Document:

Exhibit 4.4

 

Ironwood
Pharmaceuticals, Inc.

 

and

 

U.S. Bank
National Association, as Trustee

 

INDENTURE

 

Dated
as of [ ], [ ]

 

     

     

    

 

TABLE OF
CONTENTS

 

	ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	1.1.     DEFINITIONS	1
	 	 
	1.2.     INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	5
	 	 
	1.3.     RULES OF CONSTRUCTION	5
	 	 
	ARTICLE 2. THE SECURITIES	6
	 	 
	2.1.     ISSUABLE IN SERIES	6
	 	 
	2.2.     ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES	6
	 	 
	2.3.     EXECUTION AND AUTHENTICATION	9
	 	 
	2.4.     REGISTRAR AND PAYING AGENT	10
	 	 
	2.5.     PAYING AGENT TO HOLD ASSETS IN TRUST	10
	 	 
	2.6.     SECURITYHOLDER LISTS	11
	 	 
	2.7.     TRANSFER AND EXCHANGE	11
	 	 
	2.8.     REPLACEMENT SECURITIES	12
	 	 
	2.9.     OUTSTANDING SECURITIES	12
	 	 
	2.10.   WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION	12
	 	 
	2.11.   TEMPORARY SECURITIES	13
	 	 
	2.12.   CANCELLATION	13
	 	 
	2.13.   PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST	13
	 	 
	2.14.   CUSIP NUMBER	14
	 	 
	2.15.   PROVISIONS FOR GLOBAL SECURITIES	14
	 	 
	2.16.   PERSONS DEEMED OWNERS	15

 

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	ARTICLE 3. REDEMPTION	16
	 	 
	3.1.     NOTICES TO TRUSTEE	16
	 	 
	3.2.     SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED	16
	 	 
	3.3.     NOTICE OF REDEMPTION	16
	 	 
	3.4.     EFFECT OF NOTICE OF REDEMPTION	17
	 	 
	3.5.     DEPOSIT OF REDEMPTION PRICE	18
	 	 
	3.6.     SECURITIES REDEEMED IN PART	18
	 	 
	ARTICLE 4. COVENANTS	18
	 	 
	4.1.     PAYMENT OF SECURITIES	18
	 	 
	4.2.     SEC REPORTS	19
	 	 
	4.3.     WAIVER OF STAY, EXTENSION OR USURY LAWS	19
	 	 
	4.4.     COMPLIANCE CERTIFICATE	19
	 	 
	4.5.     CORPORATE EXISTENCE	19
	 	 
	ARTICLE 5. SUCCESSOR CORPORATION	20
	 	 
	5.1.     LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS	20
	 	 
	5.2.     SUCCESSOR PERSON SUBSTITUTED	20
	 	 
	ARTICLE 6. DEFAULTS AND REMEDIES	20
	 	 
	6.1.     EVENTS OF DEFAULT	20
	 	 
	6.2.     ACCELERATION	22
	 	 
	6.3.     REMEDIES	22
	 	 
	6.4.     WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT	22
	 	 
	6.5.     CONTROL BY MAJORITY	23
	 	 
	6.6.      LIMITATION ON SUITS	23
	 	 
	6.7.      RIGHTS OF HOLDERS TO RECEIVE PAYMENT	23
	 	 
	6.8.      COLLECTION SUIT BY TRUSTEE	24
	 	 
	6.9.      TRUSTEE MAY FILE PROOFS OF CLAIM	24
	 	 
	6.10.    PRIORITIES	24
	 	 
	6.11.    UNDERTAKING FOR COSTS	25
	 	 

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	ARTICLE 7. TRUSTEE	25
	 	 
	7.1.      DUTIES OF TRUSTEE	25
	 	 
	7.2.      RIGHTS OF TRUSTEE	26
	 	 
	7.3.      INDIVIDUAL RIGHTS OF TRUSTEE	27
	 	 
	7.4.      TRUSTEE’S DISCLAIMER	27
	 	 
	7.5.      NOTICE OF DEFAULT	27
	 	 
	7.6.      REPORTS BY TRUSTEE TO HOLDERS	27
	 	 
	7.7.      COMPENSATION AND INDEMNITY	29
	 	 
	7.8.      REPLACEMENT OF TRUSTEE	30
	 	 
	7.9.      SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION	31
	 	 
	7.10.    ELIGIBILITY; DISQUALIFICATION	31
	 	 
	7.11.    PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	31
	 	 
	7.12.    PAYING AGENTS	31
	 	 
	ARTICLE 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS	32
	 	 
	8.1.     WITHOUT CONSENT OF HOLDERS	32
	 	 
	8.2.     WITH CONSENT OF HOLDERS	32
	 	 
	8.3.     COMPLIANCE WITH TRUST INDENTURE ACT	34
	 	 
	8.4.      REVOCATION AND EFFECT OF CONSENTS	34
	 	 
	8.5.      NOTATION ON OR EXCHANGE OF SECURITIES	34
	 	 
	8.6.      TRUSTEE TO SIGN AMENDMENTS, ETC.	35
	 	 

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	ARTICLE 9. DISCHARGE OF INDENTURE; DEFEASANCE	35
	 	 
	9.1.      DISCHARGE OF INDENTURE	35
	 	 
	9.2.      LEGAL DEFEASANCE	35
	 	 
	9.3.      COVENANT DEFEASANCE	36
	 	 
	9.4.      CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE	36
	 	 
	9.5.      DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS	38
	 	 
	9.6.      REINSTATEMENT	38
	 	 
	9.7.      MONEYS HELD BY PAYING AGENT	38
	 	 
	9.8.      MONEYS HELD BY TRUSTEE	39
	 	 
	ARTICLE 10. MISCELLANEOUS	39
	 	 
	10.1.    TRUST INDENTURE ACT CONTROLS	39
	 	 
	10.2.    NOTICES	39
	 	 
	10.3.    COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS	41
	 	 
	10.4.    CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	41
	 	 
	10.5.    STATEMENT REQUIRED IN CERTIFICATE AND OPINION	42
	 	 
	10.6.    RULES BY TRUSTEE AND AGENTS	42
	 	 
	10.7.    BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT	42
	 	 
	10.8.    GOVERNING LAW	42
	 	 
	10.9.    NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	43
	 	 
	10.10.  NO RECOURSE AGAINST OTHERS	43
	 	 
	10.11.  SUCCESSORS	43
	 	 
	10.12.  MULTIPLE COUNTERPARTS	43
	 	 
	10.13.  TABLE OF CONTENTS, HEADINGS, ETC	44
	 	 
	10.14.  SEVERABILITY	44
	 	 
	10.15.  SECURITIES IN A FOREIGN CURRENCY OR IN EUROS	44
	 	 
	10.16.  JUDGMENT CURRENCY	45

 

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CROSS-REFERENCE TABLE

 

	TIA SECTION	 	INDENTURE SECTION
	310(a)(1)(2)(5)	 	7.10
	310(a)(3)(4)	 	Inapplicable
	310(b)	 	7.8; 7.10
	310(c)	 	Inapplicable
	311(a)(b)	 	7.11
	311(c)	 	Inapplicable
	312(a)	 	2.6
	312(b)(c)	 	10.3
	313(a)(b)	 	7.6
	313(c)	 	7.6; 10.2
	313(d)	 	7.6
	314(a)	 	4.2; 4.4; 10.2
	314(b)	 	N/A
	314(c)(1)(2)	 	10.4; 10.5
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.5
	314(f)	 	Inapplicable
	315(a)	 	7.1, 7.2
	315(b)	 	7.5; 10.2
	315(c)	 	7.1
	315(d)	 	7.1; 7.2
	315(e)	 	6.11

 

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	TIA SECTION	 	INDENTURE SECTION
	316(a)(last sentence)	 	2.10
	316(a)(1)(A)	 	6.5
	316(a)(1)(B)	 	6.4
	316(a)(2)	 	8.2
	316(b)	 	6.7
	316(c)	 	8.4
	317(a)(1)	 	6.8
	317(a)(2)	 	6.9
	317(b)	 	2.5; 7.12
	318(a)	 	10.1

  

 

Note: This Cross-Reference Table shall not,
for any purpose, be deemed to be a part of the Indenture.

 

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INDENTURE, dated as of [ ], [ ] by and between
Ironwood Pharmaceuticals, Inc., a Delaware corporation, as Issuer (the “Company”) and U.S. Bank National Association,
as Trustee (the “Trustee”).

 

RECITALS
OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness
to be issued in one or more series (the “Securities”), as herein provided, up to such principal amount as may from
time to time be authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company in accordance with its terms have been done, and the execution and delivery thereof have been
in all respects duly authorized by the parties hereto.

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Securities of a Series thereof, as follows:

 

ARTICLE 1.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

		1.1.	DEFINITIONS.

 

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

 

“Agent” means any Registrar,
Paying Agent, co-registrar or agent for service of notices and demands.

 

“Board of Directors” means the
Board of Directors of the Company or any committee duly authorized to act therefor.

 

“Board Resolution” means a copy
of a resolution certified pursuant to an Officers’ Certificate to have been duly adopted by the Board of Directors of the
Company and to be in full force and effect on the date of such certification which has been delivered to the Trustee.

 

“Capital Stock” means,
with respect to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership
interests or any other participation, right or other interest in the nature of an equity interest in such Person or any
option, warrant or other security convertible into any of the foregoing.

 

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“Company” means the party named
as such in the first paragraph of this Indenture until a successor replaces such party pursuant to ARTICLE 5 of this Indenture,
and thereafter means the successor and any other primary obligor on the Securities.

 

“Company Order” means a written
order signed in the name of the Company by two Officers, one of whom must be its Chief Executive Officer or its Chief Operating
Officer.

 

“Company Request” means any
written request signed in the name of the Company by its Chief Executive Officer, its President, any Vice President, its Chief
Operating Officer or its Treasurer and attested to by its Secretary or any Assistant Secretary.

 

“Corporate Trust Office” means
the office of the Trustee at the address specified in Section 10.2 or such other address as to which the Trustee may give notice
to the Company.

 

“Default” means any event that
is, or that with the passing of time or giving of notice or both would be, an Event of Default.

 

“Depository” means, with respect
to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the Person
designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange
Act, until a successor Depository shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
 “Depository” shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such
Person, such Persons.

 

“Dollars” means the currency
of the United States of America.

 

“Euro” means the single currency
of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

 

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

 

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

 

“Foreign Government Obligations”
means, with respect to Securities that are denominated in a Foreign Currency, (i) direct obligations of the government that issued
or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations
of a Person controlled or supervised by, or acting as an agency or instrumentality of, such government, the timely payment of which
is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i)
and (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means generally accepted
accounting principles consistently applied as in effect in the United States of America from time to time.

 

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“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2, evidencing
all or part of a Series of Securities issued to the Depository for such Series or its nominee, and registered in the name of such
Depository or nominee, and bearing the legend set forth in Section 2.15(c) (or such other legend(s) as may be applied to such Securities
in accordance with Section 2.2(24)).

 

“Holder” or “Securityholder”
means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness” means (without
duplication), with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or otherwise,
which is for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to
a portion thereof), or evidenced by bonds, notes, debentures or similar instruments, or representing the balance deferred and unpaid
of the purchase price of any property (excluding any balances that constitute accounts payable or trade payables, and other accrued
liabilities arising in the ordinary course of business), if and to the extent any of the foregoing indebtedness would appear as
a liability upon a balance sheet of such Person prepared in accordance with GAAP.

 

“Indenture” means this Indenture
as amended, restated or supplemented from time to time.

 

“Interest Payment Date,” when
used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Lien” means, with respect to
any property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any capitalized lease
obligation, conditional sales or other title retention agreement having substantially the same economic effect as any of the foregoing).

 

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

 

“Officer” means the Chief Executive
Officer, the President, any Vice President, the Chief Operating Officer, the Treasurer or the Secretary of the Company, or any
other officer designated by the Board of Directors, as the case may be.

 

“Officers’ Certificate”
means, with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or any Senior or Executive
Vice President and the Chief Operating Officer or any Treasurer of such Person, that shall comply with applicable provisions of
this Indenture.

 

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“Opinion of Counsel” means a
written opinion from legal counsel, which counsel is reasonably acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company.

 

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

 

“Redemption Date,” when used
with respect to any Security to be redeemed, means the date fixed for such redemption pursuant to this Indenture.

 

“Responsible Officer,” when
used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee including any vice president,
assistant vice president, assistant secretary, assistant treasurer or any other officer of the Trustee who shall have direct responsibility
for the administration of this Indenture, or any other officer of the Trustee to whom such matter is referred because of his or
her knowledge of and familiarity with the particular subject.

 

“SEC” means the United States
Securities and Exchange Commission as constituted from time to time, or any successor performing substantially the same functions.

 

“Securities” means the securities
that are issued under this Indenture, as amended or supplemented from time to time pursuant to this Indenture.

 

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

 

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

 

“Significant Subsidiary” means
(i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in ARTICLE
1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof,
or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant
subsidiary” as defined in ARTICLE 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation
is in effect on the date hereof.

 

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

 

“Subsidiary” of any
specified Person means any corporation, limited liability company, partnership, joint venture, association or other business
entity, whether now existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of
the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors thereof is held, directly or indirectly, by such Person or any of its Subsidiaries; or (ii) in the case
of a partnership, joint venture, association or other business entity, with respect to which such Person or any of its
Subsidiaries has the power to direct or cause the direction of the management and policies of such entity by contract or
otherwise, or if in accordance with GAAP such entity is consolidated with such Person for financial statement purposes.

 

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“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as amended.

 

“Trustee” means the party named
as such in this Indenture until a successor replaces it pursuant to this Indenture, and thereafter means the successor, and if
at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any Series shall
mean the Trustee with respect to Securities of that Series.

 

“U.S. Government Obligations”
means direct non-callable obligations of, or non-callable obligations guaranteed by, the United States of America for the payment
of which obligation or guarantee the full faith and credit of the United States of America is pledged.

 

		1.2.	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 

Whenever this Indenture refers to a provision
of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be qualified under
the TIA is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means
the Securities.

 

“indenture securityholder” means
a Holder or Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

“obligor on the indenture securities”
means the Company.

 

All other terms used in this Indenture that
are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned
to them.

 

		1.3.	RULES OF CONSTRUCTION.

 

Unless the context otherwise requires:

 

(1) a term has the meaning assigned to it
herein, whether defined expressly or by reference;

 

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

 

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(3) “or” is not exclusive;

 

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

 

(5) words used herein implying any gender
shall apply to each gender; and

 

(6) the words “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.

 

ARTICLE 2.

THE SECURITIES

 

		2.1.	ISSUABLE IN SERIES.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is $[ ]. The Securities may be issued in one or more Series. All Securities
of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’
Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case
of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture
may provide for the method by which specified terms (such as interest rate, Stated Maturity, record date or date from which interest
shall accrue) are to be determined. Securities may differ between Series in respect of any matters, PROVIDED, that all Series of
Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

		2.2.	ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2(1) and either as
to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(2) through 2.2(24)) by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant to authority granted under a Board
Resolution:

 

(1) the title of the Series (which shall distinguish
the Securities of that particular Series from the Securities of any other Series);

 

(2) any limit upon the aggregate principal
amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section
2.7, 2.8, 2.11, 3.6 or 8.5);

 

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

 

(4) the date or dates on which the principal
of the Securities of the Series is payable;

 

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

 

(6) the place or places where the principal
of, and interest and premium, if any, on, the Securities of the Series shall be payable, or the method of such payment, if by wire
transfer, mail or other means;

 

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

 

(8) the obligation, if any, of the Company
to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof, and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities
of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

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

 

(10) if other than denominations of $1,000
and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

(11) the forms of the Securities of the Series
in bearer (if to be issued outside of the United States of America) or fully registered form (and, if in fully registered form,
whether the Securities will be issuable as Global Securities);

 

(12) if other than the principal amount thereof,
the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 6.2;

 

(13) the currency of denomination of the Securities
of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the Euro, and, if such currency of
denomination is a composite currency other than the Euro, the agency or organization, if any, responsible for overseeing such composite
currency;

 

(14) the designation of the currency, currencies
or currency units in which payment of the principal of, and interest and premium, if any, on, the Securities of the Series will
be made;

 

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

 

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

 

(17) the provisions, if any, relating to any
collateral provided for the Securities of the Series;

 

(18) any addition to or change in the covenants
set forth in ARTICLE 4 or ARTICLE 5 that applies to Securities of the Series;

 

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

 

(20) the terms and conditions, if any, for
conversion of the Securities into or exchange of the Securities for shares of common stock or preferred stock of the Company that
apply to Securities of the Series;

 

(21) any depositories, interest rate calculation
agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed
herein;

 

(22) the terms and conditions, if any, upon
which the Securities shall be subordinated in right of payment to other Indebtedness of the Company;

 

(23) if applicable, that the Securities of
the Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and

 

(24) any other terms of the Securities of
the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1, but
which may modify or delete any provision of this Indenture insofar as it applies to such Series).

 

(25) All Securities of any one Series need
not be issued at the same time, and may be issued from time to time, consistent with the terms of this Indenture, if so provided
by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, however, the authorized
principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise
provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

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	2.3.	EXECUTION AND AUTHENTICATION.

 

The Securities shall be executed on
behalf of the Company by two Officers of the Company or an Officer and an Assistant Secretary of the Company. Each such
signature may be either manual or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced on
the Securities and may be in facsimile form.

 

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

 

A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture. The Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate,
upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or
electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed
in writing. Each Security shall be dated the date of its authentication.

 

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

 

Prior to the issuance of Securities of any
Series, the Trustee shall have received and (subject to Section 7.1) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate
complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline
to authenticate and deliver any Securities of any Series: (a) if the Trustee, being advised in writing by outside counsel, determines
that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall reasonably determine that such action would expose the
Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then outstanding Series
of Securities.

 

The Trustee may appoint an authenticating
agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee
may do so. Any appointment shall be evidenced by an instrument signed by an authorized officer of the Trustee, a copy of which
shall be furnished to the Company. Each reference in this Indenture to authentication by the Trustee includes authentication by
such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

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	2.4.	REGISTRAR AND PAYING AGENT.

 

The Company shall maintain in each
Place of Payment for any Series of Securities (i) an office or agency where such Securities may be presented for registration
of transfer or for exchange (“Registrar”), (ii) an office or agency where such Securities may be presented for
payment (“Paying Agent”), and PROVIDED, FURTHER, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the register for the
Securities maintained by the Registrar), and (iii) an office or agency where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served (“Service Agent”). The Registrar shall keep a register
of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more
additional paying agents. The Company shall give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office, or to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
address of the Trustee as set forth in Section 10.2; except for any service of process upon the Company. If the Company acts
as Paying Agent, it shall segregate the money held by it for the payment of principal of, and interest and premium, if any,
on, the Securities and hold it as a separate trust fund. The Company may change any Paying Agent, Registrar, co-registrar or
any other Agent without notice to any Securityholder.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes, and may
from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall in any manner relieve
the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any Series for such purposes.
The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company. The Company shall
give prompt written notice to the Trustee of such designation or rescission, and of any change in the location of any such other
office or agency.

 

The Company shall enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If
the Company fails to maintain a Registrar or Paying Agent, or agent for service of notices and demands, or fails to give the foregoing
notice, the Trustee shall act as such. The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service
Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time
Securities of that Series are first issued.

 

	2.5.	PAYING AGENT TO HOLD ASSETS IN TRUST.

 

The Trustee as Paying Agent shall, and
the Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall, hold in
trust for the benefit of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent for the
payment of principal of, or interest or premium, if any, on, such Series of Securities (whether such assets have been
distributed to it by the Company or any other obligor on such Series of Securities), and the Company and the Paying Agent
shall notify the Trustee in writing of any Default by the Company (or any other obligor on such Series of Securities) in
making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the
Trustee and account for any assets disbursed, and the Trustee may, at any time during the continuance of any payment default
with respect to any Series of Securities, upon written request to a Paying Agent, require such Paying Agent to distribute all
assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets
that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such
assets.

 

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	2.6.	SECURITYHOLDER LISTS.

 

The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each
Series of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of each regular record date
for the payment of interest on the Securities of a Series and before each related Interest Payment Date, and at such other times
as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names
and addresses of Securityholders of each Series of Securities.

 

	2.7.	TRANSFER AND EXCHANGE.

 

When Securities of a Series are presented
to the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested if the
requirements of applicable law are met, and when such Securities of a Series are presented to the Registrar with a request to exchange
them for an equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall make
the exchange as requested. To permit transfers and exchanges, upon surrender of any Security for registration of transfer at the
office or agency maintained pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate Securities at
the Registrar’s request.

 

If Securities are issued as Global Securities,
the provisions of Section 2.15 shall apply.

 

All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Registrar or a co-registrar) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar or a co-registrar,
duly executed by the Holder thereof or his attorney duly authorized in writing.

 

Any exchange or transfer shall be without
charge, except that the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section
2.11, 3.6 or 8.5. The Trustee shall not be required to register transfers of Securities of any Series, or to exchange Securities
of any Series, for a period of 15 days before the record date for selection for redemption of such Securities. The Trustee shall
not be required to exchange or register transfers of Securities of any Series called or being called for redemption in whole or
in part, except the unredeemed portion of such Security being redeemed in part.

 

    -11-

     

    

 

	2.8.	REPLACEMENT SECURITIES.

 

If a mutilated Security is surrendered to
the Trustee, or if the Holder of a Security presents evidence to the satisfaction of the Company and the Trustee that the Security
has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. An indemnity
bond may be required by the Company or the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee,
as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is
replaced. The Company may charge such Holder for the Company’s out-of-pocket expenses in replacing a Security, including
the fees and expenses of the Trustee. Every replacement Security shall constitute an original additional obligation of the Company,
whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

	2.9.	OUTSTANDING SECURITIES.

 

Securities outstanding at any time are all
Securities authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described
in this Section 2.9 as not outstanding.

 

If a Security is replaced pursuant to Section
2.8 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding until the Company and the Trustee
receive proof satisfactory to each of them that the replaced Security is held by a bona fide purchaser. A mutilated Security ceases
to be outstanding upon surrender of such Security and replacement thereof pursuant to Section 2.8.

 

If a Paying Agent holds on a Redemption
Date or the Stated Maturity money sufficient to pay the principal of, premium, if any, and accrued interest on, Securities payable
on that date, and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture (PROVIDED,
that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made), then on and after that date such Securities cease to be outstanding and interest
on them ceases to accrue.

 

A Security does not cease to be outstanding
solely because the Company or an Affiliate holds the Security.

 

	2.10.	WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION.

 

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

 

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	2.11.	TEMPORARY SECURITIES.

 

Until definitive Securities are ready for
delivery, the Company may prepare and execute, and, upon receipt of a Company Order, the Trustee shall authenticate and deliver,
temporary Securities. Temporary Securities shall be substantially in the form, and shall carry all rights, of definitive Securities,
but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and execute, and, upon receipt of a Company Order, the Trustee shall authenticate and deliver, definitive Securities
in exchange for temporary Securities without charge to the Holder.

 

	2.12.	CANCELLATION.

 

All Securities surrendered for payment,
redemption or registration of transfer or exchange, or for credit against any sinking fund payment, shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee for cancellation. The Company may at any time deliver to the Trustee
for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward
to the Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee, at the written direction of the
Company, or, at the written direction of the Company, the Registrar or the Paying Agent (if the Trustee is not serving in those
capacities), and no one else, shall cancel and dispose of (subject to the record retention requirements of the Exchange Act) in
accordance with its standard procedures, all Securities surrendered for transfer, exchange, payment or cancellation. If the Company
shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented
by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.12. No
Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 2.12, except
as expressly permitted by this Indenture.

 

	2.13.	PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST.

 

Except as otherwise provided as contemplated
by Section 2.2 with respect to any Series of Securities, interest on any Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security is registered at the close of
business on the regular record date for such interest, as provided in the Board Resolution, supplemental indenture hereto or Officers’
Certificate establishing the terms of such Series.

 

    -13-

     

    

 

If the Company defaults in a payment of
interest on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section
4.1, to the Persons who are Securityholders on a subsequent special record date, which date shall be the 15th day next preceding
the date fixed by the Company for the payment of defaulted interest, or the next succeeding Business Day if such date is not a
Business Day. At least 15 days before the special record date, the Company shall mail or cause to be delivered to each Securityholder,
with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest,
and interest payable on such defaulted interest, if any, to be paid.

 

Except as otherwise specified as contemplated
by Section 2.2 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

	2.14.	CUSIP NUMBER.

 

The Company in issuing the Securities may
use one or more “CUSIP” numbers, and, if the Company does so, the Trustee shall use the CUSIP number(s) in notices
of redemption or exchange as a convenience to Holders, PROVIDED, that any such notice may state that no representation is made
as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that reliance may be placed
only on the other identification numbers printed on the Securities, and that any such redemption or exchange shall not be affected
by any defect in or omission of any such numbers. The Company shall promptly notify the Trustee of any change in the “CUSIP”
numbers assigned to the Securities.

 

	2.15.	PROVISIONS FOR GLOBAL SECURITIES.

 

(a)           
A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities
of a Series shall be issued in whole or in part in the form of one or more Global Securities, and the Depository for such Global
Securities or Securities.

 

(b)            Notwithstanding
any provisions to the contrary contained in Section 2.7 and in addition thereto, if, and only if the Depository (i) at any
time is unwilling or unable to continue as Depository for such Global Security or ceases to be a clearing agency registered
under the Exchange Act and (ii) a successor Depository is not appointed by the Company within 90 days after the date the
Company is so informed in writing or becomes aware of the same, the Company promptly will execute and deliver to the Trustee
definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such
definitive Securities (which the Company will promptly execute and deliver to the Trustee) and an Officers’ Certificate
to the effect that such Global Security shall be so exchangeable, will authenticate and deliver definitive Securities,
without charge, registered in such names and in such authorized denominations as the Depository shall direct in writing
(pursuant to instructions from its direct and indirect participants or otherwise) in an aggregate principal amount equal to
the principal amount of the Global Security with like tenor and terms. Upon the exchange of a Global Security for definitive
Securities, such Global Security shall be canceled by the Trustee. Unless and until it is exchanged in whole or in part for
definitive Securities, as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the
Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such
Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a
nominee of such a successor Depository.

 

    -14-

     

    

 

(c)           
Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

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

 

(d)           
The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

(e)           
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment
of the principal of, and interest and premium, if any, on, any Global Security shall be made to the Depository or its nominee in
its capacity as the Holder thereof.

 

(f)            
Except as provided in Section 2.15(e) above, the Company, the Trustee and any Agent shall treat a Person as the Holder of
such principal amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written
statement of the Depository (which may be in the form of a participants’ list for such Series) with respect to such Global
Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant
to this Indenture, PROVIDED, that until the Trustee is so provided with a written statement, it may treat the Depository or any
other Person in whose name a Global Security is registered as the owner of such Global Security for the purpose of receiving payment
of the principal of, and any premium and (subject to Section 2.13) any interest on, such Global Security and for all other purposes
whatsoever, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

		2.16.	PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for all other purposes whatsoever,
and none of the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar shall be affected
by notice to the contrary.

 

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ARTICLE 3.

REDEMPTION

 

	3.1.	NOTICES TO TRUSTEE.

 

The Company may, with respect to any Series
of Securities, reserve the right to redeem and pay the Series of Securities, or may covenant to redeem and pay the Series of Securities
or any part thereof, prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities or
the related Board Resolution, supplemental indenture or Officers’ Certificate. If a Series of Securities is redeemable and
the Company elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the Redemption Date and the
principal amount of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) before
the Redemption Date. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder,
and shall thereby be void and of no effect.

 

	3.2.	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

Unless otherwise indicated for a particular
Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all of the
Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot
or by any other method that the Trustee considers fair and appropriate (unless the Company specifically directs the Trustee otherwise)
and, if such Securities are listed on any securities exchange, by a method that complies with the requirements of such exchange.

 

The Trustee shall make the selection from
Securities of a Series outstanding and not previously called for redemption, and shall promptly notify the Company in writing of
the Securities selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof
to be redeemed at least 35 but not more than 60 days before the Redemption Date. Securities of a Series in denominations of $1,000
may be redeemed only in whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have
denominations larger than $1,000. Securities of a Series and portions of them it selects shall be in amounts of $1,000 or, with
respect to Securities of any Series issuable in other denominations pursuant to Section 2.2(10), the minimum principal denomination
for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities called for redemption also
apply to portions of Securities called for redemption. Notwithstanding the above, the applicable procedures of the Depository regarding
the selection of Securities issued as Global Securities shall govern.

 

	3.3.	NOTICE OF REDEMPTION.

 

Unless otherwise indicated for a
particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days,
and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by
first-class mail to each Holder of Securities to be redeemed at his or her last address as the same appears on the registry
books maintained by the Registrar, or, with respect to Securities issued as Global Securities, such notice shall be delivered
in accordance with the applicable procedures of the Depository. The notice shall identify the Securities to be redeemed and
shall state:

 

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(1) the Redemption Date;

 

(2) the redemption price, and that such redemption
price shall become due and payable on the Redemption Date;

 

(3) if any Security of a Series is being redeemed
in part, the portion of the principal amount of such Security of a Series to be redeemed and that, after the Redemption Date and
upon surrender of such Security of a Series, a new Security or Securities in principal amount equal to the unredeemed portion will
be issued;

 

(4) the name and address of the Paying Agent;

 

(5) that Securities of a Series called for
redemption must be surrendered to the Paying Agent to collect the redemption price, and the place or places where each such Security
is to be surrendered for such payment;

 

(6) that, unless the Company defaults in making
the redemption payment, interest on the Securities of a Series called for redemption ceases to accrue on the Redemption Date, and
the only remaining right of the Holders of such Securities is to receive payment of the redemption price upon surrender to the
Paying Agent of the Securities redeemed;

 

(7) if fewer than all of the Securities of
a Series are to be redeemed, the identification of the particular Securities of a Series (or portion thereof) to be redeemed, as
well as the aggregate principal amount of Securities of a Series to be redeemed and the aggregate principal amount of Securities
of a Series to be outstanding after such partial redemption.

 

(8) the CUSIP number, if any, printed on the
Securities being redeemed; and

 

(9) that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.

 

At the Company’s written request received
at least 40 days prior to the Redemption Date (or such shorter period as agreed to by the Trustee), the Trustee shall give the
notice of redemption in the Company’s name and at the Company’s sole expense.

 

	3.4.	EFFECT OF NOTICE OF REDEMPTION.

 

Once the notice of redemption
described in Section 3.3 is delivered, Securities of a Series called for redemption become due and payable on the Redemption
Date and at the redemption price, plus interest, if any, accrued to the Redemption Date. Upon surrender to the Trustee or
Paying Agent, such Securities of a Series shall be paid at the redemption price, plus accrued interest, if any, to the
Redemption Date; PROVIDED, that if the Redemption Date is after a regular interest payment record date and on or prior to the
next Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the
relevant record date, as specified by the Company in the notice to the Trustee pursuant to Section 3.1.

 

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	3.5.	DEPOSIT OF REDEMPTION PRICE.

 

On or prior to the Redemption Date (but
no later than 11:00 A.M. Eastern Time on such date), the Company shall deposit with the Paying Agent money sufficient to pay the
redemption price of and accrued interest, if any, on all Securities to be redeemed on that date other than Securities or portions
thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation.

 

On and after any Redemption Date, if money
sufficient to pay the redemption price of, and accrued interest on, Securities called for redemption shall have been made available
in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited from paying such moneys to Holders,
the Securities called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be
to receive payment of the redemption price of and, subject to the proviso in Section 3.4, accrued and unpaid interest on such Securities
to the Redemption Date. If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption
Date until such redemption payment is made, on the unpaid principal of the Security and any interest or premium, if any, not paid
on such unpaid principal, in each case, at the rate and in the manner provided in the Securities.

 

	3.6.	SECURITIES REDEEMED IN PART.

 

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

 

ARTICLE 4.

COVENANTS

 

	4.1.	PAYMENT OF SECURITIES.

 

The Company shall pay the principal of,
and interest and premium, if any, on, each Series of Securities on the dates and in the manner provided in such Securities and
this Indenture.

 

An installment of principal or interest
shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient
to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or
otherwise.

 

The Company shall pay interest on overdue
principal, and overdue interest, to the extent lawful, at the rate specified in the Series of Securities.

 

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	4.2.	SEC REPORTS.

 

The Company will deliver to the
Trustee within 15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the
information, documents and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13
or 15(d) of the Exchange Act; PROVIDED, HOWEVER, that each such report or document will be deemed to be so delivered to the
Trustee if the Company files such report or document with the SEC through the SEC’s EDGAR database no later than the
time such report or document is required to be filed with the SEC pursuant to the Exchange Act. Notwithstanding that the
Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will file
with the SEC, to the extent permitted, and provide the Trustee with, such quarterly and annual reports and such information,
documents and other reports specified in Sections 13 and 15(d) of the Exchange Act. The Company will also comply with the
other provisions of TIA Section 314(a).

 

Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

	4.3.	WAIVER OF STAY, EXTENSION OR USURY LAWS.

 

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

 

	4.4.	COMPLIANCE CERTIFICATE.

 

(a)               The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company during which any
Securities were outstanding, an Officers’ Certificate which complies with TIA Section 314(a)(4) stating that a review
of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her
knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and
that there is no default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a
Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may
have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or
her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of, or
interest or premium, if any, on, the Securities is prohibited, or if such event has occurred, a description of the event and
what action the Company is taking or proposes to take with respect thereto.

 

(b)              
(i) If any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy
hereunder with respect to a claimed Default under this Indenture or the Securities, within ten Business Days after the Company
becoming aware of such occurrence the Company shall deliver to the Trustee an Officers’ Certificate specifying such event,
notice or other action and what action the Company is taking or proposes to take with respect thereto.

 

	4.5.	CORPORATE EXISTENCE.

 

Subject to ARTICLE 5, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, in accordance
with the organizational documents (as the same may be amended from time to time) of the Company and the rights (charter and statutory),
licenses and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such right, license
or franchise, or its corporate existence, if the Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and that the loss thereof is not adverse in any material respect to the
Holders.

 

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ARTICLE 5.

SUCCESSOR CORPORATION

 

	5.1.	LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS.

 

(a)            The
Company will not, in any transaction or series of transactions, merge or consolidate with or into, or sell, assign, convey,
transfer, lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or
substantially as an entirety in one transaction or a series of related transactions), to any Person or Persons, unless at the
time of and after giving effect thereto (i) either (A) if the transaction or series of transactions is a merger or
consolidation, the Company shall be the surviving Person of such merger or consolidation, or (B) the Person formed by such
consolidation or into which the Company is merged or to which the properties and assets of the Company are transferred (any
such surviving Person or transferee Person being the “Surviving Entity”) shall be a corporation or entity treated
as a corporation for U.S. federal income tax purposes organized and existing under the laws of the United States of America,
any state thereof or the District of Columbia, or a corporation or comparable legal entity treated as a corporation for U.S.
federal income tax purposes organized under the laws of a foreign jurisdiction and shall expressly assume by a supplemental
indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of
the Company (including, without limitation, the obligation to pay the principal of, and premium and interest, if any, on, the
Securities and the performance of the other covenants) under the Securities of each Series and this Indenture, and in each
case, this Indenture shall remain in full force and effect; and (ii) immediately before and immediately after giving effect
to such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred
or anticipated to be incurred in connection with or in respect of such transaction or series of transactions), no Default or
Event of Default shall have occurred and be continuing.

 

(b)           
In connection with any consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver,
or cause to be delivered, to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer, and the supplemental indenture in respect thereto, comply with this Section 5.1, and that all conditions precedent
herein provided for relating to such transaction or transactions have been complied with.

 

	5.2.	SUCCESSOR PERSON SUBSTITUTED.

 

Upon any consolidation, merger or transfer
of all or substantially all of the assets of the Company in accordance with Section 5.1 above, the successor corporation formed
by such consolidation, or into which the Company is merged or to which such transfer is made, shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation
had been named as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE 6.

DEFAULTS AND REMEDIES

 

	6.1.	EVENTS OF DEFAULT.

 

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

 

(1) there is a default in the payment of any
principal of, or premium, if any, on, the Securities when the same becomes due and payable at Maturity, upon acceleration, redemption
or otherwise;

 

(2) there is a default in the payment of any
interest on any Security of a Series when the same becomes due and payable, and the Default continues for a period of 30 days;

 

(3) the Company defaults in the observance
or performance of any other covenant in the Securities of a Series or in this Indenture for 60 days after written notice from the
Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of such Series then outstanding,
which notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default”;

 

(4) the Company or any Significant Subsidiary
pursuant to or within the meaning of any Bankruptcy Law:

 

		(A)	commences a voluntary case,

 

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		(B)	consents to the entry of an order for relief against it in an involuntary case,

 

		(C)	consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

		(D)	makes a general assignment for the benefit of its creditors, or

 

		(E)	generally is not paying its debts as they become due;

 

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

 

		(A)	is for relief against the Company or any Significant Subsidiary in an involuntary case;

 

		(B)	appoints a Custodian of the Company or any Significant Subsidiary, or for all or substantially all of the property of the Company
or any Significant Subsidiary; or

 

		(C)	orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect
for 90 consecutive days; or

 

(6) any other Event of Default provided with
respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2(19).

 

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

 

The Trustee may withhold notice of any Default
(except in the payment of the principal of, or interest or premium, if any, on, the Securities) to the Holders of the Securities
of any Series in accordance with Section 7.5. When a Default is cured, it ceases to exist.

 

The Trustee shall not be charged with knowledge
of any Event of Default unless written notice thereof shall have been actually received by a Responsible Officer at the Corporate
Trust Office of the Trustee from the Company, a Paying Agent, any Holder or any agent of any Holder.

 

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	6.2.	ACCELERATION.

 

If an Event of Default with respect to
Securities of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(4) or (5)) occurs
and is continuing, the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal
amount of the Securities of that Series then outstanding by written notice to the Company and the Trustee, may declare that
the entire principal amount of all the Securities of that Series then outstanding plus accrued and unpaid interest to the
date of acceleration are immediately due and payable, in which case such amounts shall become immediately due and payable;
PROVIDED, HOWEVER, that after such acceleration but before a judgment or decree based on such acceleration is obtained by the
Trustee, the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series may rescind and
annul such acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of accelerated
principal, interest or premium, if any, that has become due solely because of the acceleration, have been cured or waived,
(ii) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue
principal, which has become due otherwise than by such declaration of acceleration, has been paid and (iii) the rescission
would not conflict with any judgment or decree. No such rescission shall affect any subsequent Default or impair any right
consequent thereto. In case an Event of Default specified in Section 6.1(4) or (5) with respect to the Company occurs, such
principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall be due and payable
immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities of that
Series.

 

	6.3.	REMEDIES.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing, the Trustee may, but shall not be obligated to, pursue any available
remedy by proceeding at law or in equity to collect the payment of the principal of, or interest and premium, if any, on, the Securities
of that Series, or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities of that Series or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right
or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative to the extent permitted by law.

 

	6.4.	WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT.

 

Subject to Sections 6.2, 6.7 and 8.2, the
Holders of a majority in principal amount of the Securities of any Series then outstanding by written notice to the Trustee have
the right to waive any existing Default or Event of Default with respect to such Series or compliance with any provision of this
Indenture (with respect to such Series) or the Securities of such Series. Upon any such waiver, such Default with respect to such
Series shall cease to exist, and any Event of Default with respect to such Series arising therefrom shall be deemed to have been
cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto. This Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section 316(a)(1)(B)
is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

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		6.5.	CONTROL BY MAJORITY.

 

Subject to Sections 6.2, 6.7 and 8.2, the
Holders of a majority in principal amount of the Securities of any Series then outstanding may 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
by this Indenture with respect to such Series. The Trustee, however, may refuse to follow any direction that conflicts with law
or this Indenture, or that the Trustee determines, in its sole discretion, may be unduly prejudicial to the rights of another Securityholder
or the Trustee, or that may involve the Trustee in personal liability; PROVIDED, that the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction. This Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A),
and TIA Section 316(a)(1)(A) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

	6.6.	LIMITATION ON SUITS.

 

Subject to Section 6.7, a Securityholder
may not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities of a Series unless:

 

(1) the Holder gives to the Trustee written
notice of a continuing Event of Default with respect to the Securities of that Series;

 

(2) the Holders of at least 25% in aggregate
principal amount of the Securities of such Series then outstanding make a written request to the Trustee to pursue the remedy;

 

(3) such Holder or Holders offer to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request;

 

(4) the Trustee does not comply with the request
within 60 days after receipt of the request and the offer of indemnity; and

 

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

 

A Securityholder may not use this Indenture
to prejudice the rights of another Securityholder, or to obtain a preference or priority over another Securityholder.

 

	6.7.	RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Security of a Series to receive payment of the principal of, and interest and premium,
if any, on, the Security of such Series on or after the respective due dates expressed in the Security of such Series, or to bring
suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional, and shall not be
impaired or affected without the consent of the Holder.

 

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	6.8.	COLLECTION SUIT BY TRUSTEE.

 

If an Event of Default in payment of principal,
interest or premium, if any, specified in Section 6.1(1) or (2) with respect to Securities of any Series at the time outstanding
occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company
(or any other obligor on the Securities of that Series) for the whole amount of unpaid principal and premium, if any, and accrued
interest remaining unpaid, together with interest on overdue principal and premium, if any, and, to the extent that payment of
such interest is lawful, interest on overdue installments of interest, in each case at the rate then borne by the Securities of
that Series, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as set forth in Section 7.7.

 

	6.9.	TRUSTEE MAY FILE PROOFS OF CLAIM.

 

The Trustee may file such proofs of claim
and other papers or documents, and take other actions (including sitting on a committee of creditors), as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company (or
any other obligor on the Securities), any of their respective creditors or any of their respective property, and the Trustee shall
be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims, and to
distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out
of the estate in any such proceedings, and any custodian in any such judicial proceeding is hereby authorized by each Securityholder
to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to
the Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7, and to the extent that such payment
of reasonable compensation, expenses, disbursements and advances in any such proceedings shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and
other property which the Holders may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization
or arrangement or otherwise.

 

Nothing herein contained 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 a Series or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such proceedings.

 

	6.10.	PRIORITIES.

 

If the Trustee collects any money pursuant
to this ARTICLE 6, it shall pay out the money in the following order:

 

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FIRST: to the Trustee for amounts due under Section
7.7;

 

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

 

THIRD: to the Company or such party as a court of competent
jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Securityholders pursuant to this Section 6.10.

 

	6.11.	UNDERTAKING FOR COSTS.

 

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, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal
amount of the Securities of a Series then outstanding.

 

ARTICLE 7.

TRUSTEE

 

	7.1.	DUTIES OF TRUSTEE.

 

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

 

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

 

(1) The duties of the Trustee shall be determined
solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth
in this Indenture and no others, and no covenants or obligations shall be implied in this Indenture against the Trustee.

 

(2) In the absence of bad faith on its part,
the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
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 which 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.

 

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

 

(1) This paragraph does not limit the effect
of paragraph (b) of this Section 7.1.

 

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

 

(3) The Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and
6.5.

 

(d)           
No provision of this Indenture shall require the Trustee to expend or risk its own funds, or otherwise incur any liability,
including any financial liability, in the performance of any of its rights or powers if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured
to it. The Trustee shall be under no obligation to exercise any of the rights or power vested in it by this Indenture at the request
or direction of any of the Holder pursuant to this Indenture, unless such Holders shall have offered to the Trustee indemnity satisfactory
to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 

(e)           
Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision
of this Indenture that in any way relates to the Trustee.

 

(f)            
The Trustee and Paying Agent shall not be liable for interest on any money received by either of them, except as the Trustee
and Paying Agent may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by the law.

 

(g)           
The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard
of care set forth in paragraphs (a), (b), (c), (d) and (f) of this Section 7.1 and in Section 7.2 with respect to the Trustee.

 

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

 

	7.2.	RIGHTS OF TRUSTEE.

 

(a)           
Subject to Section 7.1:

 

(1) The Trustee may conclusively rely on,
and shall be protected in acting or refraining from acting upon, any document y believed by it to be genuine and to have been signed
or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

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(2) Before the Trustee acts or refrains from
acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both, which shall conform to the provisions
of Section 10.5. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith
in reliance on such certificate or opinion.

 

(3) The Trustee may act through agents and
attorneys, and shall not be responsible for the misconduct or negligence of any agent appointed by it with due care.

 

(4) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers.

 

(5) The Trustee may consult with counsel of
its selection, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection
from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice
or opinion of such counsel.

 

(6) 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 Holders
pursuant to the provisions of this Indenture, unless such Holders shall have provided to the Trustee security or indemnity against
the costs, expenses and liabilities which may be incurred therein or thereby.

 

(7) The Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document.

 

(8) The Trustee shall not be deemed to
have knowledge of any fact or matter (including, without limitation, a Default or Event of Default) unless such fact or
matter is known to a Responsible Officer of the Trustee.

 

(9) The rights, privileges, protection, 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 to each agent, custodian and other person employed to act hereunder.

 

(10) Unless otherwise expressly provided
herein or in the Securities of a Series or the related Board Resolution, supplemental indenture or Officers’
Certificate, the Trustee shall not have any responsibility with respect to reports, notices, certificates or other documents
filed with it hereunder, except to make them available for inspection, at reasonable times, by Securityholders, it being
understood that delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (except as
set forth in Section 4.4).

 

    27

     

    

 

(11) The Trustee may request that the
Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person
authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate
previously delivered and not superseded.

 

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

 

		7.3.	INDIVIDUAL RIGHTS OF TRUSTEE.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities, and may make loans to, accept deposits from, perform services for or otherwise
deal with the Company, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do the
same with like rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

		7.4.	TRUSTEE’S DISCLAIMER.

 

The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Securities (except that the Trustee represents
that it is duly authorized to execute and deliver this Indenture and authenticate the Securities and perform its obligations hereunder),
and the Trustee shall not be accountable for the Company’s use of the proceeds from the sale of Securities or any money paid
to the Company or upon the Company’s direction pursuant to the terms of this Indenture, and the Trustee shall not be responsible
for any statement or recital herein or any statement in the Securities or any other document in connection with the sale of the
Securities or pursuant to this Indenture other than its certificates of authentication.

 

		7.5.	NOTICE OF DEFAULT.

 

If a Default or an Event of Default occurs
and is continuing with respect to the Securities of any Series, and if it is known to as Responsible Officer of the Trustee, the
Trustee shall deliver to each Securityholder of the Securities of that Series notice of the Default or the Event of Default, as
the case may be, within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such
Default or Event of Default (except if such Default or Event of Default has been validly cured or waived before the giving of such
notice). Except in the case of a Default or an Event of Default in payment of the principal of, or interest or premium, if any,
on, any Security of any Series, the Trustee may withhold the notice if and so long as a committee of the Responsible Officers of
the Trustee determine(s) that withholding the notice is in the interests of the Securityholders of that Series.

 

		7.6.	REPORTS BY TRUSTEE TO HOLDERS.

 

If and to the extent required by the
TIA, within 60 days after May 15 of each year, commencing the May 15 following the date of this Indenture, the Trustee shall
deliver to each Securityholder a brief report dated as of such May 15 that complies with TIA Section 313(a). The Trustee also
shall comply with TIA Sections 313(b) and 313(c).

 

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A copy of each report at the time of its
delivery to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that Series are listed.
The Company shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange or any delisting
thereof, and the Trustee shall comply with TIA Section 313(d).

 

		7.7.	COMPENSATION AND INDEMNITY.

 

The Company shall pay to the Trustee from
time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any provision of
law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee within 45 days after receipt of request
for all reasonable out-of-pocket disbursements, expenses and advances incurred or made by it in connection with its duties under
this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify the Trustee,
its officers, directors, employees and agents for, and hold them harmless against, any and all losses, liabilities, damages, claims
or expense (including taxes, other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it
or arising out of or in connection with the acceptance or administration of its duties under this Indenture including the costs
and expenses of enforcing this Indenture against the Company (including this Section 7.7) and defending itself against any claim
(whether asserted by the Company or any Holder or any other Person) or liability in connection with the exercise or performance
of any of its powers or duties hereunder. The Trustee, upon receiving written notice thereof, shall notify the Company promptly
of any claim asserted against the Trustee for which it may seek indemnity.

 

The failure by the Trustee to so notify
the Company shall not however relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have 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 written consent, which consent shall not be unreasonably
withheld. Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any
loss or liability incurred by the Trustee through its negligence or bad faith as established by a final, non-appealable order of
a court of competent jurisdiction. To secure the payment obligations of the Company in this Section 7.7, the Trustee shall have
a lien prior to the Securities of any Series on all money or property held or collected by the Trustee except such money or property
held in trust to pay the principal of, interest and premium, if any, on particular Securities of that Series.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.7, the term
 “Trustee” shall include any trustee appointed pursuant to this ARTICLE 7.

 

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The obligations of the Company under this
Section 7.7 shall survive the termination or satisfaction and discharge of this Indenture or the resignation or removal of the
Trustee for any reason.

 

		7.8.	REPLACEMENT OF TRUSTEE.

 

The Trustee may resign with respect to the
Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation.

 

The Holders of a majority in principal amount
of the outstanding Securities of any Series may remove the Trustee with respect to that Series by notifying the removed Trustee
in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company, which consent shall
not be unreasonably withheld. The Company may remove the Trustee with respect to that Series at its election if:

 

(1) the Trustee fails to comply with, or ceases
to be eligible under, Section 7.10;

 

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

 

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

 

(4) the Trustee otherwise becomes incapable
of acting.

 

If the Trustee resigns or is removed, or
if a vacancy exists in the office of Trustee, with respect to any Series of Securities for any reason, the Company shall promptly
appoint, by Board Resolution, a successor Trustee.

 

If a successor Trustee with respect to the
Securities of one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company or the Holders of at least 10% in principal amount of the outstanding Securities of the applicable Series
may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee with respect to the Securities
of one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Immediately following such delivery, (i) the retiring
Trustee with respect to one or more Series shall, subject to its rights under Section 7.7, transfer all property held by it as
Trustee with respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring Trustee shall become
effective and (iii) the successor Trustee with respect to such Series shall have all the rights, powers and duties of the Trustee
under this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession
to each Securityholder of such Series.

 

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A retiring Trustee shall not be liable for
the acts or omissions of any successor Trustee after its succession.

 

Notwithstanding replacement of the Trustee
pursuant to this section 7.8, the Company’s obligations under Section 7.7 shall continue for the benefit of the retiring
Trustee.

 

		7.9.	SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION.

 

If the Trustee, or any Agent, consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation, subject
to Section 7.10, the successor corporation without any further act shall be the successor Trustee or Agent, as the case may be.

 

		7.10.	ELIGIBILITY; DISQUALIFICATION.

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee (or in the case of a Trustee
that is a Person included in a bank holding company system, the related bank holding company) shall have a combined capital and
surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA Section 310(b), including the provision in Section 310(b)(1). In addition, if the Trustee is a Person included in a bank
holding company system, the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section
310(a)(2). If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it shall
resign immediately in the manner and with the effect specified in this ARTICLE 7.

 

		7.11.	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

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

 

		7.12.	PAYING AGENTS.

 

The Company shall cause each Paying Agent
other than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section 7.12:

 

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

 

(2) that it will at any time during the continuance
of any Event of Default, upon written request from the Trustee, deliver to the Trustee all sums so held in trust by it together
with a full accounting thereof; and

 

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(3) that it will give the Trustee written
notice within three Business Days after any failure of the Company (or by any obligor on the Securities) in the payment of any
installment of the principal of, or interest or premium, if any, on, the Securities when the same shall be due and payable.

 

ARTICLE 8.

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

		8.1.	WITHOUT CONSENT OF HOLDERS.

 

The Company, when authorized by a Board
Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without notice to or
consent of any Securityholder:

 

(1) to comply with Section 5.1;

 

(2) to provide for certificated Securities
in addition to uncertificated Securities;

 

(3) to comply with any requirements of the
SEC under the TIA;

 

(4) to cure any ambiguity, defect or inconsistency,
or to make any other change herein or in the Securities that does not materially and adversely affect the rights of any Securityholder;

 

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

 

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

 

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

 

		8.2.	WITH CONSENT OF HOLDERS.

 

(a)              
The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities
of one or more Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the
outstanding Securities of such Series affected by such amendment or supplement without notice to any Securityholder. The Holders
of not less than a majority in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment
or supplement may waive compliance by the Company in a particular instance with any provision of this Indenture or the Securities
of such Series without notice to any Securityholder. Subject to Section 8.4, without the consent of each Securityholder affected,
however, an amendment, supplement or waiver may not:

 

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(1) reduce the amount of Securities whose
Holders must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 

(2) reduce the rate of, or change the time
for payment of, interest on any Security;

 

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

 

(4) make any Security payable in money other
than that stated in the Security;

 

(5) change the amount or time of any payment
required by the Securities, or reduce the premium payable upon any redemption of the Securities, or change the time before which
no such redemption may be made;

 

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

 

(7) waive a redemption payment with respect
to any Security, or change any of the provisions with respect to the redemption of any Securities;

 

(8) make any changes in Section 6.6 or this
Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any matter; or

 

(9) take any other action otherwise prohibited
by this Indenture to be taken without the consent of each Holder affected thereby.

 

(b)              
Upon the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture,
and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as
aforesaid and of the documents described in Section 8.6, 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,
in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

(c)              
It shall not be necessary for the consent of the Holders under this section to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

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After an amendment or supplement under
this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing the amendment or
supplement. Any failure of the Company to mail any such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any supplemental indenture.

 

		8.3.	COMPLIANCE WITH TRUST INDENTURE ACT.

 

Every amendment to, or supplement of, this
Indenture or the Securities shall comply with the TIA as then in effect.

 

		8.4.	REVOCATION AND EFFECT OF CONSENTS.

 

Until an amendment, supplement, waiver or
other action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such
Holder and every subsequent Holder of the same Security or portion thereof, and of any Security issued upon the transfer thereof
or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. Any such Holder
or subsequent Holder, however, may revoke the consent as to his Security or portion of a Security, if the Trustee receives the
notice of revocation before the date the amendment, supplement, waiver or other action becomes effective.

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which
record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then, notwithstanding
the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons,
shall be entitled to consent to such amendment, supplement or waiver, or to revoke any consent previously given, whether or not
such Persons continue to be Holders after such record date.

 

After an amendment, supplement, waiver or
other action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through
(9) of Section 8.2. In that case, the amendment, supplement, waiver or other action shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to receive payment of
the principal of, and interest and premium, if any, on, a Security, on or after the respective due dates expressed in such Security,
or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.

 

		8.5.	NOTATION ON OR EXCHANGE OF SECURITIES.

 

If an amendment, supplement or waiver changes
the terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to the Trustee. In such
case, the Trustee shall place an appropriate notation on such Security about the changed terms and return it to the Holder. Alternatively,
the Company, in exchange for such Security, may issue, and the Trustee shall authenticate, a new security that reflects the changed
terms. Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment,
supplement or waiver.

 

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		8.6.	TRUSTEE TO SIGN AMENDMENTS, ETC.

 

The Trustee shall sign any amendment, supplement
or waiver authorized pursuant to this ARTICLE 8 if the amendment, supplement or waiver does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such
amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1, shall be fully protected
in relying upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized
or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors of the Company
approves it.

 

ARTICLE 9.

DISCHARGE OF INDENTURE; DEFEASANCE

 

		9.1.	DISCHARGE OF INDENTURE.

 

The Company may terminate its obligations
under the Securities of any Series and this Indenture with respect to such Series, except the obligations referred to in the last
paragraph of this Section 9.1, if there shall have been canceled by the Trustee, or delivered to the Trustee for cancellation,
all Securities of such Series theretofore authenticated and delivered (other than any Securities of such Series that are asserted
to have been destroyed, lost or stolen and that shall have been replaced as provided in Section 2.8) and the Company has paid all
sums payable by it hereunder or deposited all required sums with the Trustee.

 

After such delivery the Trustee upon request
shall acknowledge in a writing prepared by or on behalf of the Company the discharge of the Company’s obligations under the
Securities of such Series and this Indenture, except for those surviving obligations specified below.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company in Sections 7.7, 9.5 and 9.6 shall survive.

 

		9.2.	LEGAL DEFEASANCE.

 

The Company may at its option, by
Board Resolution, be discharged from its obligations with respect to the Securities of any Series on the date upon which the
conditions set forth in Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such
Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by
the Securities of such Series and to have satisfied all its other obligations under such Securities and this Indenture
insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall, subject to Section 9.6,
execute proper instruments acknowledging the same, as are delivered to it by the Company), except for the following, which
shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of outstanding Securities of such
Series to receive solely from the trust funds described in Section 9.4 and as more fully set forth in such section, payments
in respect of the principal of, and interest and premium, if any, on, the Securities of such Series when such payments are
due, (B) the Company’s obligations with respect to the Securities of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8
and 2.9, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder (including claims of, or payments to,
the Trustee under or pursuant to Section 7.7) and (D) this ARTICLE 9. Subject to compliance with this ARTICLE 9, the Company
may exercise its option under this Section 9.2 with respect to the Securities of any Series notwithstanding the prior
exercise of its option under Section 9.3 below with respect to the Securities of such Series.

 

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		9.3.	COVENANT DEFEASANCE.

 

At the option of the Company, pursuant to
a Board Resolution, the Company shall be released from its obligations with respect to the outstanding Securities of any Series
under Sections 4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding Securities of such Series, on and after
the date the conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose,
such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference
elsewhere herein to any such specified Section or portion thereof or by reason of any reference in any such specified section or
portion thereof to any other provision herein or in any other document, but the remainder of this Indenture and the Securities
of any Series shall be unaffected thereby.

 

		9.4.	CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to
application of Section 9.2 or Section 9.3 to the outstanding Securities of a Series:

 

(1) the Company shall irrevocably have deposited
or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 7.10 who shall agree to comply
with the provisions of this ARTICLE 9 applicable to it) as funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (A) money in an amount, or (B)
U.S. Government Obligations or Foreign Government Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or
(C) 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 and discharge, and which shall be applied by the Trustee (or
other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the outstanding
Securities of such Series at the Stated Maturity of such principal, interest or premium, if any, or on dates for payment and redemption
of such principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities
of such Series;

 

(2) no Event of Default or Default with respect
to the Securities of such Series shall have occurred and be continuing on the date of such deposit, or shall have occurred and
be continuing at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the
day following the expiration of the longest preference period under any Bankruptcy Law applicable to the Company in respect of
such deposit as specified in the Opinion of Counsel identified in paragraph (8) below (it being understood that this condition
shall not be deemed satisfied until the expiration of such period);

 

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(3) such Legal Defeasance or Covenant Defeasance
shall not cause the Trustee to have a conflicting interest for purposes of the TIA with respect to any securities of the Company;

 

(4) such Legal Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute default under, any other agreement or instrument to which the Company
is a party or by which it is bound;

 

(5) the Company shall have delivered to the
Trustee an Opinion of Counsel stating that, as a result of such Legal Defeasance or Covenant Defeasance, neither the trust nor
the Trustee will be required to register as an investment company under the Investment Company Act of 1940, as amended;

 

(6) in the case of an election under Section
9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there has been a change in any applicable
Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of the outstanding Securities of
such Series or Persons in

 

(7) their positions will not recognize income,
gain or loss for Federal income tax purposes solely as a result of such Legal Defeasance and will be subject to Federal income
tax on the same amounts, in the same manner, including as a result of prepayment, and at the same times as would have been the
case if such Legal Defeasance had not occurred;

 

(8) in the case of an election under Section
9.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the outstanding Securities
of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance,
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred;

 

(9) the Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this
ARTICLE 9 relating to either the Legal Defeasance under Section 9.2 or the Covenant Defeasance under Section 9.3 (as the case may
be) have been complied with;

 

(10) the Company shall have delivered to the
Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made by the Company with the intent of
defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(11) the Company shall have paid, or duly
provided for payment under terms mutually satisfactory to the Company and the Trustee, all amounts then due to the Trustee pursuant
to Section 7.7.

 

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		9.5.	DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

All money, U.S. Government Obligations
and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.4 in
respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Securities and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine,
to the Holders of such Securities, of all sums due and to become due thereon in respect of principal, accrued interest and
premium, if any, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations and Foreign Government
Obligations deposited pursuant to Section 9.4 or the principal, interest and premium, if any, received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities.

 

Anything in this ARTICLE 9 to the contrary
notwithstanding, but subject to payment of any of its outstanding fees and expenses, the Trustee shall deliver or pay to the Company
from time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee
as provided in Section 9.4 which, in the opinion of a nationally-recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

		9.6.	REINSTATEMENT.

 

If the Trustee or Paying Agent is unable
to apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance with Section 9.1, 9.2, 9.3 or 9.4
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived
and reinstated as though no deposit had occurred pursuant to this ARTICLE 9 until such time as the Trustee or Paying Agent is permitted
to apply all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with
Section 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if the Company has made any payment of principal of, or accrued interest
or premium, if any, on, any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money, U.S. Government Obligations or Foreign Government
Obligations held by the Trustee or Paying Agent.

 

		9.7.	MONEYS HELD BY PAYING AGENT.

 

In connection with the satisfaction and
discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand
of the Company, be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section 9.1, to the Company, and
thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 

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		9.8.	MONEYS HELD BY TRUSTEE.

 

Any moneys deposited with the Trustee or
any Paying Agent or then held by the Company in trust for the payment of the principal of, or interest or premium, if any, on,
any Security that are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the
principal of, or interest or premium, if any, on, such Security shall have respectively become due and payable shall be repaid
to the Company upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from
such trust; and the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor,
look only to the Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or any such Paying Agent, before being required to make any such
repayment, may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register
of the Securities maintained by the Registrar, or cause to be published once a week for two successive weeks, in a newspaper published
in the English language, customarily published each Business Day and of general circulation in the City of New York, New York,
a notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from
the date of such mailing or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After
payment to the Company or the release of any money held in trust by the Company, Securityholders entitled to the money must look
only to the Company for payment as general creditors, unless applicable abandoned property law designates another Person.

 

ARTICLE 10.

MISCELLANEOUS

 

		10.1.	TRUST INDENTURE ACT CONTROLS.

 

If any provision of this Indenture limits,
qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision
shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

		10.2.	NOTICES.

 

Any notice or communication shall be given
in writing or delivered in Person, delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed
as follows:

 

If to the Company:

 

Ironwood Pharmaceuticals, Inc.

100 Summer Street, Suite 2300

Boston, Massachusetts 02110

Telephone: (617) 621-7722

Attention: General Counsel

 

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Copy to:

 

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

Telephone: (617) 951-7000

Attention: Paul M. Kinsella

 

If to the Trustee:

 

The Company or the Trustee by written notice
to the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication
to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered and
three Business Days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address
shall not be deemed to have been given until actually received by the addressee).

 

Any notice or communication mailed to a
Securityholder shall be mailed to such Securityholder by first-class mail, postage prepaid, at such Securityholder’s address
shown on the register kept by the Registrar.

 

Failure to mail, or any defect in, a notice
or communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders. If a notice or communication
to a Securityholder is mailed in the manner provided above, it shall be deemed duly given, three Business Days after such mailing,
whether or not the addressee receives it.

 

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

 

In case by reason of the suspension of regular
mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such
method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

 

In the case of Global Securities, notices
or communications to be given to Securityholders shall be given to the Depository, in accordance with its applicable policies as
in effect from time to time.

 

In addition to the manner provided for in
the foregoing provisions, notices or communications to Securityholders shall be given by the Company by release made to Reuters
Economic Services and Bloomberg Business News.

 

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The Trustee shall have the right to accept
and act upon instructions, including funds transfer instructions (“Instructions”) given by the Company pursuant
to this Indenture and delivered using unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including
pdf files) (“Electronic Means”); provided, however, that the Company shall provide to the Trustee an incumbency
certificate listing officers with the authority to provide such Instructions (each, an “Authorized Officer”)
and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever
a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means
and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions
shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender
of such Instructions and that the Trustee shall conclusively presume that Instructions that purport to have been sent by an Authorized
Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall
be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all
Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes,
passwords and/or authentication keys upon receipt by the Company. 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 Company agrees: (a) to assume all risks arising
out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized Instructions, and the risk of interception and misuse by third parties; and (b) to notify the Trustee immediately
upon learning of any compromise or unauthorized use of the security procedures. Any notice, direction, request or demand hereunder
to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if it is in writing and actually
received by the Trustee, addressed as provided above or sent electronically in PDF format.

 

		10.3.	COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS.

 

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

 

		10.4.	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

 

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

 

(1) an Officers’ Certificate (which
shall include the statements set forth in Section 10.5 below) stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

    41

     

    

 

(2) an Opinion of Counsel (which shall include
the statements set forth in Section 10.5 below) stating that, in the opinion of such counsel, all such conditions precedent have
been complied with.

 

		10.5.	STATEMENT REQUIRED IN CERTIFICATE AND OPINION.

 

Each certificate and opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 4.4) shall include:

 

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

 

(2) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(3) a statement that, in the opinion of such
Person, it or he has made such examination or investigation as is necessary to enable it or him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and

 

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

 

		10.6.	RULES BY TRUSTEE AND AGENTS.

 

The Trustee may make reasonable rules for
action by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable rules for their functions.

 

		10.7.	BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT.

 

A “Business Day” is a day that
is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday, a federally-recognized holiday or a day on which
banking institutions are not authorized or required by law, regulation or executive order to be open in the State of New York.

 

If a payment date is a Legal Holiday at
a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. “Place of Payment” means the place or places where the principal of, and interest
and premium, if any, on, the Securities of a Series are payable as specified as contemplated by Section2.2. If the regular record
date is a Legal Holiday, the record date shall not be affected.

 

		10.8.	GOVERNING LAW.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN
THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

    42

     

    

 

The Company irrevocably consents and agrees,
for the benefit of the Holders from time to time of the Securities and the Trustee, that any legal action, suit or proceeding against
it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Securities
may be brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New
York City, New York and, until amounts due and to become due in respect of the Securities have been paid, hereby irrevocably consents
and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any
action, suit or proceeding for itself in respect of its properties, assets and revenues.

 

The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any
of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the
State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum.

 

		10.9.	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 

This Indenture may not be used to interpret
another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security
or debt agreement may be used to interpret this Indenture.

 

		10.10.	NO RECOURSE AGAINST OTHERS.

 

A director, officer, employee, stockholder
or incorporator, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or
the Indenture. Each Securityholder by accepting a Security waives and releases all such liability. Such waiver and release are
part of the consideration for the issuance of the Securities.

 

		10.11.	SUCCESSORS.

 

All covenants and agreements of the Company
in this Indenture and the Securities shall bind the Company’s successors and assigns, whether so expressed or not. All agreements
of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns.

 

		10.12.	MULTIPLE COUNTERPARTS.

 

The parties may sign multiple counterparts
of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.
Delivery of an executed counterpart by facsimile or PDF shall be effective as delivery of a manually executed counterpart thereof.

 

    43

     

    

 

		10.13.	TABLE OF CONTENTS, HEADINGS, ETC.

 

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

 

		10.14.	SEVERABILITY.

 

Each provision of this Indenture shall be
considered separable, and if for any reason any provision which is not essential to the effectuation of the basic purpose of this
Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby, and a Holder shall have no claim therefor against any party hereto.

 

		10.15.	SECURITIES IN A FOREIGN CURRENCY OR IN EUROS.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 with respect to a particular
Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage
in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding
and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars
(including Euros), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose
of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such
time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York
City for cable transfers of that currency as published by the Federal Reserve Bank of New York; PROVIDED, HOWEVER, in the case
of Euros, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor
thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the “Journal”).
If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of Euros,
the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of Euros,
rates of exchange from one or more major banks in New York City or in the country of issue of the currency in question or, in the
case of Euros, in Luxembourg or such other quotations or, in the case of Euros, rates of exchange as the Trustee, upon consultation
with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal
amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders
of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations of the
Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in
the Trustee’s sole discretion, and shall, in the absence of manifest error, be conclusive to the extent permitted by law
for all purposes and irrevocably binding upon the Company and all Holders.

 

    44

     

    

 

10.16.   
 FORCE MAJEURE. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
provided that the Trustee shall use reasonable efforts consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

10.17.   
WAIVER OF JURY TRIAL. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
PPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

10.18.   
U.S.A PATRIOT ACT. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions, 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 reasonably request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

		10.19.	JUDGMENT CURRENCY.

 

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

 

    45

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of
the day and year first above written.

 

	 	IRONWOOD PHARMACEUTICALS,
    INC.
	 	 
	 	By:	                                   
	 	Name: 	 
	 	Title:	 

 

	 	U.S. BANK NATIONAL ASSOCIATION
     

 

	 	By:	                                   
	 	Name: 	 
	 	Title:	 

 

	 	By:	                                   
	 	Name: 	 
	 	Title:	 

 

    46smlp-ex103_79.htm

 

EXHIBIT 10.3

SEPARATION AND GENERAL RELEASE AGREEMENT

 

THIS SEPARATION AND GENERAL RELEASE AGREEMENT (this

“Agreement”) is made and entered into as of the Effective Date, defined in Section 5 below, by and between, Brock Degeyter, an individual (the “Executive”), and Summit Operating Services Company, LLC (the “Company”), as successor in interest to Summit Midstream Partners, LLC, a Delaware limited liability company. Executive and the Company may sometimes be  referenced herein individually as a “Party” or collectively as the “Parties.”

 

WHEREAS, Executive is employed by the Company pursuant to that certain Amended and Restated Employment Agreement, dated as of February 1, 2016, as amended by that certain Amendment No. 1 to Amended and Restated Employment Agreement, dated as of January 23, 2018 (together, the “Employment Agreement”);

 

WHEREAS, pursuant to the Summit Midstream Partners, LP 2012 Long-Term Incentive Plan (the “LTIP”), Executive is a party to the following Phantom Unit Agreements with Summit Midstream GP, LLC, the General Partner of Summit Midstream Partners LP: (1) that certain Phantom Unit Agreement dated March 15, 2018; (2) that certain Phantom Unit Agreement dated March 15, 2019; (3) that certain Phantom Unit Agreement dated November 15, 2019; and (4) that certain Phantom Unit Agreement dated March 23, 2020 (the “Phantom Unit Agreements”); and

 

WHEREAS, the Company is terminating Executive’s employment without Cause (as defined by the Employment Agreement) effective as of the Termination Date (as defined below), and the Parties have agreed to separate on the terms specified herein, including, specifically, Executive’s waiver of certain cash compensation in exchange for a release from certain continuing obligations owed to the Company and its parents, subsidiaries, and affiliates (collectively the “Company Group”) following the Termination Date.

 

NOW THEREFORE, in consideration of the recitals above and the mutual promises and obligations contained herein, and other good and valuable consideration, the receipt and sufficiency of which are expressly acknowledged, it is agreed as follows:

 

	
 
	
1.
	
Termination of Employment. Executive’s employment with the Company and all other members of the Company Group will terminate effective as of August 7, 2020 (the “Termination Date”). Executive hereby resigns from any officer positions held by Executive with any member of the Company Group. Executive’s separation is a “Separation from Service” with the Company within the meaning of Section 409A of the Internal Revenue Code and the regulations thereunder as of that date. Subject to applicable withholding for taxes and other authorized deductions, Executive will receive his final paycheck, including his regular pay and accrued vacation that remains unused through the Termination Date, within six (6) days of the Termination Date. Subject to his execution and non-revocation of this Agreement, Executive will also receive a portion of his Prorated Termination Bonus (as defined by the Employment Agreement), in accordance with Section 5(a) of the Employment Agreement within thirty (30) days after the Separation Date; provided, however, instead of the Prorated

Page 1 of 8

 

 
 

 

Termination Bonus being calculated at target, the Prorated Termination Bonus will be calculated using fifty percent (50%) of target and then prorated based on the number of days of employment during 2020 (i.e., Executive’s Prorated Termination Bonus will be $114,207.65 (220/366 X$190,000)). Executive understands and agrees that, except as otherwise expressly provided by this Agreement, all regular salary, any bonus or incentive compensation, and any employee benefit and other benefits of employment (except for the right to accrued and unpaid amounts, including any unused vacation and paid time off, as of the Termination Date) terminate on the Termination Date, and Executive is giving up any additional right to employment, compensation, and/or benefits except as set forth in this Agreement. Executive expressly acknowledges that through this Agreement and the Release (as defined below) he is waiving any rights to (a) any Severance Payment under the Employment Agreement, (b) any right to the Retention Bonus under that certain Retention Bonus Agreement dated June 7, 2019 by and between Executive, Summit Midstream Partners, LLC, Summit Midstream GP, LLC, and Summit Midstream Partners, LP, and (c) any right to the Unvested Retention Component (described in Section 4 below).

 

	
 
	
2.
	
Expense Reimbursement. In accordance with Company policy, the Company will reimburse Executive for unpaid, reasonable travel and other business expenses, including, but not limited to, up to $12,000 for annual tax preparation services and ongoing tax advice, incurred by Executive through the Termination Date, if any, provided that Executive completes and submits to the Company an expense report (along with proper supporting documentation) within fourteen (14) days after the Termination Date. The Company will pay  any such expense reimbursement within 30 days of receipt of the approved expense report. Executive acknowledges and agrees that if Executive fails to timely submit an expense report, as outlined in this Section 2, Executive forfeits Executive’s right, if any, to reimbursement for reasonable business expenses.

 

	
 
	
3.
	
Cessation of Benefits.  Executive’s eligibility to participate in any of the Company’s employee benefit plans will cease on the Termination Date, though Executive’s coverage may continue through the last day of the month in which the Termination Date occurs in accordance with the terms of the applicable employee benefit plans. To the extent that Executive currently participates in any of the Company’s group health plans, Executive may be eligible for continuation of such coverage as provided for in the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Executive understands that COBRA continuation coverage, if any, will be at Executive’s expense, and requires timely and proper completion of the application form received from the COBRA administrative services provider; provided, however, that for the period ending on the 18-month anniversary of the Termination Date, Executive (or, if applicable, his qualifying beneficiary) shall be entitled to such coverage at an out-of-pocket premium cost that does not exceed the out-of-pocket premium cost applicable  to similarly situated active employees (and their eligible dependents) of the Company.

 

	
 
	
4.
	
Vesting of Unvested Phantom Units and DERs. As of the Termination Date, the Parties agree that pursuant to the terms of the LTIP and the Phantom Unit Agreements awarded to Executive, the Executive has the following aggregate unvested phantom units, dividend equivalent rights (“DERs”), and retention component: (a) 520,015 phantom units
	
 

 

Page 2 of 8

 

 
 

 

(“Unvested Phantom Units”); (b) 520,015 DERs (“Unvested DERs”); and (c) retention component equal to $401,092 granted pursuant to that certain Phantom Unit Agreement dated March 23, 2020 (“Unvested Retention Component”) (together, the “Unvested Benefits”). In accordance with the Phantom Unit Agreements, in the event the Executive is terminated by the Company without Cause, the Unvested Benefits would become fully vested as of ther Termination Date; however, in exchange for the consideration provided by the Company in this Agreement, including, without limitation, pursuant to Section 5(a) below, Executive hereby waives his right to the Unvested Retention Component, which Executive agrees shall be immediately forfeited upon the Termination Date. As of the Termination Date, the Unvested Phantom Units and Unvested DERs will become fully vested, and Executive will receive cash or Units, as appropriate, in accordance with the terms of the LTIP, the Phantom Unit Agreements (as amended by the Amendment). Executive acknowledges he never filed any elections to defer under the Phantom Unit Agreements. Other than as set forth in this Section 4, Executive hereby waives any and all rights to additional benefits from the LTIP and the Phantom Unit Agreements, including, without limitation, any right to the Unvested Retention Component. Executive further agrees he is not entitled to any other compensation or benefit under any plan, program or agreement with the Company or any other member of the Company Group, or their respective predecessors, except as set forth and referenced in this Agreement.

 

	
 
	
5.
	
Post-Employment Continuing Obligations.

 

	
 
	
(a)
	
Noncompetition. The Company hereby waives Executive’s restrictions under Section 7(a) of the Employment Agreement.

 

	
 
	
(b)
	
Other Post-Employment Obligations. Executive acknowledges and agrees that, from and after the Termination Date, he shall remain subject to and bound by all of his other continuing obligations to the Company Group, including, without limitation, those set forth in the Employment Agreement (other than Section 7(a) and, to the extent modified by the following sentence, Section 7(b)). Notwithstanding anything to the contrary expressed or implied in this Agreement or the Employment Agreement, the Company hereby waives Executive’s restrictions under Section 7(b) of the Employment Agreement but only insofar as they relate to Executive’s executive assistant.

 

	
 
	
(c)
	
The Parties hereto expressly acknowledge and agree that the Indemnification and expense advancement provisions contained in Section 9 of the Employment Agreement shall survive, notwithstanding Executive’s Separation from Service, for a period of five years from the Termination Date, or the maximum applicable statute of limitations under the laws of the relevant jurisdiction, whichever is longer.

 

	
 
	
6.
	
General Release.    In exchange for the consideration received pursuant  to this Agreement, including as set forth in Sections 1, 4, and 5, concurrently with his execution of this Agreement, Executive shall execute the release in the form attached hereto as Exhibit A (the “Release”). Notwithstanding the foregoing, the Company hereby acknowledges and agrees

 

 

Page 3 of 8

 

 
 

 

that the Executive’s vested Class B Membership Interests in Summit Midstream Management, LLC are not affected or limited by the release provided in this Agreement. Executive is hereby granted twenty-one (21) days from his receipt of this Agreement to sign the Agreement and the Release. Executive acknowledges and agrees that in no case shall he sign this Agreement and  the Release prior to the Termination Date. The “Effective Date” of this Agreement shall be the eighth day after the date of Executive’s execution of the Release, provided it is not revoked as permitted by the Release.

 

	
 
	
7.
	
No Assignment.    Executive  represents  and  warrants  that  Executive has made no assignment or other transfer, and covenants that Executive will make no assignment or other transfer, of any interest in any claim which Executive may have against the Company or any of the other Releasees (as defined in the Release).

 

	
 
	
8.
	
Protected Disclosures. Executive  acknowledges  and  agrees  that nothing in this Agreement (a) prevents Executive from providing information to or filing a report, charge or complaint, including a challenge to the validity of this Agreement, with the Equal Employment Opportunity Commission (“EEOC”), Department of Labor (“DOL”), National Labor Relations Board (“NLRB”), Securities and Exchange Commission (“SEC”) or any other governmental agency, or from participating in any investigation or proceeding conducted by any such governmental agency, or (b) imposes any condition precedent (such as prior notice to the Company), any penalty, or any other restriction or limitation adversely affecting Executive’s rights regarding any governmental agency disclosure, report, claim or investigation; provided, however, that Executive shall not be entitled to recover any individual monetary relief or other individual remedies in any action brought by any such governmental agency or otherwise against the Company on Executive’s behalf. The foregoing  notwithstanding, this Agreement does not limit Executive’s right to receive an award for information provided under any SEC program.

 

	
 
	
9.
	
Non-Disparagement.Subject to Section 8, as a material inducement to the Company to enter into this Agreement, Executive agrees that Executive will not defame or disparage any member of the Company Group or their respective officers, directors, trustees or employees, publicly or privately.
	
 

 

	
 
	
10.
	
Post-Employment Cooperation. Upon the Company’s  request, Executive agrees to make himself reasonably available to respond to periodic requests for information or assistance relating to the Company Group or any of their predecessors or Executive’s employment, which may be within Executive’s knowledge. Following the Termination Date, Executive further agrees to provide truthful testimony and information and to otherwise reasonably cooperate with the Company in connection with any and all existing, potential, or future claims, litigation, or investigations, whether administrative, civil, or criminal in nature, with respect to such matters as were within Executive’s knowledge during his employment with the Company and its predecessor. Executive agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to assist in any investigation (whether governmental or otherwise) of any member of the Company or any of their predecessors, regardless of whether a lawsuit has been filed with respect to such investigation.

 

Page 4 of 8

 

 
 

 

	
 
	
11.
	
No Admission of Liability. This Agreement and compliance with this Agreement shall not be construed as an admission by the Company or any other Releasee (as defined in the Release) of any liability whatsoever, or as an admission by the Company or any other Releasee of any violation of the rights of Executive or any other person, or any violation of any order, law, statute, duty or contract.

 

	
 
	
12.
	
Attorneys’ Fees. The Company shall bear each Party’s fees  in  connection with the negotiation and preparation of this Agreement. In the event of any dispute arising out of or relating to a Party’s performance or nonperformance of its obligations under this Agreement, the prevailing party shall be entitled to seek attorneys’ fees, costs and expenses actually incurred in connection with any action brought to resolve the dispute.
	
 

 

	
 
	
13.
	
No Presumption Against Drafter. Executive and the Company understand that this Agreement is deemed to have been drafted jointly by the Parties. Any uncertainty or ambiguity shall not be construed for or against any Party based on attribution of drafting to any Party.
	
 

 

	
 
	
14.
	
Entire Agreement. Executive and the Company agree that this Agreement, together with the Release, the Employment Agreement, the Plan, and the Phantom Unit Agreements, represent the entire agreement and understanding between the Parties with respect to Executive’s separation from the Company. Executive and the Company acknowledge that each of them is relying solely upon the contents of this Agreement, the Release, the Employment Agreement, the Plan, and the Phantom Unit Agreements with respect to Executive’s separation from the Company, and that Executive and the Company are not relying on any other representations or statements whatsoever of the other as an inducement to enter into this Agreement. No change to or modification of this Agreement shall be valid or binding unless it is in writing and signed by Executive and a duly authorized representative of the Company.
	
 

 

	
 
	
15.
	
Counterparts.This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original, but each of which together will constitute one and the same Agreement.
	
 

 

	
 
	
16.
	
Governing Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with the substantive laws of the State of Delaware, without reference to the principles of conflicts of law of Delaware or any other jurisdiction, and where applicable, the laws of the United States.
	
 

 

 

IN WITNESS WHEREOF, this Agreement is executed by the Parties hereto as of the date indicated by the signature.

 

 

 

 

 

 

Page 5 of 8

 

 

 

 

 

 

 

 
 

 

Brock Degeyter

 

 

DATED:__________________      ___________________________

 

 

Summit Operating Services Company, LLC

 

 

 

DATED:__________________       ___________________________

 

By:_____________________

 

Its:_____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 6 of 8

 

 
 

 

Exhibit A Form of Release

Brock  Degeyter  (the  “Executive”)  agrees  for  the  Executive,  the  Executive’s spouse and child or children (if any), the Executive’s heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors and assigns, hereby forever to release, discharge, and covenant not to sue Summit Operating Services Company, LLC (the “Company”), and any of its past, present, or future parent, affiliated, related, predecessor, and/or subsidiary entities, and all of the past and present directors, shareholders, officers, general or limited partners, employees, agents, and attorneys, and agents and representatives of such entities, and employee benefit plans in which the Executive is or has been a participant by virtue of his employment with the Company (collectively, the “Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation, responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected, which the Executive has or may have had against such Releasees based on any events or circumstances arising or occurring on or prior to the date this release (the “Release”) is executed, arising directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever, (a) the Executive’s employment with the Company or any of the Releasees or the termination thereof, (b) any express or implied contract (whether written or oral), including, without limitation, under any agreement, letter, or representation relating to the terms and conditions of Executive’s employment, which may have been alleged to exist between Executive and the Company or any other Releasee, or (c) the Executive’s status at any time as a holder of any securities of the Company, and any and all claims arising under federal, state, or local laws relating to employment, or securities, including without limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in tort, claims of any kind that may be brought in any court or administrative agency, any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the Employee Retirement Income Security Act, the Family and Medical Leave Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act, and similar state or local statutes, ordinances, and regulations; provided, however, notwithstanding anything to the contrary set forth herein, that this Release shall not extend to (i) benefit claims under employee pension or welfare benefit plans in which the Executive is a participant by virtue of his employment with the Company or its subsidiaries, (ii) any rights under that certain Amended and Restated Employment Agreement, dated as of February 1, 2016, as amended by that certain Amendment No. 1 to Amended and Restated Employment Agreement, dated as of January 23, 2018 (the “Employment Agreement”), with the exception of any claim to any Severance Payment under the Employment Agreement, all such rights being waived and released by this Release, (iii) any rights of indemnification the Executive may have under any written agreement between the Executive and the Company (or its affiliates), the Company’s Certificate of Incorporation, its LLC Agreement, the LP Agreement for Summit Midstream Partners, LP, the General Corporation Law of the State of Delaware, any applicable statute or common law, or

 

Page 7 of 8

 

 
 

 

pursuant to any applicable insurance policy, (iv) unemployment compensation, (v) contractual rights to vested equity awards, (vi) COBRA benefits and (viii) any rights that may not be waived as a matter of law. In addition, the Company hereby acknowledges and agrees that the Executive’s vested Class B Membership Interests in Summit Midstream Management, LLC are not affected or limited by this Release.

 

The Executive understands that this Release includes a release of claims arising under the Age Discrimination in Employment Act (ADEA). Executive does not waive rights or claims that may arise after the date this Release is executed by Executive, and Executive waives rights or claims only in exchange for consideration in addition to anything of value to which Executive is already entitled. The Executive understands and warrants that he has been given a period of 21 days to review and consider this Release. The Executive further warrants that he understands that he may use as much or all of his 21-day period as he wishes before signing, and warrants that he has done so. The Executive further warrants that he understands that, with respect to the release of age discrimination claims only, he/ has a period of seven days after executing on the second signature line below to revoke the release of age discrimination claims by notice in writing to the Company.

 

The Executive is hereby advised to consult with an attorney prior to executing this Release. By his signature below, the Executive warrants that he has had the opportunity to do so and to be fully and fairly advised by that legal counsel as to the terms of this Release.

 

ACKNOWLEDGEMENT AND AGREEMENT TO RELEASE (AS TO ALL CLAIMS OTHER THAN AGE DISCRIMINATION CLAIMS)

 

The undersigned, having had full opportunity to review this Release with counsel of his choosing, signifies his agreement to the terms of this Release (other than as it relates to age discrimination claims) by his signature below.

 

 

________________________________                                                      ______________________

Brock Degeyter                                                                                            Date

 

 

ACKNOWLEDGEMENT AND AGREEMENT TO RELEASE (AGE DISCRIMINATION CLAIMS)

 

The undersigned, having had full opportunity to review this Release with counsel of his choosing, signifies his agreement to the terms of this Release (as it relates to age discrimination claims) by his signature below.

 

 

________________________________                                                         _______________________

Brock Degeyter                                                                                         Date

 

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