Document:

Exhibit
10.1

 

SETTLEMENT
AGREEMENT

 

This
SETTLEMENT AGREEMENT (this “Agreement”) is made and entered into as of November 3, 2022, by and among AMMO, Inc.,
a Delaware corporation (the “Company”) and Steven F. Urvan and Susan T. Lokey (collectively with each of their respective
Affiliates and Associates, the “Urvan Group”). The Company and each of the members of the Urvan Group are each herein
referred to as a “party” and collectively, the “parties.” Capitalized terms used herein shall have the meanings
set forth in Section 16 of this Agreement.

 

1.
Board Composition and Related Matters.

 

(a)
Concurrently with and effective upon the execution of this Agreement, the Urvan Group shall irrevocably withdraw (i) the notice of stockholder
nomination, submitted to the Company on August 25, 2022 (the “Notice”) and (ii) the demand to inspect books and records,
pursuant to Section 220 of the General Corporation Law of the State of Delaware (the “DGCL”), submitted to the Company
on August 31, 2022. 

 

(b)
Effective immediately upon the execution of this Agreement, the Board of Directors (the “Board”) of the Company shall
increase the size of the Board to nine (9) directors and appoint Wayne Walker and Christos Tsentas (the “New Directors”
and, together with Steven Urvan, the “Urvan Group Directors”) to the Board. Until the Termination Date (as defined
below), the Board shall not increase the size of the Board above nine (9) directors unless such increase has been approved by at least
seven (7) directors.

 

(c)
The Company shall convene the 2022 annual meeting of stockholders (the “2022 Annual Meeting”) no later than December
15, 2022. The Company shall include the Urvan Group Directors in its director slate for the 2022 Annual Meeting and for any subsequent
annual meeting of stockholders of the Company occurring prior to the Termination Date, and recommend the election of the Urvan Group
Directors to the stockholders of the Company and solicit proxies for the election of the Urvan Group Directors at the 2022 Annual Meeting
and for any subsequent annual meeting of stockholders of the Company occurring prior to the Termination Date.

 

(d)
The Board shall immediately form, and publicly announce the formation of, a new committee of the Board, consisting of four (4) directors,
which shall be charged with planning the succession for the Chief Executive Officer of the Company (“CEO”) with the
assistance of a nationally recognized search firm (such committee, the “CEO Succession Committee”). Concurrently with
the New Directors’ appointment to the Board, the Board shall appoint one of the New Directors (to be chosen by the Urvan Group)
and Mr. Urvan to the CEO Succession Committee along with two directors who are not Urvan Group Directors or the CEO. The chair of
the CEO Succession Committee shall be a director who is not an Urvan Group Director.

 

(e)
Upon the CEO Succession Committee’s selection of a new CEO candidate, and subject to the Board’s fiduciary duties under applicable
law, (i) the Board shall promptly appoint such individual as the new CEO and (ii) one incumbent director who is not an Urvan Group Director
shall resign from the Board to create a vacancy for the new CEO’s immediate appointment to the Board as a director upon his appointment
as the new CEO.

 

    	 

    	 

    

 

(f)
Until the Termination Date, and subject to Nasdaq Stock Exchange (the “Nasdaq”) rules and applicable laws, the Board
and all applicable committees of the Board shall take all actions necessary to promptly appoint each New Director to at least one (1)
standing committee of the Board. Without limiting the foregoing, the Board shall, in accordance with its customary governance processes,
give each of the Urvan Group Directors the same due consideration for membership to any committee of the Board as any other independent
director with similar relevant expertise and qualifications. 

 

(g)
The Urvan Group agrees that the Board or any committee thereof, in the exercise of its fiduciary duties, may recuse Mr. Urvan from any
portion of a Board or committee meeting, and restrict access to information of the Company, to the extent relating to (i) the exercise
of any of the Company’s rights or enforcement of any of the obligations under this Agreement, (ii) any action taken in respect
of or in response to actions taken or proposed by the Urvan Group or its Affiliates, in each case, with respect to the Company or its
Affiliates (including any threat to take any of the actions prohibited in Sections 4(a) through 4(l)), or (iii) any proposed transaction
between the Company or any of its Affiliates and the Urvan Group or any of its Affiliates. For the avoidance of doubt, the Urvan Group
acknowledges and agrees that: (i) consistent with their fiduciary duties as a director of the Company, each of the Urvan Group Directors
is obligated to consider in good faith, to the same extent as any other director of the Company, recusal from any Board or committee
meeting in the event there is any other actual or potential conflict of interest between such Urvan Group Director, on the one hand,
and the Company, on the other hand; and (ii) the Board may restrict such Urvan Group Director’s access to information of the Company
to the same extent it would for any other director of the Company, in accordance with applicable law.

 

(h)
The Urvan Group agrees that there shall be no contracts, plans or arrangements, written or otherwise, in effect during the term of this
Agreement, between the Urvan Group and the New Directors providing for any compensation, reimbursement of expenses or indemnification
of the New Directors in connection with the New Directors’ service on the Board.

 

(i)
The Urvan Group acknowledges and agrees that Mr. Urvan shall immediately tender his resignation from the Board (it being understood that
the Board shall have the right to decline to accept such resignation) if Mr. Urvan’s and his Affiliates’ aggregate Net Long
Position falls below the lesser of 10% of the outstanding shares of the Company’s common stock, par value $0.001 per share (the
“Common Stock”) and 11,729,976 shares of Common Stock (subject to adjustment for stock splits, reclassifications,
combinations, and recapitalizations) (the “Ownership Minimum Requirement”). Concurrently with the execution and delivery
of this Agreement, Mr. Urvan shall execute and deliver an irrevocable resignation letter in the form attached hereto as Exhibit A.
Notwithstanding any other agreements between the Company and Mr. Urvan previously entered into, following the effectiveness of resignation
of Mr. Urvan pursuant to this Section 1(i), the Company would have no obligation thereafter to nominate Mr. Urvan for election
to the Board at any meeting of stockholders.

 

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(j)
Until the Termination Date and as long as Mr. Urvan’s Net Long Position remains at or above the Ownership Minimum Requirement,
in the event any Urvan Group Director ceases to be a director or is no longer able to serve as a director of the Company for any reason,
Mr. Urvan shall be entitled to designate a candidate for replacement for such Urvan Group Director (such replacement, a “Replacement
Director”), subject to the prompt approval of the Board (which approval shall not be unreasonably withheld; provided,
however, that if the Board does not approve such Replacement Director to the Board pursuant to this Section 1(j), the parties
shall continue to follow the procedures of this Section 1(j) until a Replacement Director is appointed to the Board, provided,
further, that there shall be no more than one New Director who is an Affiliate of the Urvan Group). Upon a Replacement Director’s
prompt appointment to the Board, the Board and all applicable committees of the Board shall take all necessary actions to promptly appoint
such Replacement Director to any applicable committee of the Board of which the replaced director was a member immediately prior to such
director’s resignation or removal or, if the Board or the applicable committee of the Board determines that the Replacement Director
does not satisfy the requirements of Nasdaq and applicable law with respect to service on the applicable committee (which determination
shall be made reasonably and in good faith), to an alternative committee of the Board. Until such time as any Replacement Director is
appointed to any applicable committee, the other New Director shall be permitted to serve as an interim member of such applicable committee,
unless such New Director is already serving as a member of such committee or the Board or the applicable committee of the Board determines
that such New Director does not satisfy the requirements of the Nasdaq and applicable law with respect to service on the applicable committee
(which determination shall be made reasonably and in good faith). Any Replacement Director shall qualify as an “independent director”
under applicable rules of the SEC, the rules of any stock exchange on which the Company is traded and applicable governance policies
of the Company. It is understood that a Replacement Director appointed to the Board as a replacement for an Urvan Group Director shall
be considered an Urvan Group Director, for purposes of this Agreement.

 

(k)
The Urvan Group hereby acknowledges that prior to the execution of the Agreement, and as a condition of the New Directors’ appointment
to the Board, each of the New Directors has (i) provided the Company with (A) a completed director questionnaire in the form provided
by the Company and as completed by the current directors, (B) an executed consent to be named as a nominee in the Company’s proxy
statement for the 2022 Annual Meeting, (C) an agreement, which has also been executed by all the current directors serving on the Board
prior to the execution of this Agreement, to abide by the terms of the Certificate of Incorporation, the Bylaws, committee charters,
corporate governance guidelines and similar governance documents applicable to the current directors (collectively, the “Governance
Documents”), and (D) such other information required by the Governance Documents or as has been reasonably requested by the
Company that is required of all other non-management directors of the Company in connection with assessing eligibility, independence
and other criteria applicable to directors or satisfying compliance and legal obligations; and (ii) taken all necessary action to not
be “overboarded” under the applicable policies of ISS and Glass Lewis as a result of his or her election to the Board (“Overboarded”),
provided that each of the current directors serving on the Board prior to the execution of this Agreement has likewise taken such necessary
actions to not be Overboarded.

 

2.
Other Matters.

 

(a)
Spin-Off. The Company shall suspend the previously announced separation of the Company into Action Outdoor Sports, Inc. and Outdoor
Online, Inc. pending the further evaluation of strategic options by the Board. The announcement of such suspension shall be disclosed
in the Press Release (as defined below).

 

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(b)
Other Business Relationships. Other than with respect to that certain Services Agreement between S&T Logistics, LLC and Bitrail,
LLC, dated as of May 3, 2019 (the “Bitrail Contract”), the Urvan Group and the Company each hereby covenant to use
their reasonable best efforts to work together to identify and terminate any remaining related party contracts, agreements, arrangements,
or shared services between the Company and its subsidiaries, including but not limited to Speedlight Group I, LLC d/b/a GunBroker.com,
on the one hand, and any entities under the direct or indirect ownership and/or control of the Urvan Group or its Affiliates, on the
other hand. For the avoidance of doubt, the Company reserves all rights to terminate the Bitrail Contract in accordance with the terms
of such contract.

 

(c)
Employee Matters. Effective upon the execution of this Agreement:

 

(i)
The Company shall cause each of Chris Larson’s and John Flynn’s existing employment and/or consulting agreements to be terminated
“without cause.” Notwithstanding the foregoing, (A) Mr. Larson shall be permitted to continue to serve as a consultant to
the Company for a period of up to six months following the execution of this Agreement, to the extent his continued services are reasonably
required or advisable for the completion of any ongoing projects involving the Company and (B) Mr. Flynn shall be permitted to continue
to serve as a consultant to the Company with his scope of responsibilities from time to time subject to the approval of the Board; and

 

(ii)
Each of Mr. Urvan and Ms. Lokey shall execute and deliver an irrevocable letter of resignation from their respective positions of employment
with the Company in the form attached hereto as Exhibit B, to be effective upon the later of (A) the conclusion of the 2022 Annual
Meeting and (B) December 31, 2022. The Company agrees to disclose in the Press Release the end of the investigation into Ms. Lokey and
Mr. Urvan previously announced September 6, 2022.

 

(d)
Registration of Shares. The Company shall take all actions reasonably necessary to promptly register all remaining unregistered
shares of Common Stock held by the Urvan Group, to the extent permissible under applicable law.

 

3.
Voting Commitment. Until the Termination Date, the Urvan Group shall, or shall cause its Representatives to, appear in person
or by proxy at any Stockholder Meeting and to vote all shares of Common Stock beneficially owned by it and over which it has direct or
indirect voting power (and shall, upon receiving at least 10 calendar days’ advance notice of the record date, call back from loan
any such shares in time prior to the applicable record date to ensure such shares can be voted at such Stockholder Meeting) in accordance
with the Board’s recommendations, as such recommendations of the Board are set forth in the applicable definitive proxy statement
filed in respect thereof with respect to (a) the election, removal and/or replacement of directors (a “Director Proposal”)
and (b) any other proposal submitted to stockholders; provided, however, that in the event that Institutional Shareholder
Services Inc. (“ISS”) or Glass Lewis & Co., LLC (“Glass Lewis”) recommends otherwise with respect
to any proposals (other than a Director Proposal), the Urvan Group shall be permitted to vote in accordance with the ISS or Glass Lewis
recommendation; provided, further that the Urvan Group shall be permitted to vote in its sole discretion with respect to
any Extraordinary Transaction. Upon the Company’s written request, the Urvan Group shall provide the Company with written confirmation
and evidence of its compliance with this Section 3 no later than two (2) Business Days prior to the applicable Stockholder Meeting.

 

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4.
Standstill. Prior to the Termination Date, except as otherwise provided in this Agreement (including Section 11(a)),
without the prior written consent of the Board, the Urvan Group shall not, and shall cause its Affiliates, not to, directly or indirectly,
in whole or in part (in each case, except as expressly permitted by this Agreement):

 

(a)
(i) acquire, offer or seek to acquire, agree to acquire or acquire rights to acquire (except by way of (x) any director awards or grants
or (y) stock dividends or other distributions or offerings made available to holders of voting securities of the Company generally on
a pro rata basis), directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition of control of another
person, by joining a group, through swap or hedging transactions or otherwise, any voting securities of the Company (other than through
a broad-based market basket or index) or any voting rights decoupled from the underlying voting securities which would result in the
ownership or control of, or other beneficial ownership interest in, 18.5% or more of the then-outstanding shares of Common Stock in the
aggregate (subject to adjustment for stock splits, reclassifications, combinations, and recapitalizations) (the “Ownership Cap”);
provided, however, that the Board may increase the Ownership Cap by an affirmative vote of a majority of the Board; or
(ii) sell its shares of Common Stock, other than in open market sale transactions where the identity of the purchaser is not known and
in underwritten widely dispersed public offerings, to any Third Party that, to the Urvan Group’s knowledge (after due inquiry in
connection with a private, non-open market transaction, it being understood that such knowledge shall be deemed to exist with respect
to any publicly available information, including information in documents filed with the SEC), would result in such Third Party, together
with its Affiliates and Associates, owning, controlling or otherwise having any beneficial or other ownership interest in the aggregate
of more than 4.9% of the shares of Common Stock outstanding at such time, or would increase the beneficial ownership interest of any
Third Party who, together with its Affiliates and Associates, has a beneficial or other ownership interest in the aggregate of more than
4.9% of the shares of Common Stock outstanding at such time;

 

(b)
(i) other than pursuant to Section 1 of this Agreement, nominate, recommend for nomination or give notice of an intent to nominate
or recommend for nomination a person for election at any Stockholder Meeting at which the Company’s directors are to be elected;
(ii) knowingly initiate, encourage or participate in any solicitation of proxies in respect of any election contest or removal contest
with respect to the Company’s directors; (iii) submit, initiate, make or be a proponent of any stockholder proposal for consideration
at, or bring any other business before, any Stockholder Meeting; (iv) knowingly initiate, encourage or participate in any solicitation
of proxies in respect of any stockholder proposal for consideration at, or other business brought before, any Stockholder Meeting; or
(v) knowingly initiate, encourage or participate in any “withhold” or similar campaign with respect to any Stockholder Meeting;
in each case other than in a manner consistent with the Board’s recommendation in connection with such matter; provided,
however, that nothing in this Agreement shall prevent the Urvan Group or its Affiliates from taking actions in furtherance of
identifying director candidates in connection with the 2023 Annual Meeting (as defined below) or the 2024 Annual Meeting (as defined
below), as applicable, so long as such actions do not create a public disclosure obligation for the Urvan Group or the Company and are
undertaken on a basis reasonably expected to be confidential;

 

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(c)
form, join or in any way participate in any group or agreement of any kind with respect to any voting securities of the Company, including
in connection with any election or removal contest with respect to the Company’s directors or any stockholder proposal or other
business brought before any Stockholder Meeting (other than a group that (i) is solely among the members of the Urvan Group or (ii) is
an Affiliate of the Urvan Group and such Affiliate agrees to be bound by the terms and conditions of this Agreement as if it were a party
hereto and such group or agreement would not result in the Urvan Group exceeding the Ownership Cap);

 

(d)
deposit any voting securities of the Company in any voting trust or subject any Company voting securities to any arrangement or agreement
with respect to the voting thereof (other than (i) customary brokerage accounts, margin accounts and prime brokerage accounts, or (ii)
any such voting trust, arrangement, or agreement that (A) is solely among the Urvan Group, (B) is with an Affiliate of the Urvan Group
and such Affiliate agrees to be bound by the terms and conditions of this Agreement as if it were a party hereto and such voting trust,
arrangement, or agreement would not result in the Urvan Group exceeding the Ownership Cap; or (C) relates to the Merger Transaction Agreements);

 

(e)
seek publicly, alone or in concert with others, to amend any provision of the Certificate of Incorporation or the Bylaws;

 

(f)
demand an inspection of the Company’s books and records pursuant to Section 220(b) of the
DGCL;

 

(g)
make any public proposal with respect to or make any public statement or otherwise knowingly seek to encourage, advise or assist any
person in so encouraging or advising with respect to: (A) any change in the number or term of directors serving on the Board or the filling
of any vacancies on the Board, (B) any change in the capitalization or dividend policy of the Company, (C) any other change in the Company’s
management, governance, corporate structure, staffing, affairs or policies, (D) any Extraordinary Transaction, (E) causing a class of
securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (F) causing a
class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange
Act (in each case other than pursuant to Section 1);

 

(h)
knowingly initiate, make or in any way participate, directly or indirectly, in any Extraordinary Transaction or make, directly or indirectly,
any proposal, either alone or in concert with others, to the Company or the Board that would reasonably be expected to require a public
announcement or disclosure regarding any such matter;

 

(i)
effect or seek to effect, offer or propose to effect, cause or participate in, or in any way knowingly assist or facilitate any other
person to effect or seek, offer or propose to effect or participate in any (i) material acquisition of any assets or businesses of the
Company or any of its subsidiaries; (ii) tender offer or exchange offer, merger, acquisition, share exchange or other business combination
involving any of the voting securities or any of the material assets or businesses of the Company or any of its subsidiaries; or (iii)
recapitalization, restructuring, liquidation, dissolution or other material transaction with respect to the Company or any of its subsidiaries
or any material portion of its or their businesses;

 

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(j)
enter into any negotiations, agreements or understandings with any Third Party with respect to the foregoing, or knowingly advise, assist,
encourage or seek to persuade any Third Party to take any action with respect to any of the foregoing, or otherwise take or cause any
action inconsistent with any of the foregoing;

 

(k)
publicly make or in any way advance publicly any request or proposal that the Company or the Board amend, modify or waive any provision
of this Agreement; or

 

(l)
take any action challenging the validity or enforceability of this Section 4 unless the Company is challenging the validity or
enforceability of this Section 4;

 

provided,
however, that the restrictions in this Section 4 shall not prevent the Urvan Group or its Affiliates from (i) making any
factual statement as required by applicable legal process, subpoena or legal requirement from any governmental authority with competent
jurisdiction over the party from whom information is sought (so long as such request did not arise as a result of action by the Urvan
Group), (ii) making any private communication, proposal, suggestion or recommendation to the Company, regarding any matter, that would
not be reasonably expected to trigger public disclosure obligations for any person, (iii) making any private communication with stockholders
of the Company and others in a manner that does not otherwise violate this Section 4 or Section 5, (iv) tendering shares,
receiving payment for shares, voting shares or otherwise participating in any transaction on the same basis as the other stockholders
of the Company or from participating in any transaction that has been approved by the Board, subject to the other terms of this Agreement,
(v) exercising any registration or related rights pursuant to the Merger Transaction Agreements, (vi) responding to inbound inquiries
it receives from a Third Party by directing such Third Party to contact a representative of the Company or refer to the Company’s
publicly available disclosures, or (vii) with the Board’s prior written consent, privately introducing Third Parties to the Board
or the Company’s officers. For the avoidance of doubt, nothing in this Section 4 shall be deemed to limit the exercise in
good faith by any of the Urvan Group Directors (or any Replacement Director, as applicable) of such person’s fiduciary duties in
such person’s capacity as a director of the Company.

 

5.
Mutual Non-Disparagement. Prior to the Termination Date, without the prior written consent of the other party, neither party
shall, nor shall it permit any of its Representatives to make any public or private disparaging statement about the other party, the
other party’s current or former directors in their capacity as such, the other party’s officers or employees (including with
respect to such persons’ service at the other party), the other party’s subsidiaries, or the business of the other party’s
subsidiaries or any of its or its subsidiaries’ current directors, officers or employees, including the business and current or
former directors, officers and employees of the other party’s controlled Affiliates, as applicable. The restrictions in this Section
5 shall not (a) apply to (i) any Legal Proceeding, compelled testimony or production of information, including whether by legal process,
subpoena or as part of a response to a request for information from, or disclosure to, any governmental, judicial, arbitral, or regulatory
authority with jurisdiction over the party from whom information is sought, (ii) any disclosure that such party reasonably believes,
after consultation with outside counsel, to be legally required by applicable law, rules or regulations, or (iii) any private communications
between the Urvan Group and the Company or any private communications between the Urvan Group and its members; or (b) prohibit any party
from reporting what it reasonably believes, after consultation with outside counsel, to be violations of federal law or regulation to
any governmental authority pursuant to Section 21F of the Exchange Act or Rule 21F promulgated thereunder.

 

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6.
Public Statements; SEC Filings.

 

(a)
No later than one (1) Business Day following the date of this Agreement, the Company shall issue a mutually agreed press release (the
“Press Release”) announcing this Agreement, substantially in the form attached hereto as Exhibit C. Prior to
the issuance of the Press Release, neither the Company nor the Urvan Group shall issue any press release or public announcement regarding
this Agreement or take any action that would require public disclosure thereof without the prior written consent of the other party.
Neither the Company nor the Urvan Group shall make any public statement or speak to any member of the media regarding the Settlement
Agreement in any manner that is inconsistent with the terms of the Settlement Agreement.

 

(b)
No later than two (2) Business Days following the date of this Agreement, the Company shall file with the SEC a Current Report on Form
8-K reporting its entry into this Agreement, disclosing applicable items to conform to its obligations hereunder and appending this Agreement
as an exhibit thereto (the “Form 8-K”). The Form 8-K shall be consistent with the terms of this Agreement and the
Press Release. The Company shall provide the Urvan Group with a reasonable opportunity to review and comment on the Form 8-K prior to
the filing with the SEC and consider in good faith any of the Urvan Group’s comments.

 

(c)
No later than two (2) Business Days following the date of this Agreement, the Urvan Group shall file with the SEC an amendment to its
Schedule 13D in compliance with Section 13 of the Exchange Act reporting its entry into this Agreement, disclosing applicable items to
conform to its obligations hereunder and including this Agreement as an exhibit thereto (the “Schedule 13D Amendment”).
The Schedule 13D Amendment shall be consistent with the terms of this Agreement and the Press Release. The Urvan Group shall provide
the Company with a reasonable opportunity to review the Schedule 13D Amendment prior to it being filed with the SEC and consider in good
faith any of the Company’s comments.

 

7.
Confidentiality.

 

(a)
In the event that Mr. Urvan is no longer a director on the Board, and any of the Urvan Group Directors are still serving as directors
on the Board, the Urvan Group acknowledges that such Urvan Group Directors shall not be permitted to share the Company’s confidential
information with Mr. Urvan, the Urvan Group or its Representatives, without the Board’s prior written consent.

 

(b)
For the avoidance of doubt, the parties acknowledge and agree that the obligations of the Urvan Group and the Urvan Group Directors under
this Section 7 shall be in addition to, and not in lieu of, the Urvan Group Directors’ confidentiality obligations under
Delaware law and the Governance Documents.

 

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8.
Compliance with Securities Laws; Company Policies. The Urvan Group acknowledges that it understands its obligations under
the U.S. securities laws. Subject to compliance with such laws, the Urvan Group and its Representatives shall in any event be free to
trade or engage in such transactions during periods when the members of the Board are permitted to do so, and the Company shall notify
the Urvan Group reasonably in advance when such “open window” trading periods begin and end. The Company acknowledges that
none of the provisions herein shall in any way limit the activities of the Urvan Group or its Representatives in their respective ordinary
course of businesses if such activities do not violate applicable securities laws or the obligations specifically agreed to under this
Agreement. In addition, nothing contained in this Agreement shall restrict the ability of the Urvan Group or its Representatives from
purchasing, selling or otherwise trading securities of the Company pursuant to any Rule 10b5-1 trading plan.

 

9.
Affiliates and Associates. Each party shall instruct its controlled Affiliates and Associates to comply with the terms of
this Agreement and shall be responsible for any breach of this Agreement by any such controlled Affiliate or Associate. A breach of this
Agreement by a controlled Affiliate or Associate of a party, if such controlled Affiliate or Associate is not a party to this Agreement,
shall be deemed to occur if such controlled Affiliate or Associate engages in conduct that would constitute a breach of this Agreement
if such controlled Affiliate or Associate was a party to the same extent as a party to this Agreement.

 

10.
Representations and Warranties.

 

(a)
Each member of the Urvan Group represents and warrants that he or she has full power and authority to execute, deliver and carry out
the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and that this Agreement has been duly
and validly executed and delivered by him or her, constitutes a valid and binding obligation and agreement of him or her and is enforceable
against him or her in accordance with its terms. Each member of the Urvan Group represents that the execution of this Agreement, the
consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with
the terms hereof, will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it or (ii)
result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute
such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination,
amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement
to which it is a party or by which it is bound. Mr. Urvan represents and warrants that, as of the date of this Agreement, he beneficially
owns an aggregate of 20,050,000 shares of Common Stock and has voting authority over such shares. Ms. Lokey represents and warrants that,
as of the date of this Agreement, she beneficially owns an aggregate of 40,000 shares of Common Stock and has voting authority over such
shares. Each of Mr. Urvan and Ms. Lokey represents and warrants that they own no Synthetic Equity Interests or any Short Interests in
the Company.

 

(b)
The Company hereby represents and warrants that it has the power and authority to execute, deliver and carry out the terms and provisions
of this Agreement and to consummate the transactions contemplated hereby, and that this Agreement has been duly and validly authorized,
executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against
the Company in accordance with its terms. The Company represents that the execution of this Agreement, the consummation of any of the
transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not
conflict with, or result in a breach or violation of the organizational documents of the Company as currently in effect, the execution,
delivery and performance of this Agreement by the Company does not and will not violate or conflict with (i) any law, rule, regulation,
order, judgment or decree applicable to the Company or (ii) result in any breach or violation of or constitute a default (or an event
which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the
loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document,
agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.

 

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11.
Termination.

 

(a)
Unless otherwise mutually agreed to in writing by each party, this Agreement shall remain in effect until the date that is the earlier
of (i) the date that is thirty (30) calendar days prior to the earlier of (A) the deadline set forth in the notice requirements of Federal
“Universal Proxy Rules” promulgated under Rule 14a-19(a) and Rule 14a-19(b) under the Exchange Act (the “UPR Deadline”)
relating to the Company’s 2023 annual meeting of stockholders (the “2023 Annual Meeting”) and (B) any deadline
that may be set forth in the Certificate of Incorporation or the Bylaws following the execution of this Agreement relating to the nomination
of director candidates for election to the Board at the 2023 Annual Meeting, and (ii) ninety (90) calendar days prior to the first anniversary
of the 2022 Annual Meeting (the effective date of such termination of this Agreement, the “Termination Date”); provided,
however, that if the Company notifies Mr. Urvan in writing at least fifteen (15) calendar days prior to such Termination Date that
the Board irrevocably offers to re-nominate the Urvan Group Directors for election at the 2023 Annual Meeting and Mr. Urvan accepts such
offer within fifteen (15) calendar days of receipt of such notice, the Termination Date shall be automatically extended until the date
that is the earlier of (i) the date that is thirty (30) calendar days prior to the earlier of (A) the UPR Deadline relating to the Company’s
2024 annual meeting of stockholders (the “2024 Annual Meeting”) and (B) any deadline that may be set forth in the
Certificate of Incorporation or the Bylaws following execution of this Agreement relating to the nomination of director candidates for
election to the Board at the 2024 Annual Meeting, and (ii) ninety (90) calendar days prior to the first anniversary of the 2023 Annual
Meeting. Notwithstanding the foregoing, the Termination Date shall not occur prior to the date that is twenty (20) calendar days following
the date of Mr. Urvan’s departure from the Board.

 

(b)
Notwithstanding anything to the contrary in this Agreement:

 

(i)
the obligations of the Urvan Group pursuant to Sections 1, 3, 4 and 5 shall terminate in the event that the
Company materially breaches its obligations to the Urvan Group pursuant to Sections 1, 2, 5 or 11 or the
representations and warranties in Sections 10(b) of this Agreement and such breach (if capable of being cured) has not been cured
within ten (10) calendar days following written notice of such breach from the Urvan Group, or, if impossible to cure within ten (10)
calendar days, the Company has not taken substantive action to correct within ten (10) calendar days following written notice of such
breach from the Urvan Group; and

 

    	10

    	 

    

 

(ii)
the obligations of the Company to the Urvan Group pursuant to Sections 1 and 5 shall terminate in the event that the Urvan
Group materially breaches its obligations in Sections 1, 3, 4, 5 or 7 or the representations and warranties
in Section 10(a) and such breach (if capable of being cured) has not been cured within ten (10) calendar days following written
notice of such breach, or, if impossible to cure within ten (10) calendar days, the Urvan Group has not taken substantive action to correct
within ten (10) calendar days following written notice of such breach from the Company.

 

(c)
If this Agreement is terminated in accordance with this Section 11, this Agreement shall forthwith become null and void, but no
termination shall relieve either party from liability for any breach of this Agreement prior to such termination. Notwithstanding the
foregoing, this Section 11 and Sections 12 through 17 shall survive the termination of this Agreement.

 

12.
Expenses. The Company shall reimburse the Urvan Group for documented out-of-pocket costs, fees and expenses (including attorneys’
fees and other legal expenses and expenses related to the engagement of other advisors and consultants) incurred by the Urvan Group in
connection with its engagement with the Company, the negotiation and execution of this Agreement and related matters, in an amount not
to exceed $500,000.

 

13.
Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand, with written confirmation of receipt;
(b) upon sending if sent by electronic mail to the electronic mail addresses below, with confirmation of receipt from the receiving party
by electronic mail; (c) one (1) Business Day after being sent by a nationally recognized overnight carrier to the addresses set forth
below; or (d) when actually delivered if sent by any other method that results in delivery, with written confirmation of receipt:

 

	If
                                            to the Company:

     

     

    AMMO,
    Inc.

    7681
    E. Gray Road

    Scottsdale,
    AZ 85260

    Attn:
    Tod Wagenhals, EVP and Secretary

    Email:
    tod@ammo-inc.com
	 	with
                                            mandatory copies (which shall not constitute notice) to:

     

    Sidley
    Austin LLP

    787
    Seventh Avenue

    New
    York, NY 10019

    Attn:
    Kai H.E. Liekefett

             Leonard
    Wood

     

    Email:
    kliekefett@sidley.com

    lwood@sidley.com

     

	If
                                            to the Urvan Group:

     

    Steven
    F. Urvan

    7491
    N Federal Highway

    STE
    C5 PMB 379

    Boca
    Raton, FL 33487

     

    Email:
    steve@50x50.com
	 	with
                                            mandatory copies (which shall not constitute notice) to:

     

    Olshan
    Frome Wolosky LLP

     

    1325
    Avenue of the Americas

    New
    York, New York 10019

    Attn:
    Steve Wolosky

              Meagan
M. Reda

     

    Email:
    swolosky@olshanlaw.com

    
               mreda@olshanlaw.com

    

 

    	11

    	 

    

 

14.
Governing Law; Jurisdiction; Jury Waiver. This Agreement, and any disputes arising out of or related to this Agreement (whether
for breach of contract, tortious conduct or otherwise), shall be governed by, and construed in accordance with, the laws of the State
of Delaware, without giving effect to its conflict of laws principles. The parties agree that exclusive jurisdiction and venue for any
Legal Proceeding arising out of or related to this Agreement shall exclusively lie in the Court of Chancery of the State of Delaware
or, if such Court does not have subject matter jurisdiction, the Superior Court of the State of Delaware or, if jurisdiction is vested
exclusively in the Federal courts of the United States, the Federal courts of the United States sitting in the State of Delaware, and
any appellate court from any such state or Federal court. Each party waives any objection it may now or hereafter have to the laying
of venue of any such Legal Proceeding, and irrevocably submits to personal jurisdiction in any such court in any such Legal Proceeding
and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any court that any such Legal Proceeding
brought in any such court has been brought in any inconvenient forum. Each party consents to accept service of process in any such Legal
Proceeding by service of a copy thereof upon either its registered agent in the State of Delaware or the Secretary of State of the State
of Delaware, with a copy delivered to it by certified or registered mail, postage prepaid, return receipt requested, addressed to it
at the address set forth in Section 13. Nothing contained herein shall be deemed to affect the right of any party to serve process
in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT.

 

15.
Specific Performance. Each party to this Agreement acknowledges and agrees that the other party would be irreparably injured
by an actual breach of this Agreement by the first-mentioned party or its Representatives and that monetary remedies would be inadequate
to protect either party against any actual or threatened breach or continuation of any breach of this Agreement. Without prejudice to
any other rights and remedies otherwise available to the parties under this Agreement, each party shall be entitled to equitable relief
by way of injunction or otherwise and specific performance of the provisions hereof upon satisfying the requirements to obtain such relief
without the necessity of posting a bond or other security, if the other party or any of its Representatives breach or threaten to breach
any provision of this Agreement. Such remedy shall not be deemed to be the exclusive remedy for a breach of this Agreement, but shall
be in addition to all other remedies available at law or equity to the non-breaching party.

 

    	12

    	 

    

 

 

16.
Certain Definitions and Interpretations. As used in this Agreement: (a) the terms “Affiliate” and “Associate”
(and any plurals thereof) have the meanings ascribed to such terms under Rule 12b-2 promulgated by the SEC under the Exchange Act and
shall include all persons or entities that at any time prior to the Termination Date become Affiliates or Associates of any applicable
person or entity referred to in this Agreement; provided, however, that the term “Associate” shall refer only
to Associates controlled by the Company or the Urvan Group, as applicable; provided, further, that, for purposes of this Agreement,
the Urvan Group and the Company shall not be Affiliates or Associates of one another; (b) the term “Annual Meeting”
means each annual meeting of stockholders of the Company and any adjournment, postponement, rescheduling or continuation thereof; (c)
the terms “beneficial ownership,” “group,” “participant,” “person,”
“proxy” and “solicitation” (and any plurals thereof) have the meanings ascribed to such terms under
the Exchange Act and the rules and regulations promulgated thereunder, provided that the meaning of “solicitation”
shall be without regard to the exclusions set forth in Rules 14a-1(l)(2)(iv) and 14a-2 under the Exchange Act; (d) the term “Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized
or obligated to be closed by applicable law; (e) the term “Bylaws” means the Bylaws of the Company, as amended from
time to time; (f) the term “Certificate of Incorporation” means the Company’s Amended and Restated Certificate
of Incorporation of the Company, as amended from time to time; (g) the term “Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder; (h) the term “Extraordinary Transaction”
means any tender offer, exchange offer, merger, consolidation, acquisition, business combination, sale, recapitalization, restructuring,
or other transaction with a Third Party that, in each case, that results in a change in control of the Company or the sale of substantially
all of its assets; (i) the term “Legal Proceeding” means any actual or threatened claim, charge, action, hearing,
grievance, cause of action, complaint, demand, suit, inquiry, audit, notice of violation, proceeding, litigation, citation, summons,
subpoena, investigation, originating application to a tribunal, or arbitration or other proceeding at law or in equity or order or ruling,
of any nature, in each case whether civil, criminal, administrative, investigative or otherwise, and whether in contract, in tort or
otherwise; (j) the term “Merger Transaction Agreements” means (i) the Agreement and Plan of Merger, by and among the
Company, SpeedLight Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“Sub”),
Gemini Direct Investments, LLC, a Nevada limited liability company (“Gemini”), and Mr. Urvan, whereby Sub merged with and
into Gemini, with Sub surviving the merger as a wholly owned subsidiary of the Company, (ii) the Investor Rights Agreement, dated April
30, 2021, by and among the Company, Gemini, Sub and Mr. Urvan and (iii) the Pledge and Escrow Agreement, dated April 30, 2021, by and
between the Company and Mr. Urvan; (k) the term “Net Long Position” means such shares of Common Stock beneficially
owned, directly or indirectly, that constitute such person’s net long position as defined in Rule 14e-4 under the Exchange Act
mutatis mutandis, provided that “Net Long Position” shall not include any shares as to which such person does
not have the right to vote or direct the vote other than as a result of being in a margin account, or as to which such person has entered
into a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, directly or indirectly,
any of the economic consequences of ownership of such shares; and the terms “person” or “persons,” for purposes
of the meaning of the term “Net Long Position,” shall mean any individual, corporation (including not-for-profit), general
or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, associate, organization or other
entity of any kind or nature; (l) the term “Representatives” means (i) a person’s Affiliates and Associates
and (ii) its and their respective directors, officers, employees, partners, members, managers, consultants, legal or other advisors,
agents and other representatives acting in a capacity on behalf of, in concert with or at the direction of such person or its Affiliates
or Associates; (m) the term “SEC” means the U.S. Securities and Exchange Commission; (n) the term “Short
Interests” means any agreement, arrangement, understanding or relationship, including any repurchase or similar so-called “stock
borrowing” agreement or arrangement, engaged in, directly or indirectly, by such person, the purpose or effect of which is to mitigate
loss to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the Company’s equity securities
by, manage the risk of share price changes for, or increase or decrease the voting power of, such person with respect to the shares of
any class or series of the Company’s equity securities, or that provides, directly or indirectly, the opportunity to profit from
any decrease in the price or value of the shares of any class or series of the Company’s equity securities (excluding, for the
avoidance of doubt, customary margin accounts and the effects thereof); (o) the term “Stockholder Meeting” means each
annual or special meeting of stockholders of the Company, or any action by written consent of the Company’s stockholders in lieu
thereof, and any adjournment, postponement, rescheduling or continuation thereof; (p) the term “Synthetic Equity Interests”
means any derivative, swap or other transaction or series of transactions engaged in, directly or indirectly, by such person, the purpose
or effect of which is to give such person economic risk similar to ownership of equity securities of any class or series of the Company,
including due to the fact that the value of such derivative, swap or other transactions are determined by reference to the price, value
or volatility of any shares of any class or series of the Company’s equity securities, or which derivative, swap or other transactions
provide the opportunity to profit from any increase in the price or value of shares of any class or series of the Company’s equity
securities, without regard to whether (i) the derivative, swap or other transactions convey any voting rights in such equity securities
to such person, (ii) the derivative, swap or other transactions are required to be, or are capable of being, settled through delivery
of such equity securities, or (iii) such person may have entered into other transactions that hedge or mitigate the economic effect of
such derivative, swap or other transactions; and (q) the term “Third Party” refers to any person that is not a party,
a member of the Board, a director or officer of the Company, or legal counsel to either party. In this Agreement, unless a clear contrary
intention appears, (i) the word “including” (in its various forms) means “including, without limitation”; (ii)
the words “hereunder,” “hereof,” “hereto” and words of similar import are references to this Agreement
as a whole and not to any particular provision of this Agreement; (iii) the word “or” is not exclusive; (iv) references to
“Sections” in this Agreement are references to Sections of this Agreement unless otherwise indicated; and (v) whenever the
context requires, the masculine gender shall include the feminine and neuter genders.

 

    	13

    	 

    

 

17.
Miscellaneous.

 

(a)
This Agreement, including all exhibits hereto, contains the entire agreement between the parties and supersedes all other prior agreements
and understandings, both written and oral, between the parties with respect to the subject matter hereof, except for that certain letter
agreement between the Company and Mr. Urvan dated as of the date hereof. For the avoidance of doubt, except as expressly provided herein,
this Agreement has no effect on the parties’ respective rights and obligations pursuant to the Merger Transaction Agreements to
the extent any such rights and obligations still exist.

 

(b)
This Agreement is solely for the benefit of the parties and is not enforceable by any other persons.

 

(c)
This Agreement shall not be assignable by operation of law or otherwise by a party without the consent of the other party. Any purported
assignment without such consent is void ab initio. Subject to the foregoing sentence, this Agreement shall be binding upon, inure
to the benefit of, and be enforceable by and against the permitted successors and assigns of each party.

 

(d)
Neither the failure nor any delay by a party in exercising any right, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right,
power or privilege hereunder.

 

(e)
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect
and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the parties that
the parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be
hereafter declared invalid, void or unenforceable. In addition, the parties agree to use their reasonable best efforts to agree upon
and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable
by a court of competent jurisdiction.

 

(f)
Any amendment or modification of the terms and conditions set forth herein or any waiver of such terms and conditions must be agreed
to in a writing signed by each party.

 

(g)
This Agreement may be executed in one or more textually identical counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic
mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the original
graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original
signature.

 

(h)
Each of the parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded
the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party and its counsel
cooperated and participated in the drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among
the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting
or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement
against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy
over interpretations of this Agreement shall be decided without regard to events of drafting or preparation.

 

(i)
The headings set forth in this Agreement are for convenience of reference purposes only and shall not affect or be deemed to affect in
any way the meaning or interpretation of this Agreement or any term or provision of this Agreement.

 

[Signature
Page Follows]

 

    	14

    	 

    

 

IN
WITNESS WHEREOF, each of the parties has executed this Agreement, or caused the same to be executed by its duly authorized representative,
as of the date first above written.

 

	 	AMMO,
INC.
	 	 	 
	 	By:
    	/s/
    Fred Wagenhals
	 	Name:
    	Fred
    Wagenhals
	 	Title:
    	Chief
    Executive Officer

 

Signature
Page to Settlement Agreement

 

    	 

    	 

    

 

	 	STEVEN
    F. URVAN
	 	 	 
	 	By:	/s/
    Steven F. Urvan
	 	 	 
	 	SUSAN
    T. LOKEY
	 	 	 
	 	By:	/s/
    Susan T. Lokey

 

Signature
Page to Settlement Agreement

 

    	 

    	 

    

 

Exhibit
A

 

Form
of Irrevocable Director Resignation Letter

 

November
3, 2022

 

Board
of Directors

AMMO,
Inc.

7681
E. Gray Road

Scottsdale,
Arizona 85260

 

Re:
Irrevocable Resignation

 

Ladies
and Gentlemen,

 

This
letter is delivered pursuant to Section 1(i) of the Settlement Agreement, dated as of November 3, 2022 (the “Agreement”),
by and between AMMO, Inc. and the Urvan Group. Capitalized terms used herein but not defined shall have the meaning set forth in the
Agreement.

 

I
hereby resign from my position as a director of the Company and from any and all committees of the Board on which I serve, subject to
the Board’s acceptance of this resignation, effective only upon the date on which the Urvan Group’s and its Affiliates’
aggregate Net Long Position falls below the Ownership Minimum Requirement.

 

This
resignation is irrevocable and may not be withdrawn by me at any time.

 

	 	 
	 	Steven
    F. Urvan 

 

    	 

    	 

    

 

Exhibit
B

 

Form
of Irrevocable Employee Resignation Letter

 

November
3, 2022

 

Fred
Wagenhals

AMMO,
Inc.

7681
E. Gray Road

Scottsdale,
Arizona 85260

 

Re:
Irrevocable Resignation

 

Dear
Mr. Wagenhals,

 

This
letter is delivered pursuant to Section 2(c)(ii) of the Settlement Agreement, dated as of November 3, 2022 (the “Agreement”),
by and between AMMO, Inc. and the Urvan Group. Capitalized terms used herein but not defined shall have the meaning set forth in the
Agreement.

 

I
hereby resign from my position as an employee of the Company, effective upon the later of (A) the conclusion of the 2022 Annual Meeting
and (B) December 31, 2022. This resignation is irrevocable and may not be withdrawn by me at any time.

 

	 	 
	 	[Name]

 

    	 

    	 

    

 

Exhibit
C

 

Form
of Press ReleaseEX-4.2

 Exhibit 4.2 

VERICA PHARMACEUTICALS INC., 

Issuer 
 AND 

[TRUSTEE], 
 Trustee

  
  

INDENTURE 
 Dated as of
[•], 20         
  

 
 Debt
Securities 

 TABLE OF CONTENTS 

 

					
		
	 	  	PAGE	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
		
	 Section 1.01 Definitions of Terms
	  	 	1	 
		
	 ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
	  	 	4	 
		
	 Section 2.01 Designation and Terms of Securities
	  	 	4	 
		
	 Section 2.02 Form of Securities and Trustee’s Certificate
	  	 	6	 
		
	 Section 2.03 Denominations: Provisions for Payment
	  	 	6	 
		
	 Section 2.04 Execution and Authentications
	  	 	7	 
		
	 Section 2.05 Registration of Transfer and Exchange
	  	 	8	 
		
	 Section 2.06 Temporary Securities
	  	 	9	 
		
	 Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities
	  	 	9	 
		
	 Section 2.08 Cancellation
	  	 	10	 
		
	 Section 2.09 Benefits of Indenture
	  	 	10	 
		
	 Section 2.10 Authenticating Agent
	  	 	10	 
		
	 Section 2.11 Global Securities
	  	 	10	 
		
	 Section 2.12 CUSIP Numbers
	  	 	11	 
		
	 ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	 	11	 
		
	 Section 3.01 Redemption
	  	 	11	 
		
	 Section 3.02 Notice of Redemption
	  	 	11	 
		
	 Section 3.03 Payment Upon Redemption
	  	 	12	 
		
	 Section 3.04 Sinking Fund
	  	 	13	 
		
	 Section 3.05 Satisfaction of Sinking Fund Payments with Securities.
	  	 	13	 
		
	 Section 3.06 Redemption of Securities for Sinking Fund
	  	 	13	 
		
	 ARTICLE 4 COVENANTS
	  	 	13	 
		
	 Section 4.01 Payment of Principal, Premium and Interest
	  	 	13	 
		
	 Section 4.02 Maintenance of Office or Agency
	  	 	14	 
		
	 Section 4.03 Paying Agents
	  	 	14	 
		
	 Section 4.04 Appointment to Fill Vacancy in Office of Trustee
	  	 	15	 
		
	 ARTICLE 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	 	15	 
		
	 Section 5.01 Company to Furnish Trustee Names and Addresses of Securityholders
	  	 	15	 
		
	 Section 5.02 Preservation Of Information; Communications With Securityholders
	  	 	15	 
		
	 Section 5.03 Reports by the Company
	  	 	15	 
		
	 Section 5.04 Reports by the Trustee
	  	 	16	 

  
 i. 

 TABLE OF CONTENTS 

(CONTINUED) 
  

					
	 	  	PAGE	 
		
	 ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	16	 
		
	 Section 6.01 Events of Default
	  	 	16	 
		
	 Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	17	 
		
	 Section 6.03 Application of Moneys Collected
	  	 	18	 
		
	 Section 6.04 Limitation on Suits
	  	 	19	 
		
	 Section 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver
	  	 	19	 
		
	 Section 6.06 Control by Securityholders
	  	 	19	 
		
	 Section 6.07 Undertaking to Pay Costs
	  	 	20	 
		
	 ARTICLE 7 CONCERNING THE TRUSTEE
	  	 	20	 
		
	 Section 7.01 Certain Duties and Responsibilities of Trustee
	  	 	20	 
		
	 Section 7.02 Certain Rights of Trustee
	  	 	21	 
		
	 Section 7.03 Trustee Not Responsible for Recitals or Issuance or Securities
	  	 	23	 
		
	 Section 7.04 May Hold Securities
	  	 	23	 
		
	 Section 7.05 Moneys Held in Trust
	  	 	23	 
		
	 Section 7.06 Compensation and Reimbursement
	  	 	23	 
		
	 Section 7.07 Reliance on Officer’s Certificate
	  	 	24	 
		
	 Section 7.08 Disqualification; Conflicting Interests
	  	 	24	 
		
	 Section 7.09 Corporate Trustee Required; Eligibility
	  	 	24	 
		
	 Section 7.10 Resignation and Removal; Appointment of Successor
	  	 	24	 
		
	 Section 7.11 Acceptance of Appointment By Successor
	  	 	25	 
		
	 Section 7.12 Merger, Conversion, Consolidation or Succession to Business
	  	 	26	 
		
	 Section 7.13 Preferential Collection of Claims Against the Company
	  	 	26	 
		
	 Section 7.14 Notice of Default
	  	 	26	 
		
	 ARTICLE 8 CONCERNING THE SECURITYHOLDERS
	  	 	27	 
		
	 Section 8.01 Evidence of Action by Securityholders
	  	 	27	 
		
	 Section 8.02 Proof of Execution by Securityholders
	  	 	27	 
		
	 Section 8.03 Who May be Deemed Owners
	  	 	27	 
		
	 Section 8.04 Certain Securities Owned by Company Disregarded
	  	 	28	 
		
	 Section 8.05 Actions Binding on Future Securityholders
	  	 	28	 
		
	 ARTICLE 9 SUPPLEMENTAL INDENTURES
	  	 	28	 
		
	 Section 9.01 Supplemental Indentures Without the Consent of Securityholders
	  	 	28	 
		
	 Section 9.02 Supplemental Indentures With Consent of Securityholders
	  	 	29	 
		
	 Section 9.03 Effect of Supplemental Indentures
	  	 	29	 
		
	 Section 9.04 Securities Affected by Supplemental Indentures
	  	 	29	 
		
	 Section 9.05 Execution of Supplemental Indentures
	  	 	30	 

  
 ii. 

 TABLE OF CONTENTS 

(CONTINUED) 
  

					
		
	 	  	PAGE	 
		
	 ARTICLE 10 SUCCESSOR ENTITY
	  	 	30	 
		
	 Section 10.01 Company May Consolidate, Etc.
	  	 	30	 
		
	 Section 10.02 Successor Entity Substituted
	  	 	30	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	31	 
		
	 Section 11.01 Satisfaction and Discharge of Indenture
	  	 	31	 
		
	 Section 11.02 Discharge of Obligations
	  	 	31	 
		
	 Section 11.03 Deposited Moneys to be Held in Trust
	  	 	32	 
		
	 Section 11.04 Payment of Moneys Held by Paying Agents
	  	 	32	 
		
	 Section 11.05 Repayment to Company
	  	 	32	 
		
	 ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	32	 
		
	 Section 12.01 No Recourse
	  	 	32	 
		
	 ARTICLE 13 MISCELLANEOUS PROVISIONS
	  	 	32	 
		
	 Section 13.01 Effect on Successors and Assigns
	  	 	32	 
		
	 Section 13.02 Actions by Successor
	  	 	33	 
		
	 Section 13.03 Surrender of Company Powers
	  	 	33	 
		
	 Section 13.04 Notices
	  	 	33	 
		
	 Section 13.05 Governing Law; Jury Trial Waiver
	  	 	33	 
		
	 Section 13.06 Treatment of Securities as Debt
	  	 	33	 
		
	 Section 13.07 Certificates and Opinions as to Conditions Precedent
	  	 	33	 
		
	 Section 13.08 Payments on Business Days
	  	 	34	 
		
	 Section 13.09 Conflict with Trust Indenture Act
	  	 	34	 
		
	 Section 13.10 Counterparts
	  	 	34	 
		
	 Section 13.11 Separability
	  	 	34	 
		
	 Section 13.12 Compliance Certificates
	  	 	34	 
		
	 Section 13.13 U.S.A Patriot Act
	  	 	34	 
		
	 Section 13.14 Force Majeure
	  	 	35	 
		
	 Section 13.15 Table of Contents; Headings
	  	 	35	 

  

  
 iii. 

 INDENTURE 

INDENTURE, dated as of [•], 20__, among VERRICA PHARMACEUTICALS
INC., a Delaware corporation (the “Company”), and [TRUSTEE], as trustee (the “Trustee”): 

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

WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued
and delivered, the Company has duly authorized the execution of this Indenture; and 
 WHEREAS, all
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

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

ARTICLE 1 
 DEFINITIONS

 Section 1.01 Definitions of Terms. 

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

“Authenticating Agent” means the Trustee or an authenticating agent with respect to all or any of the series of
Securities appointed by the Trustee pursuant to Section 2.10. 
 “Bankruptcy Law” means Title 11, U.S. Code, or
any similar federal or state law for the relief of debtors. 
 “Board of Directors” means the Board of
Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board. 
 “Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect
on the date of such certification. 
 “Business Day” means, with respect to any series of Securities, any day other
than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close.

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

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

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

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

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

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such
Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be
designated by the Company pursuant to either Section 2.01 or 2.11. 
 “Event of Default” means, with respect to
Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated. 

“Exchange Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder. 
 The term “given”, “mailed”,
“notify” or “sent” with respect to any notice to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Securityholder by first class mail,
postage prepaid, at its address as it appears on the Security Register (in the case of a definitive Security). Notice so “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under
this Indenture. 
 “Global Security” means a Security issued to evidence all or a part of any series of Securities
which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its
nominee. 
 “Governmental Obligations” means securities that are (a) direct obligations of the United States of
America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the Securities, and shall also
include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account
of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

“herein”, “hereof” and “hereunder”, and other words of similar import,
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of
Securities established as contemplated by Section 2.01. 
 “Interest Payment Date”, when used with respect to
any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of
interest with respect to Securities of that series is due and payable. 

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

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

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

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

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

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same
debt as the lost, destroyed or stolen Security. 
 “Responsible Officer” when used with respect to the
Trustee means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case who shall have direct
responsibility for the administration of this Indenture. 
 “Securities” has the meaning stated in the first recital
of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Securityholder”, “holder of
Securities”, “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this
Indenture. 
 “Security Register” and “Security Registrar” shall have the
meanings as set forth in Section 2.05. 

  
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 “Subsidiary” means, with respect to any Person, any corporation,
association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or
more Subsidiaries of such Person. 
 “Trustee” means _________________________, and, subject to the provisions of
Article Seven, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term
“Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series. 

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

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

ARTICLE 2 
 ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND 
 EXCHANGE OF SECURITIES 

Section 2.01 Designation and Terms of Securities. 

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

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

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

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

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

(5) the applicability of any guarantees; 

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

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

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

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

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

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

(13) the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S.
dollars ($1,000) or any integral multiple thereof; 
 (14) any and all terms, if applicable, relating to any auction or remarketing
of the Securities of that series and any security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities of that series; 

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

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

(17) if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01; 
 (18) additions to or changes in
the covenants applicable to the series of Securities being issued, including, among others, the consolidation, merger or sale covenant; 

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

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

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

(22) additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent of
Securityholders of Securities issued under this Indenture; 
 (23) the currency of payment of Securities if other than U.S. dollars
and the manner of determining the equivalent amount in U.S. dollars; 

  
 5 

 (24) whether interest will be payable in cash or additional Securities at the
Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made; 
 (25) the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United
States person” for federal tax purposes; 
 (26) any restrictions on transfer, sale or assignment of the
Securities of the series; and 
 (27) any other specific terms, preferences, rights or limitations of, or restrictions on, the
Securities, any other additions or changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations. 

All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a
Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
of the Company setting forth the terms of the series. 
 Securities of any particular series may be issued at various times, with different
dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with
different redemption dates. 
 Section 2.02 Form of Securities and Trustee’s Certificate. 

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

Section 2.03 Denominations: Provisions for Payment. 

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

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

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

(1) The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered in the Security Register at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent, to each Securityholder not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and
the special record date therefor having been sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered in the Security Register on such special
record date. 
 (2) The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Unless otherwise set forth in a Board Resolution or one
or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest
Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment
Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or
not such date is a Business Day. 
 Subject to the foregoing provisions of this Section, each Security of a series delivered under this
Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 

Section 2.04 Execution and Authentications. 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature. 
 The Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution),
notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee. 
 A Security
shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered
hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such
Securities. 

  
 7 

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

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

Section 2.05 Registration of Transfer and Exchange. 

(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such
purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section.
In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder
making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
 (b) The Company shall keep,
or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the
Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of
Securities as herein provided shall be appointed as authorized by Board Resolution or Supplemental Indenture (the “Security Registrar”). 

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

The Company initially appoints the Trustee as initial Security Registrar for each series of Securities 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing. 
 (c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an
Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption
of any series or repurchase, conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than
exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer. 
 (d) The Company
and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than
all the Outstanding Securities of the same series and ending at the close of business on the day of such sending, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption or
surrendered for repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect
to any Global Security, subject to Section 2.11 hereof. 

  
 8 

 The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of
interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements hereof. 
 Section 2.06 Temporary Securities.

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

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or
indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 

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

  
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 Section 2.08 Cancellation. 

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

Section 2.09 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the
sole benefit of the parties hereto and of the holders of the Securities. 
 Section 2.10 Authenticating Agent. 

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

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of
any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
 Section 2.11 Global
Securities. 
 (a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to
be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction (or if the Depositary names the Trustee as its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 

  
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 (b) Notwithstanding the provisions of Section 2.05, the Global Security of a
series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a
nominee of such successor Depositary. 
 (c) If at any time the Depositary for a series of the Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor
Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has
received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and
deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global
Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such
series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security
pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee
shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 

Section 2.12 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 Securityholders; 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 Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 
 ARTICLE 3 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 

Section 3.01 Redemption. 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for
such series pursuant to Section 2.01 hereof. 
 Section 3.02 Notice of Redemption. 

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be
redeemed by mailing, (or with regard to any Global Security held in book entry form, by electronic mail in accordance with the applicable procedures of the Depositary), a notice of such redemption not

  
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less than 30 days and not more than 90 days before the date fixed for redemption of that series to such Securityholders, unless a shorter period is specified in the Securities to be redeemed. Any
notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any
series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any
such restriction. 
 Each such notice of redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed
for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon
presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking
fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 

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

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

Section 3.03 Payment Upon Redemption. 

(a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption and
interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security
or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such
series, together with interest accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.03). 
 (b) Upon presentation of any
Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 

  
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 Section 3.04 Sinking Fund. 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as
otherwise specified as contemplated by Section 2.01 for Securities of such series. 
 The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to
as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
 Section 3.05
Satisfaction of Sinking Fund Payments with Securities. 
 The Company (i) may deliver Outstanding Securities of a series and
(ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such
series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 Section 3.06 Redemption of
Securities for Sinking Fund. 
 Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a
shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the
portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 and the Company shall
cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and
in the manner stated in Section 3.03. 
 ARTICLE 4 

COVENANTS 

Section 4.01 Payment of Principal, Premium and Interest. 

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

  
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 Section 4.02 Maintenance of Office or Agency. 

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

Section 4.03 Paying Agents. 

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

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

(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 
 (3)
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 

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

(b) If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date
of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so
becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities)
to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the
paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the
Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 
 (c) Notwithstanding anything in this
Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those
upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.

  
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 Section 4.04 Appointment to Fill Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10,
a Trustee, so that there shall at all times be a Trustee hereunder. 
 ARTICLE 5 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

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

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish
or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any
series for which the Trustee shall be the Security Registrar. 
 Section 5.02 Preservation Of Information; Communications With
Securityholders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the
names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security
Registrar (if acting in such capacity). 
 (b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon
receipt of a new list so furnished. 
 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture
Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act
in accordance with the provisions of Section 312(b) of the Trust Indenture Act. 
 Section 5.03 Reports by the Company.

 (a) The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees
to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided,
however, the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission; and provided
further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the
Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed thereof
by the Commission shall not be deemed a breach of this Section 5.03. 

  
 15 

 (b) Delivery of reports, information and documents to the Trustee under
Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained
therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine any such reports, information
or documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein. The Trustee
shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings with the Commission on EDGAR (or any successor system) has occurred. 

Section 5.04 Reports by the Trustee. 

(a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall
send to the Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act. 

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

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

ARTICLE 6 
 REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
 Section 6.01 Events of Default. 

(a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the
following events that has occurred and is continuing: 
 (1) the Company defaults in the payment of any installment of interest upon
any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in
accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 

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

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

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

  
 16 

 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that
(i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains
unstayed and in effect for 90 days. 
 (b) In each and every such case (other than an Event of Default specified in clause
(4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series
to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and
unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

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

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

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

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

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

  
 17 

 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding
to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity
out of the property of the Company or other obligor upon the Securities of that series, wherever situated. 
 (c) In case of any
receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and
take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of
the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable
by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any
receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06. 
 (d) All rights of
action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any
trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of
any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series. 
 In case of an Event
of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law. 
 Nothing contained herein shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Securityholder thereof or to
authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 
 Section 6.03 Application of
Moneys Collected. 
 Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall
be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation
thereon of the payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses of
collection and of all amounts payable to the Trustee under Section 7.06; 
 SECOND: To the payment of the amounts then due and unpaid
upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and
payable on such Securities for principal (and premium, if any) and interest, respectively; and 

  
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 THIRD: To the payment of the remainder, if any, to the Company or any other Person lawfully
entitled thereto. 
 Section 6.04 Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such Securityholder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal
amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such Securityholder or Securityholders shall have
offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall
have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any
Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to
institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood,
intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue
or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right
under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Section 6.05 Rights and Remedies
Cumulative; Delay or Omission Not Waiver. 
 (a) Except as otherwise provided in Section 2.07, all powers and remedies given
by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

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

Section 6.06 Control by Securityholders. 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties

  
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under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in
aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the
performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any
premium has been deposited with the Trustee (in accordance with Section 6.01(c))). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of
the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 6.07 Undertaking to Pay Costs. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more
than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such
series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture. 
 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities of Trustee. 

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

(b) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the occurrence of an Event of Default with
respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred: 

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

  
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 (B) in the absence of bad faith on the part of the Trustee, the Trustee may with
respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture; 
 (ii) the Trustee shall not be liable to any Securityholder or to any other Person
for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; 
 (iv)
none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or
powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it; 

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

(vi) The permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

 (vii) No Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a
series of Securities hereunder. 
 Section 7.02 Certain Rights of Trustee. 

Except as otherwise provided in Section 7.01: 

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

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

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

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

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

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents or inquire as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing
so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require security or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company
or, if paid by the Trustee, shall be repaid by the Company upon demand; 
 (g) The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 (h) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances; 
 (i) In no event shall the Trustee be
responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action; and 
 (j) The Trustee agrees to accept and act upon instructions or directions pursuant
to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed by an authorized
representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee
in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. The
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company Orders and any other
matters or directions pursuant to this Indenture. 
 (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 under the Securities, and each agent, custodian or other person employed to act
under this Indenture. 
 (l) The Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an
Event of Default constituting the failure to pay the interest on, or the principal of, the Securities if the Trustee also serves the paying agent for such Securities) until the Trustee shall have received written notification in the manner set forth
in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. 

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

 (a) The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or any other document in connection with the sale of Securities. The Trustee shall not be
responsible for any rating on the Securities or any action or omission of any rating agency. 
 (b) The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. 
 (c) The Trustee shall not be accountable
for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant
to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee. 

Section 7.04 May Hold Securities. 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 
 Section 7.05 Moneys Held in Trust.

 Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such
as it may agree with the Company to pay thereon. 
 Section 7.06 Compensation and Reimbursement. 

(a) The Company shall pay to the Trustee for each of its capacities hereunder 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. 

(b) The Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense
(including the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel) incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights
or duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. 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 shall not be unreasonably withheld. This indemnification shall apply
to officers, directors, employees, shareholders and agents of the Trustee. 
 (c) 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 negligence or bad faith. 

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

  
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 Section 7.07 Reliance on Officer’s Certificate. 

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

Section 7.08 Disqualification; Conflicting Interests. 

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

Section 7.09 Corporate Trustee Required; Eligibility. 

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

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

Section 7.10 Resignation and Removal; Appointment of Successor. 

(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument,
in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after the sending of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any
Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such
court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at
any time any one of the following shall occur: 
 (i) the Trustee shall fail to comply with the provisions of Section 7.08 after
written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 

  
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 (ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 
 (iii)
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a
Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c)
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a
successor Trustee for such series with the consent of the Company. 
 (d) Any resignation or removal of the Trustee and appointment
of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

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

Section 7.11 Acceptance of Appointment By Successor. 

(a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so
appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of any
amounts due to it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to
such successor trustee all property and money held by such retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of
a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee
and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of 

  
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such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this
Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates. 

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

(d) No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
and eligible under this Article. 
 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the
Company shall send notice of the succession of such trustee hereunder to the Securityholders. If the Company fails to send such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such
notice to be submitted at the expense of the Company. 
 Section 7.12 Merger, Conversion, Consolidation or Succession to Business.

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

Section 7.13 Preferential Collection of Claims Against the Company. 

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

Section 7.14 Notice of Default. 

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

  
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 ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 

Section 8.01 Evidence of Action by Securityholders. 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of
such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing. 
 If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice,
consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be
given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date. 
 Section 8.02 Proof of Execution by Securityholders. 

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

(a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the
Trustee. 
 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the
Security Registrar thereof. 
 The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary. 

Section 8.03 Who May be Deemed Owners. 

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

  
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 Section 8.04 Certain Securities Owned by Company Disregarded. 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any
direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee. 
 Section 8.05 Actions Binding on Future Securityholders. 

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

ARTICLE 9 
 SUPPLEMENTAL
INDENTURES 
 Section 9.01 Supplemental Indentures Without the Consent of Securityholders. 

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

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

(b) to comply with Article Ten; 

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

(d) to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or
any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included
solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power
herein conferred upon the Company; 
 (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth; 
 (f) to make any
change that does not adversely affect the rights of any Securityholder in any material respect; 

  
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 (g) to provide for the issuance of and establish the form and terms and conditions of
the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any
series of Securities; 
 (h) to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or 

(i) to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the
Trust Indenture Act. 
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and
to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and
the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02 Supplemental Indentures With Consent of Securityholders. 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. 

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

Section 9.03 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 9.04 Securities Affected by
Supplemental Indentures. 
 Securities of any series affected by a supplemental indenture, authenticated and delivered after the
execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such
series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this
Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding. 

  
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 Section 9.05 Execution of Supplemental Indentures. 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of
Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article and that all
conditions precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental
indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof. 
 Promptly after the execution by the
Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) send a notice, setting forth in general terms the substance of such supplemental indenture, to the
Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure of the Company to send, or cause the sending of, such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture. 
 ARTICLE 10 

SUCCESSOR ENTITY 

Section 10.01 Company May Consolidate, Etc. 

Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company
or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon
any such consolidation or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition to a Subsidiary of the
Company), the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the
Company shall have been merged, or by the entity which shall have acquired such property. 
 Section 10.02 Successor Entity
Substituted. 
 (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the
assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding,
such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this
Indenture and the Securities. 

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

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

ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge of Indenture. 

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

Section 11.02 Discharge of Obligations. 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due
and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations
of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10, 11.05 and 13.04 hereof that shall survive until such Securities
shall mature and be paid. 
 Thereafter, Sections 7.06 and 11.05 shall survive. 

  
 31 

 Section 11.03 Deposited Moneys to be Held in Trust. 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be
available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee. 
 Section 11.04 Payment of Moneys Held by Paying Agents. 

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

Section 11.05 Repayment to Company. 

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

ARTICLE 12 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 12.01 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or
successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and
that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as
such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 
 ARTICLE 13

 MISCELLANEOUS PROVISIONS 

Section 13.01 Effect on Successors and Assigns. 

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

  
 32 

 Section 13.02 Actions by Successor. 

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

Section 13.03 Surrender of Company Powers. 

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

Section 13.04 Notices. 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows: __________________. Any notice, election, request or demand by the Company or any Securityholder or by
any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 

Section 13.05 Governing Law; Jury Trial Waiver. 

This Indenture and each Security shall be governed by, and construed in accordance with, the internal laws of the State of New York, except to
the extent that the Trust Indenture Act is applicable. 
 EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

Section 13.06 Treatment of Securities as Debt. 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this
Indenture shall be interpreted to further this intention. 
 Section 13.07 Certificates and Opinions as to Conditions Precedent.

 (a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this
Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the
proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which
the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

(b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the Person making such
certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with;
and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

  
 33 

 Section 13.08 Payments on Business Days. 

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

Section 13.09 Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the
Trust Indenture Act, such imposed duties shall control. 
 Section 13.10 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. 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 13.11 Separability. 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein or therein. 
 Section 13.12 Compliance Certificates.

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

Section 13.13 U.S.A Patriot Act. 

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

  
 34 

 Section 13.14 Force Majeure. 

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

Section 13.15 Table of Contents; Headings. 

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

  
 35 

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

					
	VERRICA PHARMACEUTICALS INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	[TRUSTEE], as Trustee
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 36 

 CROSS-REFERENCE TABLE (1) 
  

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

  

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

  
 37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]