Document:

Exhibit 4.3

 

 

 

BABCOCK & WILCOX ENTERPRISES, INC.

 

 

 

 

INDENTURE

 

Dated as of ______, 2021

 

 

 

 

[Trustee],

 

Trustee

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

		 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1.	Definitions	1
	Section 1.2.	Other Definitions	5
	Section 1.3.	Incorporation by Reference of Trust Indenture Act	5
	Section 1.4.	Rules of Construction	5
	ARTICLE II.	THE SECURITIES	6
	Section 2.1.	Issuable in Series	6
	Section 2.2.	Establishment of Terms of Series of Securities	6
	Section 2.3.	Execution and Authentication	8
	Section 2.4.	Registrar and Paying Agent	9
	Section 2.5.	Paying Agent to Hold Money in Trust	10
	Section 2.6.	Securityholder Lists	10
	Section 2.7.	Transfer and Exchange	10
	Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities	11
	Section 2.9.	Outstanding Securities	12
	Section 2.10.	Treasury Securities	12
	Section 2.11.	Temporary Securities	13
	Section 2.12.	Cancellation	13
	Section 2.13.	Defaulted Interest	13
	Section 2.14.	Global Securities	13
	Section 2.15.	CUSIP Numbers	14
	ARTICLE III.	REDEMPTION	15
	Section 3.1.	Notice to Trustee	15
	Section 3.2.	Selection of Securities to be Redeemed	15
	Section 3.3.	Notice of Redemption	15
	Section 3.4.	Effect of Notice of Redemption	16
	Section 3.5.	Deposit of Redemption Price	17
	Section 3.6.	Securities Redeemed in Part	17

 

    	 	 i	 

     

    

 

	ARTICLE IV.	COVENANTS	17
	Section 4.1.	Payment of Principal and Interest	17
	Section 4.2.	SEC Reports	17
	Section 4.3.	Compliance Certificate	18
	Section 4.4.	Stay, Extension and Usury Laws	18
	Section 4.5.	Corporate Existence	18
	ARTICLE V.	SUCCESSORS	19
	Section 5.1.	When Company May Merge, Etc.	19
	Section 5.2.	Successor Corporation Substituted	19
	ARTICLE VI.	DEFAULTS AND REMEDIES	19
	Section 6.1.	Events of Default	19
	Section 6.2.	Acceleration of Maturity; Rescission and Annulment	21
	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	21
	Section 6.4.	Trustee May File Proofs of Claim	22
	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities	23
	Section 6.6.	Application of Money Collected	23
	Section 6.7.	Limitation on Suits	23
	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest	24
	Section 6.9.	Restoration of Rights and Remedies	24
	Section 6.10.	Rights and Remedies Cumulative	25
	Section 6.11.	Delay or Omission Not Waiver	25
	Section 6.12.	Control by Holders	25
	Section 6.13.	Waiver of Past Defaults	25
	Section 6.14.	Undertaking for Costs	26
	ARTICLE VII.	TRUSTEE	26
	Section 7.1.	Duties of Trustee	26
	Section 7.2.	Rights of Trustee	27
	Section 7.3.	Individual Rights of Trustee	29
	Section 7.4.	Trustee’s Disclaimer	29
	Section 7.5.	Notice of Defaults	29
	Section 7.6.	Reports by Trustee to Holders	29
	Section 7.7.	Compensation and Indemnity	29
	Section 7.8.	Replacement of Trustee	30

 

    	 	 ii	 

     

    

 

	Section 7.9.	Successor Trustee by Merger, Etc.	31
	Section 7.10.	Eligibility; Disqualification	31
	Section 7.11.	Preferential Collection of Claims Against Company	31
	ARTICLE VIII.	SATISFACTION AND DISCHARGE; DEFEASANCE	32
	Section 8.1.	Satisfaction and Discharge of Indenture	32
	Section 8.2.	Application of Trust Funds; Indemnification	33
	Section 8.3.	Legal Defeasance of Securities of any Series	33
	Section 8.4.	Covenant Defeasance	35
	Section 8.5.	Repayment to Company	36
	Section 8.6.	Reinstatement	36
	ARTICLE IX.	AMENDMENTS AND WAIVERS	37
	Section 9.1.	Without Consent of Holders	37
	Section 9.2.	With Consent of Holders	37
	Section 9.3.	Limitations	38
	Section 9.4.	Compliance with Trust Indenture Act	39
	Section 9.5.	Revocation and Effect of Consents	39
	Section 9.6.	Notation on or Exchange of Securities	39
	Section 9.7.	Trustee Protected	39
	ARTICLE X.	MISCELLANEOUS	40
	Section 10.1.	Trust Indenture Act Controls	40
	Section 10.2.	Notices	40
	Section 10.3.	Communication by Holders with Other Holders	41
	Section 10.4.	Certificate and Opinion as to Conditions Precedent	41
	Section 10.5.	Statements Required in Certificate or Opinion	41
	Section 10.6.	Rules by Trustee and Agents	42
	Section 10.7.	Legal Holidays	42
	Section 10.8.	No Recourse Against Others	42
	Section 10.9.	Counterparts	42
	Section 10.10.	Governing Law; Jury Trial Waiver	42
	Section 10.11.	No Adverse Interpretation of Other Agreements	43
	Section 10.12.	Successors	43
	Section 10.13.	Severability	43
	Section 10.14.	Table of Contents, Headings, Etc.	43

 

    	 	 iii	 

     

    

 

	Section 10.15.	Securities in a Foreign Currency	43
	Section 10.16.	Judgment Currency	44
	Section 10.17.	Force Majeure	44
	Section 10.18.	U.S.A. Patriot Act	44
	ARTICLE XI.	SINKING FUNDS	45
	Section 11.1.	Applicability of Article	45
	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities	45
	Section 11.3.	Redemption of Securities for Sinking Fund	46

 

    	 	 iv	 

     

    

 

BABCOCK &
WILCOX ENTERPRISES, INC.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of ______, 2021

 

	§310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	§311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	§312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	§313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)(1)	 	7.6
	(d)	 	7.6
	§314(a)	 	4.2,10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.5
	(f)	 	Not Applicable
	§315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	§317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	§318(a)	 	10.1

 

 

Note: This reconciliation and tie shall not, for
any purpose, be deemed to be part of the Indenture.

 

    	 	 v	 

     

    

 

Indenture dated as of ______,
2020 between BABCOCK & WILCOX ENTERPRISES, INC., a company incorporated under the laws of the State of Delaware (“Company”),
and [Trustee], as trustee (“Trustee”).

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.     Definitions.

 

“Additional Amounts”
means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid
by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

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

 

“Agent” means
any Registrar, Paying Agent or Notice Agent.

 

“Board of Directors”
means the board of directors of the Company or any duly authorized committee thereof.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and
delivered to the Trustee.

 

“Business Day”
means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series,
any day except a Saturday, Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment)
on which banking institutions are authorized or required by law, regulation or executive order to close.

 

     

     

    

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company”
means the party named as such above until a successor, which duly assumes the obligations under the Indenture, replaces it and thereafter
means the successor.

 

“Company Order”
means a written order signed in the name of the Company by an Officer.

 

“Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally
administered.

 

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

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security”
means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of The United States of America.

 

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

 

“Foreign Currency”
means any currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign Government
Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations
of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means
accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

    	 	2	 

     

    

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2
evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in
the name of such Depositary or nominee.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

“interest”
means, with respect to any Security, any interest on such Security, and with respect to any Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Officer”
means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or
any Assistant Secretary, and any Vice President of the Company.

 

“Officer’s Certificate”
means a certificate signed by any Officer and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of legal counsel. The counsel may be an employee of or counsel to the Company.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect
of, the Security.

 

“Responsible Officer”
means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also means,
with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or
her knowledge of and familiarity with a particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“SEC” means
the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

    	 	3	 

     

    

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2 hereof.

 

“Stated Maturity”
when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security
or interest is due and payable.

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.

 

“TIA” means
the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required
by any such amendment, the Trust Indenture Act as so amended.

 

“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 or include each person who
is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the
Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

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

 

    	 	4	 

     

    

 

Section 1.2.     Other
Definitions.

 

	TERM	DEFINED IN SECTION
	“Bankruptcy Law”	6.1
	“Custodian”	6.1
	“Event of Default”	6.1
	“Judgment Currency”	10.16
	“Legal Holiday”	10.7
	“mandatory sinking fund payment”	11.1
	“Market Exchange Rate”	10.15
	“New York Banking Day”	10.16
	“Notice Agent”	2.4
	“optional sinking fund payment”	11.1
	“Paying Agent”	2.4
	“Registrar”	2.4
	“Required Currency”	10.16
	“successor person”	5.1

 

Section 1.3.     Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers
to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

 

“Commission”
means the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

“indenture trustee”
or “institutional trustee” means the Trustee.

 

“obligor” on the indenture
securities means the Company and any successor obligor upon the Securities.

 

All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise
defined herein are used herein as so defined.

 

Section 1.4.     Rules of
Construction.

 

Unless the context otherwise
requires:

 

(a)            a
term has the meaning assigned to it;

 

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

 

(c)            “or”
is not exclusive;

 

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

 

(e)            provisions
apply to successive events and transactions.

 

    	 	5	 

     

    

 

ARTICLE II.

THE SECURITIES

 

Section 2.1.     Issuable
in Series.

 

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.
All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,
supplemental indenture hereto or Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted
under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s
Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution
may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall
accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities
shall be equally and ratably entitled to the benefits of the Indenture.

 

Section 2.2.     Establishment
of Terms of Series of Securities.

 

At or prior to the issuance
of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1
and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23)
by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture
hereto or Officer’s Certificate:

 

2.2.1.            the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including
the terms of any subordination provisions) of the Series;

 

2.2.2.            the
price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

2.2.3.            any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4.            the
date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5.            the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

    	 	6	 

     

    

 

2.2.6.            the
place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer,
mail or other means;

 

2.2.7.            if
applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of
the Series may be redeemed, in whole or in part, at the option of the Company;

 

2.2.8.            the
obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions
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;

 

2.2.9.            the
dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option
of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.10.            if
other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in which the Securities of the
Series shall be issuable;

 

2.2.11.            the
forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12.            if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13.            the
currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination
is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

2.2.14.            the
designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

2.2.15.            if
payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

2.2.16.            the
manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if
such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index,
stock exchange index or financial index;

 

    	 	7	 

     

    

 

2.2.17.            the
provisions, if any, relating to any security provided for the Securities of the Series;

 

2.2.18.            any
addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the right
of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

2.2.19.            any
addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.2.20.            any
Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if
other than those appointed herein;

 

2.2.21.            the
provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange
price, the conversion or exchange period, the securities or other property into which the Securities will be convertible, provisions as
to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events
requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of
Securities are redeemed;

 

2.2.22.            any
other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series),
including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities
of that Series; and

 

2.2.23.            whether
any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination,
if any, of such guarantees.

 

All Securities of any one Series need
not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or
pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section 2.3.     Execution
and Authentication.

 

Two Officers shall sign the
Securities for the Company by manual or facsimile signature.

 

If an Officer whose signature
is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid
until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that
the Security has been authenticated under this Indenture.

 

    	 	8	 

     

    

 

The Trustee shall at any time,
and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date
of its authentication.

 

The aggregate principal amount
of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except
as provided in Section 2.8.

 

Prior to the issuance of Securities
of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in conclusively relying on:
(a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2 establishing
the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of
Counsel complying with Section 10.4.

 

The Trustee shall have the right,
but not the obligation, to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by
counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith determines that such action would
expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating
agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may
do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent
has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

Section 2.4.     Registrar
and Paying Agent.

 

The Company shall maintain,
with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2,
an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and
where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered
(“Notice Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer
and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address,
of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying
Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, 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, surrenders, notices and demands.

 

    	 	9	 

     

    

 

The Company may also from time
to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for
such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
name or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice
Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

The Company hereby appoints
the Trustee as the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice
Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5.     Paying
Agent to Hold Money in Trust.

 

The Company shall require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of
any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of
Securities, and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent
to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary
of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by
it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as
Paying Agent for the Securities.

 

Section 2.6.     Securityholder
Lists.

 

The Trustee shall preserve in
as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each
Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish
to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list,
in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of
Securities.

 

Section 2.7.     Transfer
and Exchange.

 

Where Securities of a Series are
presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of
Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions
are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

    	 	10	 

     

    

 

Neither the Company nor the
Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning
at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected
for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities
of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

 

Section 2.8.     Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is
surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered
to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt
of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security,
a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security.

 

Upon the issuance of any new
Security under this Section, 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.

 

Every new Security of any Series issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

    	 	11	 

     

    

 

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

 

Section 2.9.     Outstanding
Securities.

 

The Securities outstanding at
any time are all the Securities authenticated by the Trustee except for those canceled by the Registrar, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding.

 

If a Security is replaced pursuant
to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held
by a bona fide purchaser.

 

If the Paying Agent (other than
the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient
to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and
interest on them ceases to accrue.

 

The Company may purchase or
otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to
be outstanding because the Company or an Affiliate of the Company holds the Security.

 

In determining whether the Holders
of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the
amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration
of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10.     Treasury
Securities.

 

In determining whether the Holders
of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice,
consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that
for the purposes of determining whether the Trustee shall be protected in conclusively relying on any such request, demand, authorization,
direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right to deliver any such request, demand, authorization, direction, notice, consent
or waiver with respect to the Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor.

 

    	 	12	 

     

    

 

Section 2.11.     Temporary
Securities.

 

Until definitive Securities
are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary
Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate
for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall
authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.12.     Cancellation.

 

The Company at any time may
deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent, if not the Trustee, shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered
for transfer, exchange, payment, replacement, conversion or cancellation and shall dispose of such canceled Securities (subject to the
record retention requirement of the Exchange Act and the Trustee) in accordance with its customary procedures and deliver a certificate
of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities
that it has paid or delivered to the Trustee for cancellation.

 

Section 2.13.     Defaulted
Interest.

 

If the Company defaults in a
payment of interest on a Series of Securities, it may pay the defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The
Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall mail to the Trustee
and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest
to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14.     Global
Securities.

 

2.14.1.            Terms
of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether the Securities
of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security
or Securities.

 

2.14.2.            Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders
other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under
the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate
to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.

 

    	 	13	 

     

    

 

Except as provided in this Section 2.14.2,
a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such
Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such a successor Depositary.

 

2.14.3.            Legend.
Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the
Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only
in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such a successor Depositary.”

 

2.14.4.            Acts
of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

2.14.5.            Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the
principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6.            Consents,
Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of
outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary
or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15.     CUSIP
Numbers.

 

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

 

    	 	14	 

     

    

 

ARTICLE III.

REDEMPTION

 

Section 3.1.     Notice
to Trustee.

 

The Company may, with respect
to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay
the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for
in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity
thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing
of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice to the
Trustee at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee.

 

Section 3.2.     Selection
of Securities to be Redeemed.

 

Unless otherwise indicated for
a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the
Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner
that the Trustee deems fair and appropriate, including selecting pro rata, by lot or other method, unless otherwise required by
law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures
of the Depositary. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption.
The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $2,000.
Securities of the Series and portions of them it selects shall be in amounts of $2,000 or integral multiples of $1,000 in excess
thereof or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum
principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to
Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

Section 3.3.     Notice
of Redemption.

 

Unless otherwise indicated for
a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days but
not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose
Securities are to be redeemed.

 

The notice shall identify the
Securities of the Series to be redeemed and shall state:

 

(a)            the
redemption date;

 

    	 	15	 

     

    

 

(b)            the
redemption price;

 

(c)            the
name and address of the Paying Agent and, if applicable, the conversion Agent;

 

(d)            for
convertible Securities, the conversion price;

 

(e)            if
any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption
date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original
Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

 

(f)            that
Securities of the Series (or portion thereof) called for redemption must be surrendered to the Paying Agent to collect the redemption
price;

 

(g)            that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults
in the deposit of the redemption price;

 

(h)            the
CUSIP number, if any, and state that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in
the SEC’s notice or printed on the Securities; and

 

(i)            any
other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At the Company’s request,
the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has
delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section 3.4.     Effect
of Notice of Redemption.

 

Once notice of redemption is
mailed as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date
and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the
redemption price plus accrued interest to the redemption date other than Securities or portions of Securities called for redemption which
have been delivered by the Company to the Registrar for cancellation. The Paying Agent shall return to the Company any money not required
for that purpose because of conversion of Securities. The Paying Agent shall return to the Company any money not required for that purpose
because of conversion of Securities.

 

    	 	16	 

     

    

 

Unless the Company shall default
in the payment of Securities (and accrued interest) called for redemption, interest on such Securities shall cease to accrue after the
redemption date. Convertible Securities called for redemption shall cease to be convertible after the close of business on the Business
Day immediately preceding the redemption date (unless the redemption date is also a record date for an interest payment, in which event
they may be converted through the redemption date), unless the Company shall default in the payment of such Securities on the redemption
date, in which event the Securities shall remain convertible until paid (together with accrued interest).

 

Failure to give notice of any
defect in the notice to any Holder shall not affect the validity of notice to any Holder other than Securities or portions of Securities
called for redemption which have been delivered by the Company to the Registrar for cancellation.

 

Section 3.5.     Deposit
of Redemption Price.

 

On or before 10:00 a.m., New
York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of
and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6.     Securities
Redeemed in Part.

 

Upon surrender of a Security
that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal
in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE IV.

COVENANTS

 

Section 4.1.     Payment
of Principal and Interest.

 

The Company covenants and agrees
for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if
any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 10:00 a.m.,
New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal
of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. Principal
and interest shall be considered paid on the date due if the Paying Agent holds in accordance with this Indenture on that date money sufficient
to pay all principal and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on such date pursuant
to the terms of this Indenture.

 

Section 4.2.     SEC
Reports.

 

To the extent any Securities
of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC 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 SEC may
by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed
with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of
this Section 4.2; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information,
documents or reports have been filed via EDGAR.

 

    	 	17	 

     

    

 

Delivery of reports, information
and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing
shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officer’s Certificates).

 

Section 4.3.     Compliance
Certificate.

 

To the extent any Securities
of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company,
an Officer’s Certificate from its principal executive officer, principal financial officer or principal accounting officer stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing
all such Defaults or Events of Default of which the Officer may have knowledge).

 

Section 4.4.     Stay,
Extension and Usury Laws.

 

The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been
enacted.

 

Section 4.5.     Corporate
Existence.

 

Subject to Article V, the
Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights
(charter and statutory); provided, however, that the Company shall not be required to preserve any such right if the Board of Directors
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries
taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

 

    	 	18	 

     

    

 

ARTICLE V.

SUCCESSORS

 

Section 5.1.     When
Company May Merge, Etc.

 

The Company shall not consolidate
with or merge with or into, or convey, transfer or lease all or substantially all of its assets to, any person (a “successor
person”) unless:

 

(a)            the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing
under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this
Indenture; and

 

(b)            immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

The Company shall deliver to
the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion
of Counsel stating that the proposed transaction and any supplemental indenture comply with Section 5.1 of this Indenture.

 

Notwithstanding the above, any
Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s
Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2.     Successor
Corporation Substituted.

 

Upon any consolidation or merger,
or any conveyance, transfer, or lease of all or substantially all of the assets of the Company in accordance with Section 5.1, the
successor corporation formed by such consolidation or into or with which the Company is merged or to which such conveyance, transfer,
or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
and the Securities with the same effect as if such successor person has been named as the Company herein; provided, however,
that the predecessor Company in the case of a conveyance or transfer (other than a lease) shall be released from all obligations and covenants
under this Indenture and the Securities.

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1.     Events
of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of
said Event of Default:

 

    	 	19	 

     

    

 

 

(a)           default
in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for
a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior
to 10:00 a.m., New York City time, on the 30th day of such period); or

 

(b)           default
in the payment of principal of any Security of that Series at its Maturity; or

 

(c)           default
in the performance or breach of any covenant of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or
(b) above or pursuant to a covenant that has been included in this Indenture solely for the benefit of Series of Securities
other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding
Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder; or

 

(d)           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.

 

(e)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)            is
for relief against the Company in an involuntary case,

 

(ii)           appoints
a Custodian of the Company or 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 60 days; or

 

(f)            any
other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

    20

     

    

 

The term “Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

The Company will, so long as
any of the Securities are outstanding, deliver to the Trustee, within 30 days of becoming aware of any Default or Event of Default, an
Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with
respect thereto.

 

Section 6.2.            Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with
respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to
in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the
outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any,
on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration
of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities
of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events
of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities
of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 

No such rescission shall affect
any subsequent Default.

 

Section 6.3.            Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(a)           default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period
of 30 days, or

 

(b)           default
is made in the payment of principal of any Security at the Maturity thereof, or

 

(c)           default
is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,

 

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then, the Company will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for
principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

If the Company fails to pay
such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against
the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by
law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 

If an Event of Default with
respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4.            Trustee
May File Proofs of Claim.

 

In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relating
to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a)           to
file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and

 

(b)           to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.7.

 

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

 

Section 6.5.           Trustee
May Enforce Claims Without Possession of Securities.

 

All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or
the production thereof in any proceeding relating thereto, and any such 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 the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.

 

Section 6.6.           Application
of Money Collected.

 

Any money or property collected
by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:                      To
the payment of all amounts due to the Trustee under Section 7.7; and

 

Second:                 To
the payment of the amounts then due and unpaid for principal of and interest on the Securities 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 interest, respectively; and

 

Third:                     To
the Company.

 

Section 6.7.           Limitation
on Suits.

 

No Holder of any Security of
any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless

 

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

 

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(b)           the
Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)           such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities
which might be incurred by the Trustee in compliance with such request;

 

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

 

(e)           no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series;

 

it being understood, intended and expressly covenanted
by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series;
provided, however, that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders.

 

Section 6.8.            Unconditional
Right of Holders to Receive Principal and Interest.

 

Notwithstanding any other provision
in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or,
in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

 

Section 6.9.           Restoration
of Rights and Remedies.

 

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

 

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Section 6.10.         Rights
and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11.         Delay
or Omission Not Waiver.

 

No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or
by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or
by the Holders, as the case may be.

 

Section 6.12.         Control
by Holders.

 

The Holders of a majority in
principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
Securities of such Series, provided that

 

(a)           such
direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)           the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,

 

(c)           subject
to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability, and

 

(d)           prior
to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

Section 6.13.          Waiver
of Past Defaults.

 

The Holders of not less than
a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of
such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment
of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount
of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default
that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default.

 

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Section 6.14.         Undertaking
for Costs.

 

All parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered 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 Company, to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after
the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption
date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1.           Duties
of Trustee.

 

(a)           If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

(b)           Except
during the continuance of an Event of Default:

 

(i)            The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

(ii)           In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements
of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions
of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).

 

(c)           The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

 

(i)            This
paragraph does not limit the effect of paragraph (b) of this Section.

 

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

 

(iii)          The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any
Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series 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 such Series in accordance with
Section 6.12.

 

(d)           Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(e)           The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

(f)            The
Trustee shall not be liable for interest on any money received by it. Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

 

(g)           No
provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the
Trustee in its satisfaction.

 

(h)           The
Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs
(e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.

 

Section 7.2.           Rights
of Trustee.

 

(a)           The
Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile
form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact
or matter stated in the document.

 

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

 

(c)           The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No
Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.

 

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(d)           The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence.

 

(e)           The
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence,
and in reliance thereon.

 

(f)            The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g)           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, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and shall
incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 

(h)           The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

(i)            In
no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage.

 

(j)            The
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do
so.

 

(k)           The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder.

 

(l)            The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

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(m)          The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

Section 7.3.           Individual
Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is also subject
to Sections 7.10 and 7.11.

 

Section 7.4.           Trustee’s
Disclaimer.

 

The Trustee makes no representation
as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

Section 7.5.           Notice
of Defaults.

 

If a Default or Event of Default
occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the
Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within
60 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except
in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section 7.6.           Reports
by Trustee to Holders.

 

Within 60 days after May 15
in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the
Registrar, a brief report dated as of such reporting date, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the
time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which the
Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are
listed on any national securities exchange or of any delisting thereof.

 

Section 7.7.           Compensation
and Indemnity.

 

The Company shall pay to the
Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing.
The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse
the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation
and expenses of the Trustee’s agents and counsel.

 

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The Company shall indemnify
each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any cost, expense or liability, including
taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the
next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly
of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations
hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

The Company need not reimburse
any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent
of the Trustee through willful misconduct or negligence.

 

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

 

When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this Section shall
survive the termination of this Indenture or the resignation or removal of the Trustee.

 

Section 7.8.           Replacement
of Trustee.

 

A resignation or removal of
the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section.

 

The Trustee may resign with
respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.
The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by
so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

 

(a)           the
Trustee fails to comply with Section 7.10;

 

(b)           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

    30

     

    

 

(c)           a
Custodian or public officer takes charge of the Trustee or its property; or

 

(d)           the
Trustee becomes incapable of acting.

 

If the Trustee resigns or is
removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within
one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may
appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with
respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable
Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver
a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall
transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation
or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall
mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee
with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers
and duties under this Indenture prior to such replacement.

 

Section 7.9.           Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor Trustee, if such successor corporation is eligible and qualified under Section 7.10.

 

Section 7.10.         Eligibility;
Disqualification.

 

This Indenture shall always
have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital
and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with
TIA § 310(b).

 

Section 7.11.          Preferential
Collection of Claims Against Company.

 

The Trustee is subject to TIA
 § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject
to TIA § 311(a) to the extent indicated.

 

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ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1.           Satisfaction
and Discharge of Indenture.

 

This Indenture shall upon Company
Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the
Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)           either

 

(i)            all
Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.8) have been delivered to the Trustee for cancellation; or

 

(ii)           all
such Securities not theretofore delivered to the Trustee for cancellation

 

(1)            have
become due and payable, or

 

(2)            will
become due and payable at their Stated Maturity within one year, or

 

(3)            have
been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(4)            are
deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or
(3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S.
Government Obligations sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have
become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

(b)           the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(c)           the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited
with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

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Section 8.2.           Application
of Trust Funds; Indemnification.

 

(a)           Subject
to the provisions of Section 8.5, all money or U.S. Government Obligations deposited with the Trustee pursuant to Section 8.1,
all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or
8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited
with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

(b)           The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders.

 

(c)           The
Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess
of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or
Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any
U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3.           Legal
Defeasance of Securities of any Series.

 

Unless this Section 8.3
is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the
deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order,
execute instruments acknowledging the same), except as to:

 

(a)           the
rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity
of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture
and the Securities of such Series;

 

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(b)           the
provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

(c)           the
rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that, the following conditions shall
have been satisfied:

 

(d)           the
Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit
of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or
U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than
a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof
in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee),
not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized
firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the
Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

(e)           such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(f)            no
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date;

 

(g)           the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss
for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the
same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not
occurred;

 

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(h)           the
Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(i)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

Section 8.4.            Covenant
Defeasance.

 

Unless this Section 8.4
is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with
respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1
as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or
an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute
a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a
supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to
Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to
the Securities of such Series, provided that the following conditions shall have been satisfied:

 

(a)           With
reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund
payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund
payments are due;

 

(b)           Such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

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(c)           No
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit;

 

(d)           The
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant
defeasance had not occurred;

 

(e)           The
Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)            The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5.           Repayment
to Company.

 

Subject to applicable abandoned
property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal
and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment
as general creditors unless an applicable abandoned property law designates another person.

 

Section 8.6.           Reinstatement.

 

If the Trustee or the Paying
Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason
of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such Series and
under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1
until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided,
however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any
Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities
to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the
Holders.

 

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ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1.           Without
Consent of Holders.

 

The Company and the Trustee
may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

(a)           to
add guarantees with respect to any Series of Securities or secure any Series of Securities;

 

(b)           to
surrender any of the Company’s rights or powers under this Indenture;

 

(c)           to
add covenants or Events of Default for the benefit of the Securityholders of any Series of Securities;

 

(d)           to
comply with the applicable procedures of the Depositary;

 

(e)           to
cure any ambiguity, defect or inconsistency;

 

(f)            to
comply with Article V;

 

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

 

(h)           to
make any change that does not materially adversely affect the rights of any Securityholder;

 

(i)            to
provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

(j)            to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or

 

(k)           to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

Section 9.2.            With
Consent of Holders.

 

The Company and the Trustee
may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding
Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer
or exchange offer for the Securities of such Series), 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 the rights of the Securityholders
of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding
Securities of any Series by written notice to the Trustee (including consents obtained in connection with a tender offer or exchange
offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with
respect to such Series.

 

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It shall not be necessary for
the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture
or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this
section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the supplemental
indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3.           Limitations.

 

Without the consent of each
Securityholder affected, an amendment or waiver may not:

 

(a)           reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)           reduce
the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)           reduce
the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation;

 

(d)           reduce
the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

(e)           waive
a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration
of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and
a waiver of the payment default that resulted from such acceleration);

 

(f)            make
the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)           make
any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

(h)           waive
a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.

 

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Section 9.4.            Compliance
with Trust Indenture Act.

 

Every amendment to this Indenture
or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then
in effect.

 

Section 9.5.           Revocation
and Effect of Consents.

 

Until an amendment is set forth
in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder
and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to
his Security or portion of a Security if the Trustee receives the written notice of revocation before the date of the supplemental indenture
or the date the waiver becomes effective.

 

Any amendment or waiver once
effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security
who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security.

 

The Company may, but shall not
be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall
be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

 

Section 9.6.           Notation
on or Exchange of Securities.

 

The Company or the Trustee may
place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in
exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that
reflect the amendment or waiver.

 

Section 9.7.           Trustee
Protected.

 

In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon,
an Officer’s Certificate or an Opinion of Counsel or both complying with Section 10.4 and stating that the supplemental indenture
is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to customary
exceptions. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel
or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

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ARTICLE X.

MISCELLANEOUS

 

Section 10.1.          Trust
Indenture Act Controls.

 

If any provision of this Indenture
limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required
or deemed provision shall control.

 

Section 10.2.         Notices.

 

Any notice or communication
by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in
person or mailed by first-class mail:

 

if to the Company:

 

Babcock & Wilcox Enterprises, Inc.

1200 East Market Street

Akron, Ohio 44305

Attention: Chief Financial Officer

Telephone: (330) 753-4511

 

with a copy to:

 

O’Melveny &
Myers LLP

Two Embarcadero Center, 28th
Floor

Los Angeles, California 94111

Attention: C. Brophy Christensen

Telephone: (415) 984-8700

 

if to the Trustee:

 

__________

__________

__________

Attention: __________

Telephone: __________

 

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

 

Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to mail a
notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series.

 

    40

     

    

 

If a notice or communication
is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives
it.

 

If the Company mails a notice
or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other provision
of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption)
to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security
(or its designee) pursuant to the customary procedures of such Depositary.

 

Section 10.3.         Communication
by Holders with Other Holders.

 

Securityholders of any Series may
communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to
their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA § 312(c).

 

Section 10.4.         Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

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

 

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

 

Section 10.5.         Statements
Required in Certificate or Opinion.

 

Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to
TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

(a)           a
statement that the person making such certificate or opinion has read such covenant or condition;

 

(b)           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;

 

(c)           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

 

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(d)           a
statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

Section 10.6.         Rules by
Trustee and Agents.

 

The Trustee may make reasonable
rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section 10.7.         Legal
Holidays.

 

Unless otherwise provided by
Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on
the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8.         No
Recourse Against Others.

 

A director, officer, employee
or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting
a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.9.         Counterparts.

 

This Indenture may be executed
in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and
of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the
parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes.

 

Section 10.10.        Governing
Law; Jury Trial Waiver.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK (without regard to the conflicts of laws provisions thereof other than Section 5-1401
of the General Obligations Law).

 

EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

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Section 10.11.       No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used
to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

 

Section 10.12.       Successors.

 

All agreements of the Company
in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.13.       Severability.

 

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

 

Section 10.14.       Table
of Contents, Headings, Etc.

 

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

 

Section 10.15.       Securities
in a Foreign Currency.

 

Unless otherwise specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture
with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders
of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action
at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated more than one currency,
then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action
shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of
Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the
spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section
(of, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source
as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining
the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with
any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

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All decisions and determinations
provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all
purposes and irrevocably binding upon the Trustee and all Holders.

 

Section 10.16.        Judgment
Currency.

 

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

 

Section 10.17.       Force
Majeure.

 

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

 

Section 10.18.       U.S.A.
Patriot Act.

 

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

 

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ARTICLE XI.

SINKING FUNDS

 

Section 11.1.          Applicability
of Article.

 

The provisions of this Article shall
be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities
pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant
to this Indenture.

 

The minimum amount of any sinking
fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund
payment” and any other amount provided for by the terms of Securities of such 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 11.2. Each sinking fund payment shall be applied to the redemption of Securities
of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2.         Satisfaction
of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction
of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such
Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any
of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to
which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the
Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application
of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the 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. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in
order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for
redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a
Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying
Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the
Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having
an unpaid principal amount equal to the cash payment required to be released to the Company.

 

    45

     

    

 

Section 11.3.         Redemption
of Securities for Sinking Fund.

 

Not less than 45 days (unless
otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of
Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that
Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect
of a particular Series of Securities) 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 3.2 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 3.3. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

[Signature page follows]

 

    46

     

    

 

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

 

	 	BABCOCK & WILCOX ENTERPRISES, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Its:

 

	 	[Trustee], as Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Its:Adastra Holdings Ltd.: Exhibit 10.1 - Filed by newsfilecorp.com

    

     

     

    

    
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    Systems and Services Agreement

    

     

    This Systems and Services Agreement ("Agreement") is entered into as of   05/14/2019               (the "Effective Date") by and between UNITED SCIENCE, LLC, a Minnesota limited liability company ("UNITED SCIENCE") located at 500 Simmon Drive, Osceola, Wisconsin 54020; and

    PerAspera Holdings Ltd.                                                                                                                                                                                             

    
a company incorporated in the State/Province of

    British Columbia                   

    with an address at                              

    5451 275th St                                                                                                                                                                                                                

    Langley, V4W 3X8                                     

    Canada____________________________

    Important: Information Entered Above Must Match Customer's Tax Documents. Below enter the 
License Number and the State/Province in which the license is issued.

    License Number:

    In Progress                                                    

    Licensing State/Province:

    BC, Canada                                                  

     

     

    
        	

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                United Science Equipment and Services

            	
                Price

            	
                Qty

            	
                PN

            	
                Subtotal

            
	
                extraktLAB 140 Extractor

                Supercritical CO2 extraction machine, 5000 psi, 2X20L extraction cylinders, three 304 stainless steel collection columns, factory acceptance tested

                Electrical: 208V-240V, 3 phase, 67 FLA Footprint: 24ft2

                CRN and PED numbers available upon request Manufactured in USA by United Science

                Specifications

            	
                $459,000

            	
                1

            	
                10-0063

            	
                $459,000

            
	
                ASME Certified Stamping of Extractor Pressure Vessels (optional)

                ASME Section VIII Div 2 Pressure Vessel Certification, inspected by certified ASME engineer and certification stamp applied to pressure vessels.

            	
                $5,800

            	
                1

            	
                SV-4001

            	
                $5,800

            
	
                CO2 Recycler System

                Liquid CO2 recycler system, 5000 psi, 20L capacity cylinder, fully integrated into extraction machine with automated control from HMI panel
Manufactured in USA by United Science

            	
                $33,000

            	
                1

            	
                10-0063A

            	
                $33,000

            
	
                CO2 CAGE

                CO2 supply for one extractor machine, 16-100 lb CO2 tank array, steel cage enclosure, load cell monitoring of usage, onboard heater, Swagelok outlet fitting.

                Manufactured in USA by United Science

                Specifications

            	
                $33,000

            	
                1

            	
                10-0009

            	
                $33,000

            
	
                DrainDroyd Complete Starter Kit

                DrainDroyd filtration system for dewaxing, stainless steel construction. Kit includes collection vessel, expeller nozzle, vacuum pump, 400 filter papers (3, 5, 10, 20 micron assortment)

                Electrical: 220V, single phase

                Manufactured in USA by United Science

                Specifications 

            	
                $19,500

            	
                1

            	
                70-3008

            	
                $19,500

            

    

    
        	

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        	 	4	 
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                CO2 Pump For CO2 Feed to Bundle

                •  One - High pressure CO2 transfer pump at 1500 psi. This special positive displacement pump features ceramic piston, , Swagelok fittings, flexible tube inlet, flexible tube outlet, pressure gauge, burst disc protection, pressure regulating valve, motor or gas engine.

            	
                $25,000

            	
                1

            	
                1000-3002

            	
                $25,000

            

    

    
        	

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                Third Party Equipment - All equipment has been specified for use in cannabis processing

            
	
                Extractor Chiller

                PolyScience DuraChill-5hp chiller; cooling capacity: 17,935W / 61,200 BTU/hr @ 35°C

                Electrical: 230V, 3 phase, 60hz, 35.2A Manufactured in USA

                Specifications

            	
                $15,500

            	
                1

            	
                80-4018

            	
                $15,500

            
	
                Hanningfield U10 Grinder

                Hanningfield U10 grinder, customized for cannabis processing by United Science, CE marked, optional CSA compliance certificate.

                Electrical: 240V, 3 phase Manufactured in UK

                Specifications

            	
                $45,400

            	
                1

            	
                80-4012

            	
                $45,400

            
	
                Uni-Dust Type 5 High Efficiency Cyclone (3rd Party)

                Connects to the process machinery via flexible hose or stainless steel pipework.

                HEPA filter can be intergrated after the cyclone and before the vacuum source.

                Captures 95-99.5% of wast powder. GMP stainless steel construction

                Tri-Clamps for fast and easy dismantling/cleaning Seals, gaskets etc. - all non-metallic components conform to FDA requirements

                59-88 CFM
Particle size <2mm approx 2" inlet and outlet.
Manufactured in United Kingdom
CE Certificate of Conformity (if applicable)
12 month warranty

            	
                $10,000

            	
                1

            	
                10000-1020

            	
                $10,000

            
	
                Vacuum Oven

                Across International 75a 7.5 cf vacuum oven and accessories for decarboxylation and terpene capture, customized for cannabis processing by United Science, includes custom vacuum pump and traps, lines, seals, fittings

                UL Listed
Manufactured in USA

                Specifications

            	
                $22,000

            	
                1

            	
                80-4005

            	
                $22,000

            

    

    
        	

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                Vac Oven Pan Set

                United Science stainless steel vacuum oven pans double capacity for decarboxylation, custom designed for cannabis processing, set of 10 pans
Manufactured in USA by United Science

                Specifications

            	
                $160

            	
                20

            	
                80-9077

            	
                $3,200

            
	
                Across International SolventVap SE53 20L Rotary Evaporator

                220 Volts 50/60 Hz, 20L evaporating flask Welch pump

                Polyscience DuraChill -10C to +80C 13L 1.5HP

            	
                $31,000

            	
                1

            	
                80-4044

            	
                $31,000

            
	
                United Science Professional Services

            
	
                Equipment Layout & Process Design

                Design services for layout of manufacturing line and supporting processes on existing customer building drawings. United Science design team will work with customer facility engineers and architects to optimize the layout for manufacturing efficiency and productivity.

            	
                $15,500

            	
                1

            	
                SV-1001

            	
                $15,500

            
	
                Manufacturing Line Commissioning

                Onsite equipment installation, workforce training, documented standard operating procedures, and manufacturing line commissioning with your biomaterial. Includes training on all processing steps and equipment:

                •  Pre-processing and material preparation 
•  Extraction systems and operating parameters 
•  Post processing and refining

                Delivered by United Science field chemists and technicians who are cannabis processing experts. Our promise: we don't leave until you are producing quality oils.

            	
                $39,000

            	
                1

            	
                SV-2001

            	
                $39,000

            

    

    
        	

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    Subtotal $756,900

    Total $756,900

    
        	

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    Payment Terms

    	Name	Payment
	Payment 1 - RECEIVED	$15,500
	Payment 2 - Due 5/25/19	$201,400
	Payment 3 - Due 6/25/19	$270,000
	Payment 4 - Due 9/15/19	$270,000
	 	Total $756,900

    OFFER VALID FOR 7 DAYS.

    UPON MUTUAL SIGNATURES BELOW, THIS AGREEMENT REPLACES THE ORIGINAL AGREEMENT BETWEEN PERASPERA HOLDINGS AND UNITED SCIENCE DATED 9/10/18.

    CONSIDERED A BINDING AGREEMENT UPON SIGNATURE.

    CUSTOMER UNDERSTANDS THAT PRODUCTION IS NOT SCHEDULED UNTIL PAYMENT RECEIVED AND W9 (OR EQUIVALENT DOCUMENT) RETURNED.

    UPON COMPLETION OF THE EXTRACTOR BUILD, UNITED SCIENCE WILL NOTIFY THE CUSTOMER THAT THE UNIT IS COMPLETE. THE CUSTOMER HAS 5 WORKING DAYS TO ARRANGE FOR SHIPPING WITHOUT PENALTIES.

    CUSTOMER MAY PAY BY WIRE TRANSFER, CHECK, MONEY ORDER OR CASHIER'S CHECK. CONTRACT CAN BE ELECTRONICALLY SIGNED, OR PRINTED, FILLED OUT, SIGNED AND MAILED WITH PAYMENT.

    Links

    Wiring Instructions

     W9 Form

    
        	

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    	 	 Acceptance and Signatures
	Customer Contract Approval
	Organization	 	PerAspera Holdings Ltd.
	Name	 	Andrew M. Hale
	Title	 	CEO
	Date	 	05/14/2019
	 	 	 
	 	 	             /s/ Andrew M. Hale                                                            
	 	 	I have the authority to bind this company.
	 	 	 
	United Science - 500 Simmon Drive, Osceola, Wisconsin 54020, United States of America 
	Name	 	Nathan Thompson
	Title	 	CFO
	Date	 	05/14/2019
	 	 	 
	 	 	            /s/ Nathan Thompson                                                        
	 	 	 

     

     

    
        	

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    Terms and Conditions

     

    UNITED SCIENCE shall deliver UNITED SCIENCE Equipment and UNITED SCIENCE SOFTWARE (EQUIPMENT) to CUSTOMER according to the following terms:

    GENERAL

    In the event of any conflict or inconsistency between the terms and conditions of sale herein and the terms and conditions contained in CUSTOMER's order or in any other form issued by CUSTOMER, whether or not any such form has been acknowledged or accepted by United Science, United Science's terms and conditions herein shall prevail. No waiver, alteration or modification of these terms and conditions shall be binding upon United Science unless made in writing and signed by a duly authorized representative of United Science.

    Unless otherwise stated, United Sciences' quotation shall be null and void unless accepted by CUSTOMER within seven (7) days from the date of quotation. Unless otherwise stated in the quotation, quoted prices are subject to change by United Science with or without notice until CUSTOMER's acceptance. Prices are subject to correction for error.

    DELIVERY OF EQUIPMENT

    Equipment delivery date estimate will be provided to CUSTOMER upon receipt of payment. Delivery schedules are approximate and are based on prevailing market conditions applicable respectively at the time of United Sciences' quotation and United Sciences' acceptance of CUSTOMER's order. Delivery shall also depend on the prompt receipt by United Science of the necessary information and deposit. United Science may extend delivery schedules or may, at its option, cancel CUSTOMER's order in full or in part without liability other than to return any deposit or prepayment which is unearned by reason of the cancellation.

    Delivery will be EX WORKS from UNITED SCIENCE's offices in St. Croix Falls, Wisconsin. All transportation, shipping and handling, insurance and customs charges and/or fees shall be paid by CUSTOMER;

    
        	

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    If applicable, CUSTOMER is responsible for providing the name of a customs agent for international delivery;

    Delivery to a common or licensed carrier shall constitute delivery to CUSTOMER, and all risk of loss or damage in transit is CUSTOMER's responsibility. CUSTOMER is responsible for obtaining any insurance covering the Equipment while the Equipment is in transit; and

    Upon unit completion, the CUSTOMER is notified by the factory. CUSTOMER MUST PAY THE REMAINING AMOUNT ON THE INVOICE WITHIN 5 WORKING DAYS OF NOTICE OF COMPLETION.  IF CUSTOMER DOES NOT PAY, CUSTOMER will forfeit their deposit.

    UNITED SCIENCE will store the Equipment for up to fifteen (15) business days after the Equipment is ready to be shipped. If CUSTOMER requires UNITED SCIENCE to store the Equipment for longer than this fifteen (15) business day period, CUSTOMER shall pay to UNITED SCIENCE an Equipment storage fee of One Hundred Fifty and 00/100 Dollars ($150) per day  until the Equipment is shipped to CUSTOMER. If CUSTOMER has not taken delivery of the Equipment within one hundred twenty (120) days of the Equipment being ready for shipment, CUSTOMER will forfeit their deposit and UNITED SCIENCE may dispose of the Equipment  without any liability or responsibility.

    CUSTOMER FACILITIES INSPECTION

    Within five (5) business days of signing this Agreement, UNITED SCIENCE will provide  CUSTOMER installation requirements documentation ("Installation Documentation") for UNITED SCIENCE EQUIPMENT;

    Prior to the shipping the Equipment to CUSTOMER's Facility, CUSTOMER shall perform a pre-site inspection. CUSTOMER shall verify in writing that the criteria set forth in UNITED SCIENCE Installation Documentation has been met by signing and returning the site inspection checklist (the "Signed Checklist"). This inspection will check the work site for the appropriate space, electrical, HVAC, and other miscellaneous infrastructure required for the Equipment to function properly.  This inspection shall serve as a guide for the CUSTOMER and UNITED SCIENCE  assumes no liability if the work site does not meet the necessary requirements; and

    
        	

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    UNITED SCIENCE assumes no responsibility for third-party equipment installation and is not responsible for inadequate facilities or equipment misuse.

    FACTORY ACCEPTANCE TESTING (FAT) OF EQUIPMENT AND SOFTWARE

    Factory Acceptance Testing will be made available to the CUSTOMER on a date mutually agreeable to CUSTOMER and UNITED SCIENCE by UNITED SCIENCE. CUSTOMER will schedule three hours to conduct Factory Acceptance Testing at the UNITED SCIENCE facility prior to shipment;

    CUSTOMER is responsible for all travel & conveyance costs;

    Factory Acceptance Testing will cover safety device testing, warning device testing, and operational device testing. Test plans are available upon receipt of a purchase order; and

    Documents delivered during FAT will include user's manual, installation and operational qualification documentation, installation drawings, factory acceptance test protocols, parts list, maintenance protocols, packing list and appropriate diagrams.

    FACTORY TRAINING

    UNITED SCIENCE agrees to train CUSTOMER on safety and operation of the equipment at its factory. Training of at least one (1) full day will be provided with CUSTOMER. The date for this training will be agreed prior to delivery of the Equipment;

    UNITED SCIENCE shall provide up to two days of additional training, at CUSTOMER's request, at a cost of One Thousand and 00/100 Dollars ($1,000) per day;

    This training will cover the operation, maintenance, and troubleshooting of the Equipment and Software; and

    Any consulting services provided by UNITED SCIENCE are considered separate from training on the Equipment.

    
        	

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    SITE ACCEPTANCE TESTING

    At the option of the CUSTOMER, CUSTOMER may pay for site acceptance testing. A test plan is available to the CUSTOMER upon request.  If the CUSTOMER chooses a SAT, CUSTOMER must review the test plan and accept the test plan in writing before the unit is shipped. SAT testing is not commissioning and no production will be conducted during SAT; and

    Upon SAT acceptance at CUSTOMER site, CUSTOMER will deliver signed SAT and installation documentation to UNITED SCIENCE, to obtain warranty coverage.

    INSTALLATION

    Unless otherwise expressly stipulated, the goods shall be installed by and at the risk and expense of CUSTOMER. In the event that UNITED SCIENCE is requested to perform the installation, UNITED SCIENCEs' responsibility shall be limited to exercising that degree of skill customary in the trade in installations of the same type. CUSTOMER shall remain responsible for all other aspects of the work including compliance with the local regulations. If the facilities do not conform to the requirements in the signed checklist causing delays in installation, then CUSTOMER shall compensate UNITED SCIENCE at its daily rate of Two Thousand and 00/100 Dollars ($2,000) USD per day plus travel expenses.

    CANCELLATION OF ORDER

    Upon & after (only after) UNITED SCIENCE's receipt of down-payments from CUSTOMER, the contract can be canceled only with each party's written consent and upon terms that will compensate and indemnify UNITED SCIENCE against loss and costs incurred, and providing a  fair profit to UNITED SCIENCE for work UNITED SCIENCE has performed under this Agreement.  In the event of early termination or cancellation by CUSTOMER before 100% of the purchase price has been paid, UNITED SCIENCE shall be entitled to retain: (i) all fees paid through the date of termination; and (ii) all rights to and shall not be required to deliver, any partially completed Equipment or Consulting or any part thereof, notwithstanding the fact that CUSTOMER shall compensate and indemnify UNITED SCIENCE as set forth below.

    RETURNS

    CUSTOMER returns must be authorized in advance and in writing by UNITED SCIENCE. CUSTOMER is responsible for all return shipping costs. UNITED SCIENCE will issue refund payments within five (5) business days after UNITED SCIENCE has received return goods and inspected them for condition and content. Initial deposits for the construction of the machine and consulting are non-refundable. Refunded payment will be less any applicable restocking fees and other reasonable out-of-pocket costs incurred with replacement of missing components and refurbishment of used components.

    
        	

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    DISCLAIMERS AND LIMITED WARRANTY

    CUSTOMER must be paid in full on all invoices related to shipping, installation and signed documentation to obtain factory warranty coverage.

    UNITED SCIENCE warrants to CUSTOMER (i.e., the original purchaser of Equipment and Software) that for the Warranty Period (as defined below), the Equipment and Software will be free from defects in workmanship (the "Warranty"). The Warranty is subject to the proper installation, operation, and maintenance of the Equipment by CUSTOMER in accordance with the installation instructions and the operating manual supplied to CUSTOMER. Warranty claims must be made by CUSTOMER in writing within ten (10) days of the manifestation of a problem, or the CUSTOMER's knowledge of a defect. If CUSTOMER submits a warranty claim and it is determined by UNITED SCIENCE that such claim is not due to a defect in EQUIPMENT, workmanship or installation, CUSTOMER shall be responsible for paying UNITED SCIENCE its out-of-pocket expenses (as well as any shipping and travel expenses) associated with UNITED SCIENCE responding to such claim;

    The "Warranty Period" begins on the date the Equipment is either delivered to a common carrier, or installed by UNITED SCIENCE at the Facility and continues for eighteen (18) months AND CUSTOMER is current on all outstanding invoices;

    Any repairs under this Warranty must be conducted by an authorized UNITED SCIENCE service representative at UNITED SCIENCE's cost and expense. If Warranty replacement parts are ordered, they will be shipped via normal ground transportation. Any other expedited shipping will be at the CUSTOMER's expense;

    
        	

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    Excluded from the Warranty are problems due to accidents and/or property damage, misuse, misapplication, gross negligence, storage damage, or modification to the Equipment or its components, unless such modification is authorized by or performed by, UNITED SCIENCE. All maintenance (other than Warranty repairs) and the cost of all consumables to be used with the Equipment shall be at CUSTOMER's sole expense. Certain third party portions of the Equipment may be covered by a separate written warranty from the manufacturer of such portion, which warranty may be passed through to CUSTOMER if permitted by the original warrantor, but UNITED SCIENCE shall NOT be responsible for any third party equipment;

    For components not supplied by UNITED SCIENCE, the original manufacturer's warranty shall apply to the extent assignable by UNITED SCIENCE. The obligation under this warranty is limited to the repair or replacement, at UNITED SCIENCEs' option, of defective parts provided that prompt notice of any defect is given by CUSTOMER to UNITED SCIENCE in writing within the applicable warranty period and that upon the CUSTOMER's return of the defective parts to UNITED SCIENCE or, if designated by UNITED SCIENCE, to the location where the works are made, properly packed and with transportation charges prepaid by CUSTOMER, an inspection thereof shall reveal to UNITED SCIENCE satisfaction that CUSTOMER's claim is valid under the terms of this warranty. CUSTOMER shall assume all responsibility and expense for dismantling, removal, re-installation and freight in connection with the foregoing. The same obligations and conditions extend to replacement parts furnished by UNITED SCIENCE here- under. UNITED SCIENCE does not assume liability for installation, labor or consequential damages. UNITED SCIENCE makes no warranty other than the one set forth herein. All other warranties, legal, expressed or implied, including but not limited to any expressed or implied warranty of merchantability, of fitness for the intended use thereof or against infringement are hereby expressly excluded.

    UNITED SCIENCE does not authorize any person or party to assume or create for it any other obligation or liability in connection with the Equipment except as set forth herein;

    In the event of a return or cancellation, CUSTOMER shall not disparage UNITED SCIENCE in any way; and

    The Warranty covers all parts and labor.

    
        	

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    LIMITATION OF LIABILITY

    IN NO EVENT SHALL UNITED SCIENCE BE LIABLE FOR ANY INDIRECT, INCIDENTAL, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, REVENUE, OR USE INCURRED BY CUSTOMER OR ANY THIRD PARTY, ARISING IN CONNECTION WITH THIS AGREEMENT OR WITH THE USE OF OR INABILITY TO USE THE EQUIPMENT FURNISHED UNDER THIS AGREEMENT, WHETHER IN AN ACTION IN CONTRACT, OR TORT, OR OTHERWISE EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, UNITED SCIENCE'S AGGREGATE LIABILITY FOR DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE EQUIPMENT SHALL IN NO EVENT EXCEED THE PURCHASE PRICE OF THE EQUIPMENT RECEIVED, UNLESS SUCH DAMAGE IS CAUSED BY THE NEGLIGENCE OR WILLFUL MISCONDUCT OF UNITED SCIENCE. THE PROVISIONS OF THIS AGREEMENT ALLOCATE THE RISKS BETWEEN UNITED SCIENCE AND CUSTOMER. UNITED SCIENCE'S PRICING REFLECTS THIS ALLOCATION OF RISK AND BUT FOR THIS ALLOCATION AND LIMITATION OF LIABILITY, UNITED SCIENCE WOULD NOT HAVE ENTERED INTO THIS AGREEMENT.

    THE EXPRESS WARRANTY ABOVE IS EXCLUSIVE AND IN LIEU OF ALL OTHER INDEMNITIES OR WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND IS IN LIEU OF ANY AND ALL OTHER OBLIGATIONS OR LIABILITY ON UNITED SCIENCE'S PART. NOTWITHSTANDING ANY APPLICABLE LAW TO THE CONTRARY, THE PARTIES EXPRESSLY AGREE THAT UNITED SCIENCE'S MAXIMUM LIABILITY FOR BREACH OF SUCH EXPRESS WARRANTY SHALL NOT EXCEED, AND CUSTOMER'S SOLE REMEDY IS EXPRESSLY LIMITED TO, EITHER (AT UNITED SCIENCE'S SOLE OPTION): REPAIR OR REPLACEMENT OF THE DEFECTIVE PART OR EQUIPMENT, OR UPON MUTUAL AGREEMENT RETURN OF THE EQUIPMENT ACCORDING TO THE RETURN POLICY ABOVE; AND SUCH REMEDY SHALL BE CUSTOMER'S ENTIRE AND EXCLUSIVE REMEDY.

    NON-DISCLOSURE

    By virtue of this Agreement, CUSTOMER may have access to information that is specifically marked "Confidential" by UNITED SCIENCE ("Confidential Information"). Confidential Information shall include, but not be limited to, the terms and pricing under this Agreement, the technical and other specifications for the Equipment, methods, SOPs, parameters and procedures that were sourced from United Science, formulations, packaging, suppliers, any software or firmware associated with the Equipment, and all information clearly marked as confidential.

    
        	

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    Except for the express written consent of UNITED SCIENCE, CUSTOMER agrees not to disclose the Parameters provided by UNITED SCIENCE to any persons or entities. CUSTOMER will not make or cause to be made, any copies, facsimiles or other reproductions and to use all other reasonable means to maintain the secrecy and confidentiality of the Parameters provided by UNITED SCIENCE. Parameters herein refer to the Standard Operating Procedures used to create distillate.

    Confidential Information shall not include information that: (a) is or becomes a part of the public domain through no act or omission of CUSTOMER; (b) was in the CUSTOMER's lawful possession prior to the disclosure and had not been obtained by CUSTOMER either directly or indirectly from the disclosing party; (c) is lawfully disclosed to the CUSTOMER by a third party without restriction on disclosure; or (d) prior to receiving the confidential information, was independently developed by CUSTOMER. CUSTOMER agrees to hold Confidential Information in confidence during the term of this Agreement and for a period of five years after termination of this Agreement. CUSTOMER agrees that unless required by law, it shall not make Confidential Information available in any form to any third party or to use Confidential Information for any purpose other than the implementation of this Agreement. CUSTOMER agrees to take all reasonable steps to ensure that Confidential Information is not disclosed or distributed by its employees, representatives or agents in violation of the terms of this Agreement.

    NON-CIRCUMVENTION

    Absent prior written consent from UNITED SCIENCE, the CUSTOMER shall not, directly or indirectly, individually or with any other person or entity(ies): (a) negotiate, consummate, contact directly or engage in any business transaction involving the Company's primary business of equipment production, filter production, sorbent production, extraction consulting, lab engineering, lab setup, and manufacturing design; (b) attempt to bypass, interfere with, avoid ("Circumvent"), or permit or cause any related parties of the CUSTOMER to Circumvent any obligations hereunder; (c) Circumvent the rights, interest, or relationship of UNITED SCIENCE in any manner including without limitation actions that would exclude, change or decrease compensation to UNITED SCIENCE, or (d) interfere with the continuance of any contractual relationship between UNITED SCIENCE and any disclosed business contact.

    
        	

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    NON-SOLICITATION

    During this Agreement, and for a period of five years immediately following the termination or expiration of this Agreement, CUSTOMER agrees not to solicit or induce any employee or independent contractor of UNITED SCIENCE to terminate or breach any employment, contractual or other relationship with UNITED SCIENCE.

    GOVERNING LAW

    This Agreement, the Sales Order, and all matters arising out of or relating to this Agreement, shall be governed by the laws of the State of Minnesota (exclusive of conflict of laws principles), and shall be deemed to be executed and performed in Hennepin County, Minnesota.

    Any legal action or proceeding relating to the Equipment, this Agreement or otherwise arising between the parties shall be instituted solely in a state or federal court in Hennepin County, Minnesota. UNITED SCIENCE and CUSTOMER agree to submit to the exclusive jurisdiction of, and agree that venue is proper in, these courts in any such legal action or proceeding.

    DISPUTE RESOLUTION; BREACH

    In the event of any uncured breach of its obligations under this Agreement which continues after thirty (30) days after receipt of written notice of the breach pursuant to this Agreement, the non-breaching party shall be entitled to receive all attorney's fees and costs, incurred by the non-breaching party, including, without limitation, all fees and costs incurred in any appeal, in any bankruptcy proceeding and in the collection of any judgment or arbitration award rendered pursuant to the dispute resolution processes described below.

    
        	

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    NEGOTIATION

    A. The parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement promptly by negotiation between executives who have authority to settle the controversy and who are at a higher level of management than the persons with direct responsibility for administration of this Agreement. Any party may give the other party written notice of any dispute not resolved in the normal course of business. Within 15 days after delivery of the notice, the receiving party shall submit to the other a written response. The notice and response shall include with reasonable particularity (a) a statement of each party's position and a summary of arguments supporting that position; and (b) the name and title of the executive who will represent that party and of any other person who will accompany the executive. Within thirty (30) days after delivery of the notice, the executives of both parties shall meet at a mutually acceptable time and place;

    B. Unless otherwise agreed in writing by the negotiating parties, the above-described negotiation shall end at the close of the first meeting of executives described above ("First Meeting"). Such closure shall not preclude continuing or later negotiations, if desired;

    C. All offers, promises, conduct and statements, whether oral or written, made in the course of the negotiation by any of the parties, their agents, employees, experts and attorneys are confidential, privileged and inadmissible for any purpose, including impeachment, in arbitration or other proceeding involving the parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in the negotiation;

    D. At no time prior to the First Meeting shall either side initiate an arbitration or litigation related to this Agreement except to pursue a provisional remedy that is authorized by law or by JAMS Rules or by agreement of the parties. However, this limitation is inapplicable to a party if the other party refuses to comply with the requirements of Paragraph (a) 5 above; and

    E. All applicable statutes of limitation and defenses based upon the passage of time shall be tolled while the procedures specified in Paragraphs (a) and (b) above are pending and for 15 calendar days thereafter. The parties will take such action, if any, required to effectuate such tolling.

    
        	

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    If the matter is not resolved by negotiation pursuant to paragraphs (A) through (E) above, then the matter will proceed to mediation as set forth below.

    MEDIATION

    1. The parties agree that any and all unresolved disputes, claims or controversies arising out of or relating to this Agreement shall be submitted to JAMS, or its successor, for mediation in Hennepin County, Minnesota. If the matter is not resolved through mediation, then it shall be submitted to JAMS, or its successor, for final and binding arbitration pursuant to the clause set forth in the Arbitration provision below;

    2. Either party may commence mediation by providing to JAMS and the other party a written request for mediation, setting forth the subject of the dispute and the relief requested;

    3. The parties will cooperate with JAMS and with one another in selecting a mediator from the JAMS panel of neutrals and in scheduling the mediation proceedings. The parties agree that they will participate in the mediation in good faith and that they will share equally in its costs; and

    4. All offers, promises, conduct and statements, whether oral or written, made in the course of the mediation by any of the parties, their agents, employees, experts and attorneys, and by the mediator or any JAMS employees, are confidential, privileged and inadmissible for any purpose, including impeachment, in any arbitration or other proceeding involving the parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in the mediation.

    If the matter is not resolved by mediation pursuant to paragraphs 1 through 4 above, then the matter will proceed to final and binding arbitration as set forth below.

    ARBITRATION

    Either party may initiate arbitration with respect to the matters submitted to mediation by filing a written demand for arbitration at any time following the impasse of the mediation, the "Earliest Initiation Date." The mediation may continue after the commencement of arbitration if the parties so desire. At no time prior to the Earliest Initiation Date shall either side initiate an arbitration or litigation related to this Agreement except to pursue equitable relief unavailable in arbitration from any court of competent jurisdiction in HENNEPIN COUNTY, MINNESOTA. However, this limitation in initiating the arbitration is inapplicable to a party if the other party refuses to comply with the requirements of Mediation Paragraph (c) above.

    
        	

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    The arbitration shall be administered by JAMS in HENNEPIN COUNTY, MINNESOTA, pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those Rules. Judgment on the Award may be entered in any court of competent jurisdiction in HENNEPIN COUNTY, MINNESOTA. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction in HENNEPIN COUNTY, MINNESOTA.

    All applicable statutes of limitation and defenses based upon the passage of time shall be tolled until fifteen (15) days after the Earliest Initiation Date. The parties will take such action, if any, required to effectuate such tolling.

    INTERIM RELIEF

    Either party may, without waiving any remedy under this Agreement, seek interim or provisional equitable relief from any court of competent jurisdiction.

    NOTIFICATION

    All notices, requests, demands and other communications made with respect to this Agreement or any other agreements executed in connection herewith shall be in writing, and personally delivered, sent by registered or certified mail (postage prepaid), by overnight carrier service, and shall be deemed to be effective on the day that such writing is delivered or, if given by certified mail, five (5) days after being deposited in the mail.

    TAXES

    Prices for Equipment specified herein are exclusive of taxes, including, without limitation, taxes on manufacture, sales, property, use and similar taxes on the manufacturing and sale of the Equipment. CUSTOMER agrees to pay such taxes directly whether imposed on CUSTOMER or imposed on Equipment or on CUSTOMER in connection with this sale. CUSTOMER agrees to pay all personal property taxes that may be levied against Equipment after the date of delivery.

    
        	

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    INDEMNITY

    Each party to this agreement shall indemnify, defend, protect, hold harmless, and release the other, its officers, agents, and employees, from and against any and all claims, loss, proceedings, damages, causes of action, liability, costs, or expense, including attorneys' fees and witness fees, arising from, or in connection with, or caused by, any act, failure to act, or negligence of such indemnifying party, to the extent limited in accordance with the laws of the State of Minnesota. This indemnification shall not be limited in any way, by any limitation on the amount or type of damages or compensation payable to, or for, the indemnifying party under workers' compensation, disability benefits, or other employee benefit acts."

    PROTECTION OF INTELLECTUAL PROPERTY

    All work product shall be considered Intellectual Property (IP). Intellectual Property shall mean proprietary information or confidential methods or know-how relevant to the Project which is in the possession of UNITED SCIENCE prior to the commencement of the Project or generated after commencement of the Project but independent of the Project. Such product remains property of UNITED SCIENCE, including, but not limited to ideas, inventions, improvements, discoveries, software design, software coding, charts, drawings, specifications, notebooks, tracings, photographs, negatives, draft or final reports, findings, recommendations, data and memoranda. Any Intellectual Property of UNITED SCIENCE is deemed CONFIDENTIAL.

    SOFTWARE AND CONSULTING LICENSE; DELIVERY OF SOFTWARE

    UNITED SCIENCE shall deliver the Software to CUSTOMER contemporaneously with the delivery of the workstations.

    For so long as this Agreement remains in force UNITED SCEINCE ("Licensor") grants to CUSTOMER, ("Licensee") a non-exclusive and non-transferable right to use the Licensed Software on the Designated Equipment and on a single Licensed Software Database located at the designated Production Site only for the specified Application which is Licensee's address reflected in these terms and conditions. Licensee may possess only the number of copies of any Licensed Software necessary for the type of use specified herein and may use such copies only in accordance with this Agreement. Licensor shall at all times retain ownership of all Licensed Software including any Documentation and any copies thereof.

    
        	

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    Licensor will deliver to Licensee, as soon as is practicable, the necessary password to enable Licensee to download from Licensor's website one machine-readable copy of the Licensed Software, along with one machine-readable copy of the Documentation. Licensee may not reproduce Licensed Software or Documentation except as expressly provided under this Agreement.

    Licensee may copy the Licensed Software and Documentation for backup or archival purposes provided that all titles, trademark symbols, copyright symbols and legends, and other proprietary markings are reproduced.

    Licensor grants and Licensee receives no other rights or licenses to the Licensed Software, derivative works (as defined in the United States copyright Act of 1976, Title 17 USC Section 101 et. Seq.), or any intellectual property rights related thereto, whether by implication, estoppel or otherwise, except those rights expressly granted in this Section.

    LICENSE RESTRICTIONS

    Licensee agrees that it will not itself, or through any parent, subsidiary, affiliate, agent or other third party:

    	sell, lease, license, sublicense, encumber or otherwise deal with any portion of the Licensed Software;
	except to the minimum extent necessary to comply with applicable law or legislation, decompile, disassemble, or reverse engineer any portion of the Licensed Software or attempt to discover any source code or underlying ideas or algorithms of any Licensed Software;
	create any Derivative Work based on the Licensed Software or any Licensor Confidential Information; and

    
        	

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    	use the Licensed Software to provide processing services to third parties, commercial timesharing, rental or sharing arrangements, or on a "service bureau" basis or otherwise use or allow others to use the Licensed Software for the benefit of any third party.

    Provide, disclose, divulge or make available to, or permit use of the Licensed Software by persons other than Licensee's employees who have signed a confidentiality agreement consistent with the terms and provisions herein, without Licensor's prior written consent;

    Use any Licensed Software, or allow the transfer, transmission, export, or re-export of any Licensed Software or portion thereof in violation of any export control laws or regulations administered by the U.S. Commerce Department, OFAC, or any other government agency. All the limitations and restrictions on the Licensed Software in this Agreement also apply to the Documentation.

    SUBSCRIPTION SOFTWARE

    (i) for single-seat licenses, only as necessary to use the Software on a UNITED SCIENCE provided workstation; and

    (ii) for client/server licenses, in a reasonable manner to ensure that the number of workstations does not exceed the number of workstations for which CUSTOMER have paid license fees. The Software is protected by the copyright laws of the United States and international treaties.

    SOFTWARE, DESIGNS, ENGINEERING, AND CONSULTING PACKAGE OWNERSHIP

    The Software, Engineering and Consulting Package information is licensed to CUSTOMER, not sold. Subject to the rights granted above, UNITED SCIENCE and the manufacturers of any third- party software included within the Software retain all right, title and interest in and to the Software. UNITED SCIENCE retains all right, title and interest in and to Software, Designs, Engineering and Consulting information and products. Use of the Software, design,

    Engineering and Consulting Package in conjunction with non-UNITED SCIENCE products or for other locations, other than those specified or certain UNITED SCIENCE' Partner product(s) authorized by UNITED SCIENCE, if any, is not licensed here under and is prohibited.

    
        	

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    SOFTWARE, DESIGNS, ENGINEERING AND CONSULTING PACKAGE TRANSFER

    This Agreement shall be assignable by UNITED SCIENCE. It shall not be assignable by CUSTOMER without the prior written consent of UNITED SCIENCE shall deliver the Software to CUSTOMER contemporaneously with the delivery of the LAB workstations.

    REPRESENTATIONS AND WARRANTIES OF SOFTWARE BY UNITED SCIENCE

    	Ownership
	Non-Infringement
	Documentation
	Viruses
	Warranty Period

    OWNERSHIP

    UNITED SCIENCE represents and warrants that UNITED SCIENCE is the lawful owner of the Software, that the Software has been lawfully developed by UNITED SCIENCE and UNITED SCIENCE has the right to grant CUSTOMER the rights to the Software, including the rights of access to and use of the Software, which it grants under this Agreement, without the consent of any other person or entity, and there is currently no actual or threatened suit or claim by any such third party based on an alleged violation of such rights by UNITED SCIENCE.

    NON-INFRINGEMENT

    UNITED SCIENCE represents and warrants that (a) UNITED SCIENCE is not subject to any obligation that would prevent it from entering into this Agreement, and UNITED SCIENCE's offer to provide the Software  to CUSTOMER and CUSTOMER's acceptance of such offer has in no  way caused or induced UNITED SCIENCE to breach any contractual obligation to any other person or entity, and (b) none of the Software provided by UNITED SCIENCE, nor the possession or use of any of the Software by CUSTOMER as contemplated by this Agreement, will infringe any patent, trademark or copyright right of any third-party, or contain confidential or proprietary material misappropriated by UNITED SCIENCE from any third-party, and that there is currently no actual or threatened suit against UNITED SCIENCE by any third party based on an alleged violation of such right.

    
        	

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    DOCUMENTATION

    UNITED SCIENCE represents and warrants that documentation will be delivered to CUSTOMER for the Software and it will be sufficient to allow a reasonably knowledgeable professional with experience or training in UNITED SCIENCE's products to maintain and support such Software. UNITED SCIENCE represents and warrants that the documentation for the Software will accurately describe in terms understandable by a typical end user the functions and features of such Software and the procedures for exercising such functions and features.

    VIRUSES

    UNITED SCIENCE represents and warrants that (a) it will ensure that no computer viruses, worms, Trojan horses or similar items are coded or introduced into the Software.

    WARRANTY PERIOD

    During the Warranty Period and for the term of any Software license agreement, UNITED SCIENCE represents and warrants that the Software shall (i) be free from defects in material and workmanship, (ii) remain in good working order under normal use, and (iii) function (A) properly and in conformity with the warranties herein, (B) in accordance with this Agreement and with the description, specifications and documentation, (C) on the hardware and system software designated or provided by UNITED SCIENCE, including updates or new releases to such hardware and system software, and (D) interface with other programs as required by UNITED SCIENCE.

    RIGHTS AND OBLIGATIONS; SERVICE AND MAINTENANCE

    UNITED SCIENCE warrants that each of its employees or subcontractors assigned to perform any work here under, and under any Software license agreement, shall have the proper skill, training and background so as to be able to perform in a competent and professional manner and that all work will be so performed.

    
        	

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    SOFTWARE MAINTENANCE

    During the Warranty Period and for the term of any Software license agreement, UNITED SCIENCE shall promptly notify CUSTOMER of any defects or malfunctions in the Software or documentation which it learns of from any source. UNITED SCIENCE's obligation hereunder shall not be deemed to affect any other liability which it may have to CUSTOMER.

    UNITED SCIENCE shall provide CUSTOMER, without additional charge, copies of the Software and documentation revised to reflect any enhancements to the Software made by UNITED SCIENCE during the Warranty Period and the term of any Software license agreement. Such enhancements will be deemed to include all modifications to the Software which increase the speed, efficiency or ease of operation of the Software, or add capabilities to or otherwise improve the functions of the Software.

    During the Warranty Period, UNITED SCIENCE shall provide to CUSTOMER, without additional charge, all reasonably necessary telephone or written consultation requested by CUSTOMER in connection with its use and operation of the Software or any problems therewith. Telephone consultation shall be requested and provided only during the UNITED SCIENCE's normal business hours and CUSTOMER shall pay all long distance telephone charges in connection therewith.

    INDEMNITY

    CUSTOMER may not use the software, design, engineering or consulting package for any  purpose beyond the scope of the license granted in this Agreement. Without limiting the generality of the foregoing, CUSTOMER will not: (i) authorize or permit use of the software or consulting package by persons not authorized to do so; (ii) market or distribute the Software or or consulting package; (iii) assign, sub-license, sell, lease or otherwise transfer, convey or pledge as security or otherwise encumber, UNITED SCIENCE's rights under the license granted in above; (iv) use the Software or consulting package in any time sharing, subscription, rental or service bureau arrangement, including, without limitation, any use to provide services or process data for the benefit of, or on behalf of, any third party; (v) modify the Software or consulting package; (vi) combine or integrate the Software or consulting package with hardware, software or technology not provided to CUSTOMER by UNITED SCIENCE; (vii) disassemble, reverse engineer (unless required by law for operation) or otherwise attempt to obtain or perceive the source code from which any component of the Software or consulting package is compiled or interpreted, and CUSTOMER hereby acknowledge that nothing in this Agreement shall be construed to grant CUSTOMER any right to obtain or use such source code or information; (viii) disclose the results of any benchmark tests run on the Software or consulting package (whether or not the results were obtained with assistance from UNITED SCIENCE) to any party; or (ix) make copies of the Software or consulting package other than a reasonable number of copies solely for archival purposes, provided that CUSTOMER reproduce and include UNITED SCIENCE copyright notices.

    
        	

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    ASSIGNMENT

    It is understood and agreed that the provisions of the UCITA do not apply to this Agreement and the license contained herein.

    CUSTOMER may assign this Agreement to any subsidiary or affiliate or entity owned or controlled by CUSTOMER as part of the sale of that part of its business which includes the EQUIPMENT, or pursuant to any merger, consolidation or other reorganization, without UNITED SCIENCE's consent, but shall provide written notice to UNITED SCIENCE. UNITED SCIENCE may assign this Agreement and shall provide written notice to CUSTOMER of any such assignment. Any assignee of either party, if authorized here-under, shall be deemed to have all of the rights and obligations of the assigning party set forth in this Agreement. It is understood that no assignment shall release the assigning party from any of its obligations here-under.

    AUDIT RIGHTS/QUARTERLY REPORTS

    Licensee shall keep and maintain full, accurate and detailed records regarding its obligations under this Agreement and the number of Subscribers of the Licensed Software Database. Licensor or its representatives shall be entitled to review and audit such books and records and/or Licensee's compliance with the provisions of this Agreement from time to time during normal business hours by providing written notice to Licensee at least ten (10) business days prior to such audit. If any such audit reveals a deficiency in any amounts due to Licensor hereunder, Licensee will immediately pay such amounts as are required to re-establish compliance with the terms of this Agreement.

    
        	

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    CONFIDENTIALITY

    Each Party acknowledges that the Confidential Information constitutes valuable trade secrets and each party agrees that it shall use the Confidential Information of the other party solely in accordance with the provisions of this Agreement and it will not disclose, or permit to be disclosed, the same directly or indirectly, to any third party without the other party's prior written consent. Each party agrees to exercise due care in protecting the Confidential Information from unauthorized use and disclosure. However, neither party bears any responsibility for safeguarding any information that it can document in writing (i) is in the public domain through no fault of its own, (ii) was properly known to it, without restriction, prior to disclosure by Disclosing Party, (iii) was properly disclosed to it, without restriction, by another person with the legal authority to do so, (iv) is independently developed by Receiving Party without use or reference to Disclosing Party's Proprietary Information or (v) is required to be disclosed pursuant to a judicial or legislative order or proceeding; provided that, to the extent permitted by and practical under the circumstances, Receiving Party provides to Disclosing Party prior notice of the intended disclosure and an opportunity to respond or object to the disclosure or if prior notice is not permitted or practical under the circumstances, prompt notice of such disclosure.

    In the event of actual or threatened breach of the provisions of this Section, the non-breaching party will be entitled to immediate injunctive and other equitable relief, without bond and without the necessity of showing actual damage.

    MISCELLANEOUS

    In the event any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions of this Agreement will remain in full force;

    The waiver by either party of any default or breach of this Agreement shall not constitute a waiver of any other or subsequent default or breach. Except for actions for non-payment or breach of UNITED SCIENCE's proprietary rights, no action, regardless of form, arising out of or in connection with this Agreement may be brought by either party more than one year after the cause of action has accrued;

    
        	

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    UNITED SCIENCE and CUSTOMER are independent contractors; nothing in this Agreement shall be construed to create a partnership, joint venture or agency relationship between the parties;

    This Agreement constitutes the complete agreement between the parties with respect to its subject matter and supersedes all prior or contemporaneous agreements, understandings, representations, discussions, proposals, literature, and the like, written or oral. This Agreement may not be modified or amended except in a writing signed by a duly authorized representative of each party; no other act, document, usage or custom shall be deemed to amend or modify this Agreement. It is expressly agreed that the terms of this Agreement shall supersede the terms in any CUSTOMER purchase order or other ordering documents, if any;

    In any proceeding brought to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and costs incurred;

    This Agreement shall be construed as to its fair meaning and not strictly for or against either party. The parties arrived at the provisions in this Agreement after negotiation. If anything in this Agreement proves to be unclear or capable of being interpreted in different ways, the disputed term or condition shall not be construed against a party merely because that party drafted it;

    Neither party shall be liable to the other party for damages or losses, except for payment obligations, on account of failure of performance by the defaulting party if the failure is the result of an Act of God (e.g., fire, flood, inclement weather, epidemic, or earthquake), fear, possibility, war or act of terrorism, including chemical or biological warfare; labor dispute, lockout, strike, embargo; communication line, hardware or power failures; governmental acts, orders, or restrictions; failure of suppliers or third persons; nuclear or other civil or military emergencies; acts of legislative, judicial, executive, or administrative authorities; or any other reason where failure to perform is beyond the reasonable control, and is not caused by the negligence, intentional conduct or misconduct of the defaulting party, and the defaulting party has exercised all reasonable efforts to avoid or remedy such force majeure. The defaulting party must provide written notice of the force majeure event to the remaining parties within two (2) business days of such event;

    
        	

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Osceola, WI 54020
www.extraktlab.com
	 

    

    Except as provided herein, this Agreement is not assignable by either party;

    This Agreement may be executed in counterparts and by fax or electronic format; and

    A Business Day is any day other than Saturday, Sunday or U.S. federal holidays that banks in Hennepin County, Minnesota, are generally open for business.

    
        	

	ALL RIGHTS RESERVED  |  COPYRIGHT UNITED SCIENCE, LLC  |  CONFIDENTIAL
	 	31	 	 
	Document Ref: ED8UV-OMPUH-5WKNH-DDIOK	 	
	Page 31 of 37

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