SECTION 5.03  Reports by the Company.

 

(a) The Company covenants and agrees to
file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant to Section 13
or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant
to either of such sections, then to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required pursuant
to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations; provided, however, the Company shall not be required to deliver to the Trustee any
materials for which the Company has sought and received confidential treatment by the Commission. The Company also shall comply with the
other provisions of Section 314(a) of the Trust Indenture Act.

 

(b) The Company covenants and agrees to
file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided
for in this Indenture as may be required from time to time by such rules and regulations.

 

(c) The Company covenants and agrees to
transmit by mail, first class postage prepaid, or reputable over-night delivery service that provides for evidence of receipt, to the
Securityholders, as their names and addresses appear upon the Security Register, within 30 days after the filing thereof with the Trustee,
such summaries of any information, documents and reports required to be filed by the Company pursuant to subsections (a) and (b) of
this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

SECTION 5.04  Reports by the Trustee.

 

(a) The Trustee shall transmit to holders
as provided in Section 313 of the Trust Indenture Act such reports concerning the Trustee and its actions under this Indenture as
may be required by Section 313 of the Trust Indenture Act at the times and in the manner provided by the Trust Indenture Act.

 

(b) A copy of each such report shall,
at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each stock exchange upon which any
Securities are listed (if so listed) and, if required by Section 313 of the Trust Indenture Act, also with the Commission. The Company
agrees to notify the Trustee when any Securities become listed on any stock exchange.

 

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ARTICLE VI

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON
EVENT OF DEFAULT

 

SECTION 6.01  Events of Default.

 

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

 

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

 

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

 

(3) the Company fails to observe or
perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with
respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly
included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days
after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice
of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and
the Trustee by the holders of not less than a majority in principal amount of the Securities of that series at the time Outstanding;

 

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

 

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

 

(b) In each and every such case, unless
the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not
less than a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to
the Company (and to the Trustee if given by such Securityholders), may declare the principal (or, if any Securities of that series are
discount securities, that portion of the principal amount as may be specified in the terms of that series pursuant to Section 2.01(a)(16))
of (and premium, if any, on) and accrued and unpaid interest, if any, on all the Securities of that series to be due and payable immediately,
and upon any such declaration the same shall become and shall be immediately due and payable. Notwithstanding the foregoing, the payment
of such principal (or, if any Securities of that series are discount securities, that portion of the principal amount as may be specified
in the terms of that series pursuant to Section 2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid interest, if any,
on the Securities of such series shall remain subordinated to the extent provided in Article XIV.

 

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(c) At any time after the principal of
the Securities of that series shall have been so declared due and payable, and before a judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities
of that series then Outstanding hereunder (or, by action at a meeting of holders of the Securities of such series in accordance with Section 8.09,
the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting),
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
and (ii) any and all Events of Default under this Indenture with respect to such series, other than the nonpayment of principal of
(and premium, if any, on) and accrued and unpaid interest, if any, on Securities of that series that shall have become due solely because
of such acceleration, shall have been remedied, cured or waived as provided in Section 6.06. No such rescission and annulment shall
extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d) In case the Trustee shall have proceeded
to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued
or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then
and in every such case, subject to any determination in such proceedings, the Company, and the Trustee shall be restored respectively
to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though
no such proceedings had been taken.

 

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

 

(a) The Company covenants that (1) in
case it shall default in the payment of any installment of interest on any of the Securities of a series, or any payment required by any
sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default
shall have continued for a period of 90 Business Days, or (2) in case it shall default in the payment of the principal of (or premium,
if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities
of a series or upon redemption or upon declaration or otherwise, then, upon demand of the Trustee, the Company will pay to the Trustee,
for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on
all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal
(and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments
of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b) If the Company shall fail to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to
institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action
or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon
the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property
of the Company or other obligor upon the Securities of that series, wherever situated.

 

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

 

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(d) All rights of action and of asserting
claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee
without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the
holders of the Securities of such series.

 

In case of an Event of Default hereunder, the Trustee
may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted
in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Nothing contained herein shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect
of the claim of any Securityholder in any such proceeding.

 

SECTION 6.03  Application of Moneys Collected.

 

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

 

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

 

SECOND: To the payment of all Senior Indebtedness
of the Company if and to the extent required by Article XIV; and

 

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

 

SECTION 6.04  Limitation on Suits.

 

No holder of any Security of any series shall have
any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law
upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless
(i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with
respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less
than a majority in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as trustee hereunder; (iii) such holder or holders shall have
offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein
or thereby; and (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed
to institute any such action, suit or proceeding and (v) during such 60 day period, the holders of a majority in principal amount
of the Securities of that series (or such amount as shall have acted at a meeting of the holders of Securities of such series pursuant
to the provisions of this Indenture) do not give the Trustee a direction inconsistent with the request; provided, however, that no one
or more of such holders may use this Indenture to prejudice the rights of another holder or to obtain preference or priority over another
holder.

 

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

 

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

 

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

 

(b) No delay or omission of the Trustee
or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as
aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or on acquiescence therein; and,
subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

SECTION 6.06  Control by Securityholders.

 

The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.01, shall have the right
to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of
law or with this Indenture or be unduly prejudicial to the rights of holders of Securities of any other series at the time Outstanding
determined in accordance with Section 8.01. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline
to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the
proceeding so directed would involve the Trustee in personal liability.

 

The holders either (a) through the written
consent of not less than a majority in aggregate principal amount of the Securities of any series at the time Outstanding or (b) by
action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders of a majority in
aggregate principal amount of the Securities of such series then Outstanding represented at such meeting, may on behalf of the holders
of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established
pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or
premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities
otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and
principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)) and except in respect a provision
hereof which, under Section 9.02, cannot be modified or amended without the consent of the holders of each Outstanding Security affected;
provided however that this Section shall not limit the right of holders of Securities of a series to rescind and annul any acceleration
as set forth in Section 6.01. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this
Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
The provisions which otherwise would be automatically deemed to be contained in this Indenture pursuant to Section 316(a)(1) of
the Trust Indenture Act are hereby expressly excluded from this Indenture, except to the extent such provisions are expressly included
herein.

 

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SECTION 6.07  Undertaking to Pay Costs.

 

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

 

ARTICLE VII

 

CONCERNING THE TRUSTEE

 

SECTION 7.01  Certain Duties and Responsibilities of Trustee.

 

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

 

(b) No provision of this Indenture shall
be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1) prior to the occurrence of an Event
of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that
series that may have occurred:

 

(i) the duties and obligations of the
Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as
are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee;
and

 

(ii) in the absence of bad faith on the
part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirement of this Indenture;

 

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

 

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

 

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

 

SECTION 7.02  Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a) The Trustee may rely and shall be
protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties;

 

(b) Any request, direction, order or demand
of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company,
by the President or any Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer thereof
(unless other evidence in respect thereof is specifically prescribed herein);

 

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

 

(d) The Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders,
pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been
cured or waived) to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and
to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct
of his own affairs;

 

(e) The Trustee shall not be liable for
any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or
powers conferred upon it by this Indenture;

 

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(f) The Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of
not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided
in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee
by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses
or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid
by the Trustee, shall be repaid by the Company upon demand; and

 

(g) The Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall
not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

SECTION 7.03  Trustee Not Responsible for Recitals or Issuance
of Securities.

 

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

 

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

 

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

 

SECTION 7.04  May Hold Securities.

 

The Trustee or any paying agent or Security Registrar,
in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.

 

SECTION 7.05  Moneys Held in Trust.

 

Subject to the provisions of Section 11.05,
all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for
interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

 

SECTION 7.06  Compensation and Reimbursement.

 

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

 

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(b) The obligations of the Company under
this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances
shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities
upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular
Securities.

 

SECTION 7.07  Reliance on Officers’ Certificate.

 

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

 

SECTION 7.08  Disqualification; Conflicting Interests.

 

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

 

SECTION 7.09  Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee with respect
to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United
States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted to act
as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of
at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial, or District
of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of
the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may
not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee.
In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.10.

 

SECTION 7.10  Resignation and Removal; Appointment of Successor.

 

(a) The Trustee or any successor hereafter
appointed, may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company
and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names
and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor
trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one
copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series,
or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf
of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon
after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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(b) In case at any time any one of the
following shall occur:

 

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

 

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

 

(3) the Trustee shall become incapable
of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or
of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee
with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, unless
the Trustee’s duty to resign is stayed as provided herein, any Securityholder who has been a bona fide holder of a Security or Securities
for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

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

 

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

 

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

 

SECTION 7.11  Acceptance of Appointment By Successor.

 

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

 

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(b) In case of the appointment hereunder
of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein
each successor trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor trustee relates, (2) shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in
the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for
or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall
be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee
shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under
this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.

 

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

 

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

 

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

 

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

 

Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under
the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

SECTION 7.13  Preferential Collection of Claims Against the
Company.

 

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

 

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ARTICLE VIII

 

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01  Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided that
the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any
action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action),
the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein
may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series
in Person or by agent or proxy appointed in writing.

 

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

 

SECTION 8.02  Proof of Execution by Securityholders.

 

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

 

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

 

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

 

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

 

SECTION 8.03  Who May be Deemed Owners.

 

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

 

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SECTION 8.04  Certain Securities Owned by Company Disregarded.

 

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

 

SECTION 8.05  Actions Binding on Future Securityholders.

 

At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate
principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a
Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action
may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far
as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon
such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration
of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any
action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified
in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the
Securities of that series.

 

SECTION 8.06  Purposes for Which Meetings May Be Called.

 

A meeting of holders of any series of Securities
may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by holders of such series of
Securities.

 

Notwithstanding anything contained in this Article VIII,
the Trustee may, during the pendency of a Default or an Event of Default, call a meeting of holders of any series of Securities in accordance
with its standard practices.

 

SECTION 8.07  Call Notice and Place of Meetings.

 

(a) The Trustee may at any time call a
meeting of holders of any series of Securities for any purpose specified in Section 8.06 hereof, to be held at such time and at such
place in The City of New York or Boston, Massachusetts. Notice of every meeting of holders of any series of Securities, setting forth
the time and the place of such meeting, in general terms the action proposed to be taken at such meeting and the percentage of the principal
amount of the Outstanding Securities of such series which shall constitute a quorum at such meeting, shall be given, in the manner provided
in Section 13.04 hereof, not less than 21 nor more than 180 days prior to the date fixed for the meeting to holders of Outstanding
Securities of such series.

 

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(b) In case at any time the Company, pursuant
to a Board Resolution, or the holders of at least 10% in principal amount of the Outstanding Securities of any series shall have requested
the Trustee to call a meeting of the holders of Securities of such series for any purpose specified in Section 8.06 hereof, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first
publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting
to be held as provided herein, then the Company or the holders of Securities of such series in the amount specified, as the case may be,
may determine the time and the place in The City of New York or Boston, Massachusetts for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in paragraph (a) of this Section.

 

SECTION 8.08  Persons Entitled To Vote at Meetings.

 

To be entitled to vote at any meeting of holders
of Securities of a given series, a Person shall be (a) a holder of one or more Outstanding Securities of such series or (b) a
Person appointed by an instrument in writing as proxy for a holder or holders of one or more Outstanding Securities of such series by
such holder or holders. The only Persons who shall be entitled to be present or to speak at any meeting of holders shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

 

SECTION 8.09  Quorum; Action.

 

The Persons entitled to vote a majority in aggregate
principal amount of the Outstanding Securities of a given series shall constitute a quorum with respect to a meeting of holders of Outstanding
Securities of such series. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall,
if convened at the request of holders of Securities of such series, be dissolved. In any other case, the meeting may be adjourned for
a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 8.07(a) hereof, except that such notice need be given only once and not less than five
days prior to the date on which the meeting is scheduled to be reconvened.

 

At a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid, any resolution and all matters (except as limited by the proviso to the first paragraph
of Section 9.02 hereof) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than
a majority in aggregate principal amount of Outstanding Securities of a series represented and voting at such meeting with respect to
a meeting of holders of Outstanding Securities of such series.

 

Any resolution passed or decisions taken at any
meeting of holders of Securities duly held in accordance with this Section shall be binding on all the holders of Securities of such
series, whether or not present or represented at the meeting.

 

SECTION 8.10  Determination of Voting Rights; Conduct and
Adjournment of Meetings.

 

(a) Notwithstanding any other provisions
of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of holders of Securities
in regard to proof of the holding of Securities and of the appointment of proxies and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning
the conduct of the meeting as it shall deem appropriate.

 

(b) The Trustee shall, by an instrument
in writing, appoint a temporary chairman (which may be the Trustee) of the meeting, unless the meeting shall have been called by the Company
or by holders of Securities of a given series as provided in Section 8.07(b) hereof, in which case the Company or the holders
of Securities of such series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.

 

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(c) At any meeting, each holder of a Security
of the series in respect of which such meeting is being held or proxy shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect
of any Security of such series challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman
of the meeting shall have no right to vote, except as a holder of a Security of such series or proxy.

 

(d) Any meeting of holders of Securities
duly called pursuant to Section 8.07 hereof at which a quorum is present may be adjourned from time to time by Persons entitled to
vote a majority in principal amount of the Outstanding Securities of the series in respect of which such meeting is being held represented
at the meeting, and the meeting may be held as so adjourned without further notice.

 

SECTION 8.11  Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to any meeting
of holders of Securities of a given series shall be by written ballots on which shall be subscribed the signatures of the holders of Securities
of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such
series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of holders
of Securities of such series shall be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 8.07 hereof and,
if applicable, Section 8.09 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary
of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter
to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters
therein stated.

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01  Supplemental Indentures Without the Consent
of Securityholders.

 

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

 

(a) cure any ambiguity, correct or supplement
any provision herein which may be inconsistent with any other provision herein or which is otherwise defective, or make any other provisions
with respect to matters or questions arising under this Indenture which the Company and the Trustee may deem necessary or desirable and
which shall not be inconsistent with the provisions of this Indenture;

 

(b) to comply with Article X;

 

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

 

(d) to add to the covenants of the Company
for the benefit of the holders of all or any Series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender
any right or power herein conferred upon the Company;

 

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

 

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

 

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

 

(h) comply with the requirements of the
Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act.

 

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

 

Any supplemental indenture authorized by the provisions
of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the
time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

SECTION 9.02  Supplemental Indentures With Consent of Securityholders.

 

With the written consent of the holders of at least
a majority in aggregate principal amount of the Outstanding Securities of any series or by action at a meeting of holders of the Securities
of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such
series then Outstanding represented at such meeting, the Company, when authorized by Board Resolutions, and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders
of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series,
or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable
upon the redemption thereof, (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to
any such supplemental indenture, or any consent or waiver, (iii) reduce the principal amount of discount securities payable upon
acceleration of the maturity of any Securities of any series or (iv) make the principal of or premium or interest on any Security
of a series payable in currency or currency units other than that stated in the Securities of such series.

 

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

 

SECTION 9.03  Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be
deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any
such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

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SECTION 9.04  Securities Affected by Supplemental Indentures.

 

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

 

SECTION 9.05  Execution of Supplemental Indentures.

 

Upon the request of the Company, accompanied by
its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The
Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that
it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such
Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series
of Securities pursuant to Section 2.01 hereof.

 

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

 

ARTICLE X

 

SUCCESSOR ENTITY

 

SECTION 10.01  Company May Consolidate, Etc.

 

Nothing contained in this Indenture or in any of
the Securities shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with
the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties,
or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as
an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or
successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such
consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition,
the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor and the due and punctual performance and observance of all the covenants and conditions
of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed
by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act,
as then in effect) satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation,
or into which the Company shall have been merged, or by the entity which shall have acquired such property.

 

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SECTION 10.02  Successor Entity Substituted.

 

(a) In case of any such consolidation,
merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, premium, if
any, and interest on all of the Securities of all series Outstanding and the due and punctual performance of all of the covenants and
conditions of this Indenture or established with respect to each series of the Securities pursuant to Section 2.01 to be performed
by the Company with respect to each series, such successor entity shall succeed to and be substituted for the Company with the same effect
as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.

 

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

 

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

 

SECTION 10.03  Evidence of Consolidation, Etc. to Trustee.

 

The Trustee, subject to the provisions of Section 7.01,
may receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition,
and any such assumption, comply with the provisions of this Article.

 

ARTICLE XI

 

SATISFACTION AND DISCHARGE

 

SECTION 11.01  Satisfaction and Discharge of Indenture.

 

If at any time: (a) the Company shall have
delivered to the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities that shall have
been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07) and Securities for whose payment
money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company (and thereupon
repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular
series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due
and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount
in moneys or Governmental Obligations sufficient or a combination thereof, sufficient (assuming that no tax liability will be imposed
on the Trustee) in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the
Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with
respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except
for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption
date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the
Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this
Indenture with respect to such series.

 

    32

    

    

 

SECTION 11.02  Discharge of Obligations.

 

If at any time all such Securities of a particular
series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01
shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations
sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as
the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to
such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations
of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections
2.03, 2.05, 2.07, 4,01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid. Thereafter,
Sections 7.06 and 11.05 shall survive.

 

SECTION 11.03  Deposited Moneys to be Held in Trust.

 

Subject to Section 11.05, all moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as
due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

SECTION 11.04  Payment of Moneys Held by Paying Agents.

 

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

 

SECTION 11.05  Repayment to Company.

 

Any moneys or Governmental Obligations deposited
with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium or interest on the
Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for two years after the
date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable,
shall be repaid to the Company or (if then held by the Company) shall be discharged from such trust in each case, promptly after the end
of any such two-year period or, at the request of the Company, on a later date specified by the Company; and thereupon the paying agent
and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of
any of the Securities entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for
the payment thereof.

 

ARTICLE XII

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
AND DIRECTORS

 

SECTION 12.01  No Recourse.

 

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

 

    33

    

    

 

ARTICLE XIII

 

MISCELLANEOUS PROVISIONS

 

SECTION 13.01  Effect on Successors and Assigns.

 

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

 

SECTION 13.02  Actions by Successor.

 

Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor
of the Company.

 

SECTION 13.03  Surrender of Company Powers.

 

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

 

SECTION 13.04  Notices.

 

Except as otherwise expressly provided herein any
notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders
of Securities to or on the Company may be given or served by being deposited first class postage prepaid in a post-office letterbox addressed
(until another address is filed in writing by the Company with the Trustee), as follows: Albireo Pharma, Inc., Attn: [                   
], 10 Post Office Square, Suite 502 South, Boston, Massachusetts 02109. Any notice, election, request or demand by the Company or
any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made
in writing at the Corporate Trust Office of the Trustee. Any notice or communication to a holder shall be mailed by first-class mail to
his address shown on the Security Register kept by the Security Registrar. Failure to mail a notice or communication to a holder or any
defect in such notice or communication shall not affect its sufficiency with respect to other holders. If a notice or communication is
mailed or sent in the manner provided above within the time prescribed, it is duly given as of the date it is mailed, whether or not the
addressee receives it, except that notice to the Trustee or the Company shall only be effective upon receipt thereof by the Trustee or
the Company, respectively. If the Company mails a notice or communication to holders of Securities, it shall mail a copy to the Trustee
at the same time.

 

SECTION 13.05  Governing Law.

 

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

 

SECTION 13.06  Treatment of Securities as Debt.

 

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

 

    34

    

    

 

SECTION 13.07  Compliance Certificates and Opinions.

 

(a) Upon any application or demand by
the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company, shall furnish to the Trustee
an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied
with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

(b) Each certificate or opinion provided
for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include
(1) a statement that the Person making such certificate or opinion has read such covenant or condition; (2) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or
opinion are based; (3) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement
as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

SECTION 13.08  Payments on Business Days.

 

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

 

SECTION 13.09  Conflict with Trust Indenture Act.

 

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

 

SECTION 13.10  Counterparts.

 

This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

SECTION 13.11  Separability.

 

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

 

SECTION 13.12  Assignment.

 

The Company will have the right at all times to
assign any of its rights or obligations under this Indenture to a direct or indirect wholly-owned Subsidiary of the Company, provided
that, in the event of any such assignment, the Company, will remain liable for all such obligations. Subject to the foregoing, this Indenture
is binding upon and inures to the benefit of the parties thereto and their respective successors and assigns. This Indenture may not otherwise
be assigned by the parties thereto.

 

    35

    

    

 

ARTICLE XIV

 

SUBORDINATION OF SECURITIES

 

SECTION 14.01  Subordination Terms.

 

The payment by the Company of the principal of,
premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture
supplemental hereto relating to the Securities of such series.

 

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

 

	 	ALBIREO PHARMA, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	[                            ],
	 	As Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit
10.1

 

SECURITIES
EXCHANGE AGREEMENT

 

This
Securities Exchange Agreement (this “Agreement”), dated as of August 11, 2022, is entered into among Agora Digital Holdings,
Inc., a Nevada corporation (the “Company”), Ecoark Holdings, Inc., a Nevada corporation (“Seller”),
the other shareholders of the Company set forth on the signature page hereto (the “Agora Shareholders,” and together
with Seller, the “Seller Parties”), and HUMBL, Inc., a Delaware corporation (“Buyer”).

 

Recitals

 

WHEREAS,
Seller owns 41,671,221 shares of the Company’s common stock, par value $0.001, representing approximately 89.3% of the issued and
outstanding shares of the Company’s common stock (the “Ecoark Held Shares”), and the Agora Shareholders own
up to the remaining 5,000,000 outstanding shares of the Company’s common stock comprised of a combination of vested and unvested
restricted shares (the “Agora Shareholder Shares,” and together with the Ecoark Held Shares, collectively, the “Shares”);
and

 

WHEREAS,
Seller holds a $7.5 million line of credit promissory note issued by the Company, of which $5,388,797.24 including $5,052,057.20 unpaid
principal and $336,740.04 accrued interest is outstanding as of the date of this Agreement, which comes due on March 31, 2023 (the “Company
Note,” and together with the Shares, the “Company Securities”).

 

WHEREAS,
the Seller Parties wish to transfer the Company Securities to Buyer in exchange for shares of capital stock of the Buyer, subject to
the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

Definitions

 

The
following terms have the meanings specified or referred to in this ‎ARTICLE I:

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person. The term “control” (including the terms “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agora
Registration Statement” means the registration statement filed with the SEC by the Company (File No. 333-261246).

 

“Agora
Shareholders” has the meaning set forth in the preamble.

 

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

 

    1

     

    

 

“Balance
Sheet Date” has the meaning set forth in ‎Section 3.06.

 

“Benefit
Plan” has the meaning set forth in ‎Section 3.16(a).

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in New York City, New York are
authorized or required by Law to be closed for business.

 

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

 

“Buyer
Material Contracts” has the meaning set forth in ‎Section 3.09(a).

 

“Buyer
Shares” has the meaning set forth in Section 2.01.

 

“Buyer
Benefit Plans” has the meaning set forth in ‎Section 5.04(b).

 

“Buyer
Financial Statements” has the meaning set forth in Section 4.06.

 

“Buyer
Registration Statement” has the meaning set forth in Section 4.06.

 

“Buyer
SEC Filings” mean all filings with the SEC by Buyer, including without limitation the Buyer Registration Statement.

 

“Closing”
has the meaning set forth in Section 2.03.

 

“Closing
Date” has the meaning set forth in Section 2.02(b).

 

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

 

“Common
Stock” has the meaning set forth in ‎Section 3.03(a).

 

“Company”
has the meaning set forth in the recitals.

 

“Company
Continuing Employee” has the meaning set forth in ‎Section 5.04(a).

 

“Company
Financial Statements” has the meaning set forth in ‎Section 3.06.

 

“Company
Intellectual Property” has the meaning set forth in ‎Section 3.11(a).

 

“Company
Material Contracts” has the meaning set forth in Section 3.09(a).

 

“Company
Note” has the meaning set forth in the preamble.

 

“Company
Securities” has the meaning set forth in the preamble.

 

“Confidentiality
Agreement” means the Confidentiality Agreement, dated as of August 14, 2021, between Buyer and Seller.

 

“Direct
Claim” has the meaning set forth in ‎Section 7.05(c).

 

    2

     

    

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by Seller and Buyer concurrently with the execution and delivery of this
Agreement.

 

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

 

“Drop
Dead Date” has the meaning set forth in ‎Section 8.01(b)(i).

 

“Employees”
means those Persons employed by the Company immediately prior to the Closing.

 

“Encumbrance”
means any lien, pledge, mortgage, deed of trust, security interest, charge, claim, easement, encroachment or other similar encumbrance.

 

“Environmental
Claim” means any action, suit, claim, investigation or other legal proceeding by any Person alleging liability of whatever kind
or nature (including liability or responsibility for the costs of enforcement proceedings, investigations, cleanup, governmental response,
removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties, contribution,
indemnification and injunctive relief) arising out of, based on or resulting from: (a) the presence, Release of, or exposure to, any
Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental Law or term or condition of any Environmental
Permit.

 

“Environmental
Law” means any applicable Law in effect as of the date of this Agreement, and any Governmental Order or binding agreement with
any Governmental Authority in effect as of the date of this Agreement: (a) relating to pollution (or the cleanup thereof) or the protection
of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient or indoor air,
soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture,
use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal
or remediation of any Hazardous Materials. The term “Environmental Law” includes, without limitation, the following (including
their implementing regulations and any state analogs): the Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal
Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984,
42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C.
§§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning
and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air
Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; the Federal Insecticide, Fungicide and Rodenticide Act of 1910, as amended,
7 U.S.C. §§ 136 et seq.; the Oil Pollution Act of 1990, as amended, 33 U.S.C. §§§ 2701 et seq.; and the Occupational
Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

“Environmental
Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating
to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

    3

     

    

 

“Environmental
Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under or
issued, granted, given, authorized by or made pursuant to Environmental Law.

 

“Environmental
Professional” means an individual licensed by a Governmental Authority to act on behalf of such Governmental Authority to oversee
environmental site investigation and remediation.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“Exchange
Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder.

 

“Export
and Sanctions Regulations” means all applicable trade embargoes or economic or financial sanctions, anti-boycott Laws, and
export and import control Laws, in any jurisdiction, including the U.S. International Traffic in Arms Regulations, the U.S. Export Administration
Regulations, U.S. sanctions Laws and regulations administered by the U.S. Department of the Treasury’s Office of Foreign Assets
Control (“OFAC”), including OFAC’s Specially Designated Nationals and Blocked Persons List,
and the U.S. Department of State, and economic or financial sanctions or trade embargoes imposed, administered, or enforced from time
to time by the United Nations Security Council, the European Union, or her Majesty’s Treasury of the United Kingdom.

 

“FCPA”
means the U.S. Foreign Corrupt Practices Act of 1977.

 

“Fraud”
means, with respect to a party, an actual and intentional misrepresentation of a material existing fact with respect to the making of
any representation or warranty in ‎ARTICLE III or ‎ARTICLE IV, made by such party, (a) with respect to Seller, to Seller’s Knowledge
or (b) with respect to Buyer, to Buyer’s actual knowledge, of its falsity and made for the purpose of inducing the other party to act,
and upon which the other party justifiably relies with resulting Losses.

 

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority, including Environmental Professionals (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental
Authority.

 

    4

     

    

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral
or gas, in each case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, toxic, or words of similar import
or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive materials or wastes,
asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and polychlorinated biphenyls and per- and
poly-fluoroalkyl substances (PFAS) and other emerging contaminants.

 

“Indemnified
Party” has the meaning set forth in ‎Section 7.04.

 

“Indemnified
Person” has the meaning set forth in ‎Section 5.05(a).

 

“Indemnifying
Party” has the meaning set forth in ‎Section 7.04.

 

“Insurance
Policies” has the meaning set forth in ‎Section 3.12.

 

“Intellectual
Property” means any and all of the following arising pursuant to the Laws of any jurisdiction throughout the world: (i) trademarks,
service marks, trade names, and similar indicia of source or origin, all registrations and applications for registration thereof, and
the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights and all registrations and applications for registration
thereof; (iii) trade secrets and know-how; (iv) patents and patent applications; (v) internet domain name registrations; and (vi) other
intellectual property and related proprietary rights.

 

“Knowledge
of Buyer or Buyer’s Knowledge” or any other similar knowledge qualification, means the actual knowledge of the principal executive
officer of Buyer as of the date of this Agreement.

 

“Knowledge
of Seller or Seller’s Knowledge” or any other similar knowledge qualification, means the actual knowledge of the principal executive
officer of Seller as of the date of this Agreement.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Losses”
means actual out-of-pocket losses, damages, liabilities, costs or expenses, including reasonable attorneys’ fees.

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is materially adverse to (a) the business, results
of operations, financial condition or assets of the Company, or (b) the ability of Seller to consummate the transactions contemplated
hereby; provided, however, that “Material Adverse Effect” shall not include any event, occurrence, fact, condition or
change, directly or indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions generally
affecting the industries in which the Company operates; (iii) any changes in financial, banking or securities markets in general, including
any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates; (iv)
acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required
or permitted by this Agreement or any action taken (or omitted to be taken) with the written consent of or at the written request of
Buyer; (vi) any matter of which Buyer is aware on the date hereof; (vii) any changes in applicable Laws or accounting rules (including
GAAP) or the enforcement, implementation or interpretation thereof; (viii) the announcement, pendency or completion of the transactions
contemplated by this Agreement, including losses or threatened losses of employees, customers, suppliers, distributors or others having
relationships with the Company; (ix) any natural or man-made disaster or acts of God; or (x) any epidemics, pandemics, disease outbreaks,
or other public health emergencies; or (xi) any failure by the Company to meet any internal or published projections, forecasts or revenue
or earnings predictions (provided that the underlying causes of such failures (subject to the other provisions of this definition) shall
not be excluded).

 

    5

     

    

 

“Permits”
means all permits, licenses, franchises, approvals, authorizations and consents required to be obtained from Governmental Authorities.

 

“Permitted
Encumbrances” has the meaning set forth in ‎Section 3.10(a).

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association or other entity.

 

“Real
Property” means the real property owned, leased or subleased by the Company, together with all buildings, structures and facilities
located thereon.

 

“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient
or indoor air, surface water, groundwater, land surface or subsurface strata or within any building, structure, facility or fixture).

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, and the rules and regulations promulgated thereunder.

 

“Seller
SEC Filings” has the meaning set forth in the Section 3.06(a).

 

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

 

“Shares”
has the meaning set forth in the recitals.

 

“Taxes”
means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration,
profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental,
stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees,
assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest
in respect of such additions or penalties.

 

“Tax
Return” means any return, declaration, report, claim for refund, information return or statement or other document required
to be filed with respect to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Third-Party
Claim” has the meaning set forth in ‎Section 7.05(a).

 

    6

     

    

 

ARTICLE
II

SECURITIES EXCHANGE

 

Section
2.01 Securities Exchange. At the Closing, each Seller Party shall sell, transfer,
convey, assign and deliver to Buyer the Company Securities owned by such Seller Party, which collectively represents 100% of the issued
and outstanding shares capital stock of the Company and the Company Note, free and clear of any Encumbrance, in exchange for 6,000 shares
of Buyer’s newly designated series of preferred stock having a total stated value of $60 million (the “Purchase Price”)
and such rights, preferences and limitations as are set forth in the Certificate of Designation attached to this Agreement as Exhibit
A (the “Buyer Shares”), all as more particularly set forth on Section 2.01 of the Disclosure Schedules.

 

Section
2.02 Allocation of Purchase Price. The Purchase Price of 6,000 shares of preferred stock, having a stated value of $60 million
or $10,000 per share, shall have proceeds allocated as follows:

 

		-	Ecoark
                                            Held Shares: 4,876 shares of preferred stock

 

		-	Agora
                                            Shareholder Shares: 585 shares of preferred stock

 

		-	Company
                                            Note: to be exchanged at Closing into 539 shares of preferred stock

 

Section
2.03 Closing. Subject to the terms and conditions herein, the consummation of the transactions contemplated by this Agreement
(the “Closing”) shall take place on or before the Drop Dead Date, by email, or at such place or date and time as may
be agreed to in writing by the parties hereto, at the earliest practicable time after satisfaction or waiver of the conditions hereof
(the “Closing Date”).

 

Section
2.04 Tax Structure.
The exchange of the Company Securities for the Buyer Shares of the Buyer is intended to constitute a reorganization within the meaning
of the Code, or such other tax free reorganization or restructuring provisions as may be available under the Code.

 

ARTICLE
III

Representations and warranties of seller

 

Except
as set forth in the Disclosure Schedules, Seller represents and warrants to Buyer and, solely with respect to Section 3.21, each Seller
Party represents and warrants to Buyer, that the applicable statements contained in this ‎ARTICLE III are true and correct as of
the date hereof.

 

Section
3.01 Organization and Authority of Seller. Seller
is a corporation duly organized, validly existing and in good standing under the Laws of the state of Nevada. Seller has all necessary
corporate power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution and delivery by Seller of this Agreement, the performance by Seller of its obligations hereunder and
the consummation by Seller of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the
part of Seller. This Agreement has been duly executed and delivered by Seller, and (assuming due authorization, execution and delivery
by Buyer) this Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’
rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

    7

     

    

 

Section
3.02 Organization, Authority and Qualification of the Company. The
Company is a corporation duly organized, validly existing and in good standing under the Laws of the state of Nevada and has all necessary
corporate power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on
its business as it is currently conducted. The Company is duly licensed or qualified to do business and is in good standing in each jurisdiction
in which the properties owned or leased by it or the operation of its business as currently conducted makes such licensing or qualification
necessary, except where the failure to be so licensed, qualified or in good standing would not have a Material Adverse Effect.

 

Section
3.03 Capitalization. 

 

(a) The
authorized capital stock of the Company consists of 250,000,000 shares of common stock, par value $0.001 of which 46,271,221 shares are
issued and outstanding which constitute the Shares, and 5,000,000 shares of preferred stock, par value $0.001 of which no shares are
outstanding. All of the Shares have been duly authorized, are validly issued, fully paid and non-assessable, and are owned of record
and beneficially by the Seller Parties, free and clear of all Encumbrances, other than those Encumbrances set forth in ‎Section 3.03(a)
of the Disclosure Schedules.

 

(b) There
are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements or commitments of
any character relating to the capital stock of the Company or obligating Seller or the Company to issue or sell any shares of capital
stock of, or any other interest in, the Company. The Company does not have outstanding or authorized any stock appreciation, phantom
stock, profit participation or similar rights. There are no voting trusts, stockholder agreements, proxies or other agreements or understandings
in effect with respect to the voting or transfer of any of the Shares.

 

Section
3.04 Subsidiaries. The direct and indirect subsidiaries
of the Company are as set forth in Section 3.04 of the Disclosure Schedules.

 

Section
3.05 No Conflicts; Consents. The execution,
delivery and performance by Seller of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not:
(a) result in a violation or breach of any provision of the certificate of incorporation or by-laws of Seller or the Company; (b) result
in a violation or breach of any provision of any Law or Governmental Order applicable to Seller or the Company; or (c) except as set
forth in Section 3.05 of the Disclosure Schedules, require the consent, notice or other action by any Person under, conflict with, result
in a violation or breach of, constitute a default under or result in the acceleration of any Buyer Material Contract, except in the cases
of clauses (b) and (c), where the violation, breach, conflict, default, acceleration or failure to give notice would not have a Material
Adverse Effect. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority
is required by or with respect to Seller or the Company in connection with the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby, except for such filings as may be required under applicable Laws and such consents, approvals,
Permits, Governmental Orders, declarations, filings or notices which, in the aggregate, would not have a Material Adverse Effect.

 

Section
3.06 SEC Filings; Financial Statements. Each
of Seller and the Company has filed all reports, schedules, forms, statements and other documents required to be filed by Seller and
the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the 24 months preceding
the date hereof (or such shorter period as such party was required by law or regulation to file such material, as applicable); provided
that no representations or warranties are being made with respect to Seller’s subsidiaries other than the Company and the Company’s
consolidated subsidiaries. As of their respective dates, the Seller SEC Filings (solely as they relate to the Company). As of their respective
dates, the Seller SEC Filings complied in all material respects with the requirements of the Securities Act and the Exchange Act, as
applicable, and none of the Seller SEC Filings, when filed, contained any 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, in the light of the circumstances under which
they were made, not misleading. The financial statements of the Company included in the Agora Registration Statement (the “Company
Financial Statements”) comply in all material respects with applicable accounting requirements and the rules and regulations
of the SEC with respect thereto as in effect at the time of filing, except as set forth in Section 3.06 of the Disclosure Schedules.
Such Company Financial Statements have been prepared in accordance with United States generally accepted accounting principles applied
on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial
statements or the notes thereto, except as set forth in Section 3.06 of the Disclosure Schedules, and except that unaudited financial
statements may not contain all footnotes required by GAAP, and fairly present in all respects the financial position of the Company and
its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The Company Financial Statements do
not reflect any transactions which are not bona fide transactions. In addition, the balance sheet of the Company as of March 31, 2022
has been made available to the Buyer and the date thereof is referred to herein as the “Balance Sheet Date”.

 

    8

     

    

 

Section
3.07 Undisclosed Liabilities. Except as set
forth in Section 3.07 of the Disclosure Schedules, the Company has no liabilities, obligations or commitments of a type required to be
reflected on a balance sheet prepared in accordance with GAAP, except (i) those which are adequately reflected or reserved against in
the Company’s balance sheet as of the Balance Sheet Date; and (ii) those which have been incurred in the ordinary course of business
since the Balance Sheet Date and which are not material in amount.

 

Section
3.08 Absence of Certain Changes, Events and Conditions. Except
as expressly contemplated by the Agreement, as disclosed in the Seller SEC Filings or as set forth on Section 3.08 of the Disclosure
Schedules, from the Balance Sheet Date until the date of this Agreement, the Company has operated in the ordinary course of business
in all material respects and there has not been, with respect to the Company, any:

 

(a) event,
occurrence or development that has had a Material Adverse Effect;

 

(b) material
amendment of the charter, by-laws or other organizational documents of the Company;

 

(c) split,
combination or reclassification of any shares of its capital stock;

 

(d) issuance,
sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain (including
upon conversion, exchange or exercise) any of its capital stock;

 

(e) declaration
or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition of its
capital stock;

 

(f) material
change in any method of accounting or accounting practice of the Company, except as required by GAAP or applicable Law or as disclosed
in the notes to the Company Financial Statements;

 

(g) incurrence,
assumption or guarantee of any indebtedness for borrowed money in an aggregate amount exceeding $25,000, except unsecured current obligations
and liabilities incurred in the ordinary course of business;

 

(h) sale
or other disposition of any of the assets shown or reflected on the Company’s balance sheet as of the Balance Sheet Date, except
in the ordinary course of business and except for any assets having an aggregate value of less than $25,000;

 

(i) increase
in the compensation of its Employees, other than as provided for in any written agreements or in the ordinary course of business;

 

(j) adoption,
amendment or modification of any Benefit Plan, the effect of which in the aggregate would increase the obligations of the Company by
more than 10% of its existing annual obligations to such plans;

 

(k) acquisition
by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any business
or any Person or any division thereof for consideration in excess of $25,000;

 

(l) adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any provisions
of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law; or

 

(m) 
any agreement to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

    9

     

    

 

Section
3.09 Company Material Contracts. 

 

(a) Section
3.09(a) of the Disclosure Schedules lists each of the following contracts and other agreements of the Company (together with all Leases
set forth in Section 3.10(b) of the Disclosure Schedules, collectively, the “Company Material Contracts”):

 

(i) each
agreement of the Company involving aggregate consideration in excess of $250,000 or requiring performance by any party more than one
year from the date hereof, which, in each case, cannot be cancelled by the Company without penalty or without more than 180 days’
notice;

 

(ii) all
agreements that relate to the sale of any of the Company’s assets, other than in the ordinary course of business, for consideration in
excess of $250,000;

 

(iii) all
agreements that relate to the acquisition of any business, a material amount of stock or assets of any other Person or any real property
(whether by merger, sale of stock, sale of assets or otherwise), in each case involving amounts in excess of $250,000;

 

(iv) except
for agreements relating to trade payables, all agreements relating to indebtedness (including, without limitation, guarantees) of the
Company, in each case having an outstanding principal amount in excess of $250,000;

 

(v) all
agreements between or among the Company on the one hand and Seller or any Affiliate of Seller (other than the Company) on the other hand;

 

(vi) any
contract (A) providing for cryptocurrency mining pool arrangements, (B) with a digital asset exchange or over-the-counter desk, or (C)
providing for or relating to the purchase, sale, transmission, distribution or management of power or energy, including any retail and
wholesale supply, offtake, and demand response agreements, interconnection, transmission service, distribution facility extension and
shared facility agreements and management, consulting, advisory and brokerage agreements; and

 

(vii) all
collective bargaining agreements or agreements with any labor organization, union or association to which the Company is a party.

 

(b) Except
as set forth on Section 3.09(b) of the Disclosure Schedules, the Company is not in breach of, or default under, any Company Material
Contract, except for such breaches or defaults that would not have a Material Adverse Effect.

 

Section
3.10 Title to Assets; Real Property. 

 

(a) The
Company has good and valid (and, in the case of owned Real Property, good and marketable fee simple) title to, or a valid leasehold interest
in, all Real Property and tangible personal property and other assets reflected in the Company Financial Statements or acquired after
the Balance Sheet Date, other than properties and assets sold or otherwise disposed of in the ordinary course of business since the Balance
Sheet Date. All such properties and assets (including leasehold interests) are free and clear of Encumbrances except for the following
(collectively referred to as “Permitted Encumbrances”):

 

(i) those
items set forth in ‎Section 3.10(a) of the Disclosure Schedules;

 

(ii) liens
for Taxes not yet due and payable or being contested in good faith by appropriate procedures;

 

    10

     

    

 

(iii) mechanics,
carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business;

 

(iv) easements,
rights of way, zoning ordinances and other similar encumbrances affecting Real Property;

 

(v) other
than with respect to owned Real Property, liens arising under original purchase price conditional sales contracts and equipment leases
with third parties entered into in the ordinary course of business; or

 

(vi) other
imperfections of title or Encumbrances, if any, that have not had, and would not have, a Material Adverse Effect.

 

(b) Section
3.10(b) of the Disclosure Schedules lists: (i) the street address of each parcel of owned Real Property; and (ii) the street address
of each parcel of leased Real Property, and a list, as of the date of this Agreement, of all leases for each parcel of leased Real Property
involving total annual payments of at least $100,000 (collectively, “Leases”),
including the identification of the lessee and lessor thereunder.

 

(c) The
Company (or one of its subsidiaries) owns or has the exclusive ability to access, including by use of “private keys” or other
equivalent means, the (i) cash on hand, or cash held in cryptocurrency wallets or similar mediums of custody for cryptocurrencies and
other tokens and digital assets or exchange accounts, (ii) cash equivalents, (iii) cryptocurrencies, tokens, digital assets and other
asset equivalents and (iv) assets held in accounts other than any cryptocurrencies, tokens, digital asset and other asset equivalents,
in each case in all material respects.

 

Section
3.11 Intellectual Property. 

 

(a) ‎Section
3.11(a) of the Disclosure Schedules lists all patents, patent applications, trademark registrations and pending applications for registration,
copyright registrations and pending applications for registration and internet domain name registrations owned by the Company. Except
as set forth in Section 3.11(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, the Company owns or has
the right to use all Intellectual Property necessary for the conduct of the Company’s business as currently conducted (the “Company
Intellectual Property”).

 

(b) Except
as set forth in Section 3.11(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Seller’s Knowledge: (i)
the conduct of the Company’s business as currently conducted does not infringe, misappropriate or otherwise violate the Intellectual
Property of any Person; and (ii) no Person is infringing, misappropriating or otherwise violating any Company Intellectual Property.

 

Section
3.12 Insurance. Section 3.12 of the Disclosure
Schedules sets forth a list, as of the date hereof, of all material insurance policies maintained by the Company or with respect to which
the Company is a named insured or otherwise the beneficiary of coverage (collectively, the “Insurance Policies”). Such
Insurance Policies are in full force and effect on the date of this Agreement and all premiums due on such Insurance Policies have been
paid, except as would not have a Material Adverse Effect.

 

    11

     

    

 

Section
3.13 Legal Proceedings; Governmental Orders. 

 

(a) Except
as disclosed in the Seller SEC Filings or as set forth in Section 3.13(a) of the Disclosure Schedules, there are no actions, suits, claims,
investigations or other legal proceedings pending or, to Seller’s Knowledge, threatened against or by the Company affecting any of its
properties or assets (or by or against Seller or any Affiliate thereof and relating to the Company), which if determined adversely to
the Company (or to Seller or any Affiliate thereof) would result in a Material Adverse Effect.

 

(b) Except
as set forth in the Seller SEC Filings or as set forth in Section 3.13(b) of the Disclosure Schedules, there are no outstanding Governmental
Orders and no unsatisfied judgments, penalties or awards against or affecting the Company or any of its properties or assets which would
have a Material Adverse Effect.

 

Section
3.14 Compliance With Laws; Permits. 

 

(a) Except
as set forth in Section 3.14(a) of the Disclosure Schedules, the Company is in compliance with all Laws applicable to it or its business,
properties or assets (including Laws related to activities in connection with cryptocurrency and digital assets), except where the failure
to be in compliance would not have a Material Adverse Effect.

 

(b) All
Permits required for the Company to conduct its business have been obtained by it and are valid and in full force and effect, except
where the failure to obtain such Permits would not have a Material Adverse Effect.

 

(c) The
Company does not (i) receive or obtain actual or constructive possession or control of money, funds, virtual currency or digital assets,
stored or prepaid value or other form value that substitutes for money for the purpose of transmitting the same on behalf of any third-party
to another third-party or location, including by possessing or controlling private cryptographic keys or any portions thereof associated
with virtual currency or digital assets of any third-party, (ii) execute orders for any third-party for the purposes identified in the
foregoing clause (i), (iii) advertise, solicit or hold itself out as providing any form of money services or transmission business or
virtual currency business or (iv) act as the agent of any third-party for the purpose of performing any of the activities described in
the foregoing clauses (i), (ii) or (iii).

 

(d) Except
as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, since the Balance
Sheet Date, neither the Company nor any of its Representatives (acting in their capacities as such) has violated or taken any material
act in furtherance of violating any anti-money laundering and counter-terrorist financing Laws and financial recordkeeping, reporting
and registration requirements administered or enforced by any Government Authority.

 

(e) Except
as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) the Company
and its Representatives (acting in their capacities as such) are, and have been, in compliance with the Export and Sanctions Regulations,
(ii) neither the Company nor its Representatives (acting in their capacities as such) has (A) been organized, operated or resided in
or (B) engaged, directly or indirectly, in any dealings or transactions in Russia, Cuba, Iran, North Korea, Sudan (prior to October 12,
2017), Syria, the Crimea region of Ukraine or any country or territory that (or with any Person who) is or was the subject of sanctions
at the time of the dealings or transactions, and (iii) neither the Company nor the any of its Representatives (acting in their capacities
as such) is involved in any action or proceeding, or has received a written request for information or any other form of communication
from any Government Authority, or has had any judgments imposed (or threatened to be imposed) upon the Company by or before a Government
Authority, in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations.

 

    12

     

    

 

(f) Except
as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) none of
the Company nor its Representatives (acting in their capacities as such) has, directly or indirectly, taken any action, or engaged in
any activity, practice or conduct, that would or would reasonably be expected to result in a material violation by the Company or any
of its Representatives (acting in their capacities as such) of the FCPA or any other similar Law regarding anti-corruption, (ii) without
limiting the generality of the foregoing, none of the Company or any of its Representatives (acting in their capacities as such) has,
directly or indirectly, (A) used any corporate funds of the Company for unlawful contributions, gifts, entertainment or other unlawful
expenses relating to political activity, (B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental
officials or (C) made or taken any action in furtherance of any bribe, rebate, payoff, influence payment, kickback or other similar unlawful
payment to any Person, private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in
securing business or to obtain special concessions for the Company, in the case of the foregoing clauses (A), (B) and (C) which would
or would reasonably be expected to result in a violation of the FCPA or any other similar Laws regarding anti-corruption, (iii) there
are no pending or, to the Company’s Knowledge, threatened actions or proceedings against the Company or any of its Representatives
(acting in their capacities as such) with respect to the FCPA or any other similar Law regarding anti-corruption, (iv) there are no conditions
or circumstances pertaining to the Company’s or its respective Representatives’ (acting in their capacities as such) activities,
business or operations that would reasonably be expected to give rise to any future actions or proceedings under the FCPA or any other
similar Law regarding anti-corruption.

 

Section
3.15 Environmental Matters. 

 

(a) Except
as set forth in Section 3.15(a) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Seller’s Knowledge, the
Company is in compliance with all Environmental Laws and has not, and the Seller has not received from any Person any (i) Environmental
Notice or Environmental Claim, or (ii) written request for information pursuant to Environmental Law, which, in each case, either remains
pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b) Except
as set forth in Section 3.15(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Seller’s Knowledge, there
has been no Release of Hazardous Materials in contravention of Environmental Laws with respect to the business or assets of the Company
or any Real Property currently owned, operated or leased by the Company, and neither the Company nor Seller has received an Environmental
Notice that any Real Property currently owned, operated or leased in connection with the business of the Company (including soils, groundwater,
surface water, buildings and other structure located on any such real property) has been contaminated with any Hazardous Material that
would reasonably be expected to result in an Environmental Claim against, or a violation of Environmental Laws or term of any Environmental
Permit by, the Company.

 

Section
3.16 Employee Benefit Matters. The Agora Registration Statement contains
a list of each material benefit, retirement, employment, consulting, compensation, incentive, bonus, stock option, restricted stock,
stock appreciation right, phantom equity, change in control, severance, vacation, paid time off, welfare and fringe-benefit agreement,
plan, policy and program, whether or not reduced to writing, in effect and covering one or more Employees, former employees of the Company,
current or former directors of the Company or the beneficiaries or dependents of any such Persons, and is maintained, sponsored, contributed
to, or required to be contributed to by the Company, or under which the Company has any material liability for premiums or benefits (each,
a “Benefit Plan”).

 

    13

     

    

 

Section
3.17 Employment Matters. 

 

(a) Except
as set forth in the Seller SEC Filings or Section 3.17(a) of the Disclosure Schedules, the Company is not a party to, or bound by, any
collective bargaining or other agreement with a labor organization representing any of its Employees.

 

(b) To
the Seller’s Knowledge, the Company is in material compliance with all applicable Laws pertaining to employment and employment
practices to the extent they relate to employees of the Company, except to the extent non-compliance would not result in a Material Adverse
Effect.

 

Section
3.18 Taxes. 

 

(a) Except
as set forth in Section 3.18 of the Disclosure Schedules:

 

(i) The
Company has filed (taking into account any valid extensions) all material Tax Returns required to be filed by the Company. Such Tax Returns
are true, complete and correct in all material respects. The Company is not currently the beneficiary of any extension of time within
which to file any material Tax Return other than extensions of time to file Tax Returns obtained in the ordinary course of business.
All material Taxes due and owing by the Company have been paid or accrued.

 

(ii) No
extensions or waivers of statutes of limitations have been given or requested with respect to any material Taxes of the Company.

 

(iii) There
are no ongoing actions, suits, claims, investigations or other legal proceedings by any taxing authority against the Company.

 

(iv) The
Company is not a party to any Tax-sharing agreement.

 

(v) All
material Taxes which the Company is obligated to withhold from amounts owing to any employee, creditor or third party have been paid
or accrued.

 

Section
3.19 Brokers. No broker, finder or investment banker is entitled to any brokerage,
finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by
or on behalf of Seller.

 

Section
3.20 Promotional Activities. Set forth
on Section 3.20 of the Disclosure Schedules is a list of all payments made by Seller or the Company for the purpose of promoting the
Company’s securities, investor relations and press releases and the recipients of such payments, on a month-to-month basis, since
January 1, 2020.

 

    14

     

    

 

Section
3.21 Certain Seller Party Representations and Warranties. Each Seller Party, individually
and not jointly, represents and warrants as follows:

 

Each
Seller Party, individually and not jointly, represents and warrants as follows:

 

(a) Such
Seller Party is the legal and beneficial owner of the Shares held by it which such Seller Party is agreeing to exchange pursuant to this
Agreement. The transfer by such Seller Party of its Shares to Buyer pursuant to this Agreement in exchange for the Buyer Shares will
result in Buyer obtaining title to such Shares, free and clear of all Encumbrances, other than the vesting conditions as set forth in
the Seller SEC Filings and any restrictions applicable state and federal securities laws.

 

(b) Such
Seller Party has the legal power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement
constitutes the valid and legally binding obligation of such Seller Party, enforceable in accordance with its terms. The execution, delivery,
and performance of this Agreement and all other agreements contemplated hereby have been duly authorized by such Seller Party.

 

(c) Such
Seller Party (i) is acquiring its respective Buyer Shares solely for its own account for investment purposes and not with a view to,
or for offer or sale in connection with, any distribution thereof, (ii) acknowledges that the Buyer Shares are not registered under the
Securities Act of 1933, or any state securities laws, and that the Buyer Shares may not be transferred or sold except pursuant to the
registration provisions of the Securities Act of 1933 or pursuant to an applicable exemption therefrom and subject to state securities
laws and regulations, as applicable, and (iii) is able to bear the economic risk of holding the Shares for an indefinite period (including
total loss of its investment), and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risk of its investment.

 

Section
3.22 No Other Representations and Warranties. Except
for the representations and warranties contained in this ‎ARTICLE III (including the related portions of the Disclosure Schedules
and the Seller SEC Filings referred to in this Article III), none of Seller, the Company or any other Person has made or makes any other
express or implied representation or warranty, either written or oral, on behalf of Seller or the Company, including any representation
or warranty as to the accuracy or completeness of any information regarding the Company furnished or made available to Buyer and its
Representatives any information, documents or material delivered to or made available to Buyer, management presentations or in any other
form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability or success of the Company, or
any representation or warranty arising from statute or otherwise in Law.

 

ARTICLE
IV

Representations and warranties of buyer

 

Except
as set forth in the Disclosure Schedules, Buyer represents and warrants to Seller that the statements contained in this ‎ARTICLE
IV are true and correct as of the date hereof.

 

Section
4.01 Organization and Authority of Buyer. Buyer
is a corporation duly organized, validly existing and in good standing under the Laws of the state of Delaware. Buyer has all necessary
corporate power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder and
the consummation by Buyer of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the
part of Buyer. This Agreement has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery
by Seller) this Agreement constitutes a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’
rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

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Section
4.02 No Conflicts; Consents. The execution,
delivery and performance by Buyer of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not:
(a) result in a violation or breach of any provision of the certificate of incorporation or by-laws of Buyer; (b) result in a violation
or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c) require the consent, notice or other action by
any Person under, conflict with, result in a violation or breach of, constitute a default under or result in the acceleration of any
agreement to which Buyer is a party, except in the cases of clauses (b) and (c), where the violation, breach, conflict, default, acceleration
or failure to give notice would not have a Material Adverse Effect on Buyer’s ability to consummate the transactions contemplated hereby.
No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by
or with respect to Buyer in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby, except for such filings as may be required under applicable Laws and such consents, approvals, Permits, Governmental Orders,
declarations, filings or notices which would not have a Material Adverse Effect on Buyer’s ability to consummate the transactions contemplated
hereby.

 

Section
4.03 Investment Purpose. Buyer is acquiring
the Company Securities solely for its own account for investment purposes and not with a view to, or for offer or sale in connection
with, any distribution thereof. Buyer acknowledges that the Shares are not registered under the Securities Act of 1933, or any state
securities laws, and that the Shares may not be transferred or sold except pursuant to the registration provisions of the Securities
Act of 1933 or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable. Buyer
is able to bear the economic risk of holding the Shares for an indefinite period (including total loss of its investment), and has sufficient
knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of its investment.

 

Section
4.04 Brokers. No broker, finder or investment banker is entitled to any brokerage,
finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by
or on behalf of Buyer.

 

Section
4.05 Authority for Buyer Shares; Capitalization.

 

(a) Buyer
has sufficient authorized and unissued shares of preferred stock and the corporate authority needed to enable it to issue the Buyer Shares
at the Closing and consummate the transactions contemplated by this Agreement.

 

(b) The
authorized capital stock of Buyer consists of 7,450,000,000 shares of common stock, par value $0.00001, of which 1,689,093,139
shares are issued and outstanding, and 10,000,000 shares of preferred stock, par value $0.00001,
of which 7,481,992 shares are outstanding consisting of 7,000,000 outstanding shares of Buyer’s Series A Preferred Stock and 481,992
outstanding shares of Buyer’s Series B Preferred Stock. All of outstanding shares of Buyer’s capital stock have been duly
authorized, are validly issued, fully paid and non-assessable.

 

(c) Except
as set forth on Section 4.05(c) of the Disclosure Schedules or in the Buyer SEC Filings, there are no outstanding or authorized options,
warrants, convertible securities or other rights, agreements, arrangements or commitments of any character relating to the capital stock
of Buyer or obligating Buyer to issue or sell any shares of capital stock of, or any other interest in, Buyer. Buyer does not have outstanding
or authorized any stock appreciation, phantom stock, profit participation or similar rights. There are no voting trusts, stockholder
agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer of any of the outstanding
shares of Buyer’s capital stock or other securities of Buyer.

 

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Section
4.06 Financial Statements. Buyer has filed all
reports, schedules, forms, statements and other documents required to be filed by Buyer under the Securities Act and the Exchange Act,
including pursuant to Section 13(a) or 15(d) thereof, for the 24 months preceding the date hereof (or such shorter period as Buyer was
required by law or regulation to file such material). As of their respective dates, the Buyer SEC Filings complied in all material respects
with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the Buyer SEC Filings, when filed, contained
any 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, in the light of the circumstances under which they were made, not misleading. The financial statements of Buyer
included in the Buyer SEC Filings (the “Buyer Financial Statements”) comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing. Such Buyer
Financial Statements have been prepared in accordance with GAAP, except as may be otherwise specified in such Buyer Financial Statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present
in all respects the financial position of Buyer and its consolidated subsidiaries as of and for the dates thereof and the results of
operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments. The Buyer Financial Statements do not reflect any transactions which are not bona fide transactions. In addition, the balance
sheet of Buyer as of the Balance Sheet Date has been made available to the Seller Parties.

 

Section
4.07 Legal Proceedings; Governmental Orders.

 

(a) Except
as set forth in the Buyer SEC Filings or in Section 4.07(a) of the Disclosure Schedules, there are no actions, suits, claims, investigations
or other legal proceedings pending or, to Buyer’s knowledge, threatened against or by Buyer or any Affiliate of Buyer that challenge
or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(b) Except
as set forth in the Buyer SEC Filings or in Section 4.07(b) of the Disclosure Schedules, there are no outstanding Governmental Orders
against, relating to, and no unsatisfied judgments, penalties or awards against or affecting the Buyer or any of its properties or assets
which would have a Material Adverse Effect.

 

Section
4.08 Environmental Matters. 

 

(a) Except
as set forth in Section 4.08(a) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Buyer’s Knowledge, the
Buyer is in compliance with all Environmental Laws and has not, and the Seller has not received from any Person any (i) Environmental
Notice or Environmental Claim, or (ii) written request for information pursuant to Environmental Law, which, in each case, either remains
pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b) Except
as set forth in Section 4.08(d) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Buyer’s Knowledge, there
has been no Release of Hazardous Materials in contravention of Environmental Laws with respect to the business or assets of Buyer or
any Real Property currently owned, operated or leased by Buyer, and Buyer has not received an Environmental Notice that any Real Property
currently owned, operated or leased in connection with the business of Buyer (including soils, groundwater, surface water, buildings
and other structure located on any such real property) has been contaminated with any Hazardous Material that would reasonably be expected
to result in an Environmental Claim against, or a violation of Environmental Laws or term of any Environmental Permit by, Buyer.

 

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Section
4.09 Employee Matters. 

 

(a) Section
4.09(a) of the Disclosure Schedules contains a list of each Benefit Plan, whether or not reduced to writing, in effect and covering one
or more Employees, former employees of Buyer, current or former directors of Buyer or the beneficiaries or dependents of any such Persons,
and is maintained, sponsored, contributed to, or required to be contributed to by Buyer, or under which Buyer has any material liability
for premiums or benefits.

 

(b) Except
as set forth in Buyer SEC Filings or Section 4.09(b) of the Disclosure Schedules, Buyer is not a party to, or bound by, any collective
bargaining or other agreement with a labor organization representing any of its Employees.

 

(c) To
Buyer’s Knowledge, Buyer is in material compliance with all applicable Laws pertaining to employment and employment practices to
the extent they relate to employees of Buyer, except to the extent non-compliance would not result in a Material Adverse Effect.

 

Section
4.10 Compliance With Laws; Permits. 

 

(a) Except
as set forth in Section 4.10(a) of the Disclosure Schedules, to Buyer’s Knowledge Buyer is in compliance with all Laws applicable
to it or its business, properties or assets (including Laws related to activities in connection with cryptocurrency and digital assets),
except where the failure to be in compliance would not have a Material Adverse Effect.

 

(b) All
Permits required for Buyer to conduct its business have been obtained by it and are valid and in full force and effect, except where
the failure to obtain such Permits would not have a Material Adverse Effect.

 

(c) Except
as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, since the Balance
Sheet Date, neither Buyer nor any of its Representatives (acting in their capacities as such) has violated or taken any material act
in furtherance of violating any anti-money laundering and counter-terrorist financing Laws and financial recordkeeping, reporting and
registration requirements administered or enforced by any Government Authority.

 

(d) Except
as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) Buyer and
its Representatives (acting in their capacities as such) are, and have been, in compliance with the Export and Sanctions Regulations,
(ii) neither Buyer nor its Representatives (acting in their capacities as such) has (A) been organized, operated or resided in or (B)
engaged, directly or indirectly, in any dealings or transactions in Russia, Cuba, Iran, North Korea, Sudan (prior to October 12, 2017),
Syria, the Crimea region of Ukraine or any country or territory that (or with any Person who) is or was the subject of sanctions at the
time of the dealings or transactions, and (iii) neither Buyer nor the any of its Representatives (acting in their capacities as such)
is involved in any action or proceeding, or has received a written request for information or any other form of communication from any
Government Authority, or has had any judgments imposed (or threatened to be imposed) upon Buyer by or before a Government Authority,
in each case in connection with any actual or alleged material violation of any Export and Sanctions Regulations.

 

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(e) Except
as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) none of
Buyer nor its Representatives (acting in their capacities as such) has, directly or indirectly, taken any action, or engaged in any activity,
practice or conduct, that would or would reasonably be expected to result in a material violation by Buyer any of its Representatives
(acting in their capacities as such) of the FCPA or any other similar Law regarding anti-corruption, (ii) without limiting the generality
of the foregoing, none of Buyer or any of its Representatives (acting in their capacities as such) has, directly or indirectly, (A) used
any corporate funds of Buyer for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity,
(B) authorized, offered, promised or made any unlawful payment to any foreign or domestic governmental officials or (C) made or taken
any action in furtherance of any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to any Person,
private or public, regardless of form, whether in money, property or services, to obtain favorable treatment in securing business or
to obtain special concessions for Buyer, in the case of the foregoing clauses (A), (B) and (C) which would or would reasonably be expected
to result in a violation of the FCPA or any other similar Laws regarding anti-corruption, (iii) there are no pending or, to the Buyer’s
Knowledge, threatened actions or proceedings against Buyer or any of its Representatives (acting in their capacities as such) with respect
to the FCPA or any other similar Law regarding anti-corruption, (iv) there are no conditions or circumstances pertaining to Buyer’s
or its respective Representatives’ (acting in their capacities as such) activities, business or operations that would reasonably
be expected to give rise to any future actions or proceedings under the FCPA or any other similar Law regarding anti-corruption.

 

Section
4.11 Undisclosed Liabilities. Except as set
forth in the Buyer SEC Filings or Section 4.11 of the Disclosure Schedules, Buyer has no liabilities, obligations or commitments of a
type required to be reflected on a balance sheet prepared in accordance with GAAP, except (i) those which are adequately reflected or
reserved against in Buyer’s balance sheet as of the Balance Sheet Date; and (ii) those which have been incurred in the ordinary
course of business since the Balance Sheet Date and which are not material in amount.

 

Section
4.12 Absence of Certain Changes, Events and Conditions. Except
as expressly contemplated by the Agreement or as set forth in the Buyer SEC Filings or on Section 4.12 of the Disclosure Schedules, from
the Balance Sheet Date until the date of this Agreement, Buyer has operated in the ordinary course of business in all material respects
and there has not been, with respect to Buyer, any:

 

(a) event,
occurrence or development that has had a Material Adverse Effect;

 

(b) material
amendment of the charter, by-laws or other organizational documents of Buyer;

 

(c) split,
combination or reclassification of any shares of its capital stock;

 

(d) issuance,
sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain (including
upon conversion, exchange or exercise) any of its capital stock;

 

(e) declaration
or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition of its
capital stock;

 

(f) material
change in any method of accounting or accounting practice of Buyer, except as required by GAAP or applicable Law;

 

    19

     

    

 

(g) incurrence,
assumption or guarantee of any indebtedness for borrowed money in an aggregate amount exceeding $25,000, except unsecured current obligations
and liabilities incurred in the ordinary course of business;

 

(h) sale
or other disposition of any of the assets shown or reflected on Buyer’s balance sheet as of the Balance Sheet Date, except in the
ordinary course of business and except for any assets having an aggregate value of less than $25,000;

 

(i) increase
in the compensation of its Employees, other than as provided for in any written agreements or in the ordinary course of business;

 

(j) adoption,
amendment or modification of any Benefit Plan, the effect of which in the aggregate would increase the obligations of Buyer by more than
10% of its existing annual obligations to such plans;

 

(k) acquisition
by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any business
or any Person or any division thereof for consideration in excess of $25,000;

 

(l) adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any provisions
of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law; or

 

(m) 
any agreement to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section
4.13 Buyer Material Contracts. 

 

(a) Section
4.13(a) of the Disclosure Schedules lists each of the following contracts and other agreements of Buyer (together with all Leases listed
in Section 4.14(b) of the Disclosure Schedules, collectively, the “Buyer Material Contracts”):

 

(i) each
agreement of Buyer involving aggregate consideration in excess of $250,000 or requiring performance by any party more than one year from
the date hereof, which, in each case, cannot be cancelled by Buyer without penalty or without more than 180 days’ notice;

 

(ii) all
agreements that relate to the sale of any of Buyer’s assets, other than in the ordinary course of business, for consideration in excess
of $250,000;

 

(iii) all
agreements that relate to the acquisition of any business, a material amount of stock or assets of any other Person or any real property
(whether by merger, sale of stock, sale of assets or otherwise), in each case involving amounts in excess of $250,000;

 

(iv) except
for agreements relating to trade payables, all agreements relating to indebtedness (including, without limitation, guarantees) of Buyer,
in each case having an outstanding principal amount in excess of $250,000;

 

(v) all
agreements between or among Buyer on the one hand and Buyer or any Affiliate of Buyer on the other hand;

 

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(vi) any
contract (A) providing for cryptocurrency mining pool arrangements, (B) with a digital asset exchange or over-the-counter desk, or (C)
providing for or relating to the purchase, sale, transmission, distribution or management of power or energy, including any retail and
wholesale supply, offtake, and demand response agreements, interconnection, transmission service, distribution facility extension and
shared facility agreements and management, consulting, advisory and brokerage agreements; and

 

(vii) all
collective bargaining agreements or agreements with any labor organization, union or association to which Buyer is a party.

 

(b) Except
as set forth on Section 4.13(b) of the Disclosure Schedules, Buyer is not in breach of, or default under, any Material Contract, except
for such breaches or defaults that would not have a Material Adverse Effect.

 

Section
4.14 Title to Assets; Real Property. 

 

(a) Buyer
has good and valid (and, in the case of owned Real Property, good and marketable fee simple) title to, or a valid leasehold interest
in, all Real Property and tangible personal property and other assets reflected in the Buyer Financial Statements or acquired after the
Balance Sheet Date, other than properties and assets sold or otherwise disposed of in the ordinary course of business since the Balance
Sheet Date. All such properties and assets (including leasehold interests) are free and clear of Encumbrances except for Permitted Encumbrances.

 

(b) Section
4.14(b) of the Disclosure Schedules lists: (i) the street address of each parcel of Buyer owned Real Property; and (ii) the street address
of each parcel of Buyer leased Real Property, and a list, as of the date of this Agreement, of all Leases for each parcel of Buyer leased
Real Property involving total annual payments of at least $100,000, including the identification of the lessee and lessor thereunder.

 

(c) Buyer
(or one of its subsidiaries) owns or has the exclusive ability to access, including by use of “private keys” or other equivalent
means, the (i) cash on hand, or cash held in cryptocurrency wallets or similar mediums of custody for cryptocurrencies and other tokens
and digital assets or exchange accounts, (ii) cash equivalents, (iii) cryptocurrencies, tokens, digital assets and other asset equivalents
and (iv) assets held in accounts other than any cryptocurrencies, tokens, digital asset and other asset equivalents, in each case in
all material respects.

 

Section
4.15 Intellectual Property. 

 

(a) Section
4.15(a) of the Disclosure Schedules lists all patents, patent applications, trademark registrations and pending applications for registration,
copyright registrations and pending applications for registration and internet domain name registrations owned by Buyer. Except as set
forth in Section 4.15(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, Buyer owns or has the right to
use all Intellectual Property necessary for the conduct of Buyer’s business as currently conducted (the “Buyer Intellectual Property”).

 

(b) Except
as set forth in Section 4.15(b) of the Disclosure Schedules, or as would not have a Material Adverse Effect, to Buyer’s Knowledge: (i)
the conduct of the Buyer’s business as currently conducted does not infringe, misappropriate or otherwise violate the Intellectual Property
of any Person; and (ii) no Person is infringing, misappropriating or otherwise violating any Buyer Intellectual Property.

 

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Section
4.16 Insurance. Section 4.16 of the Disclosure Schedules sets forth a list, as
of the date hereof, of all material insurance policies maintained by Buyer or with respect to which Buyer is a named insured or otherwise
the beneficiary of coverage (collectively, the “Insurance Policies”). Such Insurance Policies are in full force and
effect on the date of this Agreement and all premiums due on such Insurance Policies have been paid, except as would not have a Material
Adverse Effect.

 

Section
4.17 Promotional Activities. Other than fees for press releases, Buyer has made no other payments for the purpose of promoting
Buyer’s securities since January 1, 2020.

 

Section
4.18 Independent Investigation. Buyer has conducted its own independent investigation,
review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets of the Company, and
acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents
and data of Seller and the Company for such purpose. Buyer acknowledges and agrees that: (a) in making its decision to enter into this
Agreement and to consummate the transactions contemplated hereby, Buyer has relied solely upon its own investigation and the express
representations and warranties of Seller set forth in Article III of this Agreement (including the related portions of the Disclosure
Schedules); and (b) none of Seller, the Company or any other Person has made any representation or warranty as to Seller, the Company
or this Agreement, except as expressly set forth in Article III of this Agreement (including the related portions of the Disclosure Schedules
and the Seller SEC Filings referred to therein).

 

Section
4.19 No Other Representations and Warranties. Except
for the representations and warranties contained in this Article IV (including the related portions of the Disclosure Schedules and Seller
SEC Filings referred to in this Article IV), neither Buyer nor any other Person has made or makes any other express or implied representation
or warranty, either written or oral, on behalf of Buyer, including any representation or warranty as to the accuracy or completeness
of any information regarding Buyer furnished or made available to the Seller Parties and their Representatives any information, documents
or material delivered to or made available such parties, management presentations or in any other form in expectation of the transactions
contemplated hereby) or as to the future revenue, profitability or success of Buyer, or any representation or warranty arising from statute
or otherwise in Law.

 

ARTICLE
V

Covenants

 

Section
5.01 Conduct of Business Prior to the Closing. From
the date hereof until the Closing, except as otherwise provided in this Agreement or consented to in writing by Buyer (which consent
shall not be unreasonably withheld, conditioned or delayed), Seller shall, and shall cause the Company to: (a) conduct the business of
the Company in the ordinary course of business; and (b) use commercially reasonable efforts to maintain and preserve intact the current
organization, business and franchise of the Company and to preserve the rights, franchises, goodwill and relationships of its Employees,
customers, lenders, suppliers, regulators and others having business relationships with the Company. From the date hereof until the Closing
Date, except as consented to in writing by Buyer (which consent shall not be unreasonably withheld, conditioned or delayed), Seller shall
not cause or permit the Company to take any action that would cause any of the changes, events or conditions described in ‎Section
3.08 to occur.

 

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Section
5.02 Access to Information. From the date hereof
until the Closing, Seller shall, and shall cause the Company to: (a) afford Buyer and its Representatives reasonable access to and the
right to inspect all of the Real Property, properties, assets, premises, books and records, contracts, agreements and other documents
and data related to the Company; (b) furnish Buyer and its Representatives with such financial, operating and other data and information
related to the Company as Buyer or any of its Representatives may reasonably request; and (c) instruct the Representatives of Seller
and the Company to cooperate with Buyer in its investigation of the Company; provided, however, that any such investigation shall
be conducted during normal business hours upon reasonable advance notice to Seller, under the supervision of Seller’s personnel and in
such a manner as not to interfere with the normal operations of the Company. All requests by Buyer for access pursuant to this Section
5.02 shall be submitted or directed exclusively to such individuals as Seller may designate in writing from time to time. Notwithstanding
anything to the contrary in this Agreement, neither Seller nor the Company shall be required to disclose any information to Buyer if
such disclosure would, in Seller’s sole discretion: (w) cause significant competitive harm to Seller, the Company and their respective
businesses if the transactions contemplated by this Agreement are not consummated; (x) jeopardize any attorney-client or other privilege;
(y) contravene any applicable Law, fiduciary duty or binding agreement entered into prior to the date of this Agreement; or (z) reveal
bids received from third parties in connection with transactions similar to those contemplated by this Agreement and any information
and analysis (including financial analysis) relating to such bids. Prior to the Closing, without the prior written consent of Seller,
which may be withheld for any reason, Buyer shall not contact any suppliers to, or customers of, the Company and Buyer shall have no
right to perform invasive, destructive or subsurface investigations of the Company’s properties or any other environmental sampling (such
as indoor air sampling). Buyer shall, and shall cause its Representatives to, abide by the terms of the Confidentiality Agreement with
respect to any access or information provided pursuant to this Section 5.02.

 

Section
5.03 Resignations. Each of Seller and Buyer
shall deliver to the other written resignations of the officers and directors of the Company and Buyer, respectively, as set forth on
Section 5.03 of the Disclosure Schedules within five Business Days of the Closing in the furtherance of the related Closing matters set
forth in Article VI.

 

Section
5.04 Employees; Benefit Plans. 

 

(a) During
the period commencing at the Closing and ending on the date which is 90 days from the Closing (or if earlier, the date of the employee’s
termination of employment with the Company or the execution of a new employment contract by the Buyer for the employee), Buyer shall,
and shall cause the Company to, provide each Employee set forth on Schedule 5.04(a) (“Company Continuing Employee”)
with: (i) base salary or hourly wages which are no less than the base salary or hourly wages provided by the Company immediately prior
to the Closing; (ii) target bonus opportunities (excluding equity-based compensation), if any, which are no less than the target bonus
opportunities (excluding equity-based compensation) provided by the Company immediately prior to the Closing; (iii) retirement and welfare
benefits that are no less favorable in the aggregate than those provided by the Company immediately prior to the Closing; and (iv) severance
benefits that are no less favorable than the practice, plan or policy in effect for such Company Continuing Employee immediately prior
to the Closing.

 

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(b) With respect
to any employee benefit plan maintained by Buyer or its subsidiaries (collectively, “Buyer Benefit Plans”) in which
any Company Continuing Employees will participate effective as of the Closing, Buyer shall, or shall cause the Company to, recognize
all service of the Company Continuing Employees with the Company or any of its subsidiaries, as the case may be as if such service were
with Buyer, for vesting and eligibility purposes in any Buyer Benefit Plan in which such Company Continuing Employees may be eligible
to participate after the Closing Date; provided, however, such service shall not be recognized to the extent that (x) such recognition
would result in a duplication of benefits or (y) such service was not recognized under the corresponding Benefit Plan.

 

(c)   This
Section 5.04 shall be binding upon and inure solely to the benefit of each of the parties to this Agreement, and nothing in this Section
5.04, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this
Section 5.04 Nothing contained herein, express or implied, shall be construed to establish, amend or modify any benefit plan, program,
agreement or arrangement. The parties hereto acknowledge and agree that the terms set forth in this Section 5.04 shall not create any
right in any Employee or any other Person to any continued employment with the Company, Buyer or any of their respective Affiliates or
compensation or benefits of any nature or kind whatsoever.

 

Section
5.05 Director and Officer Indemnification and Insurance. 

 

(a)   Buyer
agrees that all rights to indemnification, advancement of expenses and exculpation by the Company now existing in favor of each Person
who is now, or has been at any time prior to the date hereof or who becomes prior to the Closing Date, an officer or director of the Company,
as provided in the articles of incorporation or by-laws of the Company, in each case as in effect on the date of this Agreement, or pursuant
to any other agreements in effect on the date hereof and disclosed in Section 5.05(a) of the Disclosure Schedules, shall survive the Closing
Date and shall continue in full force and effect in accordance with their respective terms to the maximum extent permitted by applicable
Law.

 

(b)   The
Company shall, and Buyer shall cause the Company to (i) maintain in effect for a period of six years after the Closing Date, if available,
the current policies of directors’ and officers’ liability insurance maintained by the Company immediately prior to the Closing Date (provided
that the Company may substitute therefor policies, of at least the same coverage and amounts and containing terms and conditions that
are not less advantageous to the directors and officers of the Company when compared to the insurance maintained by the Company as of
the date hereof), or (ii) obtain as of the Closing Date “tail” insurance policies with a claims period of six years from the
Closing Date with at least the same coverage and amounts, and containing terms and conditions that are not less advantageous to the directors
and officers of the Company, in each case with respect to claims arising out of or relating to events which occurred on or prior to the
Closing Date (including in connection with the transactions contemplated by this Agreement).

 

(c)   The
obligations of Buyer and the Company under this Section 5.05 shall not be terminated or modified in such a manner as to adversely affect
any director or officer to whom this Section 5.05 applies without the consent of such affected director or officer (it being expressly
agreed that the directors and officers to whom this Section 5.05 applies shall be third-party beneficiaries of this Section 5.05, each
of whom may enforce the provisions of this Section 5.05).

 

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(d)   In
the event Buyer, the Company or any of their respective successors or assigns (i) consolidates with or merges into any other Person and
shall not be the continuing or surviving corporation or entity in such consolidation or merger or (ii) transfers all or substantially
all of its properties and assets to any Person, then, and in either such case, proper provision shall be made so that the successors and
assigns of Buyer or the Company, as the case may be, shall assume all of the obligations set forth in this Section 5.05.

 

Section
5.06 Confidentiality. Buyer acknowledges and agrees that the Confidentiality Agreement remains in full force and effect
and, in addition, covenants and agrees to keep confidential, in accordance with the provisions of the Confidentiality Agreement, information
provided to Buyer pursuant to this Agreement. If this Agreement is, for any reason, terminated prior to the Closing, the Confidentiality
Agreement and the provisions of this Section 5.06 shall nonetheless continue in full force and effect.

 

Section
5.07 Closing Conditions. From the date hereof until the Closing, each party hereto shall, and Seller shall cause the Company
to, use commercially reasonable efforts to take such actions as are necessary to expeditiously satisfy the closing conditions set forth
in ARTICLE VI hereof.

 

Section
5.08 Public Announcements. Unless otherwise required by applicable Law (based upon the reasonable written advice of counsel),
no party to this Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or
otherwise communicate with any news media without the prior written consent of the other party (which consent shall not be unreasonably
withheld, conditioned or delayed), and the parties shall cooperate as to the timing and contents of any such announcement.

 

Section
5.09 Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates
to, execute and deliver such additional documents, instruments, conveyances and assurances, and take such further actions as may be reasonably
required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

Section
5.10 Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees
(including any penalties and interest) incurred in connection with this Agreement (including any real property transfer Tax and any other
similar Tax) shall be borne and paid by Buyer when due. Buyer shall, at its own expense, timely file any Tax Return or other document
with respect to such Taxes or fees (and Seller shall cooperate with respect thereto as necessary).

 

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ARTICLE VI

Conditions to closing

 

Section
6.01 Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions:

 

(a)   At
the Closing, the Board of Directors of Buyer shall fix the number of directors of Buyer at seven and shall appoint the following as members
of the Board of Directors: (i) five individuals designated by Buyer, and (ii) two individuals designated by Seller. The identity of such
members and the number of years of their terms of service are reflected on Section 6.01(a) of the Disclosure Schedules.

 

(b)   Buyer
shall have obtained the requisite approvals and authorization under its certificate of incorporation for the issuance of the Buyer Shares
to the Seller Parties hereunder, including without limitation the filing of the Certificate of Designation authorizing the Buyer Shares
with the Delaware Secretary of State, free and clear from any Encumbrances.

 

(c)   Buyer
and the Company shall have mutually agreed to enter into written employment agreements in a form reasonably acceptable to each party and
to the compensation to the individuals, as well as establishing a pool of shares issuable under equity compensation awards that may be
granted at the direction of an authorized officer designated hereunder by Seller, in each case as more particularly set forth in Section
6.01(c) of the Disclosure Schedules.

 

(d)   Each
of Buyer, Seller, and the Agora Shareholders shall have obtained the requisite approvals and authorizations to perform their respective
obligations under this Agreement, and have duly executed and delivered this Agreement to the other parties.

 

(e)   The
Company shall have withdrawn the Agora Registration Statement.

 

(f)   Buyer
shall have received firm commitments of at least $10,000,000 in gross capital proceeds for a capital raising transaction to be consummated
by Buyer following the execution of this Agreement which shall constitute a condition to close this Agreement. The calculation of gross
proceeds shall not include capital received from any existing investors in Buyer. The terms of such capital raising transaction must be
acceptable to Buyer in its reasonable discretion.

 

(g)   No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and has
the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such
transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

Section
6.02 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement
shall be subject to the fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following conditions:

 

(a)   The
representations and warranties of Seller contained in ARTICLE III shall be true and correct in all respects as of the Closing Date with
the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified
date, which shall be true and correct in all respects as of that specified date), except where the failure of such representations and
warranties to be true and correct would not have a Material Adverse Effect.

 

    26

     

    

 

(b)   Seller
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this Agreement
to be performed or complied with by it prior to or on the Closing Date.

 

(c)   Buyer
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Seller, that each of the conditions
set forth in Section 6.02(a) and Section 6.02(b) have been satisfied.

 

(d)   Buyer
shall have received a certificate of the Secretary (or equivalent officer) of Seller certifying that attached thereto are true and complete
copies of all resolutions adopted by the board of directors of Seller authorizing the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby, and that all such resolutions are in full force and effect and are all the
resolutions adopted in connection with the transactions contemplated hereby.

 

(e)   The
Seller Parties shall have delivered, or caused to be delivered, to Buyer stock certificates or a stock ledger in book entry form evidencing
that the Shares have been transferred to Buyer effective upon the Closing.

 

(f)   Seller
shall have exchanged the Company Note for Series C preferred stock of Buyer, based on the purchase price allocation in Section 2.02, effective
upon the Closing.

 

(g)   The
Company shall have an aggregate balance of at least $1,000,000 in its bank accounts at Closing.

 

Section
6.03 Conditions to Obligations of Seller Parties. The obligations of the Seller Parties to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment or the Seller Parties’ waiver, at or prior to the Closing, of each of the
following conditions:

 

(a)   The
representations and warranties of Buyer contained in ARTICLE IV shall be true and correct in all respects as of the Closing Date with
the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified
date, which shall be true and correct in all respects as of that specified date), except where the failure of such representations and
warranties to be true and correct would not have a material adverse effect on Buyer’s ability to consummate the transactions contemplated
hereby.

 

(b)   Buyer
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this Agreement
to be performed or complied with by it prior to or on the Closing Date.

 

    27

     

    

 

(c)   Seller
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the conditions
set forth in Section 6.03(a) and Section 6.03(b) have been satisfied.

 

(d)   Seller
shall have received a certificate of the Secretary (or equivalent officer) of Buyer certifying that attached thereto are true and complete
copies of all resolutions adopted by the board of directors of Buyer authorizing the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby, and that all such resolutions are in full force and effect and are all the
resolutions adopted in connection with the transactions contemplated hereby.

 

(e)   Buyer
shall have delivered, or caused to be delivered, to the Seller Parties stock certificates or a stock ledger in book entry form evidencing
that the Buyer Shares have been transferred to the Seller Parties in the amounts set forth opposite each such Seller Party’s name
on Section 2.01(a) of the Disclosure Schedules effective upon the Closing.

 

Section 6.04 Waiver
of Closing Conditions. Any waiver of the closing conditions set forth in this Article VI by the Seller Parties may be accomplished
by the approval of Seller Parties constituting the holders of a majority of the Shares.

 

ARTICLE VII

Indemnification

 

Section
7.01 Survival. Subject to the limitations and other provisions of this Agreement, the representations and warranties contained
herein shall survive the Closing and shall remain in full force and effect until the date that is 1 year from the Closing Date. None of
the covenants or other agreements contained in this Agreement shall survive the Closing Date other than those which by their terms contemplate
performance after the Closing Date, and each such surviving covenant and agreement shall survive the Closing for the period contemplated
by its terms. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such
time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable survival
period shall not thereafter be barred by the expiration of such survival period and such claims shall survive until finally resolved.

 

Section
7.02 Indemnification By Seller. Subject to the other terms and conditions of this ARTICLE VII, Seller shall indemnify Buyer
against, and shall hold Buyer harmless from and against, any and all Losses incurred or sustained by, or imposed upon, Buyer based upon,
arising out of, with respect to or by reason of:

 

(a)   any
inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement; or

 

(b)   any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement.

 

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Section
7.03 Indemnification By Buyer. Subject to the other terms and conditions of this ARTICLE VII, Buyer shall indemnify the
Seller Parties against, and shall hold the Seller Parties harmless from and against, any and all Losses incurred or sustained by, or imposed
upon, the Seller Parties based upon, arising out of, with respect to or by reason of:

 

(a)   any
inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement; or

 

(b)   any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement.

 

Section
7.04 Certain Limitations. The party making a claim under this ARTICLE VII is referred to as the “Indemnified Party”,
and the party against whom such claims are asserted under this ARTICLE VII is referred to as the “Indemnifying Party”.
The indemnification provided for in Section 7.02 and Section 7.03 shall be subject to the following limitations:

 

(a)   The
Indemnifying Party shall not be liable to the Indemnified Party for indemnification under Section 7.02(a) or Section 7.03(a), as the case
may be, until the aggregate amount of all Losses in respect of indemnification under Section 7.02(a) or Section 7.03(a) exceeds $500,000
(the “Deductible”), in which event the Indemnifying Party shall only be required to pay or be liable for Losses in excess
of the Deductible. With respect to any claim as to which the Indemnified Party may be entitled to indemnification under Section 7.02(a)
or Section 7.03(a), as the case may be, the Indemnifying Party shall not be liable for any individual or series of related Losses which
do not exceed $5,000,000 (which Losses shall not be counted toward the Deductible).

 

(b)   The
aggregate amount of all Losses for which an Indemnifying Party shall be liable pursuant to Section 7.02(a) or Section 7.03(a) as the case
may be, shall not exceed $5,000,000 (“Cap”). Notwithstanding the foregoing, the Deductible and the Cap shall not apply
to any breach of the following representations and warranties by the Seller Parties: (1) Section 3.01 (Organization and Authority of Seller);
(2) Section 3.02 (Organization, Authority and Qualification of the Company); (3) Section 3.03 (Capitalization); (4) Section 3.05 (No Conflicts,
Consents); (5) Section 3.07 (Undisclosed Liabilities); (6) Section 3.19 (Brokers), and (7) Section 3.21 (Certain Seller Party Representations
and Warranties); and the Deductible and the Cap shall not apply to any breach of the following representations and warranties by Buyer:
(1) Section 4.01 (Organization and Authority of Buyer); Section 4.02 (No Conflicts; Consents); (3) Section 4.05 (Authority for Buyer Shares;
Capitalization); (4) Section 4.04 (Brokers); and (5) Section 4.11 (Undisclosed Liabilities).

 

(c)   Payments
by an Indemnifying Party pursuant to Section 7.02 or Section 7.03 in respect of any Loss shall be limited to the amount of any liability
or damage that remains after deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment received
or reasonably expected to be received by the Indemnified Party (or the Company) in respect of any such claim. The Indemnified Party shall
use its commercially reasonable efforts to recover under insurance policies or indemnity, contribution or other similar agreements for
any Losses prior to seeking indemnification under this Agreement.

 

    29

     

    

 

(d)   Payments
by an Indemnifying Party pursuant to Section 7.02 or Section 7.03 in respect of any Loss shall be reduced by an amount equal to any Tax
benefit realized or reasonably expected to be realized as a result of such Loss by the Indemnified Party.

 

(e)   In
no event shall any Indemnifying Party be liable to any Indemnified Party for any punitive, incidental, consequential, special or indirect
damages, including loss of future revenue or income, loss of business reputation or opportunity relating to the breach or alleged breach
of this Agreement, or diminution of value or any damages based on any type of multiple.

 

(f)   Each
Indemnified Party shall take, and cause its Affiliates to take, all reasonable steps to mitigate any Loss upon becoming aware of any event
or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to the minimum extent
necessary to remedy the breach that gives rise to such Loss.

 

(g)   Seller
shall not be liable under this ARTICLE VII for any Losses based upon or arising out of any inaccuracy in or breach of any of the representations
or warranties of Seller contained in this Agreement if Buyer had knowledge of such inaccuracy or breach prior to the Closing.

 

Section
7.05 Indemnification Procedures. 

 

(a)   If
any Indemnified Party receives notice of the assertion or commencement of any action, suit, claim or other legal proceeding made or brought
by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a
“Third-Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide
indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party prompt written notice thereof. The failure
to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only
to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party
shall describe the Third-Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate
the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying
Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to assume the defense of any Third-Party
Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the Indemnified Party shall cooperate in good
faith in such defense. In the event that the Indemnifying Party assumes the defense of any Third-Party Claim, subject to Section 7.05(b),
it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to
any such Third-Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party shall have the right, at its own
cost and expense, to participate in the defense of any Third-Party Claim with counsel selected by it subject to the Indemnifying Party’s
right to control the defense thereof. If the Indemnifying Party elects not to compromise or defend such Third-Party Claim or fails to
promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, the Indemnified Party may, subject
to Section 7.05(b), pay, compromise, defend such Third-Party Claim and seek indemnification for any and all Losses based upon, arising
from or relating to such Third-Party Claim. Seller and Buyer shall cooperate with each other in all reasonable respects in connection
with the defense of any Third-Party Claim, including making available (subject to the provisions of Section 5.06) records relating to
such Third-Party Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket expenses) to the defending party,
management employees of the non-defending party as may be reasonably necessary for the preparation of the defense of such Third-Party
Claim.

 

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(b)   Notwithstanding
any other provision of this Agreement, the Indemnifying Party shall not enter into settlement of any Third-Party Claim without the prior
written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), except as provided
in this Section 7.05(b). If a firm offer is made to settle a Third-Party Claim without leading to liability or the creation of a financial
or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified
Party from all liabilities and obligations in connection with such Third-Party Claim and the Indemnifying Party desires to accept and
agree to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party
fails to consent to such firm offer within 30 days after its receipt of such notice, the Indemnified Party may continue to contest or
defend such Third-Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third-Party Claim shall not
exceed the amount of such settlement offer. If the Indemnified Party fails to consent to such firm offer and also fails to assume defense
of such Third-Party Claim, the Indemnifying Party may settle the Third-Party Claim upon the terms set forth in such firm offer to settle
such Third-Party Claim. If the Indemnified Party has assumed the defense pursuant to Section 7.05(a), it shall not agree to any settlement
without the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed).

 

(c)   Any
claim by an Indemnified Party on account of a Loss which does not result from a Third-Party Claim (a “Direct Claim”)
shall be asserted by the Indemnified Party giving the Indemnifying Party prompt written notice thereof. The failure to give such prompt
written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that
the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the
Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount,
if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have 30
days after its receipt of such notice to respond in writing to such Direct Claim. During such 30-day period, the Indemnified Party shall
allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the Direct
Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the
Indemnifying Party’s investigation by giving such information and assistance (including access to the Company’s premises and personnel
and the right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may
reasonably request. If the Indemnifying Party does not so respond within such 30-day period, the Indemnifying Party shall be deemed to
have rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified
Party on the terms and subject to the provisions of this Agreement.

 

(d)   For
any indemnification payments that are payable by Seller under this Article VII, such indemnifications payments may at Seller’s option
be paid by issuing additional shares of the Company’s common stock to Seller in an amount equal to the required indemnification
payment. The value of each share of the Company’s common stock issued for such payment shall be determined by dividing $2.00 by
the Ecoark Held Shares. For any indemnification payments that are payable by Buyer under this Article VII, such indemnifications payments
may, in whole or in part, be paid by surrendering an additional number of Buyer Shares to the applicable Seller Party(ies) in an amount
equal to Buyer’s required indemnification payment, distributed pro rata among such Seller Party(ies). The value of each such additional
Buyer Share surrendered for such payment shall be determined in the above paragraph, and the value of each such Buyer Share surrendered
for such payment shall be determined based on the stated value per Buyer Share.

 

Section
7.06 Exclusive Remedies. Subject to Section 9.12, the parties acknowledge and agree that their sole and exclusive remedy
with respect to any and all claims (other than claims arising from Fraud on the part of a party hereto in connection with the transactions
contemplated by this Agreement) for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or
otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in this ARTICLE
VII. In furtherance of the foregoing, except with respect to Section 9.12, each party hereby waives, to the fullest extent permitted under
Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation
set forth herein or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their
Affiliates and each of their respective Representatives arising under or based upon any Law, except pursuant to the indemnification provisions
set forth in this Article VII. Nothing in this Section 7.07 shall limit any Person’s right to seek and obtain any equitable relief to
which any Person shall be entitled pursuant to Section 9.12 or to seek any remedy on account of Fraud by any party hereto.

 

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ARTICLE VIII

Termination

 

Section
8.01 Termination. This Agreement may be terminated at any time prior to the Closing:

 

(a)   by
the mutual written consent of Seller and Buyer;

 

(b)   by
Buyer by written notice to Seller if:

 

(i)   Buyer
is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure to perform
any representation, warranty, covenant or agreement made by Seller pursuant to this Agreement that would give rise to the failure of any
of the conditions specified in ARTICLE VI and such breach, inaccuracy or failure cannot be cured by Seller by September 30, 2022 (the
“Drop Dead Date”); or

 

(ii)   any
of the conditions set forth in Section 6.01 or Section 6.02 shall not have been fulfilled by the Drop Dead Date, unless such failure shall
be due to the failure of Buyer to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied
with by it prior to the Closing;

 

(c)   by
Seller by written notice to Buyer if:

 

(i)   Seller
is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure to perform
any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give rise to the failure of any
of the conditions specified in ARTICLE VI and such breach, inaccuracy or failure cannot be cured by Buyer by the Drop Dead Date; or

 

(ii)   any
of the conditions set forth in Section 6.01 or Section 6.03 shall not have been fulfilled by the Drop Dead Date, unless such failure shall
be due to the failure of Seller to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied
with by it prior to the Closing; or

 

(d)   by
Buyer or Seller in the event that:

 

(i)   there
shall be any Law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited; or

 

(ii)   any
Governmental Authority shall have issued a Governmental Order restraining or enjoining the transactions contemplated by this Agreement,
and such Governmental Order shall have become final and non-appealable.

 

Section
8.02 Effect of Termination. In the event of the termination of this Agreement in accordance with this Article, this Agreement
shall forthwith become void and there shall be no liability on the part of any party hereto except:

 

(a)   as
set forth in this ARTICLE VIII and Section 5.06 and ARTICLE IX hereof; and

 

(b)   that
nothing herein shall relieve any party hereto from liability for any intentional breach of any provision hereof.

 

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ARTICLE IX

Miscellaneous

 

Section
9.01 Expenses. Except as otherwise expressly provided herein (including Section 5.10 hereof), all costs and expenses, including,
without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the Closing shall
have occurred; provided, however, that Buyer shall be responsible for all filing and other similar fees payable in connection
with any filings or submissions under applicable Laws.

 

Section 9.02 Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to
have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of
transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours
of the recipient; or (d) on the 10th day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a
party as shall be specified in a notice given in accordance with this Section 9.02):

 

If to Seller or the Company:

 

303 Pearl Parkway Suite 200

San Antonio,
TX 78215

Email: ________________

Attention: Jay Puchir, Ecoark
CFO

 

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

 

 Nason, Yeager, Gerson,
Harris & Fumero, P.A.

3001 PGA Boulevard, Suite
305

Palm Beach Gardens, Florida
33410

E-mail: mharris@nasonyeager.com

Attention: Michael D. Harris,
Esq.

 

If to Buyer:

 

HUMBL, Inc.

600 B Street

San Diego, CA
92101

Email: _______________

Attention: Brian
Foote, Chairman and CEO

 

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

 

Hansen Black Anderson
Ashcraft PLLC

3051 W. Maple Loop
Dr., Suite 325

Lehi, UT 84043

_______________

Attention: Brian
Innes

 

If to any Agora Shareholder:
to the address for notice set forth on the signature page hereto.

 

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Section
9.03 Interpretation. For purposes of this Agreement: (a) the words “include,” “includes” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the
words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement
as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure Schedules and Exhibits mean
the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other
document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules
and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were
set forth verbatim herein.

 

Section 9.04 Disclosure
Schedules. All section headings in the Disclosure Schedules correspond to the sections of this Agreement, but information provided
in any section of the Disclosure Schedules shall constitute disclosure for purposes of each section of this Agreement where such information
is relevant. Unless the context otherwise requires, all capitalized terms used in the Disclosure Schedules shall have the respective meanings
assigned to such terms in this Agreement. Certain information set forth in the Disclosure Schedules is included solely for informational
purposes, and may not be required to be disclosed pursuant to this Agreement. No reference to or disclosure of any item or other matter
in the Disclosure Schedules shall be construed as an admission or indication that such item or other matter is required to be referred
to or disclosed in the Disclosure Schedules. No disclosure in the Disclosure Schedules relating to any possible breach or violation of
any agreement or Law shall be construed as an admission or indication that any such breach or violation exists or has actually occurred.
The inclusion of any information in the Disclosure Schedules shall not be deemed to be an admission or acknowledgment by Seller that in
and of itself, such information is material to or outside the ordinary course of the business or is required to be disclosed on the Disclosure
Schedules. No disclosure in the Disclosure Schedules shall be deemed to create any rights in any third party.

 

Section
9.05 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
9.06 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal
or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

    34

     

    

 

Section
9.07 Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect
to the subject matter contained herein, and supersede all prior and contemporaneous representations, warranties, understandings and agreements,
both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this
Agreement, the Exhibits and Disclosure Schedules (other than an exception expressly set forth as such in the Disclosure Schedules), the
statements in the body of this Agreement will control.

 

Section
9.08 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written
consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed. No assignment shall relieve the
assigning party of any of its obligations hereunder.

 

Section
9.09 No Third-Party Beneficiaries. Except as provided in Section 5.05 and ARTICLE VII, this Agreement is for the sole benefit
of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or
shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.

 

Section
9.10 Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in
writing signed by Buyer, the Company and Seller Parties constituting the holders of a majority of the Shares. No waiver by any party of
any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by
any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay
in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

Section
9.11 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

 

(a)   All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and
enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof. Each
party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this
Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members,
employees or agents) shall be commenced exclusively in the state and federal courts sitting in Clark County, Nevada. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Clark County, Nevada for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the provisions of this Agreement), and hereby irrevocably waives, and agrees not to assert in any action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of this Agreements,
then, in addition to the obligations of the parties elsewhere in this Agreement, the prevailing party in such action or proceeding shall
be reimbursed by the non-prevailing party(ies) for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding.

 

Section
9.12 Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof,
in addition to any other remedy to which they are entitled at law or in equity.

 

Section 9.13 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to
be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[signature page follows]

 

    35

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	Seller:	 	 
	Ecoark Holdings, Inc.	 	 
	 	 	 
	By	 	 	 
	Name: Randy May	 	 
	Title: Executive Chairman	 	 
	Shares:	 	 
	 	 	 
	Company:	 	 
	Agora Digital Holdings, Inc.	 	 
	 	 	 
	By	 	 	 
	Name: Randy May	 	 
	Title: Executive Chairman	 	 
	 	 	 
	Buyer:	 	 
	HUMBL, Inc.	 	 
	 	 	 
	By	 	 	 
	Name: Brian Foote	 	 
	Title: CEO	 	 
	 	 	 
	Agora Shareholders:	 	 
	 	 	 
	By:	 	 	By:	        
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	       	 	By:	 
	Name:	 	Name:
	Address:	 	Address:
	 	 	 
	By:	            	 	By:	 
	Name:	 	Name:
	Address:	 	Address:

  

[Signature Page to Securities Exchange Agreement, continued]

 

    36

     

    

 

Exhibit A

 

Certificate of Designation of Buyer Shares

 

[Attached]

 

 

 

    37

     

    

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS OF 

SERIES C CONVERTIBLE PREFERRED STOCK OF 

HUMBL, INC.

 

The undersigned, Brian Foote,
the Chief Executive Officer of HUMBL, Inc. (the “Corporation”), a corporation organized and existing under the Delaware
General Corporations Law (the “DGCL”), in accordance with the provisions of the DGCL, does hereby certify:

 

That pursuant to the authority
expressly conferred upon the Board of Directors of the Corporation (the “Board of Directors”) by the Corporation’s
Certificate of Incorporation, as amended from time to time, the Board of Directors has adopted the following resolutions authorizing a
new series of preferred stock designated as “Series C Convertible Preferred Stock” of the Corporation as set forth in this
Certificate of Designation of Preferences, Rights And Limitations Of Series C Convertible Preferred Stock (this “Certificate”).

 

RESOLVED, that the designations,
powers, preferences and rights of the Series C Convertible Preferred Stock, and the qualifications, limitations or restrictions thereof,
shall be as follows:

 

Article I. Designation
and Authorized Shares. There shall hereby be created and established a series of preferred stock of the Corporation designated as
“Series C Convertible Preferred Stock” (the “Series C”). The authorized number of shares of the Series
C shall be 6,000 shares. Each share of Series C shall have a par value of $0.00001. Capitalized terms not defined herein shall have the
meaning as set forth in Section 8 below.

 

Article II. Stated
Value. Each share of Series C shall have a stated value of $10,000 per share (the “Stated Value”).

 

Article III. Liquidation
Preference. The Holders of the Series C shall receive liquidation rights equal to all outstanding capital stock of the Corporation,
provided that the Series C may be subordinated to liquidation preferences stated in one or more future series of preferred stock that
the Corporation may issue, if the Holders of a majority of the outstanding Series C shall have provided their prior written consent to
such issuance of preferred stock in accordance with this Certificate.

 

Article IV. Conversion.

 

Conversion Right. Each
Holder shall be entitled to convert any portion of the outstanding Series C held by such Holder into validly issued, fully paid and non-assessable
shares of Common Stock in accordance with Section 3(c) at the Conversion Rate (as defined below). The Corporation shall not issue any
fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Common
Stock, the Corporation shall round such fraction of a share of Common Stock up to the nearest whole share. The Corporation shall pay any
and all transfer, stamp, issuance and similar taxes, costs and expenses (including fees and expenses of the Corporation’s transfer
agent Transfer Agent (the “Transfer Agent”)) that may be payable with respect to the issuance and delivery of Common
Stock upon conversion of any Series C.

 

    38

     

    

 

Conversion Rate.
The number of shares of Common Stock issuable upon conversion of any share(s) of Series C pursuant to this Section 3 shall be determined
by dividing (x) the Stated Value of such share(s) of Series C by (y) the Conversion Price (as defined below) (the “Conversion
Rate”).

 

Mechanics of Conversion.
Each share of Series C shall be convertible into shares of Common Stock at the sole discretion of the Holder at a fixed conversion price
equal to $0.06 per share of the Company’s Common Stock (such price, the “Conversion Price”), subject to adjustment
under Section 7. The Holder, however, is prohibited from converting the Series C into Common Stock until the Company has sufficient authorized
but unissued shares of Common Stock to accommodate the conversion. If at any time while any Series C is outstanding, the Corporation does
not have sufficient authorized but unissued Common Stock to effect full conversion of the Series C then outstanding, the Corporation will
use its best efforts to promptly amend it Certificate of Incorporation (including obtaining the requisite shareholder approval under applicable
law and the rules of the Corporation’s Principal Market) to increase such number of authorized but unissued shares of Common Stock
as necessary to allow for full conversion of such outstanding Series C.

 

Optional Conversion.
A Holder may convert one or more shares of Series C into shares of Common Stock on any date (a “Conversion Date”) by
delivering (via, electronic mail or otherwise), for receipt on or prior to 11:59 p.m., New York time, on such date, a copy of an executed
notice of conversion of the Series C subject to such conversion in the form attached hereto as Exhibit I (the “Conversion
Notice”) to the Corporation. Within two trading days following a conversion of any such Series C as aforesaid, such Holder shall
issue the Common Stock to Persons designated by the Holder. The Person or Persons entitled to receive the shares of Common Stock issuable
upon a conversion of Series C shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the
Conversion Date.

 

Article V. Voting.
The Holder(s) shall be entitled to vote with the holders of Common Stock of the Corporation, voting together as a single class, with respect
to any and all matters presented to the shareholders of the Corporation for their action or consideration (whether at a meeting of shareholders
of the Corporation, by written action of shareholders in lieu of a meeting or otherwise), on an as-converted basis based on the Conversion
Price under Section 3(c), as then in effect.

 

Article VI. Amendment.
With the written consent of the Holders owning a majority of outstanding Series C, the Board of Directors shall have the exclusive power
to amend this Certificate of Designation and the designations, powers, preferences, rights, qualifications, limitations and restrictions
of the Series C provided hereunder.

 

Article VII. Transfer
of Series C. A Holder may transfer some or all of its Series C without the consent of the Corporation, subject to compliance with
the Securities Act of 1933. If any Series C are to be transferred, the applicable Holder shall surrender the applicable Series C certificate
to the Corporation, whereupon the Corporation will forthwith issue and deliver upon the order of such Holder a new Series C certificate,
registered as such Holder may request, representing the outstanding number of shares of Series C being transferred by such Holder and,
if less than the entire outstanding number of shares of Series C is being transferred, a new Series C certificate to such Holder representing
the outstanding number of shares of Series C not being transferred.

 

    39

     

    

 

Article VIII. Certain
Adjustments.

 

Stock Dividends and Stock
Splits. If the Corporation, at any time while the Series C is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents, (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of
Common Stock into a smaller number of shares or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares
of capital stock of the Corporation, the Conversion Price under Section 3(c) shall be proportionately adjusted to give effect to such
event. Any adjustment made pursuant to this Section 7(a) shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
case of a subdivision, combination or re-classification.

 

Calculations. All calculations
under this Section 7 shall be made to the nearest cent. For purposes of this Section 7, the number of shares of Common Stock deemed
to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares
of the Corporation) issued and outstanding.

 

Article IX. Limitations
on Issuances. For as long as any shares of Series C are outstanding, the Corporation shall not, without the written consent of the
Holders of a majority of the Series C then outstanding, issue any shares of Common Stock or Preferred Stock of the Corporation or other
securities or instruments convertible into or exercisable or exchangeable for shares of Common Stock or Preferred Stock of the Corporation,
except for issuances pursuant to existing agreements to which the Corporation is a party that are in effect as of the date of this Certificate.

 

Article X. Certain Defined
Words and Terms. In addition to definitions elsewhere in this Certificate of Designation, the following words and terms shall have
the following meanings:

 

Section 1. “Common
Stock” shall mean the Corporation’s common stock, $0.00001 par value per share.

 

Section 2. “Common
Stock Equivalents” means any securities of the Corporation or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

Section 3. “Holder”
or “Holders” means a holder of Series C.

 

Section 4. “Person”
means an individual, a limited liability corporation, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

Section 5. “Principal
Market” means the securities exchange or quotation system on which the Common Stock is listed or quoted, which may include The
New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, OTC
Pink, OTCQB, or OTCQX and any successor markets thereto.

 

Section 6. “Subsidiary”
means with respect to any entity at any date, any direct or indirect corporation, limited or general partnership, limited liability company,
trust, estate, association, joint venture or other business entity of which the Corporation owns more than 50% of (i) the outstanding
capital stock having (in the absence of contingencies) voting power to elect a majority of the board of directors, (ii) in the case
of a partnership or limited liability company, the interest in the capital or profits of such partnership or limited liability company
or the power to manage such entity, or (iii) in the case of a trust, estate, association, joint venture or other entity, the beneficial
interest in such trust, estate, association or other entity business is, at the time of determination, owned or controlled directly or
indirectly through one or more intermediaries, by such entity, or the power to manage such entity.

 

    40

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Certificate of Designation this ____ day of August, 2022.

 

	By: 	 	 
	 	Brian Foote, CEO	

 

 

[SIGNATURE PAGE TO CERTIFICATE OF DESIGNATION OF
PREFERENCES, RIGHTS AND LIMITATIONS OF SERIES C CONVERTIBLE PREFERRED STOCK]

 

     

     

    

 

EXHIBIT I

 

HUMBL, Inc.

CONVERSION NOTICE

 

Reference is made to the Certificate
of Designations, Preferences and Rights of the Series C Convertible Preferred Stock (the “Certificate of Designation”)
of HUMBL, Inc., a Delaware corporation (the “Corporation”). In accordance with and pursuant to the Certificate of Designation,
the undersigned hereby elects to convert the number of shares of Series C Convertible Preferred Stock, $0.00001 par value per share (the
“Series C”), of the Corporation, indicated below into shares of common stock, $0.00001 par value per share (the “Common
Stock”), of the Corporation, as of the date specified below.

 

Date of Conversion: _________

 

Aggregate number of Series
C to be converted: ______________

 

Aggregate Stated Value of
such Series C

to be converted:_______________________________________________

 

	
    Please confirm the following information:

     

	
    Conversion Price:

     
	 

 

Number of shares of Common
Stock to be issued: ___________________

 

	
    Please issue the Common Stock into which the applicable
    Series C are being converted to Holder, or for its benefit, as follows:

     

    ☐   Check
    here if requesting delivery as a certificate to the following name and to the following address:

     

	Issue to:	 
	 	 
	 	 
	 	 
	
     ☐ Check
    here if requesting delivery by Deposit/Withdrawal at Custodian as follows: 

     

	
    DTC Participant:

     
	 
	
    DTC Number:

     
	 
	
    Account Number:

     
	 
	 	 	 	 	 

	
    Date: _____________ __,  

     

    ___________________________

    Name of Registered Holder

    
	 
	
     

    By: ______________________________

Name:

Title:

Tax ID:_____________________

    Facsimile:___________________

     

    E-mail Address:  

 

     

     

    

 

EXHIBIT II

 

ACKNOWLEDGMENT

 

The Corporation hereby acknowledges
this Conversion Notice and hereby directs _________________ to issue the above indicated number of shares of Common Stock in accordance
with the Transfer Agent Instructions dated _____________, 20__ from the Corporation and acknowledged and agreed to by ________________________.

 

	 	HUMBL, Inc. 
	 	 	 
	 	By:	       
	 	Name: 
	 	Title:

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