Document:

Exhibit 4.2

 

Vitru Limited

 

as the Company

 

and

 

[        ]

 

as Trustee

 

 

Subordinated Indenture

 

Dated as of [          
], [            ]

 

     

     

    

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.01.	Definitions.	1
	Section 1.02.	Other Definitions	4
	Section 1.03.	Incorporation by Reference of Trust Indenture Act	4
	Section 1.04.	Rules of Construction	5
	Section 1.05.	Unless the context otherwise requires:	5
	 	 	 
	ARTICLE 2
	THE SECURITIES
	 
	Section 2.01.	Form and Dating	5
	Section 2.02.	Execution and Authentication	5
	Section 2.03.	Amount Unlimited; Issuable in Series	7
	Section 2.04.	Denomination and Date of Securities; Payments of Interest	8
	Section 2.05.	Registrar and Paying Agent; Agents Generally	9
	Section 2.06.	Paying Agent to Hold Money in Trust	9
	Section 2.07.	Transfer and Exchange	10
	Section 2.08.	Replacement Securities	11
	Section 2.09.	Outstanding Securities	12
	Section 2.10.	Temporary Securities	12
	Section 2.11.	Cancellation	12
	Section 2.12.	CUSIP Numbers	13
	Section 2.13.	Defaulted Interest	13
	Section 2.14.	Series May Include Tranches	13
	 	 	 
	ARTICLE 3
	REDEMPTION
	 
	Section 3.01.	Applicability of Article	13
	Section 3.02.	Notice of Redemption; Partial Redemptions	13
	Section 3.03.	Payment of Securities Called for Redemption	14
	Section 3.04.	Exclusion of Certain Securities from Eligibility for Selection for Redemption	15
	Section 3.05.	Mandatory and Optional Sinking Funds	15
	 	 	 
	ARTICLE 4
	COVENANTS
	 
	Section 4.01.	Payment of Securities	17
	Section 4.02.	Maintenance of Office or Agency	17
	Section 4.03.	Securityholders’ Lists	17
	Section 4.04.	Certificate to Trustee	18
	Section 4.05.	Reports by the Company	18
	Section 4.06.	Additional Amounts	18
	 	 	 

 

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	ARTICLE 5
	SUCCESSOR CORPORATION
	 
	Section 5.01.	When Company May Merge, Etc	18
	Section 5.02.	Successor Substituted	19
	 	 	 
	ARTICLE 6
	DEFAULT AND REMEDIES
	 
	Section 6.01.	Events of Default	19
	Section 6.02.	Acceleration.	20
	Section 6.03.	Other Remedies	21
	Section 6.04.	Waiver of Past Defaults	21
	Section 6.05.	Control by Majority	21
	Section 6.06.	Limitation on Suits	21
	Section 6.07.	Rights of Holders to Receive Payment	22
	Section 6.08.	Collection Suit by Trustee	22
	Section 6.09.	Trustee May File Proofs of Claim	22
	Section 6.10.	Application of Proceeds	22
	Section 6.11.	Restoration of Rights and Remedies	23
	Section 6.12.	Undertaking for Costs	23
	Section 6.13.	Rights and Remedies Cumulative	23
	Section 6.14.	Delay or Omission not Waiver	23
	 	 	 
	ARTICLE 7
	TRUSTEE
	 
	Section 7.01.	General	23
	Section 7.02.	Certain Rights of Trustee	23
	Section 7.03.	Individual Rights of Trustee	24
	Section 7.04.	Trustee’s Disclaimer	25
	Section 7.05.	Notice of Default	25
	Section 7.06.	Reports by Trustee to Holders	25
	Section 7.07.	Compensation and Indemnity	25
	Section 7.08.	Replacement of Trustee	26
	Section 7.09.	Acceptance of Appointment by Successor	27
	Section 7.10.	Successor Trustee By Merger, Etc	27
	Section 7.11.	Eligibility	27
	Section 7.12.	Money Held in Trust	27
	 	 	 
	ARTICLE 8
	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
	 
	Section 8.01.	Satisfaction and Discharge of Indenture	28
	Section 8.02.	Application by Trustee of Funds Deposited for Payment of Securities	28
	Section 8.03.	Repayment of Moneys Held by Paying Agent	28
	Section 8.04.	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	28
	Section 8.05.	Defeasance and Discharge of Indenture	29
	Section 8.06.	Defeasance of Certain Obligations	30
	Section 8.07.	Reinstatement	30
	Section 8.08.	Indemnity	31
	Section 8.09.	Excess Funds	31
	Section 8.10.	Qualifying Trustee	31
	 	 	 

 

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	ARTICLE 9
	AMENDMENTS, SUPPLEMENTS AND WAIVERS
	 
	Section 9.01.	Without Consent of Holders	31
	Section 9.02.	With Consent of Holders	32
	Section 9.03.	Revocation and Effect of Consent	32
	Section 9.04.	Notation on or Exchange of Securities	33
	Section 9.05.	Trustee to Sign Amendments, Etc	33
	Section 9.06.	Conformity with Trust Indenture Act	33
	 	 	 
	ARTICLE 10
	MISCELLANEOUS
	 
	Section 10.01.	Trust Indenture Act of 1939	33
	Section 10.02.	Notices	33
	Section 10.03.	Certificate and Opinion as to Conditions Precedent	34
	Section 10.04.	Statements Required in Certificate or Opinion	34
	Section 10.05.	Evidence of Ownership	35
	Section 10.06.	Rules by Trustee, Paying Agent or Registrar	35
	Section 10.07.	Payment Date Other Than a Business Day	35
	Section 10.08.	Governing Law	35
	Section 10.09.	No Adverse Interpretation of Other Agreement	35
	Section 10.10.	Successors	35
	Section 10.11.	Duplicate Originals	35
	Section 10.12.	Separability	35
	Section 10.13.	Table of Contents, Headings, Etc	35
	Section 10.14.	Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability	35
	Section 10.15.	Judgment Currency	36
	Section 10.16.	Waiver of Jury Trial	36
	Section 10.17.	Force Majeure	36
	 	 	 
	ARTICLE 11
	SUBORDINATION
	 
	Section 11.01.	Agreement to Subordinate	36
	Section 11.02.	Payments to Securityholders	36
	Section 11.03.	Subrogation	38
	Section 11.04.	Authorization by Securityholders	38
	Section 11.05.	Notice to Trustee	38
	Section 11.06.	Trustee’s Relation to Senior Indebtedness	39
	Section 11.07.	No Impairment of Subordination	39

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SUBORDINATED INDENTURE, dated as of [      
,         ], between Vitru Limited, an exempted company incorporated under the laws of the Cayman
Islands with limited liability, as the Company, and [          
], as Trustee.

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has duly authorized the issue
from time to time of its subordinated debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”)
up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide,
among other things, for the authentication, delivery and administration thereof, the Company has duly authorized the execution and delivery
of this Indenture; and

 

WHEREAS, all things necessary to make this Indenture
a valid indenture and agreement according to its terms have been done;

 

NOW, THEREFORE:

 

In consideration of the premises and the purchases
of the Securities by the holders thereof, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit
of the respective holders from time to time of the Securities or of any and all series thereof as follows:

 

ARTICLE
1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
1.01.   Definitions.

 

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

 

“Agent” means any Registrar,
Paying Agent, transfer agent or Authenticating Agent.

 

“Board Resolution” means one
or more resolutions of the board of directors of the Company or any authorized committee thereof, certified by the secretary or an assistant
secretary to have been duly adopted and to be in full force and effect on the date of certification, and delivered to the Trustee.

 

“Business Day” means any day,
other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by
law or regulation to close (i) with respect to any Security the interest on which is based on the offered quotations in the interbank
Eurodollar market for dollar deposits in London or in The City of New York or (ii) with respect to Securities denominated in a specified
currency other than United States dollars, in the principal financial center of the country of the specified currency.

 

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

 

“Company” means the party named
as such in the first paragraph of this Indenture until a successor replaces it pursuant to Article 5 of this Indenture and thereafter
means the successor.

 

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“Corporate Trust Office” means
the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be administered, which office
is, at the date of this Indenture, located at [ ].

 

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

 

“Depositary” means, with respect
to the Securities of any series issuable or issued in the form of one or more Registered Global Securities, the Person designated as Depositary
by the Company pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder,
and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such
series shall mean the Depositary with respect to the Registered Global Securities of that series.

 

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

 

“Guarantee” by any Person means
any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness or other obligation of any
other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such
Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether
arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in any other manner
the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof
(in whole or in part), provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course
of business. The term “Guarantee” when used as a verb has a corresponding meaning.

 

“Holder” or “Securityholder”
means the registered holder of any Security.

 

“Indebtedness” of any Person
means at any date, without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person in respect of letters of credit
or other similar instruments (or reimbursement obligations with respect thereto), (iv) all obligations of such Person to pay the
deferred purchase price of property or services, except Trade Payables, (v) all obligations of such Person as a lessee under capital
leases, (vi) all Indebtedness of others secured by a lien on any asset of such Person, whether or not such Indebtedness is assumed
by such Person, and (vii) all Indebtedness of others Guaranteed by such Person.

 

“IFRS” means International
Financial Reporting Standards as issued by the International Accounting Standards Board, as in effect as of the date hereof.

 

“Indenture” means this Indenture
as originally executed and delivered or as it may be amended or supplemented from time to time by one or more indentures supplemental
to this Indenture entered into pursuant to the applicable provisions of this Indenture and shall include the forms and terms of the Securities
of each series established as contemplated pursuant to Sections 2.01 and 2.03.

 

“Officer” means, with respect
to the Company, the chairman of the board of directors, the president or chief executive officer, any executive vice president, any senior
vice president, any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant
secretary.

 

“Officers’ Certificate”
means a certificate signed in the name of the Company (i) by the chairman of the board of directors, president or chief executive
officer, an executive vice president, a senior vice president or a vice president, and (ii) by the chief financial officer, the treasurer
or any assistant treasurer,

 

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or the secretary or any assistant secretary, and
delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and include
(except as otherwise expressly provided in this Indenture) the statements provided in Section 10.04, if applicable.

 

“Opinion of Counsel” means
a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, satisfactory to the Trustee. Each such
opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements provided in Section 10.04,
if and to the extent required thereby.

 

“original issue date” of any
Security (or portion thereof) means the earlier of (a) the date of authentication of such Security or (b) the date of any Security
(or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the Principal amount thereof to be due and payable upon a declaration of acceleration
of the maturity thereof pursuant to Section 6.02.

 

“Periodic Offering” means an
offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation, the rate
or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto,
are to be determined by the Company or its agents upon the issuance of such Securities.

 

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

 

“Principal” of a Security means
the principal amount of, and, unless the context indicates otherwise, includes any premium payable on, the Security.

 

“Registered Global Security”
means a Security evidencing all or a part of a series of Securities, issued to the Depositary for such series in accordance with Section 2.02,
and bearing the legend prescribed in Section 2.02.

 

“Responsible Officer” when
used with respect to the Trustee, shall mean an officer of the Trustee in the Corporate Trust Office, having direct responsibility for
the administration of this Indenture, and also, with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject.

 

“Securities” means any of the
securities, as defined in the first paragraph of the recitals hereof, that are authenticated and delivered under this Indenture.

 

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

 

“Senior Indebtedness” means
all Indebtedness of the Company (other than the Securities) including principal and interest (including, without limitation, any interest
that would accrue but for the filing of a petition initiating any proceeding referred to in Section 11.02 hereof) on such Indebtedness,
created, incurred or assumed on or after the date of the first issuance of any Securities, unless such Indebtedness, but its terms or
the terms of the instrument creating or evidencing it, is subordinate in right of payment to, or pari passu with, the Securities; provided,
that the term Senior Indebtedness shall not include (a) any Indebtedness of the Company which, when incurred and without respect
to any election under Section 111(b) of Title II, United States Code, with or without recourse to the Company, (b) any
Indebtedness of the Company to a Subsidiary, (c) Indebtedness to any employee of the Company and (d) Trade Payables.

 

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“Subsidiary” means, with respect
to any Person, any corporation, association or other business entity of which a majority of the capital stock or other ownership interests
having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time
directly or indirectly owned by such Person.

 

“Trade Payables” means accounts
payable for any other indebtedness or monetary obligations to trade creditors created or assumed by the Company or any subsidiary of the
Company in the ordinary course of business in connection with the obtaining of materials or services.

 

“Trustee” means the party named
as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of Article 7 and
thereafter shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee”
as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as it may be amended from time to time.

 

“U.S. Government Obligations”
means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit
is pledged or (ii) obligations of an agency or instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, and shall also include a depository receipt issued by
a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal
of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt.

 

“Yield to Maturity” means,
as the context may require, the yield to maturity (i) on a series of Securities or (ii) if the Securities of a series are issuable
from time to time, on a Security of such series, calculated at the time of issuance of such series in the case of clause (i) or at
the time of issuance of such Security of such series in the case of clause (ii), or, if applicable, at the most recent redetermination
of interest on such series or on such Security, and calculated in accordance with the constant interest method or such other accepted
financial practice as is specified in the terms of such Security.

 

Section 1.02.  
Other Definitions. Each of the following terms is defined in the section set forth opposite such term:

 

	Term	Section	 
	Authenticating Agent	2.02	 
	cash transaction	7.03	 
	Event of Default	6.01	 
	Judgment Currency	10.15	(a) 
	mandatory sinking fund payment	3.05	 
	optional sinking fund payment	3.05	 
	Paying Agent	2.05	 
	record date	2.04	 
	Registrar	2.05	 
	Required Currency	10.15	(a)
	Security Register	2.05	 
	self-liquidating paper	7.03	 
	sinking fund payment date	3.05	 
	Surviving Entity	5.01	(a)
	tranche	2.14	 

 

Section 1.03.  
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act,
the provision is incorporated by reference in and made a part of this Indenture. The following terms used in this Indenture that are
defined by the Trust Indenture Act have the following meanings:

 

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“indenture securities” means
the Securities;

 

“indenture security holder”
means a Holder or a Securityholder;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee” or “institutional
trustee” means the Trustee; and

 

“obligor” on the indenture
securities means the Company or any other obligor on the Securities.

 

All other terms used in this Indenture that are
defined by the Trust Indenture Act, defined by reference in the Trust Indenture Act to another statute or defined by a rule of the
Commission and not otherwise defined herein have the meanings assigned to them therein.

 

Section 1.04.  
Rules of Construction. Unless the context otherwise requires:

 

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

 

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

 

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

 

(d)  
all references to Sections or Articles refer to Sections or Articles of this Indenture unless otherwise indicated; and

 

(e)  
use of masculine, feminine or neuter pronouns should not be deemed a limitation, and the use of any such pronouns should be construed
to include, where appropriate, the other pronouns.

 

ARTICLE
2

THE SECURITIES

 

Section 2.01.  
Form and Dating. The Securities of each series shall be substantially in such form or forms (not inconsistent with this Indenture)
as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may
have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture,
as may be required to comply with any law, or with any rules of any securities exchange or usage, all as may be determined by the
Officers executing such Securities as evidenced by their execution of the Securities.

 

Section 2.02.  
Execution and Authentication. Two Officers shall execute the Securities for the Company by facsimile or manual signature in
the name and on behalf of the Company. 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.

 

The Trustee, at the expense of the Company, may
appoint an authenticating agent (the “Authenticating Agent”) to authenticate Securities. The Authenticating Agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by
such Authenticating Agent.

 

A Security shall not be valid until the Trustee
or Authenticating Agent signs, manually or by facsimile, the certificate of authentication on the Security. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

 

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At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication
together with the applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such
Securities to or upon the written order of the Company. In authenticating any Securities of a series, the Trustee shall be entitled to
receive prior to the authentication of any Securities of such series, and (subject to Article 7) shall be fully protected in relying
upon, unless and until such documents have been superseded or revoked:

 

(a)  
any Board Resolution and/or executed supplemental indenture referred to in Sections 2.01 and 2.03 by or pursuant to which the forms
and terms of the Securities of that series were established;

 

(b)  
an Officers’ Certificate setting forth the form or forms and terms of the Securities, stating that the form or forms and
terms of the Securities of such series have been, or, in the case of a Periodic Offering, will be when established in accordance with
such procedures as shall be referred to therein, established in compliance with this Indenture; and

 

(c)  
an Opinion of Counsel substantially to the effect that the form or forms and terms of the Securities of such series have been,
or, in the case of a Periodic Offering, will be when established in accordance with such procedures as shall be referred to therein, established
in compliance with this Indenture and that the supplemental indenture, to the extent applicable, and Securities have been duly authorized
and, if executed and authenticated in accordance with the provisions of the Indenture and delivered to and duly paid for by the purchasers
thereof on the date of such opinion, would be entitled to the benefits of the Indenture and would be valid and binding obligations of
the Company, enforceable against the Company in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization,
receivership, moratorium and other similar laws affecting creditors’ rights generally, general principles of equity, and covering
such other matters as shall be specified therein and as shall be reasonably requested by the Trustee.

 

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

 

Notwithstanding the provisions of Sections 2.01
and 2.02, if, in connection with a Periodic Offering, all Securities of a series are not to be originally issued at one time, it shall
not be necessary to deliver the Board Resolution otherwise required pursuant to Section 2.01 or the written order, Officers’
Certificate and Opinion of Counsel otherwise required pursuant to Section 2.02 at or prior to the authentication of each Security
of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such
series to be issued.

 

With respect to Securities of a series offered
in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the forms and terms thereof
and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant
to Sections 2.01 and 2.02, as applicable, in connection with the first authentication of Securities of such series.

 

If the Company shall establish pursuant to Section 2.03
that the Securities of a series or a portion thereof are to be issued in the form of one or more Registered Global Securities, then the
Company shall execute and the Trustee shall authenticate and deliver one or more Registered Global Securities that (i) shall represent
and shall be denominated in an amount equal to the aggregate Principal amount of all of the Securities of such series issued in such form
and not yet cancelled, (ii) shall be registered in the name of the Depositary for such Registered Global Security or Securities or
the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s
instructions and (iv) shall (unless provided otherwise in the form of such Security) bear a legend substantially to the following
effect: “Unless and until it is exchanged in whole or in part for Securities in definitive registered form, this Security may not
be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the

 

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Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary.”

 

Section 2.03.  
Amount Unlimited; Issuable in Series. The aggregate Principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited.

 

The Securities may be issued in one or more series
and each such series shall rank equally and pari passu with the Securities of each other series, but all Securities hereunder shall be
subordinate and junior in right of payment, to the extent and manner set forth in Article 11, to all Senior Indebtedness. There shall
be established in or pursuant to a Board Resolution or one or more indentures supplemental hereto, prior to the initial issuance of Securities
of any series, subject to the last sentence of this Section 2.03,

 

(a)  
the designation of the Securities of the series, which shall distinguish the Securities of the series from the Securities of all
other series;

 

(b)  
any limit upon the aggregate Principal amount of the Securities of the series that may be authenticated and delivered under this
Indenture and any limitation on the ability of the Company to increase such aggregate Principal amount after the initial issuance of the
Securities of that series (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or
in lieu of, or upon redemption of, other Securities of the series pursuant hereto);

 

(c)  
the date or dates on which the Principal of the Securities of the series is payable (which date or dates may be fixed or extendible);

 

(d)  
the rate or rates (which may be fixed or variable) per annum at which the Securities of the series shall bear interest, if any,
the date or dates from which such interest shall accrue, on which such interest shall be payable and on which a record shall be taken
for the determination of Holders to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined;

 

(e)  
if other than as provided in Section 4.02, the place or places where the Principal of and any interest on Securities of the
series shall be payable, any Securities of the series may be surrendered for exchange, and notices and demands to or upon the Company
in respect of the Securities of the series and this Indenture may be served;

 

(f)  
the right, if any, of the Company to redeem Securities of the series, in whole or in part, at its option and the period or periods
within which, the price or prices at which and any terms and conditions upon which Securities of the series may be so redeemed, pursuant
to any sinking fund or otherwise;

 

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

 

(h)  
if other than denominations of $2,000 and any higher integral multiple of $1,000, the denominations in which Securities of the
series shall be issuable;

 

(i)  
if other than the Principal amount thereof, the portion of the Principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof;

 

(j)  
if other than the coin or currency in which the Securities of the series are denominated, the coin or currency in which payment
of the Principal of or interest on the Securities of the series shall be payable or if the amount of payments of principal of and/or interest
on the Securities of the series may be determined with reference to an index based on a coin or currency other than that in which the
Securities of the series are denominated, the manner in which such amounts shall be determined;

 

    7 

     

    

(k)  
if other than the currency of the United States of America, the currency or currencies, including composite currencies, in which
payment of the Principal of and interest on the Securities of the series shall be payable, and the manner in which any such currencies
shall be valued against other currencies in which any other Securities shall be payable;

 

(l)  
whether the Securities of the series or any portion thereof will be issuable as Registered Global Securities;

 

(m)  
whether the Securities of the series may be exchangeable for and/or convertible into the common stock of the Company or any other
security;

 

(n)  
whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a person who
is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will
have the option to redeem such Securities rather than pay such additional amounts;

 

(o)  
if the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and
terms of such certificates, documents or conditions;

 

(p)  
any trustees, depositaries, authenticating or paying agents, transfer agents or the registrar or any other agents with respect
to the Securities of the series;

 

(q)  
provisions, if any, for the defeasance of the Securities of the series (including provisions permitting defeasance of less than
all Securities of the series), which provisions may be in addition to, in substitution for, or in modification of (or any combination
of the foregoing) the provisions of Article 8;

 

(r)  
if the Securities of the series are issuable in whole or in part as one or more Registered Global Securities, the identity of the
Depositary or common Depositary for such Registered Global Security or Securities;

 

(s)  
any other or alternative Events of Default or covenants with respect to the Securities of the series; and

 

(t)  
any other terms of the Securities of the series.

 

All Securities of any one series shall be substantially
identical, except as to date and denomination, except in the case of any Periodic Offering and except as may otherwise be provided by
or pursuant to the Board Resolution referred to above or as set forth in any such indenture supplemental hereto. 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 such Board Resolution or in any such indenture supplemental hereto and any forms and terms of Securities to
be issued from time to time may be completed and established from time to time prior to the issuance thereof by procedures described in
such Board Resolution or supplemental indenture.

 

Unless otherwise expressly provided with respect
to a series of Securities, the aggregate principal amount of a series of Securities may be increased and additional Securities of such
series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased.

 

Section 2.04.  
Denomination and Date of Securities; Payments of Interest. The Securities of each series shall be issuable in denominations
established as contemplated by Section 2.03 or, if not so established with respect to Securities of any series, in denominations
of $2,000 and any higher integral multiple of $1,000. The Securities of each series shall be numbered, lettered or otherwise distinguished
in

 

    8 

     

    

such manner or in accordance with such plan as the
Officers of the Company executing the same may determine, as evidenced by their execution thereof.

 

Unless otherwise specified with respect to a series
of Securities, each Security shall be dated the date of its authentication. The Securities of each series shall bear interest, if any,
from the date, and such interest shall be payable on the dates, established as contemplated by Section 2.03.

 

The person in whose name any Security of any series
is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date
for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer
or exchange of such Security subsequent to the record date and prior to such interest payment date, except if and to the extent the Company
shall default in the payment of the interest due on such interest payment date for such series, in which case the provisions of Section 2.13
shall apply. The term “record date” as used with respect to any interest payment date (except a date for payment of
defaulted interest) for the Securities of any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section 2.03, or, if no such date is so established, the fifteenth day next preceding such interest
payment date, whether or not such record date is a Business Day.

 

Section 2.05.  
Registrar and Paying Agent; Agents Generally. The Company shall maintain an office or agency where Securities may be presented
for registration, registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities
may be presented for payment (the “Paying Agent”), which shall be in the United States of America. The Company shall
cause the Registrar to keep a register of the Securities and of their registration, transfer and exchange (the “Security Register”).
The Company may have one or more additional Paying Agents or transfer agents with respect to any series.

 

The Company shall enter into an appropriate agency
agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture and the Trust Indenture
Act that relate to such Agent. The Company shall give prompt written notice to the Trustee of the name and address of any Agent and any
change in the name or address of an Agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such.
The Company may remove any Agent upon written notice to such Agent and the Trustee; provided that no such removal shall become effective
until (i) the acceptance of an appointment by a successor Agent to such Agent as evidenced by an appropriate agency agreement entered
into by the Company and such successor Agent and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall
serve as such Agent until the appointment of a successor Agent in accordance with clause (i) of this proviso. The Company or any
Affiliate of the Company may act as Paying Agent or Registrar; provided that neither the Company nor an Affiliate of the Company shall
act as Paying Agent in connection with the defeasance of the Securities or the discharge of this Indenture under Article 8.

 

The Company initially appoints the Trustee as
Registrar, Paying Agent and Authenticating Agent. If, at any time, the Trustee is not the Registrar, the Registrar shall make available
to the Trustee ten days prior to each interest payment date and at such other times as the Trustee may reasonably request the names and
addresses of the Holders as they appear in the Security Register.

 

Section 2.06.  
Paying Agent to Hold Money in Trust. Not later than 10:00 a.m. New York City time on each due date of any Principal or
interest on any Securities, the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such
Principal or interest. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent
shall hold in trust for the benefit of the Holders of such Securities or the Trustee all money held by the Paying Agent for the payment
of Principal of and interest on such Securities and shall promptly notify the Trustee of any default by the Company in making any such
payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed,
and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require such Paying
Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent shall have no
further liability for the money so paid over to the Trustee. If the Company or any affiliate of the Company acts as Paying Agent, it
will, on or before each due date of any

 

    9 

     

    

Principal of or interest on any Securities, segregate
and hold in a separate trust fund for the benefit of the Holders thereof a sum of money sufficient to pay such Principal or interest so
becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and will promptly
notify the Trustee in writing of its action or failure to act as required by this Section.

 

Section 2.07.  
Transfer and Exchange. At the option of the Holder thereof, Securities of any series (other than a Registered Global Security,
except as set forth below) may be exchanged for a Security or Securities of such series and tenor having authorized denominations and
an equal aggregate Principal amount, upon surrender of such Securities to be exchanged at the agency of the Company that shall be maintained
for such purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of the charges hereinafter provided.
Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive. Upon surrender for registration of transfer of any Security of
a series at the agency of the Company that shall be maintained for that purpose in accordance with Section 2.05 and upon payment,
if the Company shall so require, of the charges hereinafter provided, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations
and of like tenor and aggregate Principal amount.

 

All Securities presented for registration of transfer,
exchange, redemption or payment shall be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company and the Trustee duly executed by, the holder or his attorney duly authorized in writing.

 

The Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Securities.
No service charge shall be made for any such transaction.

 

Notwithstanding any other provision of this Section 2.07,
unless and until it is exchanged in whole or in part for Securities in definitive registered form, a Registered Global Security representing
all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee
of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or
any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.

 

If at any time the Depositary for any Registered
Global Securities of any series notifies the Company that it is unwilling or unable to continue as Depositary for such Registered Global
Securities or if at any time the Depositary for such Registered Global Securities shall no longer be eligible under applicable law, the
Company shall appoint a successor Depositary eligible under applicable law with respect to such Registered Global Securities. If a successor
Depositary eligible under applicable law for such Registered Global Securities is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee, upon receipt of the Company’s
order for the authentication and delivery of definitive Securities of such series and tenor, will authenticate and deliver certificated
Securities of such series and tenor, in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of
such Registered Global Securities, in exchange for such Registered Global Securities.

 

The Company may at any time and in its sole discretion
and subject to the procedures of the Depositary determine that any Registered Global Securities of any series shall no longer be maintained
in global form. In such event the Company will execute, and the Trustee, upon receipt of the Company’s order for the authentication
and delivery of definitive Securities of such series and tenor, will authenticate and deliver, certificated Securities of such series
and tenor in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of such Registered Global Securities,
in exchange for such Registered Global Securities.

 

Any time the Securities of any series are not
in the form of Registered Global Securities pursuant to the preceding two paragraphs, the Company agrees to supply the Trustee with a
reasonable supply of

 

    10 

     

    

certificated Securities without the legend required
by Section 2.02 and the Trustee agrees to hold such Securities in safekeeping until authenticated and delivered pursuant to the terms
of this Indenture.

 

If established by the Company pursuant to Section 2.03
with respect to any Registered Global Security, the Depositary for such Registered Global Security may surrender such Registered Global
Security in exchange in whole or in part for Securities of the same series and tenor in definitive registered form on such terms as are
acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without
service charge,

 

(a)  
to the Person specified by such Depositary new certificated Securities of the same series and tenor, of any authorized denominations
as requested by such Person, in an aggregate Principal amount equal to and in exchange for such Person’s beneficial interest in
the Registered Global Security; and

 

(b)  
to such Depositary a new Registered Global Security in a denomination equal to the difference, if any, between the Principal amount
of the surrendered Registered Global Security and the aggregate Principal amount of certificated Securities authenticated and delivered
pursuant to clause (a) above.

 

Certificated Securities issued in exchange for
a Registered Global Security pursuant to this Section 2.07 shall be registered in such names and in such authorized denominations
as the Depositary for such Registered Global Security, pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee or an agent of the Company or the Trustee. The Trustee or such agent shall deliver such Securities to or as
directed by the Persons in whose names such Securities are so registered.

 

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

 

The Registrar shall not be required (i) to
issue, authenticate, register the transfer of or exchange Securities of any series for a period of 15 days before a selection of such
Securities to be redeemed or (ii) to register the transfer of or exchange any Security selected for redemption in whole or in part.

 

Section 2.08.  
Replacement Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee
shall authenticate and deliver, in exchange for such mutilated Security, a new Security of the same series and of like tenor and Principal
amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity
as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or
the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and Principal
amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish
to the Company and the Trustee such security or indemnity as may be required by them to save each of them and any agent of any of them
harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and the Trustee and any agent of them of
the destruction, loss or theft of such Security and the ownership thereof.

 

    11 

     

    

Upon the issuance of any new Security under this
Section, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security or in exchange for any mutilated Security shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and any such new Security 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.

 

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

 

Section 2.09.  
Outstanding Securities. Securities outstanding at any time are all Securities that have been authenticated by the Trustee
except for those cancelled by it, those delivered to it for cancellation, those described in this Section as not outstanding and
those that have been defeased pursuant to Section 8.05. If a Security is replaced pursuant to Section 2.08, it ceases to be
outstanding unless and until the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a holder
in due course.

 

If the Paying Agent (other than the Company or
an affiliate of the Company) holds on the maturity date or any redemption date or date for repurchase of the Securities money sufficient
to pay Securities payable or to be redeemed or repurchased on that date, then on and after that date such Securities cease to be outstanding
and interest on them shall cease to accrue.

 

A Security does not cease to be outstanding because
the Company or one of its affiliates holds such Security, provided, however, that, in determining whether the Holders of the
requisite Principal amount of the outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Securities owned by the Company or any affiliate of the Company shall be disregarded and deemed not to be outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Securities as to which a Responsible Officer of the Trustee has received written notice to be so owned
shall be so disregarded. Any Securities so owned which are pledged by the Company, or by any affiliate of the Company, as security for
loans or other obligations, otherwise than to another such affiliate of the Company, shall be deemed to be outstanding, if the pledgee
is entitled pursuant to the terms of its pledge agreement and is free to exercise in its or his discretion the right to vote such securities,
uncontrolled by the Company or by any such affiliate.

 

Section 2.10.  
Temporary Securities. Until definitive Securities of any series are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities of such series. Temporary Securities of any series shall be substantially in the form of definitive
Securities of such series but may have insertions, substitutions, omissions and other variations determined to be appropriate by the
Officers executing the temporary Securities, as evidenced by their execution of such temporary Securities. If temporary Securities of
any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the
preparation of definitive Securities of any series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series and tenor upon surrender of such temporary Securities at the office or agency of the Company designated for such purpose
pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities
of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like Principal amount of
definitive Securities of such series and tenor and authorized denominations. Until so exchanged, the temporary Securities of any series
shall be entitled to the same benefits under this Indenture as definitive Securities of such series.

 

Section 2.11.  
Cancellation. The Company at any time may 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 for cancellation
any Securities previously

 

    12 

     

    

authenticated hereunder which the Company has not
issued and sold. The Registrar, any transfer agent and the Paying Agent shall forward to the Trustee any Securities surrendered to them
for transfer, exchange or payment. The Trustee shall cancel and dispose of in accordance with its customary procedures all Securities
surrendered for transfer, exchange, payment or cancellation and shall deliver a certificate of disposition to the Company. The Company
may not issue new Securities to replace Securities it has paid in full or delivered to the Trustee for cancellation.

 

Section 2.12.  
CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “ISIN” and/or “CINS”
numbers (if then generally in use), and the Trustee shall use CUSIP numbers, ISIN numbers or CINS numbers, as the case may be, in
notices of redemption or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of redemption or exchange.

 

Section 2.13.  
Defaulted Interest. If the Company defaults in a payment of interest on the Securities, it shall pay, or shall deposit with
the Paying Agent money in immediately available funds sufficient to pay, the defaulted interest plus (to the extent lawful) any interest
payable on the defaulted interest (as may be specified in the terms thereof, established pursuant to Section 2.03) to the Persons
who are Holders on a subsequent special record date, which shall mean the 15th day next preceding the date fixed by the Company for the
payment of defaulted interest, whether or not such day is a Business Day. At least 15 days before such special record date, the Company
shall mail to each Holder of such Securities and to the Trustee a notice that states the special record date, the payment date and the
amount of defaulted interest to be paid.

 

Section 2.14.  
Series May Include Tranches. A series of Securities may include one or more tranches (each a “tranche”)
of Securities, including Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different
terms, including authentication dates and public offering prices, but all the Securities  within each such tranche shall have
identical terms, including authentication date and public offering price. Notwithstanding any other provision of this Indenture, with
respect to Sections 2.02 (other than the fourth, sixth and seventh paragraphs thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05,
4.02, 6.01 through 6.14, 8.01 through 8.07, 9.02 and 10.07, if any series of Securities includes more than one tranche, all provisions
of such sections applicable to any series of Securities shall be deemed equally applicable to each tranche of any series of Securities
in the same manner as though originally designated a series unless otherwise provided with respect to such series or tranche pursuant
to Section 2.03. In particular, and without limiting the scope of the next preceding sentence, any of the provisions of such sections
which provide for or permit action to be taken with respect to a series of Securities shall also be deemed to provide for and permit
such action to be taken instead only with respect to Securities of one or more tranches within that series (and such provisions shall
be deemed satisfied thereby), even if no comparable action is taken with respect to Securities in the remaining tranches of that series.

 

ARTICLE
3

REDEMPTION

 

Section 3.01.  
Applicability of Article. The provisions of this Article shall be applicable to the Securities of any series that are
redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as
contemplated by Section 2.03 for Securities of such series.

 

Section 3.02.  
Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed
as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by first class mail, postage prepaid,
at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their
last addresses as they shall appear upon the Security Register. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the
notice to the Holder of any Security of a series

 

    13 

     

    

designated for redemption as a whole or in part,
shall not affect the validity of the proceedings for the redemption of any other Security of such series.

 

The notice of redemption to each such Holder shall
specify the Principal amount of each Security of such series held by such Holder to be redeemed, the CUSIP numbers of the Securities to
be redeemed, the date fixed for redemption, the redemption price, or if not then ascertainable, the manner of calculation thereof, the
place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant
to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be
paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease
to accrue. In case any Security of a series is to be redeemed in part only, the notice of redemption shall state the portion of the Principal
amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new
Security or Securities of such series and tenor in Principal amount equal to the unredeemed portion thereof will be issued.

 

The notice of redemption of Securities of any
series to be redeemed at the option of the Company shall be given by the Company or, at the Company’s request, by the Trustee in
the name and at the expense of the Company.

 

On or before 10:00 a.m. New York City time
on the redemption date specified in the notice of redemption given as provided in this Section, the Company will deposit with the Trustee
or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided
in Section 2.06) an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption
at the appropriate redemption price, together with accrued interest to the date fixed for redemption. If all of the outstanding Securities
of a series are to be redeemed, the Company will deliver to the Trustee at least 10 days prior to the last date on which notice of redemption
may be given to Holders pursuant to the first paragraph of this Section 3.02 (or such shorter period as shall be acceptable to the
Trustee) an Officers’ Certificate stating that all such Securities are to be redeemed. If less than all the outstanding Securities
of a series are to be redeemed, the Company will deliver to the Trustee at least 15 days prior to the last date on which notice of redemption
may be given to Holders pursuant to the first paragraph of this Section 3.02 (or such shorter period as shall be acceptable to the
Trustee) an Officers’ Certificate stating the aggregate Principal amount of such Securities to be redeemed. In the case of any redemption
of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere
in this Indenture, or (b) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities
or elsewhere in this Indenture, the Company shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant
to this Section, an Officers’ Certificate evidencing compliance with such restriction or condition.

 

If less than all the Securities of a series are
to be redeemed, the Trustee shall select, pro rata, by lot or in such manner as it shall deem appropriate and fair, Securities of such
series to be redeemed in whole or in part. Securities may be redeemed in part in Principal amounts equal to authorized denominations for
Securities of such series. The Trustee shall promptly notify the Company in writing of the Securities of such series selected for redemption
and, in the case of any Securities of such series selected for partial redemption, the Principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Security redeemed or to be redeemed only in part, to the portion of the Principal amount of such Security which has
been or is to be redeemed.

 

Section 3.03.  
Payment of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions
of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption, and on and after such date (unless the Company shall
default in the payment of such Securities at the redemption price, together with interest accrued to such date) interest on the Securities
or portions of Securities so called for redemption shall cease to accrue, and, except as provided in Sections 7.12 and 8.02, such Securities
shall cease from and after the date fixed for

 

    14 

     

    

redemption to be entitled to any benefit under this
Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price
thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified
in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption
price, together with interest accrued thereon to the date fixed for redemption; provided that payment of interest becoming due on or prior
to the date fixed for redemption shall be payable to the Holders registered as such on the relevant record date subject to the terms and
provisions of Sections 2.04 and 2.13 hereof.

 

If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed
for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security.

 

Upon presentation of any Security of any series
redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof,
at the expense of the Company, a new Security or Securities of such series and tenor, of authorized denominations, in Principal amount
equal to the unredeemed portion of the Security so presented.

 

Section 3.04.  
Exclusion of Certain Securities from Eligibility for Selection for Redemption. Unless otherwise provided with respect to any
series of Securities, Securities shall be excluded from eligibility for selection for redemption if they are identified by registration
and certificate number in a written statement signed by an authorized Officer of the Company and delivered to the Trustee at least 40
days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged
or hypothecated by, either (a) the Company or (b) an entity specifically identified in such written statement as directly or
indirectly controlling or controlled by or under direct or indirect common control with the Company.

 

Section 3.05.  
Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of Securities
of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum
amount provided for by the terms of the Securities of any series is herein referred to as an “optional sinking fund payment.”
The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date.”

 

In lieu of making all or any part of any mandatory
sinking fund payment with respect to any series of Securities in cash, the Company may at its option (a) deliver to the Trustee Securities
of such series theretofore purchased or otherwise acquired (except through a mandatory sinking fund payment) by the Company or receive
credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by
the Company and delivered to the Trustee for cancellation pursuant to Section 2.11, (b) receive credit for optional sinking
fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not
previously so credited) redeemed by the Company at the option of the Company pursuant to the terms of such Securities or through any optional
sinking fund payment. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption
price specified in such Securities.

 

On or before the sixtieth day next preceding each
sinking fund payment date for any series, or such shorter period as shall be acceptable to the Trustee, the Company will deliver to the
Trustee an Officers’ Certificate (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment
of cash and the portion to be satisfied by credit of specified Securities of such series and the basis for such credit, (b) stating
that none of the specified Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment
of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing and
(d) stating whether or not the Company intends to exercise its right to make an optional sinking fund payment with respect to such
series and, if so, specifying the amount of such optional sinking fund payment which the Company intends to pay on or before the next
succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order
for the Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered
for cancellation

 

    15 

     

    

pursuant to Section 2.11 to the Trustee with
such Officers’ Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officers’ Certificate shall
be irrevocable and upon its receipt by the Trustee the Company shall become unconditionally obligated to make all the cash payments or
delivery of Securities therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the Company,
on or before any such sixtieth day, to deliver such Officer’s Certificate and Securities specified in this paragraph, if any, shall
not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (i) that the mandatory
sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option
to deliver or credit Securities of such series in respect thereof and (ii) that the Company will make no optional sinking fund payment
with respect to such series as provided in this Section.

 

If the sinking fund payment or payments (mandatory
or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking
fund payments made in cash shall exceed $50,000 (or a lesser sum if the Company shall so request with respect to the Securities of any
series), such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at
the sinking fund redemption price thereof together with accrued interest thereon to the date fixed for redemption. If such amount shall
be $50,000 (or such lesser sum) or less and the Company makes no such request then it shall be carried over until a sum in excess of $50,000
(or such lesser sum) is available. The Trustee shall select, in the manner provided in Section 3.02, for redemption on such sinking
fund payment date a sufficient Principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested
in writing by the Company) inform the Company of the serial numbers of the Securities of such series (or portions thereof) so selected.
Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate
number in an Officers’ Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date as being owned
of record and beneficially by, and not pledged or hypothecated by either (a) the Company or (b) an entity specifically identified
in such Officers’ Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company. The Trustee, in the name and at the expense of the Company (or the Company, if it shall so request the Trustee in writing)
shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 3.02
(and with the effect provided in Section 3.03) for the redemption of Securities of such series in part at the option of the Company.
The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the
next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of
this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier,
if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied,
together with other moneys, if necessary, sufficient for the purpose, to the payment of the Principal of, and interest on, the Securities
of such series at maturity.

 

On or before 10:00 a.m. New York City time
on each sinking fund payment date, the Company shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest
accrued to the date fixed for redemption on Securities to be redeemed on the next following sinking fund payment date.

 

The Trustee shall not redeem or cause to be redeemed
any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities of such series by operation of the
sinking fund during the continuance of a Default in payment of interest on such Securities or of any Event of Default except that, where
the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed
such Securities, provided that it shall have received from the Company a sum sufficient for such redemption. Except as aforesaid, any
moneys in the sinking fund for such series at the time when any such Default or Event of Default shall occur, and any moneys thereafter
paid into the sinking fund, shall, during the continuance of such Default or Event of Default, be deemed to have been collected under
Article 6 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.04
or the Default cured on or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities.

 

    16 

     

    

ARTICLE
4

COVENANTS

 

Section 4.01.  
Payment of Securities. The Company shall pay the Principal of and interest on the Securities on the dates and in the manner
provided in the Securities and this Indenture. The interest on Securities (together with any additional amounts payable pursuant to the
terms of such Securities) shall be payable only to the Holders thereof (subject to Section 2.04) and at the option of the Company
may be paid by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they
appear on the Security Register of the Company.

 

Notwithstanding any provisions of this Indenture
and the Securities of any series to the contrary, if the Company and a Holder of any Security so agree, payments of interest on, and any
portion of the Principal of, such Holder’s Security (other than interest payable at maturity or on any redemption or repayment date
or the final payment of Principal on such Security) shall be made by the Paying Agent, upon receipt from the Company of immediately available
funds by 11:00 A.M., New York City time (or such other time as may be agreed to between the Company and the Paying Agent), directly to
the Holder of such Security (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee
15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which such payments
shall be so made and in the case of payments of Principal, surrenders the same to the Trustee in exchange for a Security or Securities
aggregating the same Principal amount as the unredeemed Principal amount of the Securities surrendered. The Trustee shall be entitled
to rely on the last instruction delivered by the Holder pursuant to this Section 4.01 unless a new instruction is delivered 15 days
prior to a payment date. The Company will indemnify and hold each of the Trustee and any Paying Agent harmless against any loss, liability
or expense (including attorneys’ fees) resulting from any act or omission to act on the part of the Company or any such Holder in
connection with any such agreement or from making any payment in accordance with any such agreement.

 

The Company shall pay interest on overdue Principal,
and interest on overdue installments of interest, to the extent lawful, at the rate per annum specified in the Securities.

 

Section 4.02.  
Maintenance of Office or Agency. The Company will maintain in the United States of America, an office or agency where Securities
may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served. The Company hereby initially designates [ ], as such office
or agency of the Company. The Company will 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 agency or shall fail 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 set forth in Section 10.02.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of any series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an office or agency in the United States of America for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

Section 4.03.  
Securityholders’ Lists. The Company will furnish or cause to be furnished to the Trustee a list in such form as the
Trustee may reasonably require of the names and addresses of the holders of the Securities pursuant to Section 312 of the Trust
Indenture Act (a) semi-annually not more than 15 days after each record date for the payment of semi-annual interest on the Securities,
as hereinabove specified, as of such record date, and (b) at such other times as the Trustee may request in writing, within thirty
days after receipt by the Company of any such request as of a date not more than 15 days prior to the time such information is furnished.

 

    17 

     

    

Section 4.04.  
Certificate to Trustee. The Company will furnish to the Trustee annually, on or before a date not more than four months after
the end of its fiscal year (which, on the date hereof, is a calendar year), a brief certificate (which need not contain the statements
required by Section 10.04) from its principal executive, financial or accounting officer as to his or her knowledge of the compliance
of the Company with all conditions and covenants under this Indenture (such compliance to be determined without regard to any period
of grace or requirement of notice provided under this Indenture) which certificate shall comply with the requirements of the Trust Indenture
Act.

 

Section 4.05.  
Reports by the Company. The Company covenants to file with the Trustee, within 15 days after the Company files the same
with the Commission, copies of the annual reports and of the information, documents, and other reports which the Company may be required
to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act.

 

Section 4.06.  
Additional Amounts. If the Securities of a series provide for the payment of additional amounts, at least 10 days prior to
the first interest payment date with respect to that series of Securities and at least 10 days prior to each date of payment of Principal
of or interest on the Securities of that series if there has been a change with respect to the matters set forth in the below-mentioned
Officers’ Certificate, the Company shall furnish to the Trustee and the principal paying agent, if other than the Trustee, an Officers’
Certificate instructing the Trustee and such paying agent whether such payment of Principal of or interest on the Securities of that
series shall be made to Holders of the Securities of that series without withholding or deduction for or on account of any tax, assessment
or other governmental charge described in the Securities of that series. If any such withholding or deduction shall be required, then
such Officers’ Certificate shall specify by country the amount, if any, required to be withheld or deducted on such payments to
such Holders and shall certify the fact that additional amounts will be payable and the amounts so payable to each Holder, and the Company
shall pay to the Trustee or such paying agent the additional amounts required to be paid by this Section. The Company covenants to indemnify
the Trustee and any paying agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence
or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’
Certificate furnished pursuant to this Section.

 

Whenever in this Indenture there is mentioned,
in any context, the payment of the Principal of or interest or any other amounts on, or in respect of, any Security of any series, such
mention shall be deemed to include mention of the payment of additional amounts provided by the terms of such series established hereby
or pursuant hereto to the extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to
such terms, and express mention of the payment of additional amounts (if applicable) in any provision hereof shall not be construed as
excluding the payment of additional amounts in those provisions hereof where such express mention is not made.

 

ARTICLE
5

SUCCESSOR CORPORATION

 

Section 5.01.  
When Company May Merge, Etc. Unless otherwise provided pursuant to Section 2.03 in connection with the establishment
of a series, the Company shall not consolidate or combine with, merge with or into, directly or indirectly, or sell, assign, convey,
transfer, lease or otherwise dispose of all or substantially all of its property and assets to any Person or Persons in a single transaction
or through a series of transactions unless:

 

(a)  
the Company shall be the continuing Person or, if the Company is not the continuing Person, the resulting, surviving or transferee
Person (the “Surviving Entity”) is a company organized and existing under the laws of any member state of the European
Union or the United States of America or any State or territory thereof;

 

(b)  
the Surviving Entity shall expressly assume all of the Company’s obligations under the Securities and this Indenture, and
shall, if required by law to effectuate the assumption, execute supplemental indentures which shall be delivered to the Trustee and shall
be in form and substance reasonably satisfactory to the Trustee;

 

    18 

     

    

(c)  
immediately after giving effect to such transaction or series of transactions on a pro forma basis, no Default has occurred and
is continuing; and

 

(d)  
the Company or the Surviving Entity shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating
that (x) the transaction or series of transactions and such supplemental indenture, if any, complies with this Section 5.01,
(y) such supplemental indenture (if any) constitutes the legal, valid and binding obligation of the Company and such Surviving Entity
enforceable against such Surviving Entity in accordance with its terms, subject to customary exceptions and (z) all conditions precedent
in this Indenture relating to the transaction or series of transactions have been satisfied.

 

Section 5.02.  
Successor Substituted. Upon any consolidation, combination or merger, or any sale, assignment, conveyance, transfer, lease
or other disposition of all or substantially all of the property and assets of the Company in accordance with Section 5.01 of this
Indenture, the Surviving Entity 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 Surviving Entity had been named as the Company herein and thereafter the predecessor Person,
except in the case of (x) a lease or (y) any sale, assignment, conveyance, transfer, lease or other disposition to one or more
Subsidiaries of the Company, shall be discharged from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
6

DEFAULT AND REMEDIES

 

Section 6.01.  
Events of Default. An “Event of Default” shall occur with respect to the Securities of any series if:

 

(a)  
the Company defaults in the payment of the Principal of any Security of such series when the same becomes due and payable at maturity,
upon acceleration, redemption or mandatory repurchase, including as a sinking fund installment, or otherwise;

 

(b)  
the Company defaults in the payment of interest on any Security of such series when the same becomes due and payable, and such
default continues for a period of 30 days;

 

(c)  
the Company defaults in the performance of or breaches any other covenant or agreement of the Company in this Indenture with respect
to any Security of such series or in the Securities of such series (other than a covenant or agreement in respect of which noncompliance
by the Company would otherwise be an Event of Default) and such default or breach continues for a period of 90 consecutive days or more
after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate Principal
amount of the Securities of all series affected thereby specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder;

 

(d)  
a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of its property or ordering
the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive
days;

 

(e)  
the Company (i) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or for
all or substantially all of the property and assets of the Company or (iii) effects any general assignment for the benefit of creditors;
or

 

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(f)  
any other Event of Default established pursuant to Section 2.03 with respect to the Securities of such series occurs.

 

Section
6.02.   Acceleration.

 

(a)  
If an Event of Default other than as described in clauses (d) or (e) of Section 6.01 with respect to the Securities
of any series then outstanding occurs and is continuing, then, and in each and every such case, except for any series of Securities the
Principal of which shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate Principal
amount of the Securities of all such series then outstanding hereunder in respect of which an Event of Default has occurred (all such
series voting together as a single class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare
the entire Principal (or, if the Securities of any such series are Original Issue Discount Securities, such portion of the Principal amount
as may be specified in the terms of such series established pursuant to Section 2.03) of all Securities of the affected series, and
the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately
due and payable.

 

(b)  
If an Event of Default described in clause (d) or (e) of Section 6.01 occurs and is continuing, then the Principal
amount (or, if any Securities are Original Issue Discount Securities, such portion of the Principal as may be specified in the terms thereof
established pursuant to Section 2.03) of all the Securities then outstanding and interest accrued thereon, if any, shall be and become
immediately due and payable, without any declaration, notice or other action by any Holder or the Trustee, to the full extent permitted
by applicable law.

 

The foregoing provisions, however, are subject
to the condition that if, at any time after the Principal (or, if the Securities are Original Issue Discount Securities, such portion
of the Principal as may be specified in the terms thereof established pursuant to Section 2.03) of the Securities of any series (or
of all the Securities, as the case may be) shall have been so declared or become due and payable, and before any judgment or decree for
the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with
the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of each such series (or of all the Securities,
as the case may be) and the Principal of any and all Securities of each such series (or of all the Securities, as the case may be) which
shall have become due otherwise than by acceleration (with interest upon such Principal and, to the extent that payment of such interest
is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity
(in the case of Original Issue Discount Securities) specified in the Securities of each such series to the date of such payment or deposit)
and such amount as shall be sufficient to cover all amounts owing the Trustee under Section 7.07, and if any and all Events of Default
under the Indenture, other than the non-payment of the Principal of and interest on Securities which shall have become due by acceleration,
shall have been cured, waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate
Principal amount of all the then outstanding Securities of all such series that have been accelerated (voting as a single class), by written
notice to the Company and to the Trustee, may waive all defaults with respect to all such series (or with respect to all the Securities,
as the case may be) and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall
extend to or shall affect any subsequent default or shall impair any right consequent thereon.

 

For all purposes under this Indenture, if a portion
of the Principal of any Original Issue Discount Securities shall have been accelerated and declared or become due and payable pursuant
to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the Principal
amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the Principal thereof
as shall be due and payable as a result of such acceleration, and payment of such portion of the Principal thereof as shall be due and
payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute
payment in full of such Original Issue Discount Securities.

 

    20 

     

    

Section 6.03.  
Other Remedies. If a payment default or an Event of Default with respect to the Securities of any series occurs and is continuing,
the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to
collect the payment of Principal of and interest on the Securities of such series or to enforce the performance of any provision of the
Securities of such series or this Indenture.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Securities or does not produce any of them in the proceeding.

 

Section 6.04.  
Waiver of Past Defaults. Subject to Sections 6.02, 6.07 and 9.02, the Holders of at least a majority in Principal amount (or,
if the Securities are Original Issue Discount Securities, such portion of the Principal as is then accelerable under Section 6.02)
of the outstanding Securities of all series affected (voting as a single class), by notice to the Trustee, may waive an existing Default
or Event of Default with respect to the Securities of such series and its consequences, except a Default in the payment of Principal
of or interest on any Security as specified in clauses (a) or (b) of Section 6.01 or in respect of a covenant or provision
of this Indenture which cannot be modified or amended without the consent of the Holder of each outstanding Security affected. Upon any
such waiver, such Default shall cease to exist, and any Event of Default with respect to the Securities of 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.

 

Section 6.05.  
Control by Majority. Subject to Sections 7.01 and 7.02(e), the Holders of at least a majority in aggregate Principal amount
(or, if any Securities are Original Issue Discount Securities, such portion of the Principal as is then accelerable under Section 6.02)
of the outstanding Securities of all series affected (voting as a single class) 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 with respect to the Securities
of such series by this Indenture; provided, that the Trustee may refuse to follow any direction that conflicts with law or this Indenture,
that may involve the Trustee in personal liability or that the Trustee determines in good faith may be unduly prejudicial to the rights
of Holders not joining in the giving of such direction; and provided further, that the Trustee may take any other action it deems proper
that is not inconsistent with any directions received from Holders of Securities pursuant to this Section 6.05.

 

Section 6.06.  
Limitation on Suits. No Holder of any Security of any series may institute any proceeding, judicial or otherwise, with respect
to this Indenture or the Securities of such series, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

 

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

 

(b)  
the Holders of at least 25% in aggregate Principal amount of outstanding Securities of all such series affected shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)  
such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against any costs, liabilities
or expenses to be incurred in compliance with such request;

 

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

 

(e)  
during such 60-day period, the Holders of a majority in aggregate Principal amount of the outstanding Securities of all such affected
series have not given the Trustee a direction that is inconsistent with such written request.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over such other Holder.

 

    21 

     

    

Section 6.07.  
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a
Security to receive payment of Principal of or interest, if any, on such Holder’s Security on or after the respective due dates
expressed on such Security, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

 

Section 6.08.  
Collection Suit by Trustee. If an Event of Default with respect to the Securities of any series in payment of Principal or
interest specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in
its own name and as trustee of an express trust against the Company for the whole amount (or such portion thereof as specified in the
terms established pursuant to Section 2.03 of Original Issue Discount Securities) of Principal of, and accrued interest remaining
unpaid on, together with interest on overdue Principal of, and, to the extent that payment of such interest is lawful, interest on overdue
installments of interest on, the Securities of such series, in each case at the rate or Yield to Maturity (in the case of Original Issue
Discount Securities) specified in such Securities, and such further amount as shall be sufficient to cover all amounts owing the Trustee
under Section 7.07.

 

Section 6.09.  
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for amounts due the Trustee under Section 7.07) and
the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors or its
property and shall be entitled and empowered to collect and receive any moneys, securities or other property payable or deliverable upon
conversion or exchange of the Securities or upon any such claims and to distribute the same, and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it under Section 7.07. Nothing herein contained shall be deemed to empower the Trustee to authorize or
consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting
the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

 

Section 6.10.  
Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of the Securities of
any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such
moneys on account of Principal or interest, upon presentation of the several Securities in respect of which moneys have been collected
and noting thereon the payment, or issuing Securities of such series and tenor in reduced Principal amounts in exchange for the presented
Securities of such series and tenor if only partially paid, or upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due the Trustee
under Section 7.07 applicable to the Securities of such series in respect of which moneys have been collected;

 

SECOND: In case the Principal of the Securities
of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of interest
on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent
that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest
or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made ratably
to the persons entitled thereto, without discrimination or preference;

 

THIRD: In case the Principal of the Securities
of such series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the
whole amount then owing and unpaid upon all the Securities of such series for Principal and interest, with interest upon the overdue Principal,
and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the
rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series;
and in case such moneys shall be

 

    22 

     

    

insufficient to pay in full the whole amount so due
and unpaid upon the Securities of such series, then to the payment of such Principal and interest or Yield to Maturity, without preference
or priority of Principal over interest or Yield to Maturity, or of interest or Yield to Maturity over Principal, or of any installment
of interest over any other installment of interest, or of any Security of such series over any other Security of such series, ratably
to the aggregate of such Principal and accrued and unpaid interest or Yield to Maturity; and

 

FOURTH: To the payment of the remainder, if any,
to the Company or any other person lawfully entitled thereto.

 

Section 6.11.  
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to such Holder, then, and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders
shall be restored to their former positions hereunder and thereafter all rights and remedies of the Company, Trustee and the Holders
shall continue as though no such proceeding had been instituted.

 

Section 6.12.  
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, in either case in respect to the Securities of any series, a court may
require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit, and the court may
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant (other than the Trustee) in the suit
having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.12 does not
apply to a suit by a Holder pursuant to Section 6.07, a suit instituted by the Trustee or a suit by Holders of more than 10% in
Principal amount of the outstanding Securities of such series.

 

Section 6.13.  
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or wrongfully taken Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

Section 6.14.  
Delay or Omission not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

ARTICLE
7

TRUSTEE

 

Section 7.01.  
General. The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act and as set forth herein.
Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, unless
it receives indemnity satisfactory to it against any loss, liability or expense. Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Article 7.

 

Section 7.02.  
Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d):

 

(a)  
the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, Officers’
Certificate, Opinion of Counsel (or both), statement, instrument, opinion,

 

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report, notice, request, direction, consent, order,
bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed
or presented by the proper person or persons. The Trustee need not investigate any fact or matter stated in the document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit;

 

(b)  
before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel, which
shall conform to Section 10.04 and shall cover such other matters as the Trustee may reasonably request. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. Subject to Sections 7.01 and
7.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof
be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively
proved and established by an Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the
provisions of this Indenture upon the faith thereof;

 

(c)  
the Trustee may act through its attorneys and agents not regularly in its employ and shall not be responsible for the misconduct
or negligence of any agent or attorney appointed with due care;

 

(d)  
any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee
by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(e)  
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, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory
to it against any costs, expenses or liabilities that might be incurred by it in compliance with such request or direction;

 

(f)  
the Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 6.05
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture;

 

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

 

(h)  
prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, Officers’ Certificate,
Opinion of Counsel, Board Resolution, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond,
debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority
in aggregate Principal amount of the Securities of all series affected then outstanding; provided that, if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion
of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expenses or liabilities as a condition to proceeding.

 

Section 7.03.  
Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may
do the same with like rights.

 

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However, the Trustee is subject to Trust Indenture
Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6), the following terms shall mean:

 

(a)  
“cash transaction” means any transaction in which full payment for goods or securities sold is made within seven
days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand;
and

 

(b)  
“self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated
or incurred by the Company for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares
or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or
the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the
security is received by the Trustee simultaneously with the creation of the creditor relationship with the Company arising from the making,
drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

Section 7.04.  
Trustee’s Disclaimer. The recitals contained herein and in the Securities (except the Trustee’s certificate of
authentication) shall be taken as statements of the Company and not of the Trustee and the Trustee assumes no responsibility for the
correctness of the same. Neither the Trustee nor any of its agents (a) makes any representation as to the validity or adequacy of
this Indenture or the Securities and (b) shall be accountable for the Company’s use or application of the proceeds from the
Securities.

 

Section 7.05.  
Notice of Default. If any Default with respect to the Securities of any series occurs and is continuing and if such Default
is known to the actual knowledge of a Responsible Officer with the Corporate Trust Office of the Trustee, the Trustee shall give to each
Holder of Securities of such series notice of such Default within 90 days after it occurs to all Holders of Securities of such series
in the manner and to the extent provided in Section 313(a) of the Trust Indenture Act, unless such Default shall have been
cured or waived before the mailing of such notice; provided, however, that, except in the case of a Default in the payment of the Principal
of or interest on any Security, the Trustee shall be protected in withholding such notice if the Trustee in good faith determines that
the withholding of such notice is in the interests of the Holders.

 

Section 7.06.  
Reports by Trustee to Holders. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under
this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required
by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of
this Indenture, deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

 

A copy of each such report shall, at the time
of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission
and with the Company. The Company will promptly notify the Trustee when any Securities are listed on any stock exchange.

 

Section 7.07.  
Compensation and Indemnity. The Company shall pay to the Trustee such compensation as shall be agreed upon in writing from
time to time for its services. The compensation of the Trustee shall not be limited by any law on compensation of a Trustee of an express
trust. The Company shall reimburse the Trustee and any predecessor Trustee upon request for all reasonable out-of-pocket expenses, disbursements
and advances incurred or made by the Trustee or such predecessor Trustee. Such expenses shall include the reasonable compensation and
expenses of the Trustee’s or such predecessor Trustee’s agents, counsel and other persons not regularly in their employ.

 

The Company shall indemnify the Trustee and any
predecessor Trustee for, and hold them harmless against, any loss or liability or expense incurred by them without negligence or bad faith
on their part arising out of or in connection with the acceptance or administration of this Indenture and the Securities or the issuance
of the Securities or of series thereof or the trusts hereunder and the performance of duties

 

    25 

     

    

under this Indenture and the Securities, including
the costs and expenses of defending themselves against or investigating any claim or liability and of complying with any process served
upon them or any of their officers in connection with the exercise or performance of any of their powers or duties under this Indenture
and the Securities.

 

To secure the Company’s payment obligations
in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee,
in its capacity as Trustee, except money or property held in trust to pay Principal of, and interest on particular Securities.

 

The obligations of the Company under this Section to
compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for
expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge
of this Indenture or the rejection or termination of this Indenture under bankruptcy law. Such additional indebtedness shall be a senior
claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the
benefit of the Holders of particular Securities, and the Securities are hereby subordinated to such senior claim. Without prejudice to
any other rights available to the Trustee under applicable law, if the Trustee renders services and incurs expenses following an Event
of Default under Section 6.01(d) or Section 6.01(e) hereof, the parties hereto and the holders by their acceptance
of the Securities hereby agree that such expenses are intended to constitute expenses of administration under any bankruptcy law.

 

Section 7.08.  
Replacement of Trustee. A resignation or removal of the Trustee as Trustee with respect to the Securities of any series and
appointment of a successor Trustee as Trustee with respect to the Securities of any series shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08.

 

The Trustee may resign as Trustee with respect
to the Securities of any series at any time by so notifying the Company in writing. The Holders of a majority in Principal amount of the
outstanding Securities of any series may remove the Trustee as Trustee with respect to the Securities of such series by so notifying the
Trustee in writing and may appoint a successor Trustee with respect thereto with the consent of the Company. The Company may remove the
Trustee as Trustee with respect to the Securities of any series if: (i) the Trustee is no longer eligible under Section 7.11
of this Indenture; (ii) the Trustee is adjudged a bankrupt or insolvent; (iii) a receiver or other public officer takes charge
of the Trustee or its property; or (iv) the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed as Trustee
with respect to the Securities of any series, or if a vacancy exists in the office of Trustee with respect to the Securities of any series
for any reason, the Company shall promptly appoint a successor Trustee with respect thereto. Within one year after the successor Trustee
takes office, the Holders of a majority in Principal amount of the outstanding Securities of such series may appoint a successor Trustee
in respect of such Securities to replace the successor Trustee appointed by the Company. If the successor Trustee with respect to the
Securities of any series does not deliver its written acceptance required by Section 7.09 within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in Principal amount of the outstanding Securities
of such series may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect thereto.

 

The Company shall give notice of any resignation
and any removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee in respect of
the Securities of such series to all Holders of Securities of such series. Each notice shall include the name of the successor Trustee
and the address of its Corporate Trust Office.

 

Notwithstanding replacement of the Trustee with
respect to the Securities of any series pursuant to this Section 7.08 and Section 7.09, the Company’s obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee.

 

    26 

     

    

Section 7.09.  
Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and subject
to the lien provided for in Section 7.07, execute and deliver an instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder.

 

In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee
with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer
and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee,
it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust
and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

Upon request of any such successor Trustee, the
Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

 

No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be eligible under this Article and qualified under Section 310(b) of
the Trust Indenture Act.

 

Section 7.10.  
Successor Trustee By Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation
or national banking association without any further act shall be the successor Trustee with the same effect as if the successor Trustee
had been named as the Trustee herein.

 

Section 7.11.  
Eligibility. This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Section 310(a).
The Trustee shall have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report
of condition.

 

Section 7.12.  
Money Held in Trust. The Trustee shall not be liable for interest on any money received by it except as the Trustee 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 law and except for money held in trust under Article 8 of this Indenture.

 

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ARTICLE
8

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

 

Section 8.01.  
Satisfaction and Discharge of Indenture. If at any time (a) (i) all Securities of any series issued that have been
authenticated and delivered have been delivered by the Company to the Trustee for cancellation (other than Securities of such series
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.08); or (ii) all the
Securities of any series issued that have not been delivered by the Company to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by such Trustee in the Company’s name and at the Company’s
expense, the Company shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in
cash (other than moneys repaid by the Trustee or any paying agent to the Company in accordance with Section 8.04) or U.S. Government
Obligations, maturing as to principal and interest in such amounts and at such times as will insure (without consideration of the reinvestment
of such interest) the availability of cash, or a combination thereof, sufficient to pay at maturity or upon redemption all Securities
of such series (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced
or paid as provided in Section 2.08) not theretofore delivered to the Trustee for cancellation, including Principal and interest
due or to become due on or prior to such date of maturity or redemption as the case may be; (b) the Company has paid or caused to
be paid all other sums then due and payable under this Indenture; and (c) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent under this Indenture relating to the satisfaction and
discharge of this Indenture pursuant to this Section 8.01 have been complied with, then this Indenture shall cease to be of further
effect with respect to Securities of such series (except as to (i) rights of registration of transfer and exchange of securities
of such series, and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed,
lost or stolen Securities, (iii) rights of holders to receive payments of Principal thereof and interest thereon, upon the original
stated due dates therefor (but not upon acceleration) and remaining rights of the holders to receive mandatory sinking fund payments,
if any, (iv) the rights, obligations and immunities of the Trustee hereunder and (v) the rights of the Securityholders of such
series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and the Trustee,
on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company,
shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided
that the rights of Holders of the Securities to receive amounts in respect of Principal of and interest on the Securities held by them
shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the
Securities are listed. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred
and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture
or the Securities of such series.

 

Section 8.02.  
Application by Trustee of Funds Deposited for Payment of Securities. Subject to Section 8.04, all moneys (including U.S.
Government Obligations and the proceeds thereof) deposited with the Trustee pursuant to Section 8.01, Section 8.05 or Section 8.06
shall be held in trust and applied by it to the payment, either directly or through any paying agent to the Holders of the particular
Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and
to become due thereon for Principal and interest; but such money need not be segregated from other funds except to the extent required
by law.

 

Section 8.03.  
Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect
to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series
of Securities shall, upon demand of the Company, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released
from all further liability with respect to such moneys.

 

Section 8.04.  
Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee
or any paying agent for the payment of the Principal of or

 

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interest on any Security of any series and not applied
but remaining unclaimed for two years after the date upon which such Principal or interest shall have become due and payable, shall, upon
the written request of the Company and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property law, be repaid to the Company by the Trustee for such series or such paying agent, and the Holder of the Security of such series
shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look
only to the Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent
with respect to such moneys shall thereupon cease.

 

Section 8.05.  
Defeasance and Discharge of Indenture. The Company shall be deemed to have paid and shall be discharged from any and all obligations
in respect of the Securities of any series, after the deposit referred to in clause (i) hereof has been made, and the provisions
of this Indenture shall no longer be in effect with respect to the Securities of such series (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except as to: (a) rights of Holders of the Securities of such
series to receive payments of Principal thereof, premium thereto, and interest thereon, upon the original stated due dates therefor,
(b) the Company’s obligations with respect to the issuance of temporary Securities and the registration of transfer with respect
to the Securities of such series, the Company’s right of optional redemption, substitution of mutilated, defaced, destroyed, lost
or stolen Securities of such series and the maintenance of an office or agency for payment for security payments held in trust pursuant
to clause (i) hereof, (c) the rights, obligations and immunities of the Trustee hereunder, and (d) the defeasance provisions
contained in Article 8 of this Indenture; provided that the following conditions shall have been satisfied:

 

(i)  
with reference to this Section 8.05 the Company irrevocably has deposited or caused to be deposited with the Trustee (or another
qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, for the purposes of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series,
(A) money in an amount, (B) U.S. Government Obligations which through the payment of interest and principal in respect thereof
in accordance with their terms will provide not later than one day before the due date of any payment referred to in subclause (x) or
(y) of this clause (i), or (C) a combination thereof, in each case sufficient, in the written opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without
consideration of reinvestment and after payment of all federal, state and local taxes or other charges and assessments in respect thereof,
and which shall be applied by the Trustee to pay and discharge (x) all of the Principal of, premium, if any, and each installment
of interest on the outstanding Securities of such series on the maturity or due dates thereof or if the Company has made irrevocable arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee, the redemption date, as the case may be, and (y) any
mandatory sinking fund payments or analogous payments applicable to the Securities of such series on the day on which such payments are
due and payable in accordance with the terms of Securities of such series and the Indenture with respect to the Securities of such series;

 

(ii)  
the Company has delivered to the Trustee an Opinion of Counsel to the effect that, under then applicable U.S. federal income tax
law, Holders of Securities of such series will not recognize gain or loss for U.S. federal income tax purposes as a result of the Company’s
exercise of its option under this Section 8.05 and will be subject to U.S. federal income tax on the same amount and in the same
manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

 

(iii)  
no Default under either clause (d) or clause (e) of Section 6.01 shall have occurred and be continuing at such time;

 

(iv)  
if at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee
an Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance and
discharge;

 

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(v)  
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge under this Section 8.05 have been complied with; and

 

(vi)  
if the Securities of such series are to be redeemed prior to the final maturity thereof (other than from mandatory sinking fund
payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee shall have been made.

 

Section 8.06.  
Defeasance of Certain Obligations. The Company may omit to comply with any term, provision or condition set forth in, and
this Indenture will no longer be in effect with respect to, any covenant established pursuant to Section 2.03(s) and clause
(c) and clause (f) (with respect to any covenants established pursuant to Section 2.03(s)) of Section 6.01 shall
be deemed not to constitute a Default or an Event of Default with respect to Securities of any series, if:

 

(a)  
with reference to this Section 8.06, the Company has irrevocably deposited or caused to be deposited with the Trustee (or
another qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, for the purposes of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of the Securities of such series,
(i) money in an amount, (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof
in accordance with their terms will provide not later than one day before the due date of any payment referred to in subclause (x) or
(y) of this clause (a), or (iii) a combination thereof, in each case sufficient, in the written opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without
consideration of reinvestment and after payment of all federal, state and local taxes or other charges and assessments in respect thereof,
and which shall be applied by the Trustee to pay and discharge (x) all of the Principal of, premium, if any, and each installment
of interest on the outstanding Securities of such series on the maturity or due dates thereof or if the Company has made irrevocable arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee, the redemption date, as the case may be, and (y) any
mandatory sinking fund payments or analogous payments applicable to the Securities of such series on the day on which such payments are
due and payable in accordance with the terms of the Securities of such series and the Indenture with respect to the Securities of such
series;

 

(b)  
the Company has delivered to the Trustee an Opinion of Counsel to the effect that Holders of Securities of such series will not
recognize gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.06
and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred;

 

(c)  
no Default with respect to the outstanding Securities of such series shall have occurred and be continuing at the time of such
deposit immediately after giving effect to such deposit;

 

(d)  
if at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee
an Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance and
discharge;

 

(e)  
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance under this Section have been complied with; and

 

(f)  
if the Securities of such series are to be redeemed prior to the final maturity thereof (other than from mandatory sinking fund
payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee shall have been made.

 

Section 8.07.  
Reinstatement. If the Trustee or paying agent is unable to apply any monies or U.S. Government Obligations in accordance with
Article 8 by reason of any legal proceeding or by reason of

 

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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 until such time as the Trustee
or paying agent is permitted to apply all such monies or U.S. Government Obligations in accordance with Article 8; provided, however,
that if the Company has made any payment of Principal of or interest 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 monies or U.S. Government
Obligations held by the Trustee or paying agent.

 

Section 8.08.  
Indemnity. The Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.08 and Section 8.02, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against
the U.S. Government Obligations deposited pursuant to Section 8.01, 8.05 or 8.06 or the principal or interest 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 Securities.

 

Section 8.09.  
Excess Funds. Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company
from time to time upon request of the Company, any money or U.S. Government Obligations  (or other property and any proceeds
therefrom) held by it as provided in Section 8.01, 8.05 or 8.06 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 a discharge or defeasance, as applicable, in accordance with this Article 8.

 

Section 8.10.  
Qualifying Trustee. Any trustee appointed pursuant to Section 8.05 or 8.06 for the purpose of holding money or U.S. Government
Obligations deposited pursuant to such Sections shall be appointed under an agreement in form acceptable to the Trustee and shall provide
to the Trustee a certificate, upon which certificate the Trustee shall be entitled to conclusively rely, that all conditions precedent
provided for herein to the related defeasance have been complied with. In no event shall the Trustee be liable for any acts or omissions
of said trustee.

 

ARTICLE
9

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

Section 9.01.  
Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities of any series
without notice to or the consent of any Holder:

 

(a)  
to cure any ambiguity, defect or inconsistency in this Indenture;

 

(b)  
to comply with Article 5;

 

(c)  
to maintain the qualification of this Indenture under the Trust Indenture Act;

 

(d)  
to evidence and provide for the acceptance of appointment hereunder with respect to the Securities of any or all series by a successor
Trustee 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, pursuant to the requirements of Section 7.09;

 

(e)  
to establish the form or forms or terms of Securities of any series as permitted by Section 2.03;

 

(f)  
to provide for uncertificated Securities and to make all appropriate changes for such purpose;

 

(g)  
to conform any provision to the applicable corresponding provision set forth in the offering document for the offering of such
series of Securities; and

 

(h)  
to make any change that does not materially and adversely affect the rights of any Holder.

 

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Section 9.02.  
With Consent of Holders. Subject to Sections 6.04 and 6.07, without prior notice to any Holders, the Company and the Trustee
may amend this Indenture and the Securities of any series with the written consent of the Holders of a majority in Principal amount of
the outstanding Securities of each series affected by such amendment (all such series voting together as a single class), and the Holders
of a majority in Principal amount of the outstanding Securities of each series affected thereby (all such series voting together as a
single class) by written notice to the Trustee may waive future compliance by the Company with any provision of this Indenture or the
Securities of such series.

 

Notwithstanding the provisions of this Section 9.02,
without the consent of each Holder affected thereby, an amendment or waiver, including a waiver pursuant to Section 6.04, may not:

 

(a)  
change the stated maturity of the Principal of, or any sinking fund obligation or any installment of interest on, such Holder’s
Security,

 

(b)  
reduce the Principal amount thereof or the rate of interest thereon (including any amount in respect of original issue discount);

 

(c)  
reduce the above stated percentage of outstanding Securities the consent of whose holders is necessary to modify or amend the Indenture
with respect to the Securities of the relevant series; and

 

(d)  
reduce the percentage in Principal amount of outstanding Securities of the relevant series the consent of whose Holders is required
for any supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults and their
consequences provided for in this Indenture.

 

A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of Holders of Securities of such series with respect to such covenant or provision, shall
be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

It shall not be necessary for the consent of any
Holder under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient
if such consent approves the substance thereof.

 

After an amendment, supplement or waiver under
this Section 9.02 becomes effective, the Company shall give to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. The Company will mail supplemental indentures to Holders upon request. Any failure of the Company to mail such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.03.  
Revocation and Effect of Consent. Until an amendment or waiver becomes effective, a consent to it by a Holder is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the Security
of the consenting Holder, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder
may revoke the consent as to its Security or portion of its Security. Such revocation shall be effective only if the Trustee receives
the notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver shall
become effective with respect to any Securities affected thereby on receipt by the Trustee of written consents from the requisite Holders
of outstanding Securities affected thereby.

 

The Company may, but shall not be obligated to,
fix a record date (which may be not less than five nor more than 60 days prior to the solicitation of consents) for the purpose of determining
the Holders of the Securities of any series affected entitled to consent to any amendment, supplement or waiver. If a record date is fixed,
then, notwithstanding the immediately preceding paragraph, those Persons who were

 

    32 

     

    

such Holders at such record date (or their duly designated
proxies) and only those 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 such Holders after such record date. No such consent shall be valid or effective for
more than 90 days after such record date.

 

After an amendment, supplement or waiver becomes
effective with respect to the Securities of any series affected thereby, it shall bind every Holder of such Securities unless it is of
the type described in any of clauses (a) through (d) of Section 9.02. In case of an amendment or waiver of the type described
in clauses (a) through (d) of Section 9.02, the amendment or waiver shall bind each such Holder who has consented to it
and every subsequent Holder of a Security that evidences the same indebtedness as the Security of the consenting Holder.

 

Section 9.04.  
Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of any Security, the Trustee
may require the Holder thereof to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the
changed terms and return it to the Holder and the Trustee may place an appropriate notation on any Security of such series thereafter
authenticated. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the
Trustee shall authenticate a new Security of the same series and tenor that reflects the changed terms.

 

Section 9.05.  
Trustee to Sign Amendments, Etc. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article 9 is authorized
or permitted by this Indenture, stating that all requisite consents have been obtained or that no consents are required and stating that
such supplemental indenture constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to customary exceptions. The Trustee may, but shall not be obligated to, execute any such amendment, supplement
or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.06.  
Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article 9 shall conform to
the requirements of the Trust Indenture Act as then in effect.

 

ARTICLE
10

MISCELLANEOUS

 

Section 10.01. 
Trust Indenture Act of 1939. This Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act
that are required to be part of and to govern indentures qualified under the Trust Indenture Act.

 

Section 10.02. 
Notices. Any notice or communication shall be sufficiently given if written and (a) if delivered in person, when received
or (b) if mailed by first class mail, 5 days after mailing, or (c) as between the Company and the Trustee if sent by facsimile transmission,
when transmission is confirmed, in each case addressed as follows:

 

if to the Company:

 

Vitru Limited

Rodovia José Carlos Daux, 5500

Torre Jurerê A, 2nd floor

Saco Grande, Florianópolis, State of Santa Catarina

88032-005, Brazil

Facsimile: [             ] 

Attention: [  
        ]

 

    33 

     

    

if to the Trustee:

 

[·] 

[·]

[·] 

Facsimile: [·]

Attention: [·]

 

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 shall be sufficiently
given to Holders by mailing to such Holders at their addresses as they shall appear on the Security Register. Notice mailed shall be sufficiently
given if so mailed within the time prescribed. Copies of any such communication or notice to a Holder shall also be mailed to the Trustee
and each Agent at the same time.

 

Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. Except as otherwise provided in this Indenture,
if a notice or communication is mailed in the manner provided in this Section 10.02, it is duly given, whether or not the addressee
receives it.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In case it shall be impracticable to give notice
as herein contemplated, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

 

Section 10.03. 
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

 

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

 

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

 

Section 10.04. 
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than the certificate required by Section 4.04) shall include:

 

(a)  
a statement that each person signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

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

 

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

 

    34 

     

    

(d)  
a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with; provided,
however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of
public officials.

 

Section 10.05. 
Evidence of Ownership. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the person
in whose name any Security shall be registered upon the Security Register for such series as the absolute owner of such Security (whether
or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the Principal of and, subject to the provisions of this Indenture, interest on such Security and for all
other purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to
the contrary.

 

Section 10.06. 
Rules by Trustee, Paying Agent or Registrar. The Trustee may make reasonable rules for action by or at a meeting
of Holders. The Paying Agent or Registrar may make reasonable rules for its functions.

 

Section 10.07. 
Payment Date Other Than a Business Day. Except as otherwise provided with respect to a series of Securities, if any date for
payment of Principal or interest on any Security shall not be a Business Day at any place of payment, then payment of Principal of or
interest on such Security, as the case may be, need not be made on such date, but may be made on the next succeeding Business Day at
any place of payment with the same force and effect as if made on such date and no interest shall accrue in respect of such payment for
the period from and after such date.

 

Section 10.08. 
Governing Law. The laws of the State of New York shall govern this Indenture and the Securities.

 

Section 10.09. 
No Adverse Interpretation of Other Agreement. This Indenture may not be used to interpret another indenture or loan or debt
agreement of the Company or any Subsidiary of the Company. Any such indenture or agreement may not be used to interpret this Indenture.

 

Section 10.10. 
Successors. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of
the Trustee in this Indenture shall bind its successors.

 

Section 10.11. 
Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement.

 

Section 10.12. 
Separability. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 10.13. 
Table of Contents, Headings, Etc. The Table of Contents 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 and provisions hereof.

 

Section 10.14. 
Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability. No recourse under or upon
any obligation, covenant or agreement contained in this Indenture or any indenture supplemental hereto, or in any Security, or because
of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder,
officer, director or employee, as such, of the Company or of any successor, either directly or through the Company or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the holders thereof
and as part of the consideration for the issue of the Securities.

 

    35 

     

    

Section 10.15. 
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
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, then, to the extent permitted by applicable law, 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.

 

Section 10.16. 
Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

Section 10.17. 
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

ARTICLE
11

SUBORDINATION

 

Section 11.01. 
Agreement to Subordinate. The Company covenants and agrees, and each Holder of a Security issued hereunder, by his acceptance
thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article; and each Person
holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the principal
of and interest on all Securities issued hereunder shall, to the extent and in the manner herein set forth, be subordinated and subject
in right of payment to the prior payment in full of all Senior Indebtedness, and that the subordination is for the benefit of the holders
of the Senior Indebtedness.

 

Section 11.02. 
Payments to Securityholders. As to each series of Securities, if any, issued hereunder, in the event (a) of any insolvency
or bankruptcy proceedings, or any receivership, dissolution, winding-up, total or partial liquidation, reorganization or other similar
proceedings in respect of the Company or a substantial part of its property, whether voluntary or involuntary, or (b) that (i) a
default shall have occurred with respect to the payment of principal of or interest on or other monetary amounts due and payable with
respect to any Senior Indebtedness, or (ii) there shall have occurred an event of default (other than a default in the payment of
principal or interest or other monetary amounts due and payable) in respect of any Senior Indebtedness, as defined in such Senior Indebtedness
or in the instrument under which the same is outstanding, permitting the holder or holders thereof to accelerate the maturity thereof,
and such default or event of default shall not be cured or was continued beyond the period of grace, if any, in respect thereof, and
such default or event of default shall not have been waived or shall not have ceased to exist, or

 

    36 

     

    

(c) separately with respect to each series of
Securities, that the principal of and accrued interest on such Securities shall have been declared due and payable pursuant to Section 6.01
and such declaration shall not have been rescinded and annulled as provided in Section 6.01, then the holders of all Senior Indebtedness
shall first be entitled to receive payment in full of all amounts due or to become due thereon, or provision shall be made, in accordance
with the terms of such Senior Indebtedness, for such payment in money or money’s worth, before the Holders of such series of Securities
are entitled to receive a payment on account of the principal of or interest on the indebtedness evidenced by such series of Securities,
including, without limitation, any payments made pursuant to Article 3, or any cash payments to purchase such series of Securities
at the option of the Holders thereof.

 

Upon any such insolvency or bankruptcy proceeding,
receivership, dissolution, winding-up, total or partial liquidation, reorganization, or other similar proceeding referred to in clause
(a) of the immediately preceding paragraph, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, to which the Holders of the Securities or the Trustee under this Indenture would be entitled, except
for the provisions hereof, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other
Person making such payment or distribution or, to the extent required by the next succeeding paragraph, by the Holders of the Securities
or the Trustee, if received by them or it, directly to the holders of Senior Indebtedness (pro rata to such holders on the basis of the
respective amounts of Senior Indebtedness held by such holders) or their respective representatives, or to the trustee or trustees under
any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, as their respective interests
may appear, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution
to or for the holders of Senior Indebtedness, before any payment or distribution is made to the Holders of the indebtedness evidenced
by the Securities (including any cash payments to repurchase such Securities at the option of the Holders thereof) or to the Trustee under
this Indenture.

 

In the event that, notwithstanding the foregoing,
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by
the foregoing provisions of this Section, shall be received by the Trustee under this Indenture or the Holders of the Securities before
all Senior Indebtedness is paid in full or provision is made for such payment in accordance with its terms, and if such fact shall, at
or prior to the time of such payment or distribution, have been known to the Trustee, then such payment or distribution shall be held
in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have
been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness remaining unpaid until
all such Senior Indebtedness shall have been paid in full in accordance with its terms, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior Indebtedness.

 

For purposes of this Article only, the words,
“cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization or readjustment, the payment
of which is subordinated (at least to the extent provided in this Article with respect to the Securities) to the payment of all Senior
Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new corporation, if
any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the holders of the Senior Indebtedness
are not, without the consent of such holders, altered by such arrangement, reorganization or readjustment. The consolidation of the Company
with, or the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company following the conveyance
or transfer of all or substantially all of its assets to another corporation upon the terms and conditions provided in Article 5
shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section if such other corporation
shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article 5. Nothing in
this Section shall apply to claims of, or payments to, the Trustee under or pursuant to Article 7, except as expressly provided
therein. This Section shall be subject to the further provisions of Section 11.05.

 

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Section 11.03. 
Subrogation. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities subject to the provisions
of Section 11.02 shall be subrogated (equally and ratably with the holders of all obligations of the Company which by their express
terms are subordinated to Senior Indebtedness of the Company to the same extent as the Securities are subordinated and which are entitled
to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property
or securities of the Company applicable to the Senior Indebtedness until the principal of and interest on such Securities shall be paid
in full; and, for the purpose of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash,
property or securities to which the Holders of such Securities or the Trustee on their behalf would be entitled except for the provisions
of this Article, and no payment over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders
of such Securities or the Trustee on their behalf shall, as between the Company, its creditors other than holders of Senior Indebtedness
and the Holders of such Securities, be deemed to be a payment by the Company to or on account of the Senior Indebtedness; and no payments
or distributions of cash, property or securities to or for the benefit of the Holders of the Securities pursuant to the subrogation provision
of this Article, which would otherwise have been paid to the holders of Senior Indebtedness, shall be deemed to be a payment by the Company
to or for the account of such Securities. The provisions of this Article are intended solely for the purpose of defining the relative
rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand.

 

Nothing contained in this Article or elsewhere
in this Indenture or in the Securities is intended to or shall impair, as between the issuer, its creditors other than the holders of
Senior Indebtedness, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to
the Holders of the Securities the principal of and interest on the Securities as and when the same shall become due and payable in accordance
with their terms, or is intended to or shall affect the relative rights against the Company of the Holders of the Securities and creditors
of the Company other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Holder of any Security
or the Trustee on his behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or securities of the
Company received upon the exercise of any such remedy.

 

Upon any payment or distribution of assets of
the Company referred to in this Article, the Trustee, subject to the provisions of Section 7.01 and Section 7.02, and the Holders
of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such insolvency,
bankruptcy, dissolution, winding-up, liquidation, arrangement or reorganization proceedings are pending, or a certificate of the receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to
the Holders of the Securities, for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of
the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article.

 

Section 11.04. 
Authorization by Securityholders. Each Holder of a Security by his acceptance thereof authorizes the Trustee on his behalf
to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the
Trustee his attorney-in-fact for any and all such purposes.

 

Section 11.05. 
Notice to Trustee. The Company shall give prompt written notice to the Trustee and to any paying agent of any fact known to
the Company which would prohibit the making of any payment of monies to or by the Trustee or any paying agent in respect of the Securities
pursuant to the provisions of this Article. Regardless of anything to the contrary contained in this Article or elsewhere in this
Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default or event of
default with respect to any Senior Indebtedness or of any other facts which would prohibit the making of any payment of monies to or
by the Trustee in respect of the Securities, unless and until the Trustee shall have received notice in writing (which may be by telegram,
telecopy or other similar writing) at its Corporate Trust Office to that effect signed by an officer of the Company, or by a holder or
agent of a holder of Senior Indebtedness who shall have been certified by the Company or otherwise established to the reasonable satisfaction
of the Trustee to be such holder or agent, or by the trustee under

 

    38 

     

    

any indenture pursuant to which Senior Indebtedness
shall be outstanding, and, prior to the receipt of any such written notice, the Trustee shall, subject to Section 7.01 and Section 7.02,
be entitled to assume that no such facts exist; provided that if on a date at least two Business Days prior to the date upon which by
the terms hereof any such monies shall become payable for any purpose (including, without limitation, the payment of the principal of
or interest on any Security) the Trustee shall not have received with respect to such monies the notice provided for in this Section,
then, regardless of anything herein to the contrary, the Trustee shall have full power and authority to receive such monies and to apply
the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by
it on or after such prior date.

 

Regardless of anything to the contrary herein
(but subject, in the case of clause (a) of this paragraph, to the second paragraph of Section 11.02), nothing shall prevent
(a) any payment by the Company or the Trustee to the Securityholders of amounts in connection with a redemption of Securities if
(i) notice of such redemption has been given pursuant to Article 3 prior to the receipt by the Trustee of written notice as
aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before any redemption date, or (b) any payment
by the Trustee to the Securityholders of amounts deposited with it pursuant to Section 8.01, provided, that, in the case of Section 8.05,
the applicable Securities are deemed to have been paid and discharged, and in the case of Section 8.01, the Trustee shall not have
received, by at least two Business Days prior to the date of execution of instruments acknowledging the satisfaction of and discharge
of this Indenture with respect to the applicable Securities, the notice provided in the preceding paragraph.

 

Subject to Section 7.01 and Section 7.02,
the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or
a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence is required with
respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article,
the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Article, and if such evidence is not furnished the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such payment.

 

Section 11.06. 
Trustee’s Relation to Senior Indebtedness. The Trustee and any agent of the Company or the Trustee shall be entitled
to all the rights set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it in its individual
or any other capacity to the same extent as any other holder of Senior Indebtedness and nothing in the second paragraph of Section 2.02
or elsewhere in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. Nothing in this Article shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07.

 

With respect to the holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article,
and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the
Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and, subject to the provisions
of Section 7.01 and Section 7.02, the Trustee shall not be liable to any holder of Senior Indebtedness if it shall in good faith
pay over or deliver to Holders of Securities, the Company or any other Person monies or assets to which any holder of Senior Indebtedness
shall be entitled by virtue of this Article or otherwise.

 

Section 11.07. 
No Impairment of Subordination. No right of any present or future holder of any Senior Indebtedness to enforce subordination
as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or
by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

 

    39 

     

    

SIGNATURES

 

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

 

	 	VITRU LIMITED
	 	as the Company
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 

	 	[                      ]
	 	as the Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

    40Exhibit 10.1

 

THE SYMBOL “[**]”
DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD
LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED.

 

Executed Version

 

 

QUOTA PURCHASE AGREEMENT AND OTHER COVENANTS

 

 

entered into by and between,

 

 

as Buyer,

 

 

VITRU Brasil Empreendimentos, Participações
e Comércio S.A.

 

 

 

and, as Sellers,

 

 

	[**]	[**]
	[**]	[**]
	[**]	[**]
	[**]	[**]
	[**]	[**]
	[**]	[**]
	[**]	[**]
	[**]	[**]
	[**]	[**]

 

 

and also, as intervening consenting party,

 

CESUMAR - Centro de Ensino Superior de Maringá
Ltda. 

 

 

on

 

August 23, 2021

 

 

    	 

    	 

    

QUOTA PURCHASE AGREEMENT AND
OTHER COVENANTS

 

This Quota Purchase Agreement and Other Covenants
(the “Agreement”) is entered into by and between, on one hand:

 

(1)       VITRU
BRASIL EMPREENDIMENTOS, PARTICIPAÇÕES E COMÉRCIO S.A., a privately-held corporation enrolled with the National
Corporate Taxpayers Register of the Ministry of Economy (CNPJ/ME) under No. 20.512.706/0001-40, with principal place of business in the
City of Florianópolis, State of Santa Catarina, at Rodovia Jose Carlos Daux, No. 5500, 2nd floor, Tower Jurere A, Suite
T, Saco Grande, Postal Code (CEP) 88.032-005 (the “Buyer”);

 

And, on the other hand:

 

(2)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued
on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**],
resident and domiciled at [**], represented herein by her lawful attorney-in-fact ("[**]");

 

(3)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**],
issued on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**],
resident and domiciled at [**], represented herein by her lawful attorney-in-fact (“[**]”);

 

(4)       [**], a Brazilian citizen,[**], bearer of Civil Identity Card (RG) No. [**], issued on
[**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No.[**], resident
and domiciled at [**] (“[**]”);

 

(5)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) [**], issued on
[**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident
and domiciled at [**], represented herein by his lawful attorney-in-fact ("[**]");

 

    1 

    	 

    

(6)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident
and domiciled at [**],
represented herein by his lawful attorney-in-fact ("[**]");

 

(7)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident and
domiciled at [**] ("[**]");

 

(8)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued
on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**],
resident and domiciled at [**], represented herein by her lawful attorney-in-fact ("[**]");

 

(9)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident
and domiciled at [**], represented herein by his lawful attorney-in-fact ("[**]");

 

(10)       [**],
a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual Taxpayers Register
of the Ministry of Economy (CPF/ME) under No. [**], resident and domiciled at [**], represented herein by his lawful attorney-in-fact
("[**]");

 

(11)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued
on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident
and domiciled at [**], represented herein by his lawful

 

    2 

    	 

    

attorney-in-fact (“[**]” and, together with [**], [**], [**] and [**], the “[**]”);

 

(12)       [**], a Brazilian citizen, [**],  bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No.
[**], resident and domiciled at  [**] ("[**]");

 

(13)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**],
duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident and domiciled
at [**], represented
herein by her lawful attorney-in-fact ("[**]");

 

(14)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], duly enrolled
with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident and domiciled at [**],
represented herein by his lawful attorney-in-fact ("[**]");

 

(15)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued on
[**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident
and domiciled at [**], represented herein by his lawful attorney-in-fact ("[**]");

 

(16)       [**], a Brazilian citizen, [**], born [**], bearer of Civil Identity Card (RG) No. [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident and
domiciled at [**]  ("[**]");

 

(17)       [**],
a Brazilian citizen, [**], born [**], bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual
Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident and domiciled at [**] ("[**]");

 

    3 

    	 

    

(18)       [**], a Brazilian citizen, [**], born [**], bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME)
under No. [**], resident and domiciled at [**], represented herein by her lawful attorney-in-fact ("[**]"); 

 

(19)       [**], a Brazilian citizen, [**], bearer of Civil Identity Card (RG) No. [**], issued on [**], duly enrolled with the Individual Taxpayers Register of the Ministry of Economy (CPF/ME) under No. [**], resident
and domiciled at [**], represented herein by his lawful attorney-in-fact (“[**]” and, together with [**], [**], [**], [**], [**], [**], [**], [**],
[**], [**], [**], [**], [**], [**], [**], [**] and [**]
,
the “Sellers”);

 

The Buyer and the Sellers are collectively referred
to as the “Parties,” and each individually and indistinctly as a “Party”;

 

And, as intervening consenting party:

 

(20)       CENTRO
DE ENSINO SUPERIOR DE MARINGÁ LTDA., a limited liability company with principal place of business in the City of Maringá,
State of Paraná, at Avenida Guedner, No. 1610, Zone 08, Postal Code (CEP) 87050-390, enrolled with the National Corporate Taxpayers
Register of the Ministry of Economy (CNPJ/ME) under No. 79.265.617/0001-99, represented herein in accordance with its articles of association
(the “Company”);

 

And, as guarantor and jointly and severally liable
with the Buyer:

 

(21)       VITRU
LIMITED, a publicly-held corporation traded on the US stock exchange NASDAQ, with principal place of business in the Cayman Islands,
enrolled with the National Corporate Taxpayers Register of the Ministry of Economy (CNPJ/ME) under No. 38.237.205/0001-68, represented
herein in accordance with its corporate documents (the “Guarantor”).

 

WHEREAS:

 

    4 

    	 

    

(A)       As
of the date hereof, the Sellers hold all the quotas issued by the Company, which represent the entirety of the share capital of the Company
(the “Quotas”), and, except as described in Exhibit A, all the Quotas have been fully subscribed and
paid up and are free and clear of any Liens;

 

(B)       The
Company is engaged in the education industry, specifically as sponsor of a higher education institution of the university academy type,
in both in-person and distance formats, and develops its operation on the Properties (as defined below);

 

(C)       The
Buyer is a higher education institution focused on distance and hybrid teaching in Brazil for undergraduate and graduate students and
controlled by the Guarantor, which is a publicly-held corporation traded on Nasdaq; and

 

(D)       Subject
to satisfaction of the conditions precedent established below in this Agreement, the Buyer is willing to purchase from the Sellers, who
in turn are willing to sell to the Buyer, all the Quotas in accordance with the terms and conditions set forth in this Agreement (the
“Transaction”),

 

NOW, THEREFORE, the Parties have resolved to enter
into this Agreement, which shall be governed by the following terms and conditions:

 

1.       DEFINITIONS
AND INTERPRETATION

 

1.1
   Definitions. For the purposes of this Agreement, the terms used herein or in the Exhibits hereto shall have the following
meanings:

 

“Affiliate” means,
in reference to a certain Person, any other Person that directly or indirectly Controls it, is Controlled by it, or is under common Control
with it.

 

“CADE Approval” means
the approval for the consummation of the Transaction issued by the Brazilian Antitrust Authority (CADE).

 

“Government Authority”
means any entity, agency, instrumentality, or authority, whether governmental or private but vested with government, regulatory, or administrative
duties, professional entity, civil registry, registry of commerce, or notary public, as well as any court, judicial authority, or arbitral
tribunal.

 

“B3” means B3 S.A.
– Brasil, Bolsa e Balcão.

 

“BR GAAP” means the
accounting principles generally accepted and in force in the Federative Republic of Brazil under the Corporation Law; the accounting standards

 

    5 

    	 

    

established by the Federal Accounting
Council (CFC), by Instituto dos Auditores Independentes do Brasil (IBRACON), by resolution of the Federal Accounting Council (CFC), or
by any other Person that may replace them or which is vested with authority to issue resolutions relating to accounting matters.

 

“Cash” means, in
reference to a Person, its immediately available cash and cash equivalents and immediately liquid financial investments, in each case
available and free from any and all Liens as of the base date referred to. Additionally, credit card receivables shall also be understood
as Cash.

 

“Minimum Cash” means
a total amount of twenty million Reais (R$20,000,000.00), corresponding to the aggregate cash and cash equivalents and immediately
(D+1) liquid financial investments of the Company (except judicial deposits).

 

“Working Capital”
means the aggregate sum of the current assets less the aggregate sum of current liabilities of the Company as of the relevant base date,
without taking into account (i) any accounts already contemplated in the calculation of Net Indebtedness, (ii) provisions
for contingencies, (iii) provisions for bad debts, which are to be deducted from Accounts Receivable line item, and (iv)
accounts with Related Parties whose business relationship is terminated by the Closing Date, in accordance with the provisions of Sections
13.1 and 13.5.6. Additionally, [**] shall be computed in the calculation of Working Capital, and the remission of debts owed
[**] in the amount of up to [**] Reais (R$[**]), to be carried out prior to the Closing Date, in accordance with the provisions
of Section 13.1, shall be discounted.

 

“Civil Code” means
law No. 10.406 of January 10, 2002, as amended from time to time.

 

“Code of Civil Procedure”
means law No. 13.105 of March 16, 2015, as amended from time to time.

 

“SOEDMAR Lease Agreement”
means a non-residential lease agreement entered into by and between the Company, on one hand, and SOEDMAR – Sociedade Educacional
de Maringá Ltda., a limited liability company with principal place of business in the City of Maringá, State of Paraná,
at Rua José Moreno Júnior, No. 265, Jardim Aclimação, Postal Code (CEP) 87050-710, enrolled with the National
Corporate Taxpayers Register of the Ministry of Economy (CNPJ/ME) under No.

 

    6 

    	 

    

80.888.357/0001-97, on the other hand,
on the Closing Date.

 

“Material Agreements”
means all the agreements entered into by the Company in force as of the date hereof (i) which involve an amount equal to or greater
than [**] Reais (R$[**]) within a period of twelve (12) months and (ii) the purpose of which is the performance of activities
relating to education, research, or the teaching system used by the Sellers and relating to the Company and to its sponsored entities,
including agreements with sponsors of Distance Education (EAD) in-person centers, teaching or research entities, and faculty.

 

“Control” means the
direct or indirect power to direct or cause the direction of the management or policies (whether by holding securities or any other partnership
or interest, by contract, or otherwise) of a Person, either individually or together with third parties.

 

“Normal Course of Business”
means, in reference to the Company, its routine and related operations (including operations with its students, service providers, and
suppliers), whether of a financial, commercial, or other nature, conducted in accordance with the Law and in a manner consistent with
its Articles of Association (and other internal regulations), in a commercially reasonable and workmanlike manner, without extraordinary
features, and consistent in nature, scope, and magnitude with the actions usually taken, without any separate or special authorization,
in the daily operations of other Persons engaged in the Business and with its past practice.

 

“CVM” means the Brazilian
Securities Commission.

 

“Personal Data” means
any information relating to an identified or identifiable individual (such as employees and students of the Company or any other individuals),
including any sensitive data, i.e. personal data on racial or ethnic origin, religious persuasion, political opinion, affiliation to a
trade union or organization of a religious, philosophical, or political nature, data relating to health or sexual life, and genetic or
biometric data, when linked to a natural person, which is processed by Company or by any third party on behalf of the Company. Data processing
is understood as any operation carried out with personal data, such as collection, production, receipt, categorization, use, access, reproduction,
transmission, distribution, processing, archiving, storage, deletion, assessment, or control of information, modification, communication,
transfer, broadcast, or extraction.

 

    7 

    	 

    

“Closing Date” means
the date when the actions listed in Section 7.2 below are taken.

 

“Claim” means any
administrative, arbitral, or judicial case or proceeding, judicial or administrative investigation, and/or notice of violation of any
nature (including, without limitation, of a corporate, contractual, commercial, administrative, regulatory, tax, civil, labor, social-security,
criminal, and/or environmental nature), as well as any extrajudicial notice or collection (whether physical or electronic and whether
delivered by a notary public or accompanied by an acknowledgement of receipt or return receipt of any nature).

 

“Financial Statements”
means the financial statements of the Company as of March 31, 2021.

 

“Business Day” means
any day on which commercial banks are simultaneously required to open in the City of São Paulo, State of São Paulo, in the
City of Maringá, State of Paraná, and in the City of Florianópolis, State of Santa Catarina.

 

“Specialized Firm”
means Deloitte Touche Tohmatsu, PricewaterhouseCoopers, KPMG, or EY (Ernst & Young).

 

“Indebtedness” means,
in reference to a Person, (i) all overdue and not yet due long- and short-term debts, including with financial institutions, (ii)
all short- and long-term loans and financings with financial institutions, (iii) dividends or interest on equity declared but not
paid, (iv) all overdue debts or accounts payable, (v) all advanced account receivable, and (vi) any operating and/or
financial lease transactions in force; provided that real property rents not yet due shall not be understood as lease transactions.

 

“Net Indebtedness”
means, in reference to the Company, its Indebtedness deducted from its Cash as of a same base date.

 

“INPI” means the
Brazilian Patent and Trademark Office.

 

“Law” means any law,
regulation, order, court writ, provisional remedy, or ruling not subject to appeal, normative instruction, guiding opinion, circular,
ordinance, decree, or any administrative, judicial or arbitral act issued by any Government Authority.

 

“Corporation Law”
means law No. 6.404 of December 15, 1976, as amended from time to time.

 

    8 

    	 

    

“MEC” means the Ministry
of Education and Culture.

 

“Business” means
the provision of undergraduate and graduate (both for non-degree and degree qualifications) higher education services, both in-person
and distance (of the Distance Education (EAD) type), as well as open courses. The definition of Business excludes, for all the purposes
of this Agreement, secondary, primary, or elementary education activities.

 

“Lien” means, in
reference to any property or asset, any mortgage, fiduciary assignment, pledge, usufruct, security interest, charge, lien, trust, fiduciary
sale, attachment, levy of execution, usurpation, option, right of first refusal, right of first offer, easement, voting trust, restriction
on transfer, or other restraint on such property or asset.

 

“Indemnified Party”
means a Party that has the right to receive indemnity from an Indemnifying Party under this Agreement.

 

“Buyer Indemnified Parties”
means the Buyer and/or its Related Parties, their respective employees, representatives, and agents, and their respective successors and
permitted assigns.

 

“Sellers Indemnified Parties”
means the Sellers and/or their Related Parties, their respective employees, representatives, and agents, and their respective successors
and permitted assigns.

 

“Indemnifying Party”
means any Party required to pay indemnity to another Person for losses suffered by the latter in accordance with the provisions of the
Agreement.

 

“Related Parties”
means, in reference to a Person, as applicable, (i) any entity which is a direct or indirect Affiliate of such Person or (ii)
any individual who is a manager of such Person or of its Affiliates. If a Person is an individual, his/her Related Parties shall include
his/her spouses, life partners living in a civil partnership, ascendants, descendants, successors, and relatives within the second (2nd)
degree. After the Closing Date, the Company shall be deemed a Buyer Related Party for all the purposes of this Agreement, and, until the
Closing Date, the Company shall be deemed a Sellers Related Party.

 

“Loss” means, if
indemnifiable under this Agreement and actually suffered, incurred, and/or disbursed, any and all losses, damages, penalties, fines, costs,
and expenses (including reasonable attorney’s, accountant’s and expert’s fees, judicial deposits, and

 

    9 

    	 

    

any other required or requested guarantees)
that are actually incurred by such Person based on a final and unappealable decision or award rendered by a Government Authority or otherwise
acknowledged by the Parties, as well as inflation adjustment, default and/or compensatory interest, fines, and any other additions and/or
penalties. The definition of Loss expressly excludes (i) indirect or consequential damages, (ii) direct and/or indirect
loss of profits (except loss of profits arising from Third-Party Claims which are acknowledged as due under a judicial or arbitral decision,
as the case may be), (iii) internal costs of the Indemnified Party with the administration and handling of Claims, (iv)
loss of opportunity and/or chance, (v) any and all types of punitive damages, and (vi) impairments or losses of a merely
accounting nature or arising from an accounting reclassification (even if recommended under the BR GAAP).

 

“Person” means any
individual or legal entity, partnership, association, trust, organization, Government Authority, or other entity of any type, whether
incorporated or unincorporated, including any successors or assigns of such Person.

 

“Centers” means any
of the existing distance education centers engaged by the Company (or eventually engaged by the Company by the Closing Date), whether
accredited or unaccredited, to apply the distance education system developed and provided by the Company.

 

“SELIC” means the
Special Settlement and Custody System (SELIC) rate, as defined by the Central Bank of Brazil Monetary Policy Committee (COPOM).

 

“E-MEC System” means
the MEC’s E-MEC electronic system available online at https://emec.mec.gov.br/.

 

“Supervening Amounts”
means any amount or credit received by, or judicial deposit inuring to the benefit of or relating to, the Company as a result of underlying
events prior to the Closing Date on any account, including the amount of any benefit resulting from offsetting of Taxes or of any debts.

 

“Territory” means
(i) the national territory, for distance higher (undergraduate and graduate) education activities, and (ii) for in-person
higher education activities, the Cities where the Company develops in-person higher (undergraduate and graduate) education activities
as of the Closing Date.

 

“Taxes” means any
and all national, federal, state, local, and foreign taxes, imposts, fees, dues, and government charges (including any interest, fines,
assessments,

 

    10 

    	 

    

penalties, or additions to such taxes).

 

1.2.    Other
Defined Terms. In addition to the terms defined in Section 1.1 above, the following terms are defined elsewhere in this
Agreement:

 

	Defined Term	Section
	“Withheld Shares”	3.1(c)(ii)
	“Released Withheld Shares”	4.1
	“Price Adjustment”	5.2.1
	“Amendment to the Articles of Association”	7.2(h)
	“Amendment to the SOEDMAR Lease Agreement”	5.5
	“Closing Balance Sheet”	5.3
	“Chamber”	16.3.1
	"[**]"	Preamble
	“Base Working Capital”	5.1
	“Confirmed Working Capital”	5.2
	"[**]"	Preamble
	"[**]"	Preamble
	“Basket”	10.7
	“Recurring Basket”	10.8
	“Spin-off”	13.6
	"[**]"	Preamble
	"[**]"	Preamble
	"[**]"	Preamble
	“Buyer”	Preamble
	“Conditions Precedent”	6.1
	“Dispute”	16.2
	“Escrow Account”	4.4
	“Non-Competition Obligation Consideration”	13.5.1
	“Agreement”	Preamble
	“Escrow Agreement”	4.4
	“Lease Agreements”	8.2.17
	“Supervening Amount Credit”	10.4
	“Closing Date”	7.1
	“Deadline”	6.6
	“De Minimis”	10.6
	“Sellers’ Main Representations and Warranties”	8.1
	“Operating Representations and Warranties”	8.2
	“Third-Party Claim”	11.1
	“Direct Claim”	11.2
	“Base Net Indebtedness”	5.1

 

    11 

    	 

    

	Defined Term	Section
	“Confirmed Net Indebtedness”	5.2
	"[**]"	Preamble
	“Closing”	7.1
	"[**]"	Preamble
	“Price Adjustment Payment Forms”	5.3.3.1
	“Forms”	9.1.8
	“Guarantor”	Preamble
	“Indemnity Events”	10.2
	“Properties”	8.2.17
	“Confidential Information”	14.1
	"[**]"	Preamble
	“Licenses”	8.2.15
	“Indemnity Aggregate Maximum Limit”	10.10
	"[**]"	Preamble
	"[**]"	Preamble
	"[**]"	Preamble
	“Accumulated Losses Amount”	10.7.1
	"[**]"	Preamble
	“Losses Monitoring Notice”	10.7.1
	“Supervening Amounts Monitoring Notice”	10.4.2
	“Price Adjustment Notice”	5.3
	“Dispute Notice”	16.2
	“Third-Party Claim Notice”	11.1
	“Direct Claim Notice”	11.2
	“Notice of Disagreement”	5.3.3.2
	“Closing Notice”	6.4
	“Confidentiality Obligation”	14.1
	“Non-Competition Obligation”	13.5
	“Transaction”	Whereas clause (D)
	“Related Parties Transactions”	8.2.13
	“Reduced Basket Payment”	10.9
	“Basket Payment”	10.7.4
	“Term Installment”	3.1(b)
	“Cash Installment”	3.1(a)
	“Party” or “Parties”	Preamble
	“Parties Involved”	16.2
	“Equity Interest”	3.1(a)
	“Remedy Term”	13.5.3
	“Purchase Price”	3.1
	“Price in Shares”	3.1(c)

 

    12 

    	 

    

	Defined Term	Section
	“Price in Shares on Demand”	3.1(c)(i)
	“Price in Currency”	3.1(b)
	“Tax Programs”	11.1.6
	“Intellectual Property”	8.2.12(a)
	“Quotas”	Whereas clause (A)
	“Regulations”	16.3.2
	“Specialized Firm Report”	5.3.4
	“Sellers’ Representatives”	15.1.4
	“Supervening Amounts Balance”	10.4.2
	"[**]"	Preamble
	“SEC”	9.1.8
	“Company”	Preamble
	“Terms of Office”	7.2(i)
	“Arbitral Tribunal”	16.3.3
	“Withheld Amount”	3.1(c)(ii)
	“Excluded Assets Sale”	13.2
	“Sellers”	Preamble
	"[**]"	Preamble
	"[**]"	Preamble
	"[**]"	Preamble
	"[**]"	Preamble

 

1.3.       Interpretation.

 

The rules below must
be observed when interpreting this Agreement:

 

(a)       The
headings and titles of Chapters and Sections contained in this Agreement are for reference convenience only and will not limit or affect
the meaning of the sections, paragraphs or items to which they apply;

 

(b)       References
in this Agreement to Chapter, Section, or Exhibit refer to a Chapter, Section or Exhibit to this Agreement, unless expressly defined otherwise;

 

(c)       The
terms “including”, “inclusive”, “includes”, “included” and their derivations and analogous
terms will be interpreted as if they were accompanied by the phrase “among others” or “not limited to”, thus introducing
a non-exhaustive enumeration, but merely exemplary;

 

(d)       References
to any documents or instruments include all the respective amendments, alterations, substitutions, consolidations and additions in force
on this date, unless expressly

 

    13 

    	 

    

provided otherwise;

 

(e)       References
to legal provisions will be interpreted as references to such provisions and their respective amendments, expansions, consolidations,
reissues and/or alterations in effect on the date hereof;

 

(f)       Whenever
the term Business Days is not expressly stated, it is considered that the terms will run in calendar days. Whenever a term ends on a Saturday,
Sunday or holiday, such term shall be considered automatically extended to the immediately subsequent Business Day, without any penalty
to the Parties;

 

(g)       All
references to Persons include their successors, beneficiaries and authorized assigns;

 

(h)       The
meanings assigned to the terms defined in this Agreement shall apply to said terms when used in the singular and/or plural and regardless
of gender;

 

(i)       Any
information disclosed by the Sellers in any Exhibit to this Agreement shall be deemed, as applicable, included and disclosed in any other
Exhibits to this Agreement, notwithstanding any lack of cross-references in such Exhibits; and

 

(j)       All
Exhibits to this Agreement form part of the Agreement and are incorporated by reference thereto as if transcribed herein, and all references
to this Agreement include its Exhibits.

 

2.       PURCHASE
AND SALE OF QUOTAS

 

2.1        Purchase
and Sale. Subject to the fulfillment or, as the case may be, the waiver of the Conditions Precedent established in this
Agreement, the Buyer irrevocably and irreversibly undertakes to acquire, buy and receive, and the Sellers irrevocably and
irreversibly undertake to sell, transfer, assign and deliver to the Buyer, at the Purchase Price (as defined below), all the
Company’s Quotas, which will be held by the Sellers on the Closing Date.

 

2.1.1.       The
Company’s Quotas will be transferred by the Sellers to the Buyer on the Closing Date, free and clear of any Liens, with all rights
attaching thereto and with all that they represent.

 

2.1.2.       The
Buyer hereby authorizes any Sellers to make transfers (for valuable consideration or free of charge) of any Quotas between them until
the Closing Date. Any such transfers must be notified to the Buyer within [**] ([**]) days of their

 

    14 

    	 

    

implementation. If
any such transfers are implemented, the Parties undertake to record in the closing certificate of the Transaction the necessary updates,
including adjustments to Exhibit 8.1.5 (Shares Title) to this Agreement without imposition of any penalty. In these
cases, (i) the assignors who cease to be members of the Company before the Closing Date will no longer have any liability, even
secondarily, to the Buyer and the other Sellers, which was originally assumed under the terms of this Agreement, except for those related
to compliance with Sections 13.5 (only for the [**]) and Chapter 14 of this Agreement, which shall be observed in
accordance with its terms, and (ii) the assignees shall assume all responsibilities previously assumed by the respective assignors
under this Agreement.

 

3.       PURCHASE
PRICE

 

3.1.       Purchase Price.
In return for the purchase of all Quotas, the Buyer will pay each of the Sellers the following amounts, adjusted upwards or downwards
according to the provisions of Section 4 (together, the “Purchase Price”):

 

(a)       The
amount of one billion, nine hundred eighty-two million, five hundred thousand Reais (R$1,982,500,000.00) (“Cash Installment”)
will be paid on the Closing Date, in national currency, to the Sellers, in proportion to the equity interest of each Seller in the Company
on the Closing Date, which will be informed by the Sellers to the Buyer up to [**] ([**]) days before the Closing Date (“Equity
Interest”);

 

(b)       The
amount of five hundred fifty-seven million, five hundred thousand Reais (R$557,500,000.00) will be paid up to the first anniversary
of the Closing Date, in national currency, duly adjusted for inflation by the positive variation of the IPCA since the Closing Date to
the date of its actual payment to each of the Sellers according to the Equity Interest (“Term Installment” and, together
with the Cash Installment, “Price in Currency”); and

 

(c)       The
amount of six hundred ten million Reais (R$610,000,000.00) will be paid upon delivery, to the Sellers, according to the Equity
Interest, of a total of seven million, one hundred eighty-two thousand, three hundred eighty-five (7,182,385) common shares issued by
the Guarantor, free and clear of any Liens (“Price in Shares”), and, of the Price in Shares:

 

(i)       The
amount of four hundred fifty-seven million Reais (R$457,500,000.00) [sic], corresponding to five million, three hundred
eighty-six thousand, seven hundred eighty-nine (5,386,789) common shares, will be

 

    15 

    	 

    

paid and delivered
on the Closing Date to the Sellers in accordance with the Equity Interest (“Price in Shares on Demand”); and

 

(ii)       The
amount of [**] Reais (R$[**]), corresponding to [**] ([**]) common shares (“Withheld Shares”), will be withheld
by the Buyer of each of the Sellers according to the Equity Interest (“Withheld Amount”) and will serve as a guarantee
of the obligation to indemnify the Buyer Indemnified Parties assumed by the Sellers, as provided herein.

 

(d)       The
additional amount, calculated according to the formula in accordance with the procedures set out in Exhibit 3.1(d), to be
paid subject to the verification of certain conditions set out in Exhibit 3.1(d), it being understood that new vacancies
in the Medicine course approved and filled within thirty-six (36) months of the Closing Date will be the main factor of the above-mentioned
formula.

 

3.2.       Payments and receipts.
Except for the Price in Shares, any and all payments to be made pursuant to this Agreement, whether to the Sellers or the Buyer, as the
case may be, will be made by transferring funds immediately available in national currency, in the checking accounts held by each one
of them, as listed in Exhibit 3.2, the proof of electronic transfer being valid as an instrument of the broadest, most general,
irreversible and irrevocable discharge.

 

3.3.       Taxes. All
Taxes set by any Government Authority related to the Transaction shall be borne by the Party on which the obligation is imposed by applicable
Law, and such Party shall submit to the respective proper Government Authorities all tax returns and other documents relating to such
Taxes for which it may be responsible.

 

4.       WITHHOLDING
OF PART OF THE PRICE

 

4.1.       Composition
of Withheld Amount. Without prejudice to the provisions of Section 3.1(c)(ii) above, the Buyer hereby authorizes that, even
before the Closing Date, any Seller chooses not to have part of its Price in Shares withheld, replacing, partially or totally, the Withheld
Amount corresponding to their respective Withheld Shares by currency. In this case, within [**] ([**]) days prior to the Closing Date,
the Sellers may (at their discretion) inform the Buyer the amount of the Withheld Amount in currency they intend to guarantee by cash
deposit in the Escrow Account, provided that (i) the number of Withheld Shares shall be reduced by the amount corresponding to
the amount deposited in the Escrow

 

    16 

    	 

    

Account; (ii)
the Buyer shall deliver, on the Closing Date, together with the Price in Shares on Demand, the remaining Withheld Shares (i.e.,
an amount of shares corresponding to the amount deposited in the Escrow Account) (“Released Withheld Shares”); and
(iii) the Buyer shall allocate from the Cash Installment the amount to be deposited in the Escrow Account, as informed by the Sellers,
and the Buyer shall make such deposit.

 

4.2.       Release
of Withheld Amount. Subject to the provisions of Section 5.2, the amount referring to the Withheld Amount shall be released
to the Sellers, according to the Equity Interest, as follows:

 

(a)       On
the date corresponding to the [**] ([**]) Business Day after the third (3rd) anniversary of the Closing Date, the amount corresponding
to fifty percent (50%) of the Withheld Amount shall be released to the Sellers, deducted by the sum of the amounts of the Third-Party
Claims or Direct Claims with an involved amount higher than the De Minimis in progress and whose Losses the Sellers are or may
be required to indemnify under the terms of this Agreement; and

 

(b)       On
the date corresponding to the [**] ([**]) Business Day after the sixth (6th) anniversary of the Closing Date, the amount corresponding
to fifty percent (50%) of the Withheld Amount shall be released to the Sellers, deducted by the sum of the amounts of the Third-Party
Claims or Direct Claims with an involved amount higher than the De Minimis in progress and whose Losses the Sellers are or may
be required to indemnify under the terms of this Agreement.

 

4.3.       Final
release of the Withheld Amount. The amounts that are withheld at each release of part of the Withheld Amount, as provided for in Section
4.2, whose payment is outstanding as a result of any Third Party Claims or Direct Claims in progress, will remain withheld by the
Buyer until the Third Party Claims or Direct Claims, as the case may be, are definitively resolved and will be (i) offset by the
Buyer to the extent that they become indemnifiable Losses or (ii) released to the Sellers, within a period of up to [**] ([**]) Business
Days from the date of the final decision.

 

4.4.       Escrow
Account. If, at any time, any of the Sellers expresses the intention to convert the Withheld Shares held by them into a pecuniary
guarantee, the amount equivalent to the value of the respective Withheld Shares (which shall be evaluated as provided for in Exhibit
4.4) on the date of the conversion shall be deposited by the respective Seller in an escrow account in the name of the Buyer,
and the amount of the principal deposited plus the income earned will serve as a guarantee of the obligation to 

 

    17 

    	 

    

indemnify the Buyer Indemnified
Parties assumed by the respective Seller, in the terms set forth in this Agreement.
In this case, the Buyer undertakes to take the necessary actions, including with its bookrunner agent, to remove any annotation or caption
to the free trading of Withheld Shares that may exist by virtue of the guarantee provided for in Section 3.1(c)(ii). In order to
make the provisions of this Section 4 feasible, the Parties agree to, by the Closing Date, engage a first-rate bank, to be defined
by mutual agreement between the Parties, to open and manage the escrow account (“Escrow Account”) pursuant to an escrow
agreement that must observe market practices for transactions similar to those provided for in this Agreement (“Escrow Agreement”)
and the following:

 

(a)       Management.
The Escrow Account shall be managed jointly between the Sellers and the Buyer pursuant to the Escrow Agreement;

 

(b)       Remuneration.
The withheld amount will be remunerated according to the investment policies agreed in the Escrow Agreement; and

 

(c)       Release.
The amount deposited in the Escrow Account is totally or partially released in the cases and observing the same terms and conditions of
release and procedures of the Withheld Shares, as provided in this Section 4. Any operation of the Escrow Account will necessarily
require the signature of the Representatives of the Sellers, subject to the provisions of Section 15.1.4.3.

 

5.       PRICE
ADJUSTMENT

 

5.1.       Price
Adjustment for Net Indebtedness and Working Capital. The Purchase Price will be subject to adjustment, upward or downward, as the
case may be, if, on the Closing Date, (i) the Company’s Net Indebtedness (considering the difference between Indebtedness
and Cash) is different from [**] Reais (R$[**]) (“Base Net Indebtedness”); and/or (ii) the Working Capital
of the Company is different from [**] Reais (R$[**]) (“Base Working Capital”). The calculation, criteria and procedures for such adjustment
in the Purchase Price will be those established in this Chapter.

 

5.2.       Definitive
Price Adjustment. The Purchase Price will be adjusted after the Closing, upward or downward, according to the actual Net Indebtedness
and Working Capital on the Closing Date. If the Company’s Net Indebtedness on the Closing Date calculated in accordance with the
criteria, methodology and assumptions set forth in Exhibit B to this

 

    18 

    	 

    

Agreement (“Confirmed Net Indebtedness”)
is greater than the Base Net Indebtedness, the Purchase Price shall
be reduced by the amount of the absolute difference between the Confirmed Net Indebtedness and the Base Net Indebtedness; and, on the
other hand, if the Confirmed Net Indebtedness is less than the Base Net Indebtedness, the Purchase Price shall be increased by the amount
of the absolute difference between the Confirmed Net Indebtedness and the Base Net Indebtedness. Additionally, if the Company’s
Working Capital on the Closing Date calculated in accordance with the criteria, methodology and assumptions established in Exhibit
B to this Agreement (“Confirmed Working Capital”) is lower than the Base Working Capital, the Purchase Price
shall be reduced by the amount of the absolute difference between the Base Working Capital and the Confirmed Working Capital; and, on
the other hand, if the Confirmed Working Capital is greater than the Base Working Capital, the Purchase Price must be increased by the
amount of the absolute difference between the Base Working Capital and the Confirmed Working Capital.

 

5.2.1.       The
adjustments established in Section 5.2 shall apply together and cumulatively, in order to add a single adjustment amount to the
Price in Currency (“Price Adjustment”).

 

5.3.        Calculation.
Within [**] ([**]) days from the Closing Date, the Buyer shall prepare a balance sheet for the Company dated as of the Closing Date (“Closing
Balance”), calculated in accordance with BR GAAP and in a manner consistent with the principles used in the preparation of the
Financial Statements and inform the Sellers, by means of written notification, the amount of the Confirmed Net Indebtedness, the Confirmed
Working Capital and the Price Adjustment (“Price Adjustment Notice”).

 

5.3.1.       The
Price Adjustment Notice must contain the report and supporting documentation (including a calculation log) justifying the Confirmed Net
Indebtedness, Confirmed Working Capital and Price Adjustment amounts.

 

5.3.2.       If
the Buyer does not send the Price Adjustment Notice within the period set forth above, the Sellers Representatives may require access
to the Company’s books, records and accounting to carry out such determination within [**] ([**]) days and send the Price Adjustment
Notice to the Buyer.

 

5.3.3.       Upon
receipt of the Price Adjustment Notice, the receiving Party will have a period of [**] ([**]) days, counted from the date of receipt
of the Price Adjustment Notice, to respond, in writing and with due justifications, whether or not it agrees with the calculations presented
in such notice and, further, present its calculations on the Confirmed Net Indebtedness, the Confirmed Working Capital and the Price Adjustment.

 

    19 

    	 

    

5.3.3.1.       If
the receiving Party agrees with the amount of the calculated Price Adjustment, such amount shall, (i) if in favor of the Sellers,
be paid by the Buyer to the Sellers, upon delivery of the corresponding number of shares issued by the Guarantor at the same value of
the shares under the Price in Shares, and such additional shares must be delivered to the Sellers according to the Equity Interest, within
a period of up to [**] ([**]) Business Days, counted from the date of receipt of the response to the Price Adjustment Notice; or (ii)
if in favor of the Buyer, be adjusted for inflation according to the IPCA variation since the Closing Date and deducted from the Term
Installment (“Price Adjustment Payment Forms”).

 

5.3.3.2.       If
the receiving Party disagrees with the amounts indicated in the Price Adjustment Notice, it shall, in writing and with due justifications,
present its calculations on the Confirmed Net Indebtedness, the Confirmed Working Capital and the Price Adjustment, as applicable (“Notice
of Disagreement”). If a Notice of Dispute is sent, the rules of Sections 5.3.4 and following sub-sections shall apply,
and (a) the undisputed Price Adjustment portion already accepted by the Parties shall be settled in accordance with the applicable
Price Adjustment Payment Forms; and (b) the outstanding and/or disputed amounts will be determined, according to the criteria,
methodology and assumptions established in Exhibit B to this Agreement, by the Specialized Firm that shall be engaged by
the Parties within a period of up to [**] ([**])  Business Days upon receipt of a Notice of Dispute.

 

5.3.4.       The
Specialized Firm must submit its final report, indicating the amount of the Confirmed Net Indebtedness, the Confirmed Working Capital
and the Price Adjustment, within [**] ([**])  days from the date of its engagement (“Specialized Firm Report”). The
Parties agree that the value of the disputed items to be reviewed by the Specialized Firm may not be greater than the higher or lower
value contained in the Price Adjustment Notice and Notice of Dispute, as the case may be, and that the amount that exceeds or is less
than such limits shall be disregarded by the Parties for the purposes of calculating the Price Adjustment. The Company shall make available
to the Specialized Firm all books, records and accounting necessary for the determination of pending and/or disputed points.

 

5.3.4.1.       The
Parties agree that the costs of engagement of the Specialized Firm shall be borne by the Sellers and the Buyer, at the rate of fifty percent
(50%) for the Sellers (together) and fifty percent (50%) for the Buyer,

 

    20 

    	 

    

regardless of the
result presented by the Specialized Firm. For this purpose, the Buyer shall bear the full costs of such engagement, and the half owed
by the Sellers, adjusted for inflation by the IPCA from the date of disbursement by the Buyer, shall be deducted directly from the Term
Installment.

 

5.3.4.2.       The
Price Adjustment calculated and determined by the Specialized Firm and indicated in the Specialized Firm Report shall be final and binding
to the Parties. If either Party disagrees with the result presented by the Specialized Firm, the dispute over the disputed amounts may
be resolved through the dispute resolution mechanism established in Chapter 16 of this Agreement.

 

5.3.4.3.       Once
the final value of the Price Adjustment is determined, the additional amount must be paid in accordance with the applicable Price Adjustment
Payment Forms.

 

5.4.       Broad
Access. The Buyer hereby undertakes to grant (and cause the Company to grant) to the Sellers and the Sellers’ accountants access
to the Company’s books and records that have been used for the preparation and determination of the Price Adjustment, as well as
to the Buyer’s accountants and the working documents of such accountants, and shall cooperate fully with the Sellers and the Sellers’
accountants as necessary to review the Confirmed Net Indebtedness, Confirmed Working Capital and Price Adjustment.

 

5.5.       Price
Adjustment by Amendment to the SOEDMAR Lease Agreement. If the SOEDMAR Lease Agreement is terminated for any reason, or its rent
is reduced for any reason (“Amendment to the SOEDMAR Lease Agreement”), the Buyer shall pay the Sellers an adjustment
in the price equivalent to the entire outstanding balance of the rent due in the SOEDMAR Lease Agreement signed on the Closing Date,
if such termination or reduction in value had not occurred. The Buyer shall make the payment provided for in this Section 5.5
to the Sellers within [**] ([**])  Business Days from the date on which such Amendment to the SOEDMAR Lease Agreement is imposed or formalized.

 

6.       CONDITIONS
PRECEDENT

 

6.1.       Conditions
Precedent. The consummation of the Transaction is subject to the full satisfaction (or waiver, as the case may be, to the extent that
the waiver is permitted by Law or this Agreement) of the following conditions precedent (“Conditions Precedent”):

 

    21 

    	 

    

(a)       The
Parties must have obtained CADE Approval, and such approval must become effective and definitive (not subject to appeal), as provided
for by Law;

 

(b)       There
shall not be in force on the Closing Date (including) any Law that prohibits the Transaction and/or has the effect of making the acts
of Closing illegal or otherwise prohibiting its consummation;

 

(c)       The
Sellers Main Representations and Warranties shall be true, valid, complete and correct on the Closing Date (including and without prejudice
to any changes pursuant to Section 2.1.2 of this Agreement) and the Operating Representations and Warranties shall be true, valid,
complete and correct, in all material respects, on the Closing Date (except for those relating to a specific date, which must be true
and correct on such date);

 

(d)       Compliance,
by the Sellers, with the obligations set forth in this Agreement in all relevant aspects, or that any non-compliance has been remedied
(if possible) within [**] ([**])  Business Days of receipt by the Sellers of a notice of its occurrence sent by the Buyer;

 

(e)       The
representations and warranties made by the Buyer in Chapter 9 shall be true, valid, complete and correct as of the Closing Date
(inclusive);

 

(f)       Compliance,
by the Buyer, with the obligations provided for in this Agreement in all relevant aspects, or that any non-compliance has been remedied
(if possible) within [**] ([**])  Business Days of receipt by the Buyer of a notice of its occurrence sent by the Sellers;

 

(g)       The
Parties shall have negotiated the Escrow Agreement governing the Escrow Account with a first-rate bank;

 

(h)       The
agreements governing the provision of services by [**], [**], [**] and [**]  to
the Company shall be terminated, with the dismissal of such persons from the Company’s staff and a statement of mutual discharge
of such employees and of the Company, substantially pursuant to Exhibit 7.2(k); and

 

(i)       The
execution by the Company, on the one hand, and any of the Sellers or their Affiliates, on the other hand, of instruments that formalize
the Sale of the Excluded Assets listed in Exhibit 13.2 at accounting cost to such Sellers or their

 

    22 

    	 

    

Affiliates.

 

6.1.1.       Waiver
of Conditions Precedent. In relation to the Conditions Precedent, it is hereby established that: (i) neither Party may waive
the Conditions Precedent provided for in Sections 6.1(a) and 6.1(b); (ii) the Conditions Precedent set forth in Sections
6.1(c) and 6.1(d) may only be waived by the Buyer; and (iii) the Conditions Precedent provided for in Sections 6.1(e)
up to 6.1(i) (inclusive) may only be waived by the Sellers, subject to the provisions of Section 15.1.4.3.6.1(a) (c)(i)6.16.1(d)6.1(e)6.115.1.4.3

 

6.2.       Non-Compensatory
Fine. Subject to the right of specific performance of the obligations assumed in this Agreement and without prejudice to the payment
of indemnity for compensation for damages, the defaulting Party will be obliged to pay the innocent Party(ies) a non-compensatory fine
in the amount of [**] Reais (R$[**]) if the Transaction does not occur in the following cases: (i) if, after the proven
compliance (or waiver, as the case may be) of all the Conditions Precedent under this Agreement, either Party refuses to close; or (ii)
for non-compliance with the Conditions Precedent, provided that such non-compliance is due to willful action or omission of the defaulting
Party. The amount of the fine must be adjusted according to the positive variation of the SELIC rate from the present date to the date
of its actual payment.

 

6.3.       Effects
of Waiver. The Parties acknowledge and agree that any waiver of any of the Conditions Precedent: (i) must be made in writing
and expressly; and (ii) binds the waiving Party for all purposes of this Agreement and the Law.

 

6.4.       Notice
for Closing. Upon compliance (or waiver, as the case may be) with all Conditions Precedent, either Party shall send notice to the
other Party and the Company informing them of compliance (or waiver, as the case may be) of all Conditions Precedent (“Closing
Notice”).

 

6.5.       Except
if there is a legal obligation to disclose, by virtue of Law, including, but not limited to, by means of a notice of material fact and/or
notice to the market, if any stage of the Transaction is not completed, for whatever reason, the Parties and the Company undertake, by
themselves and their Related Parties, not to disclose, in any way and under any pretext, context or aspect, the reasons why the Transaction
was not fully or partially completed. In this scenario, the Parties and the Company will only and exclusively disclose that the Transaction
was not consummated “due to not having fulfilled all the applicable conditions precedent”. Any disclosure other than
this by either Party must be previously approved in writing by the other Party.

 

    23 

    	 

    

6.6.       Deadline for compliance
with the Conditions Precedent. If the Transaction is not consummated within [**] ([**]) days from this date (“Deadline”),
for any reason, including in the event of non-compliance with a Condition Precedent, as applicable, this Agreement shall be immediately
and automatically terminated by operation of law, provided that (i) the obligations contained in Sections 14 to 17 survive
the termination; and (ii) the Parties shall remain responsible for their obligations under this Agreement until the Deadline, and
the termination shall not release either Party from indemnifying the others for acts, facts or omissions that occurred before the Deadline.

 

7.       CLOSING

 

7.1
   Closing. The consummation of the Transaction shall take place through (i) the transfer of the totality of the Quotas from
the Sellers to the Buyer; and (ii) payment of the Purchase Price pursuant to Section 3.1, besides the performance of
the other actions under this Chapter 7 (“Closing”). The Closing will take place at the Company’s
registered office, at 10:00 am on the [**] ([**]) Business Day from the date on which the Closing Notice is received, unless the
Parties mutually agree on another place, date and time.

 

7.2    Obligations
at Closing. Pursuant to Section 7.1 above, for the consummation of the Transaction, the Parties undertake to comply with the
following obligations on the Closing Date:

 

(a)       The
Buyer shall pay the Cash Installment to the Sellers according to the Equity Interest;

 

(b)       The
Buyer shall issue the shares corresponding to the Price in Shares;

 

(c)       The
Buyer shall, after the issuance of the Withheld Shares, on behalf of the Sellers, encumber them in such a way as to restrict them, in
compliance with Section 3.1(c)(ii);

 

(d)       The
Buyer shall instruct the Guarantor’s book-entry shares agent (AST) to transfer the Released Withheld Shares, if any, and the shares
corresponding to the Price in Shares in Demand to the Sellers, according to the Equity Interest, with the respective names and addresses
of the Sellers and to register such shares in the corresponding register of book-entry shares;

 

(e)       The
Sellers must sign form W-8BEN (Certificate of Foreign Status) to certify their US non-taxpayer status;

 

    24 

    	 

    

(f)       The
Buyer shall pay [**] the Non-Competition Obligation Consideration, provided for in Section 13.5.1;

 

(g)       The
Buyer shall pay the amounts provided for in Exhibit 8.2.21, by TED (wire transfer of immediately available funds) into the
checking accounts indicated therein, as compensation to third parties as a result of the implementation of the Transaction;

 

(h)       The
Parties shall enter into an amendment to the Company’s articles of association providing for (i) the release of the Liens
that encumber the Quotas issued by the Company held by [**], [**], [**],  [**]
and [**]; (ii) the transfer of the Quotas to the Buyer; (iii) the consignment of the resignation of the current
statutory officers of the Company; and (iv) the election of new directors by the Buyer, substantially pursuant to Exhibit
7.2(h) (“Amendment to the Articles of Association”);

 

(i)       The
Buyer shall cause the Guarantor and/or the Company, as the case may be, to elect [**] and [**] for the respective
positions in the statutory management according to the draft contracts contained in Exhibit 7.2(i) (the “Terms
of Office”), and such Terms of Office governing such engagement shall be signed on the Closing Date by the respective signatory
parties;

 

(j)       The
Parties shall execute, together with the bank elected pursuant to Section 4.4, the Escrow Agreement;

 

(k)       The
Sellers shall deliver instruments of resignation of the current statutory officers of the Company, duly signed by such officers and by
the Company, with a statement of mutual discharge from the managers and the Company, substantially pursuant to Exhibit 7.2(k);

 

(l)       The
Parties and the Company shall deliver and sign a certificate of closing of the Transaction, substantially pursuant to Exhibit 7.2(l),
accompanied by the corresponding supporting documentation, if any;

 

(m)       The
Company shall enter into the SOEDMAR Lease Agreement, pursuant to Exhibit 7.2(m);

 

(n)       The
Company shall enter into a loan-for-use agreement, an assignment of use agreement or any other instrument to be agreed between the Parties
for the occupation, by the Company, of the rural properties listed in Exhibit 13.2; and

 

    25 

    	 

    

(o)       The
Company shall replace the lease agreements for rural properties described in items 21 and 22 of Exhibit 8.2.17, by the instrument to be defined between the Parties pursuant to Section 7.2(n), observing the restrictions provided
for in Law No. 5.709/71.

 

7.2.1.       If
the election of [**] and [**] does not take place pursuant to Section 7.2(i) and/or the respective Terms
of Office are not signed substantially pursuant to the drafts included in Exhibit 7.2(i), [**] and/or [**], as the case may be, will be entitled to receive, on the Closing Date, the full amount of their respective compensation that would
be due to them, as provided for in the draft Terms of Office that are not signed, as a liquidated-damages clause arising from the failure
to comply with the obligation assumed by the Buyer in Section 7.2(i).

 

7.3.    Records,
Annotations and Updates. The Buyer shall provide, within [**] ([**]) Business Days from the Closing Date: (i) the filing
receipt of the Amendment to the Articles of Association before the appropriate Commercial Registry; and (ii) the filing
receipt of the request for annotation of the SOEDMAR Lease Agreement at the records of the properties included in the scope of the
SOEDMAR Lease Agreement before the appropriate Real Estate Registry Offices. Within [**] ([**]) calendar days from the date of filing
of the Amendment to the Articles of Association before the appropriate Commercial Registry, the Buyer shall update the
Company’s details before the E-MEC System to register the Buyer as the new sponsor of the Company. If any Government
Authorities impose requirements for the filing of such documents, (a) the Buyer shall inform the Sellers immediately (and, in
any case, before the end of the legal half-term response period); and (b) the Parties undertake to comply with such
requirements before the legal term response period has expired.

 

7.4.    CADE. The
Parties agree to jointly submit, including in the pre-notification regime, if applicable, the Transaction contemplated by this Agreement
to CADE Approval within no more than [**] ([**]) Business Days of the date hereof, and the Parties shall provide all information needed
to enable observance of the CADE-imposed timetable. The Parties hereby agree to fully cooperate with each other throughout the process
by providing all information and documents reasonably needed to prepare the notice and fulfill any requests for additional information/clarification
from the CADE, so that they may obtain said approval as soon as possible. Buyer will lead and coordinate the application for approval
to the CADE and any other communications related to the CADE Approval being obtained, and Sellers may, at their discretion, appoint their
own legal representative to represent them before the CADE and will have a right to review and comment on all statements and other documents

 

    26 

    	 

    

to be submitted to
the CADE in the course of the process, including the initial notice.

 

7.4.1.       
CADE Approval. The CADE Approval will be deemed obtained in either of the following events, whichever the latter: (i) lapse
of time for submission of appeal, of [**] ([**]) days of the publication of approval of the Transaction in the official press, as set
forth by Law No. 12.529/2011, without the approval being opposed; or, where appropriate, (ii) publication of the CADE’s final
decision on any appeal and/or motion to reconsider the Transaction.

 

7.4.2.       Information
Needed. The Parties agree not to delay or hinder (and to cause their legal counsel involved in the CADE Approval process not to delay
or hinder) the preparation of notice to the CADE and to cooperate with each other in doing so and in taking all actions needed to obtain
the CADE Approval, and they shall timely provide to the CADE, as appropriate and as soon as possible, all of the documents and information
needed to obtain the CADE Approval.

 

7.4.3.       Restrictions.
Buyer acknowledges and accepts the risks that the CADE may impose restrictions or require measures to be taken for obtaining the CADE
Approval, [**]. Buyer agrees to take all measures to ensure
the CADE Approval is obtained, [**]. All costs, expenses or payments arising out of any conditions stipulated or imposed by the CADE [**]. The Parties agree that the Purchase Price is not subject to any adjustment, change
or review as a result of any antitrust concerns.

 

7.4.4.       Costs.
The Parties agree that all costs and expenses involved in the process of obtaining the CADE Approval (except for any attorney’s
fees incurred exclusively by either Party, at its soles discretion) will be exclusively borne by Buyer.

 

7.4.5.       Penalties.
Each Party will be individually liable for any penalty imposed by the CADE as a result of such Party’s action or omission concerning
any notice to the CADE.

 

8.       REPRESENTATIONS
AND WARRANTIES PROVIDED BY SELLERS

 

8.1.       Sellers
Main Representations and Warranties. Sellers hereby provide to Buyer, each individually and not jointly and severally, the following
representations and warranties,

 

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which are true, valid,
complete and accurate on the date hereof and shall be true, valid, complete and accurate on the Closing Date (“Sellers Main Representations
and Warranties”):

 

8.1.1.       Powers,
Rights and Authority. Sellers and the Company have full powers, rights and authority under the Law to enter into, sign and implement
this Agreement and to meet their obligations hereunder and have taken all requisite measures to authorize the execution of this Agreement.

 

8.1.2.       Organization.
Each of the Sellers is an individual duly registered under the Laws of the Federative Republic of Brazil. The Company was duly organized
in accordance with the Laws of the Federative Republic of Brazil, its corporate actions are duly filed with the Commercial Registry, and
the Company has powers to carry on its business as and to the extent that they have been carried on to this day, as well as to hold, use
and dispose of its assets and properties. Exhibit 8.1.2 contains a true and accurate copy of the Company’s Articles
of Association, as in force on the date hereof and as they shall remain until the Closing Date, other than as contemplated or permitted
under this Agreement.

 

8.1.3.       Binding
Effect. This Agreement is validly concluded and is a legal and valid binding obligation of Sellers and the Company, enforceable against
them according to its terms and conditions.

 

8.1.4.       No
Breach and Consent. Except as provided in Exhibit 8.1.4, the execution and performance of this Agreement (i)
neither conflict with nor result in any breach of nor represent noncompliance or default under any provisions of the Law to which Sellers
or the Company is subject nor any nature of judgment, warrant, order or permit, contract, agreement, commitment, obligation or restriction
to which Seller or the Company may be subject, and (ii) do not require the prior or subsequent consent, approval or authorization
of any third parties to contracts worth more than [**] Reais (R$[**]), except as provided in this Agreement.

 

8.1.5.       Quotas
Title. Sellers are the holder and lawful owners of all Quotas, free and clear of any Lien, except as provided in Exhibit 8.1.5,
there is no such defect (in ownership or otherwise) as could hinder or nullify the transfer of Quotas to Buyer on the Closing Date.

 

8.1.6.       Capital
Stock. The Quotas are the only securities issued by the Company, and there are no agreements or arrangements whatsoever requiring
the Company to

 

    28 

    	 

    

issue new quotas and/or
securities or requiring Sellers to transfer their Quotas. Additionally, there are no outstanding options of any type on the Quotas, nor
are there any rights held by anyone to subscribe for or purchase equity interests issued by the Company or any other rights related to
the Quotas.

 

8.1.7.       Interests
in Other Companies. The Company neither holds nor will hold by the Closing Date any shares and/or quotas in the capital of or any
investment in any other legal entity, nor is it a party to any other forms of unincorporated associations, especially joint ventures,
consortia, condominiums and/or unincorporated joint ventures, either in Brazil or abroad.

 

8.1.8.       Anticorruption
Laws. Sellers and the Company, as well as their managers, employees and representatives acting for or on behalf or for the benefit
of the Company, (i) have not offered, promised, made, authorized, solicited or accepted any improper payment, gift, offers or any
other kind of advantage (nor have they suggested they would offer, promise, give or authorize any such advantages in the future) on the
Company’s or on Sellers’ behalf, (ii) to the best of their knowledge, are not the target of any investigations by any
control agencies and are not defendants in any criminal or other proceedings in breach of the laws named below, (iii) have not
breached any provisions of the Administrative Misconduct Law (Law No. 8.249, dated June 2, 1992) and/or the Bid Law (Law No. 8.666, dated
June 21, 1993), nor have they engaged in any activity, practice or conduct in breach of any other applicable anticorruption laws, administrative
ethics, regulations or requirements of any other jurisdiction that can be reasonably expected to involve or lead to the Company being
held liable or any restrictions or penalties being imposed on the Company due to any breach of said Law, and (iv) have not infringed
any such criminal laws, money laundering laws, including Law No. 9.613, dated March 3, 1998, or antitrust laws, including Law No. 12.529,
dated November 30, 2011, as may be reasonably expected to involve or lead to the Company being held liable or any restrictions or penalties
being imposed on the Company.

 

8.2.       Operating
Representations and Warranties. The Company hereby provides to Buyer the following representations and warranties, which are true,
valid, complete and accurate on the date hereof and shall be true, valid, complete and accurate on the Closing Date (except for any representation
or warranty unequivocally provided in respect of a specific date, in which case such representation or warranty shall be true, valid,
complete and accurate as of such specific date) (“Operating Representations and Warranties”):

 

8.2.1.       Books
and Records. The Company’s corporate, accounting and tax books

 

    29 

    	 

    

and records required
for its regular existence and the regular conduct of its business are all in good order, have been kept, in all material respects, in
accordance with the applicable laws and the best business practice, and reflect all of the Company’s operations, business and activities,
as required by the applicable laws.

 

8.2.2.       Places
of Business. Exhibit 8.2.2 provides a list of the Company’s campuses, headquarters, branches, subsidiaries and places
of business currently open or under construction. Except as provided in Exhibit 8.2.2, the Company does not have any other
places of business, offices, branches and/or subsidiaries.

 

8.2.3.       Financial
Statements. Exhibit 8.2.3 provides true copies of the Company’s Financial Statements. The Financial Statements (i)
fairly reflect, in all material respects, the Company’s financial and accounting position for their relevant periods, as required
by law and according to the Company’s past practice, (ii) were prepared according to generally accepted accounting principles
in Brazil and the Company’s past practices in accounting and (iii) contain balances in Working Capital accounts that reflect,
in all material respects, the Normal Course of the Company’s Business. As of the Closing Date, there will be no receivables cashed
in banks other than reported in the Financial Statements. All of the Company’s accounts receivable reflected in the financial statements
represent, in all material respects, binding obligations arising out of sales made or services actually provided in the Normal Course
of Business, set out a level of provisions for default consistent with the Company’s past practice and contain no errors or omissions.
There are no material challenges, complaints or countervailing duties other than returns in the Normal Course of Business arising out
of any agreements signed with any customers holding accounts receivable concerning the amount or validity of said accounts receivable.
There is no material liability of any type or nature that, according to the Company’s past accounting practices, should have been
reported in the Financial Statements or notes thereto but was not. The Company has no material liabilities, either provisioned or contingent,
other than as reflected in the Financial Statements (as required by the Company’s past accounting practices). The Company’s
audited financial statements for the fiscal year ended December 31, 2020 (i) fairly reflect, in all material respects, the Company’s
financial and accounting position for their relevant period, as required by law, the BR GAAP and the Company’s past accounting practices,
(ii) were prepared according to the BR GAAP and the Company’s past accounting practices and (iii) contain balances
in Working Capital accounts that reflect, in all material respects, the Normal Course of the Company’s Business. There is no material
liability of any type or nature that, according to the BR GAAP and the Company’s past accounting practices,

 

    30 

    	 

    

should have been reported
in the Company’s audited financial statements for the fiscal year ended December 31, 2020 or any notes thereto, but was not. The
Company has no material liabilities, either provisioned or contingent, other than as reflected in the financial statements for the fiscal
year ended December 31, 2020 (as required by the BR GAAP and the Company’s past accounting practices).

 

8.2.4.       Indebtedness.
Except as provided in Exhibit 8.2.4, the Company (i) neither has, on the date hereof, nor will have, on the Closing
Date, any Indebtedness and/or (ii) does not have any loans due and unpaid or has not loaned any amount that was not paid by the
relevant due date and owes no material debts other than debts arising in the Normal Course of Business and/or (iii) is not liable
for any Indebtedness or failure to meet obligations of any other Person and/or (iv) is not subject to any arrangements to receive
or amortize any grants, subsidies or financial aid from any governmental agencies or departments.

 

8.2.5.       Assets.
The assets are, in all material respects and as considered in the aggregate for the conduct of the Company’s Business in the
Normal Course of Business, in good condition of use and in a good state of repair, except for regular wear and tear, and are free and
clear of any Liens. The Company’s has good title to use the assets needed for the conduct of its Business in the Normal Course of
Business. All renovations and investments needed to carry on the Business have been duly made by the Sellers and are in compliance with
the applicable laws. The Properties listed in Exhibit 8.2.17 are not deemed assets owned by the Company for the purposes
of this Section.

 

8.2.5.1.       Students. As
of [**], at least [**] ([**]) students were regularly enrolled in courses provided by the Company, (a) at least [**] ([**])
of whom were in-person undergraduate students, (b) at least [**] ([**]) are distance learning undergraduate students, and (c)
at least [**] ([**]) were distance learning graduate students.

 

8.2.6.       Managers.
Exhibit 8.2.6(i) provides a list of all the Company’s existing elected managers and their respective employment methods.
Exhibit 8.2.6(ii) provides a list of all variable compensation arrangements applicable to those managers (including profit-sharing
payments or any other benefits). The employment of any manager by the Company can be unilaterally terminated by the Company in the Normal
Course of Business after the Closing Date, with no penalty or liability

 

    31 

    	 

    

incurred by the Company
(except as regards those subject to the labor laws, in which case the Company will only be liable for the labor obligations set forth
by law and will not be required to make any extraordinary payments other than those provided by law).

 

8.2.7.       Material
Contracts. The Company is in compliance, in all material respects, with the terms and conditions of its Material Contracts, and no
fact has occurred as would, upon notice or lapse of time, be a breach or default or permit any termination, change or acceleration of
the Material Contracts. The Material Contracts are lawful, valid, in full force and effect, binding, applicable and enforceable against
the parties thereto or their successors according to their terms and conditions.

 

8.2.8.       Litigation.
Except as set forth in Exhibit 8.2.8, Sellers and the Company neither are aware nor have been notified of or served
with any assessment notices or inspections or any ongoing legal, administrative or arbitration proceedings, however arising or whatever
the type, involving the Company the amount in controversy of which is in excess of [**] Reais (R$[**]).

 

8.2.9.       Tax
Matters.

 

(a)       Any
Taxes and/or Tax returns being challenged by ongoing legal and/or administrative proceedings and involving amounts in excess of [**] Reais (R$[**]) are listed in Exhibit 8.2.9(a).

 

(b)       Except
as set out in Exhibit 8.2.9(b), the Company is not a beneficiary of any other tax benefit, refinancing, Tax installment
plan or tax exemption programs provided by any Governmental Authority.

 

(c)       By
the date hereof, no material adjustment request related to any federal, state or municipal Tax returns for the past six (6) years had
been submitted by any Governmental Authority.

 

(d)       The
Company has filed all tax returns required by the federal, state and municipal laws within the applicable legal periods and has provided
the material information required by the relevant Governmental Authorities concerning its Tax returns in a manner consistent with its
past practice.

 

(e)       Except
as provided in Exhibit 8.2.9(a), there are no audits, inspections or investigations by any Governmental Authorities in progress
of which either Sellers or the Company have been advised and/or notified in

 

    32 

    	 

    

connection with any
Tax returns or the resulting payment of any Taxes.

 

(f)       All
relevant Taxes calculated by the Company as owed for (i) all fiscal years or periods ended prior to the date hereof and (ii)
the portion of any fiscal year or period ending on the date hereof have been timely and fully paid or withheld or, for Taxes yet to become
due, are duly provisioned in the Financial Statements.

 

(g)       All
relevant amounts the Company has calculated as due that resulted in an obligation to withhold any Taxes have been duly paid or withheld.

 

8.2.10.       Labor
Matters.

 

(a)       The
Company has committed no material breach of any labor and social security laws or any collective bargaining agreements to which the Company
is subject.

 

(b)       All
of the Company’s employees are duly registered as such under the applicable laws and in a manner consistent with its past practice.

 

(c)       Exhibit
8.2.10(c) provides a list of benefit and/or incentive and/or care plans or programs offered by the Company to its employees as
of the date hereof.

 

(d)       The
Company is neither a party to any collective wage agreement, nor is there any strike or picketing nor are there any labor disputes between
the Company and any labor union or organization, other than as set forth in Exhibit 8.2.8.

 

(e)       The
Company does not have, has not had and is not negotiating any consent order or consent decree with the Ministry of Labor and Employment
and/or the Public Labor Prosecutor’s Office in respect of any labor or social security liability or matter.

 

(f)       Except
as provided in this Agreement or in any collective bargaining or wage agreements, the Company neither pays nor is required to pay any
contributions to any employee pension and benefit plans or to any formal or informal severance package plan or arrangement, and there
are no written bonus, deferred compensation, golden parachute or profit-sharing agreements or any other similar commitments to which the
Company is a

 

    33 

    	 

    

party resulting in
the Company’s obligation to pay its managers (whether or not subject to the labor laws), advisers or employees.

 

(g)       The
Company has no procedures in place that could characterize employment relationship (under the Labor Laws and the labor case law) with
any Third Parties providing services to the Company under any agreement other than an employment agreement (“Contractors”)
with any Contractor employees or with any person providing services to the Company as a result of its relationship with Contractors.

 

(h)       There
are no Claims in progress filed by (i) any current or past Contractors, (ii) any Contractor employees or (iii) any persons providing services
to the Company or by any relevant Governmental Authorities due to the Company’s relationship with Contractors seeking recognition
of employment relationship the amount of assigned of which, in any event, is in excess of [**] Reais (R$[**]),
except as provided in Exhibit 8.2.8.

 

8.2.11.       Environmental.
The Company (i) complies and has complied with the applicable environmental laws, in all material respects, and (ii)
has not received any notice from any Governmental Authority to the effect that any aspect of the Company’s business, operations,
projects or facilities is in breach of any environmental laws or that the Company is responsible for cleaning up or removing any substance
in any location. The Company has not used or stored any polluting, contaminating, toxic or hazardous substances or materials, whether
in the form of matter or energy, whether released into the atmosphere or soil or otherwise, on any of the properties or facilities used
by the Company, other than in accordance with the law and its environmental Licenses. The Company has not engaged, either directly or
through third-party contractors, in the management, storage, transportation or disposal of water or any byproducts, whether or not harmful,
in breach of the environmental laws. The Company is not the owner of any fuel station or pump on any of the Properties. Sellers know nothing
of any material event having occurred in connection with the Company’s activities that could result in the Company or them being
held liable for any breach of the applicable environmental laws. The Company fully complies with its obligations involving the collection
of packaging materials in the cities where it operates.

 

8.2.12.       Intellectual
Property.

 

    34 

    	 

    

(a)       The
Company is the lawful owner (or, as applicable, co-owner), possessor, licensee or user, as appropriate, of the trademarks and domain names
listed in Exhibit 8.2.12(a). For the purposes of this Agreement, “Intellectual Property” comprises the
trademarks, patents, copyrights and/or publication rights on learning materials and the relevant domain names used in the conduct of the
Company’s business and activities as they have been conducted.

 

(b)       The
Company is in compliance, in all material respects, with all of its software license agreements and does not breach any of these agreements
in any material respects.

 

(c)       The
Company’s Intellectual Property is free of any Liens, and there is no material restriction on the Company’s use of any Intellectual
Property assets and rights, other than any Liens arising under the law.

 

(d)       There
is no pending (or, to Sellers’ knowledge, imminent) Claim questioning, challenging or threatening the Company’s ownership
or use of such Intellectual Property assets and rights. No such license or similar right has been granted in respect of any Intellectual
Property assets or rights owned by the Company to any third parties (including to Sellers and/or any of their Affiliates and Related Parties)
as could in any way limit the Company’s use of the relevant Intellectual Property.

 

8.2.13.       Related-Party
Transactions. Except as provided in Exhibit 8.2.13, (i) as of the Closing Date, the Company will not be a party to any
contract, agreement or other instrument signed with any of its Related Parties and (ii) there has been no Indebtedness outstanding between
the Company and its Related Parties other than as duly recorded in the Financial Statements involving, in any event, an amount in excess
of [**] Reais (R$[**]) for the past twelve (12) months (“Related-Party Transactions”).
All Related-Party Transactions in existence on the Closing Date shall have been contracted in market conditions and consistent with the
Company’s past practice, will be valid and enforceable against the relevant Related Parties, according to the applicable laws, and
shall be the relevant parties’ legally binding obligation, according to their respective terms and conditions. Except (i)
as provided in this Agreement and (ii) for the guarantees to be replaced under Section 13.4, as of the Closing Date, the
Company will have no Related-Party Transactions in existence, except as provided in Exhibit 8.2.13.

 

    35 

    	 

    

8.2.14.       Personal
Data. With regard to Personal Data, (i) the Company is the lawful owner of its databases or is duly authorized to access and
carry out data processing operations related to the databases used thereby, (ii) all Personal Data processing operations carried
out by the Company are consistent with the purpose reported to the relevant Personal Data subjects at the time of collection of such Personal
Data, whether collected by the Company or by third parties, (iii) the Company, as well as any third parties running Personal Data
processing operations on the Company’s behalf, uses reasonable technology resources, according to the practices usually followed
by the industry, to protect its information technology systems and software from technology failures, information security incidents and
cyberattacks, and the security measures taken by the Company and, to its knowledge, by such third parties to protect Personal Data are
appropriate for seeking to ensure the security of Personal Data, as required by the applicable laws, (iv) there are no ongoing
or, to the Company’s and Sellers’ knowledge, imminent claims against the Company challenging the ownership or lawfulness of
its database or the lawfulness/compliance of any Personal Data processing operations carried out by the Company or by any third parties
on its behalf, and (v) the Company’s information technology systems and, to the best of its knowledge, those of any third
parties running Personal Data processing operations on the Company’s behalf have not sustained any cyberattacks or any security
or technology failures in the past five (5) years having resulted in (a) any breach of the Company’s data protection and privacy
policies or those of said third parties and having in any way affected Personal Data or (b) unauthorized access to or acquisition of Personal
Data by third parties.

 

8.2.15.       Business
Permissions and Licenses. Except as provided in this Agreement, (i) the Company has all regulatory licenses, permissions, registrations
and authorizations required under the applicable laws to carry on the Business (“Licenses”), including, but not limited
to, the accreditation of each educational institution, headquarters and respective units, as well as the authorization as recognition
of each course provided by the relevant institutions, all of which having been obtained from the Ministry of Education and other Governmental
Authorities, including industry associations, as required for the Company to operate in the Normal Course of Business, it being understood
that, concerning licenses and permits related to the Properties, the provisions of Sections 8.2.17 and 8.2.18 shall prevail,
(ii) the Company complies with all terms and conditions of the Licenses, in all material respects, (iii) all of said Licenses
are in full force and effect in all material respects, (iv) the Company neither has incurred nor will incur any such material act,
fact, event or omission as could result in (a) the Company being precluded from keeping any

 

    36 

    	 

    

Licenses, (b)
cancellation, inability to renew or expiration of any existing Licenses or (c) the Company paying substantial amounts to renew
any existing licenses, except at the regular expiration of their respective terms.

 

8.2.16.       Insurance.
All material insurance policies contracted by the Company are listed in Exhibit 8.2.16, are in full force and effect,
and provide coverage in amounts and against risks according to the practices usually followed by the Company. All premiums due in connection
with such policies have been paid, and there has been no notice of cancellation or non-renewal of those policies. The Company has timely
claimed and given notice of any and all losses covered by such insurance policies.

 

8.2.17.       Properties.
Exhibit 8.2.17 provides a list of all properties currently occupied or leased by the Company for the conduct of the Company’s
Business (“Properties”). Except for any Property subject to the Spin-off or the Excluded Assets Sale, the Company does
not have any owned properties and carries on its business exclusively on the Properties. Regarding the Third-Party Properties leased to
the Company and their respective leases (“Lease Agreements”):

 

(a)       they
are lawful, valid and binding leases in full force and effect and enforceable against the relevant lessors or their successors according
to their terms and conditions;

 

(b)       the
Company has made all payments due under the Lease Agreements and performed all of its obligations, and there are no discussions in court
and/or out of court concerning its compliance with contractual obligations thereunder;

 

(c)       there
are no disputes concerning any of the Properties, any of the Lease Agreements or the terms and conditions of any Lease Agreements, including
the amounts payable by the Company for rent;

 

(d)       Sellers
have not assigned, transferred, transmitted, mortgaged, pledged or encumbered any rights on the Properties, and all Properties are free
and clear of any and all Liens; and

 

(e)       as
of the Closing Date, all Lease Agreements shall be for a defined lease term to be set therein and shall have been duly renewed, where
applicable, and there shall be no Lease Agreement in effect for an indefinite term.

 

    37 

    	 

    

8.2.18.       Properties
Legal Standing. Except for the Properties listed in Exhibit 8.2.18, all Properties have the corresponding Fire Department
Inspection Report (AVCB), the corresponding Operation Permit issued by the Municipal Government (ALF) and all other Licenses required
for carrying out activities thereon in the Normal Course of Business, all of which are in full force and effect. There are no area correction
proceedings in progress for the Properties compliance purposes.

 

8.2.19.       Conduct
of Business. Since December 31, 2020, the Company’s Business has been regularly conducted in the Normal Course of Business.
Accordingly, as of the signing date of this Agreement (as except as provided herein): (i) there have been no such events or circumstances
in this period as could be reasonably expected to result in a material adverse event; (ii) the Company has not made any change
in its accounting policies, methods, accounts or books and/or practices used to prepare Financial Statements, except as required by the
applicable laws; (iii) the Company has not sold, transferred, disposed of, encumbered or otherwise been required to dispose of,
encumber, lease or sell any fixed asset deemed material to the conduct of Business; (iv) the Company has not made any distribution
to Sellers by way of dividend or return on equity payments and/or loans and/or credits provided; (v) the Company has not released,
forgiven or unilaterally terminated any credits against any Related Parties and/or third parties; and (vi) the Company has not
made any donation, assignment and/or transfer, free of charge, of assets, rights or any type of property owned by the Company to any Related
Parties and/or third parties (other than the transfer of assets not related to the Business and already completely depreciated, with a
book value equal to nil).

 

8.2.20.       Powers
of Attorney. Exhibit 8.2.20 lists all powers of attorney with ad negocia and ad judicia clauses granted by the
Company and currently in force, indicating their effective terms, grantees and respective powers.

 

8.2.21.       No
Commissions. Except as provided in Exhibit 8.2.21, no amount or benefit payable by the Company has been promised or
ensured by Sellers or the Company to be paid as commissions, finder’s fees or compensation to third parties as a result of the implementation
of the Transaction or in connection therewith.

 

8.2.22.       Insolvency.
Sellers and the Company are not insolvent, and there is no such threat against their assets as could affect the Transaction. In particular,
but without limiting the generality of the preceding statement: (i) the signing and performance of this Agreement by Sellers will
not result in their insolvency for the purposes of article 792 of the Code of Civil Procedure; (ii) Sellers’ and the Company’s
economic, financial

 

    38 

    	 

    

and equity conditions
would not lead to frustration of any enforcement proceedings arising out of any existing litigation or Claim; and (iii) no securities
issued by Sellers or the Company or drawn against the Company have been protested.

 

8.2.23.       Subsidiaries.
Exhibit 8.2.23 provides a list: (a) of the learning institutions held by the Company as subsidiaries; (b) of
the courses offered by those subsidiaries, with indication of the documents from Governmental Authorities required for providing such
courses; (c) of the accredited Centers used for providing distance learning courses, with indication of the documents from Governmental
Authorities required for providing such courses; and (d) of the number of students enrolled in each of the courses as of the reference
date March 31, 2021.

 

(a)       Sellers
comply with all regulations and guidelines issued by the Ministry of Education and other authorities reporting to the Ministry of Education
to which the learning institutions are accountable.

 

(b)       The
learning institutions kept by Sellers as subsidiaries, as well as the courses provided by such institutions, are duly and validly accredited,
authorized and recognized.

 

(c)       Sellers
meet all evaluation criteria used by the Instituto Nacional de Estudos e Pesquisas Educacionais Anísio Teixeira (INEP) and
the relevant state and municipal evaluation systems required for maintaining authorizations and recognition for the courses provided and
keep the results achieved in evaluations at the same levels as they currently are.

 

(d)       There
are no administrative proceedings in which the Company has been served, summoned or notified seeking to prohibit, restrict or hinder any
learning institution’s ability to open new selection processes, offer its courses, exercise its administrative autonomy or sign
this Agreement.

 

8.3.       No Additional
Representations. Except for the representations made in this Chapter, the Sellers and/or the Company, as the case may be, do not provide
Buyer with any other representations or warranties, whether express or implied, regarding themselves or the Company and its business and
operations.

 

8.4.       Independence
of Representations. Each of the representations and warranties provided herein by the Sellers is independent and autonomous, but
they shall be construed systematically in relation to any other representations, warranties, terms or conditions set forth in this Agreement.

 

    39 

    	 

    

8.5.       Updating of Operating
Representations and Warranties. As from the date hereof and by the Closing Date, the Company shall be entitled to update the Operating
Representations and Warranties, provided that they exclusively reflect facts occurring between the date hereof and the Closing Date (inclusive)
and that affect the accuracy and completeness of the Operating Representations and Warranties provided herein. The Company may not update
the representations and warranties provided in this Agreement if the changes or updates occurred are (i) related to a period prior to
the date of execution of this Agreement; and/or (ii) arising from noncompliance with any obligations undertaken by the Sellers
and/or the Company. For the avoidance of doubt, the updating of the Operating Representations and Warranties provided herein shall not
affect Buyer’s right to indemnity pursuant to Chapter 10.

 

9.       REPRESENTATIONS
OF BUYER

 

9.1.       Representations
of Buyer. Buyer hereby provides the Sellers with the following representations, which are true, valid and accurate on the date hereof
and which shall be true, valid and accurate on the Closing Date:

 

9.1.1.       Capacity,
Legitimacy and Authorization. Buyer has the full right, capacity and power, pursuant to the applicable law, to enter into, execute
and formalize this Agreement, and comply with its obligations set forth herein, and has taken all actions and obtained the necessary corporate
authorizations to authorize the execution of this Agreement.

 

9.1.2.       Existence
and Organization. Buyer was duly organized under the Laws of the Federative Republic of Brazil and has powers to conduct its activities,
as and to the extent that they have been conducted to date, as well as to hold, use and dispose of its assets and properties.

 

9.1.3.       Binding
Effect. This Agreement has been duly entered into by and is a legal, valid and binding obligation of Buyer, enforceable in accordance
with its terms and conditions.

 

9.1.4.       No
Violation and Consent. The execution and compliance with this Agreement: (i) do not violate or result in violation or are a
default or delay in relation to any provision of the applicable law which Buyer is subject to, nor to any judgment, warrant, order or
permit, contract, agreement, commitment, obligation or restriction of any nature which Buyer is subject to; and (ii) do not and
shall not require prior or subsequent consent, approval or authorization from any third party or Governmental

 

    40 

    	 

    

Authority, except
as provided for in this Agreement.

 

9.1.5.       Financial
Condition. Buyer shall have, on the Closing Date and for the entire term of effectiveness of the SOEDMAR Lease Agreement, sufficient
funds to satisfy all obligations undertaken pursuant to this Agreement, and bear all costs and expenses necessary to consummate the Transaction.

 

9.1.6.       Insolvency.
Buyer is not insolvent and there is no threat relating to its assets that could affect the Transaction. In particular, but without limitation
to the generic nature of the previous sentence: (i) the execution of and compliance with this Agreement by Buyer shall not imply
its insolvency for the purposes of Article 792 of the Code of Civil Procedure; (ii) Buyer’s economic, financial and equity
condition would not imply frustration of any performance arising from any existing litigation or claim; (iii) there are no bonds
issued by Buyer or drawn against it that have been protested; and (iv) Buyer is not a debtor of the public, federal, state or municipal
treasury, regarding tax or social security credits and overdue tax liability, whose enforceability has not been suspended.

 

9.1.7.       Buyer’s
Qualification. Buyer is an informed, sophisticated Person who understands the Company’s Business and the purchase and sale of
quotas, including the Transaction. In addition, Buyer is assisted by expert advisors. Considering the practice and knowledge in conducting
its activities, Buyer has full capacity to understand the terms, conditions and rights set forth in this Agreement.

 

9.1.8.       Disclosure.
Guarantor submitted such documents and information required of a publicly-held company by the Law and regulations issued by the U.S. Securities
and Exchange Commission (“SEC”), Nasdaq and other Government Authorities, in all material respects, including its financial
statements and its Annual Report pursuant to Form 20-F (the “Forms”). Guarantor’s Forms, on the date of their
respective filing, on the date hereof, and considered in conjunction with the additional Forms filed by Guarantor, (a) contain
no information or representation that is misleading regarding a notice of material fact; (b) omit no relevant information; (c)
omit no relevant information or representation that should have been disclosed under the applicable Law; or (d) have not failed
to disclose events or issues of any nature that may materially impact the financial condition, operating result or cash generation of
Guarantor or any of its investees.

 

9.2.     Independence of
Representations. Each of the representations and warranties provided herein by Buyer is independent and autonomous, but they shall
be construed

 

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systematically in
relation to any other representations, warranties, terms or conditions set forth in this Agreement.

 

10.       INDEMNIFICATION

 

10.1   Sellers’
Contractual Responsibility. Except as provided in this Chapter, there shall be no obligation by the Sellers (or their Related Parties)
to make any payment as indemnity.

 

10.2
  Obligation to Indemnify Sellers. Subject to the terms and conditions of this Chapter, as of each Closing Date, the Sellers
shall, individually and without joint or several liability with each other, indemnify and keep the Buyer Indemnified Parties, as the
case may be, harmless from any Losses arising from (each event below shall be considered an “Indemnity
Event”):

 

(a)       partial
or total default of any obligation undertaken by Sellers or by the Company (by the Closing Date) under this Agreement;

 

(b)       inaccuracy,
inaction or violation of any representation and warranty provided in Chapter 8, including the Main Representations and
Warranties and Operating Representations and Warranties, disregarding for the purpose of enforcing this clause any materiality
qualifier provided in the respective representation and warranty. For clarification purposes, Sellers shall be responsible for
indemnifying Losses involving the Operating Representations and Warranties, even if those have been provided only by the
Company;

 

(c)       any
and all responsibilities, contingencies or liabilities of any nature, including those of a corporate, tax, labor, social security, regulatory,
real estate, antitrust, environmental, civil, commercial, intellectual property or compliance nature, which have a triggering event in
the Company’s activities until the Closing Date and that, for any reason, may be charged from the Buyer Indemnified Parties (including
the thesis of economic group), including, even if effects thereof only materialize in the future, irrespective of whether such liability,
contingency or liability is or becomes known to Sellers, Buyer or its Affiliates and/or has been or shall be disclosed to Sellers, Buyer
or its Affiliates by any means, provided that whatever is considered Indebtedness and Working Capital for the purposes of the Price Adjustment
shall not be considered an indemnifiable Loss for the purposes of this Agreement.

 

10.2.1.       Percentage
of the Obligation to Indemnify. The Parties hereby agree that, strictly regarding the Indemnity Events provided for in Section
10.2(b) (exclusively in relation to the Operating Representations and Warranties) and 

 

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Section 10.2(c), the
indemnity obligations of Sellers are undertaken before Buyer according to the Equity Interest of each Seller on the Closing Date, without
joint and several liability with each other. For the other Indemnity Events, each Seller shall be individually responsible for indemnifying
Buyer to the extent of the Loss attributable thereto.

 

10.2.2.       Pro
rata Temporis Obligation. In the event that there is any Loss that has a continuing triggering event, started before the respective
Closing Date and extended to the period after such date, then the indemnity due (Loss) shall be proportional to the period terminated
on the Closing Date.

 

10.3   Time Limit.
The obligation to indemnify Sellers set forth in this Chapter shall be valid only in relation to the Losses that are notified by the Buyer
Indemnified Parties to Sellers within the period of (i) six (6) years from the Closing Date, for matters of a tax nature; and (ii)
[**] ([**]) years from the respective Closing Date for other matters related to a Loss. For clarification purposes, if a Third-Party Claim
and/or Direct Claim is notified before the expiration of the respective applicable indemnity period, the respective indemnity obligation
shall survive until such Third-Party Claim Party and/or Direct Claim is definitively settled.

 

10.4   Supervening Amounts.
If the Company receives any Supervening Amounts, the sum of the Supervening Amount (“Supervening Amount Credit”) shall
be paid by the Company to Sellers, according to the Equity Interest, within [**] ([**]) Business Days from the respective calculation of
the Supervening Amount Credit (i.e. receipt of the Cash amount, offsetting or acknowledgment of the accounting effect of the economic
benefit in the Company’s balance sheets in accordance with the BR GAAP). Supervening Amount Credit shall be regarded as any court
deposits existing on the Closing Date which subsequently inure to the benefit of the Company.

 

10.4.1.       The
Supervening Amount Credit may be used to offset any Losses, provided that, if Sellers owe to the Buyer Indemnified Parties any amounts
by virtue of Losses determined as provided in this Chapter, such amount shall be first deducted from such Supervening Amount Credit, and
then, only after such deduction, the balance of the Loss at issue shall be added to the Basket or the Reduced Basket, as the case may
be.

 

10.4.2.       Supervening
Amounts Balance. On each Closing Date anniversary and provided that it is requested by either Seller [**] ([**]) days in advance,
Buyer shall cause the Company to determine and notify all Sellers of any positive Supervening Amount Credit balance that has not been
offset against Losses in a given period

 

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(“Supervening
Amount Balance”) (i.e., the amount of Supervening Amount Credit that exceeds the amount of indemnifiable Losses in a given period
of time) (“Supervening Amounts Monitoring Notice”). The Supervening Amounts Monitoring Notice shall contain a report
and support documentation justifying the amounts of Indemnifiable Losses and Supervening Amount Credits.

 

10.4.3.       Upon
receipt of the Supervening Amounts Monitoring Notice, Sellers will have [**] ([**]) days to answer in writing and with due justification
whether or not they agree with the calculations provided in such notice. In case they disagree, (i) the portion of the undisputed
Supervening Amounts Balance already accepted by the Parties, if any, shall be paid within [**] ([**]) Business Days; and (ii) outstanding
Supervening Amounts and/or those under dispute shall be settled according to the dispute settlement mechanism set forth in Chapter
16 of this Agreement.

 

10.5   Indemnity
Amount Reduction. The amount to be indemnified by the Indemnifying Party shall be reduced by the amount: (i) of any insurance
actually received in relation to such Loss; (ii) from any indemnity, payment, contribution, reimbursement or compensation received
from any third party in connection with such Loss; and (iii) deposited in court or in an escrow account, including the Escrow
Account, in relation to such Loss.

 

10.6   De
Minimis. Sellers shall not be required to indemnify Buyer Indemnified Parties if (a) each Loss individually considered
has an amount involved of less than [**] Reais (R$[**]); or (b) a group or series of related Losses arising from Claims
of the same nature within a period of twelve (12) months, has an amount involved of less than [**] Reais (R$[**]) (“De
Minimis”).

 

10.7   Loss Basket.
Additionally to the limitations and restrictions set forth in this Chapter 10, the liability of Sellers for Losses arising from
Indemnity Events may only be triggered or demanded by Buyer once the aggregate amount of Losses sustained, incurred or disbursed until
then by the Buyer Indemnified Parties and payable by Sellers has reached, in the aggregate, an amount equal to or greater than [**] (“Basket”). In order to check whether or not the amount of the Basket has been
achieved, no Loss below the De Minimis shall be considered.

 

10.7.1.       Annual
Follow-up. On each Closing Date anniversary and provided that it is requested by any Seller [**] ([**]) days in advance, Buyer shall
determine and notify Sellers of the amount so far accumulated in the Basket (“Accumulated Losses Amount”) (i.e., the
amount of accumulated Losses in the Basket in a given period of

 

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time) (“Losses
Monitoring Notice”). The Losses Monitoring Notice shall contain a report and support documentation justifying the amounts of
accumulated Losses in the Basket.

 

10.7.2.       Upon
receipt of the Losses Monitoring Notice, Sellers shall have [**] ([**]) days to answer in writing and with due justification whether or
not they agree with the calculations provided in such notice. In case they disagree, the Accumulated Losses Amount outstanding and/or
being disputed shall be settled according to the dispute settlement mechanism set forth in Chapter 16 of this Agreement.

 

10.7.3.       Expiration
of the Basket Term. In case on the fifth (5th) anniversary of the Closing Date the Basket limit set forth in Section 10.7 is
achieved, the entire amount accumulated in the Basket so far shall be paid by the Sellers to Buyer (regardless of the accumulated amount)
as set forth in Section 10.7.4.

 

10.7.4.       Payment.
Once the amount of the Basket has been reached or the deadline set out in Section 10.7.3, whichever occurs first, the Sellers shall
pay Buyer the amount accumulated in the Basket (“Basket Payment”). For such, Buyer shall notify the Sellers so that,
within [**] ([**]) Business Days, the respective payment is made.

 

10.8   Recurring
Basket. Once the Basket Payment has been made, the liability of Sellers for Losses arising from Indemnity Events may only be again
triggered or demanded by Buyer once the aggregate amount of Losses sustained, incurred or disbursed by the Buyer Indemnified Parties
and payable by Sellers reaches, in the aggregate, an amount equal to or greater than [**] Reais (R$[**]) (“Recurring
Basket”).

 

10.8.1.       Annual
Monitoring. At each Basket Payment anniversary, the Parties shall repeat the procedure set forth in Sections 10.7.1, 10.7.2
and 10.7.4, mutatis mutandi.

 

10.8.2.       Expiration
of the Recurring Basket Term. In case on the first (1st) Basket Payment anniversary the amount of the Recurring Basket has not yet
been reached, the entire amount of Losses accumulated in the Recurring Basket until then shall be paid by the Sellers to Buyer (regardless
of the accumulated amount) as set forth in Section 10.7.4.

 

10.9   Subsequent Recurring
Baskets. Once the Recurring Basket amount set forth in Section 10.8 is reached, or the
term set forth in Section 10.8.2 is reached, whichever occurs first (“Reduced Basket Payment”), the liability
of Sellers for Losses arising from Indemnity Events may only be triggered or demanded by Buyer again when the aggregate amount of Losses
actually incurred by the Buyer

 

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 Indemnified
Parties and due by Sellers again reaches, in the aggregate, an amount equal to or greater than the Recurring Basket.

 

10.9.1.       Annual
Monitoring. At each Recurring Basket Payment anniversary, the Parties shall repeat the procedure set forth in Sections 10.7.1
through 10.7.4, mutatis mutandi.

 

10.9.2.       Expiration
of the Recurring Basket Term. In case on the first (1st) Recurring Basket Payment anniversary the amount of the subsequent Recurring
Basket has not yet been reached, the entire amount of Losses accumulated therein until then shall be paid by the Sellers to Buyer (regardless
of the accumulated amount) as set forth in Section 10.7.4.

 

10.9.3.       Repetition
of the Procedure. The procedure set out in Section 10.9 and following sections shall be repeated until the Indemnity Aggregate
Maximum Limit is reached.

 

10.10 Indemnity
Aggregate Maximum Limit. The responsibility of Sellers to indemnify the Buyer Indemnified Parties, in the aggregate, in respect of
Losses arising from the Indemnity Events shall be limited to the aggregate maximum limit of [**] Reais (R$[**]) (“Indemnity
Aggregate Maximum Limit”), except in relation to Losses arising from falsehood or inaccuracy of any Main Representations and
Warranties of the Sellers, which shall be limited to the aggregate maximum limit equal to the Purchase Price actually received by Seller
whose fact, action or inaction has given rise to the falsehood or inaccuracy of such Main Representation and Warranty.

 

10.11 Buyer’s
Obligation to Indemnify. Subject to the terms and conditions of this Chapter 10, from each Closing Date, Buyer shall indemnify
and hold the Sellers Indemnified Parties harmless for any Losses arising from:

 

(a)       breach
of any obligations undertaken by Buyer in this Agreement; and

 

(b)       inaccuracy
or violation of any representation and warranty provided by Buyer in Chapter 9 of this Agreement.

 

10.12 No
Double Compensation. A Party shall not be entitled to compensation or to obtain payment or reimbursement from the other Party as
compensation more than once in relation to the same situation, fact, event or Loss.

 

10.13.       Tax
Effects. Any amount to be paid as indemnity, pursuant to this Chapter 10,

 

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shall have a neutral
tax effect for the Indemnified Party, and shall be increased, as the case may be, in order to achieve such neutral tax effect. For the
avoidance of doubt, the deductibility of a given Loss shall also be considered to the extent that it is actually deducted in the period
in which said Loss is incurred.

 

11.      INDEMNITY
PROCEDURE

 

Third-Party Claim
Indemnity Procedure. In case any Indemnified Party receives notice of any Claim filed by a third party (“Third Party Claim”)
that the Indemnifying Party is or may be required to indemnify under this Agreement, the Indemnified Party shall provide the Indemnifying
Party with written notice (“Third Party Claim Notice”), before the expiration of one third (1/3) of the period available
for defense or within [**] ([**]) Business Days, whichever is greater, provided that inaction or delay of the Indemnified Party to notify
the Indemnifying Party within the period set forth herein shall not release the Indemnifying Party from paying the respective Loss, unless
such inaction or delay in providing the Third Party Claim Notice demonstrably deprives it from its right to defend itself in case of a
Third-Party Claim.

 

11.1.1.       Reply
to the Notice. Upon receipt of a Third Party Claim Notice, the Indemnifying Party shall answer the Third Party Claim Notice before
the expiration of two thirds (2/3) of the period to submit such defense, informing whether the Indemnifying Party:

 

(a)       does
not agree that the Third Party Claim shall be indemnified by the Indemnifying Party, at which time the Parties may initiate the dispute
settlement procedures provided for in Chapter 16 of this Agreement; or

 

(b)       agrees
that the Third Party Claim shall be indemnified by the Indemnifying Party, at which time the Indemnifying Party shall inform its intention
to (i) bear in full (or in part) the amount involved in the Third Party Claim; and/or (ii) submit defense to the Third Party
Claim, in which case the Indemnifying Party shall be fully responsible for defining the defense strategy, as well as for engaging legal
counsel of its choice to defend the Third Party Claim.

 

11.1.2.       Defense
of the Third Party Claim. In case the Indemnifying Party answers the Third Party Claim Notice stating its intention to submit the
respective defense, the Indemnified Party shall grant powers of attorney to the counsel retained to defend such Third Party Claim, and
also provide all information and documents that it has

 

    47 

    	 

    

had access to, as
requested by the Indemnifying Party to help prepare such defense.

 

11.1.3.       Continued
Third Party Claim. In case any Third Party Claim is filed the subject-matter, motion or cause of action of which simultaneously encompasses
a period before and after the Closing Date, such Third Party Claim shall be conducted by the Party that has the greatest financial exposure
to the Claim, and the costs thereby shall be proportionally borne by the Parties.

 

11.1.4.       Agreements.
One Party may not enter into any agreement or transaction involving any Third Party Claim without the other Party’s prior,
specific written consent, as applicable. Failure to approve an agreement or transaction by a Party may only occur for a reasonably justified
reason and if such agreement involves, for either Party: (i) disbursement of an amount equal to or in excess of [**] Reais
(R$[**]); (ii) acknowledgment of fault or admission of violation of the law; (iii) positive or negative covenants;
as well as (iv) agreements or transactions that do not contemplate a broad, irrevocable discharge from the other party.

 

11.1.5.       Voluntary
Reporting. Sellers shall not be liable for any Losses arising from or relating to any voluntary reporting, admission or similar act
or with the same effect presented by Buyer or the Company without the prior, express consent of Sellers.

 

11.1.6.       Participation
in Payment in Installment Programs. In case the Indemnifying Party identifies any opportunity to include any (potential or effective)
Loss or Claim that is indemnifiable in tax amnesty, installment or remission tax programs, including, without limitation, regular payment
in installments, REFIS, PAES and PAEX, and any other similar plan (“Tax Programs”), the Indemnifying Party may, upon
written notice, request authorization from Buyer for the Company to participate in such Tax Programs, provided that such authorization
may not be unreasonably denied by Buyer. Except in the event that Buyer denies authorization to adhere to Tax Programs due to conflict
with the defended legal theory and in the interest of the Company independently, in which case the limitation provided for in this Section
11.1.6 shall not apply, in case the aforementioned authorization is not granted, the liability of the Indemnifying Party to indemnify
the Indemnified Party shall be limited to the Losses that shall/would be due by the Indemnifying Party in case there had been adherence
to the Tax Programs relating to indemnifiable debts under this Agreement, and which shall be regarded as Losses for all purposes of this
Agreement, subject to the provisions of Section 10.10.

 

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11.1.6.1.       The
Indemnified Party may not make any inclusion of any (potential or effective) Losses under this Agreement pursuant to a Tax Program without
the prior written authorization of the Indemnifying Party responsible for such payments, under penalty that the Indemnifying Party shall
be definitively released from any duty to indemnify the Indemnified Party in respect of such Losses.

 

11.2.  Direct Claim Indemnification
Procedures. In addition to the Indemnifying Party’s obligation to indemnify Losses arising from a Third Party Claim, the Indemnifying
Party shall also be responsible for the payment, indemnification, reimbursement and for holding the Indemnified Party harmless from any
Losses that constitute Indemnity Events, but which are not the subject of a Third Party Claim (“Direct Claim”). In
order to initiate a Direct Claim, the Indemnified Party shall provide the Indemnifying Party with written notice stating the Losses and
the causing event, together with all related documents and materials (“Direct Claim Notice”).

 

11.2.1.       Reply
to the Notice. The Indemnifying Party shall answer the Direct Claim Notice within [**] ([**]) days from the date of receipt thereof,
informing whether the Indemnifying Party:

 

(a)       does
not agree with the Direct Claim or the amount provided in the Direct Claim Notice, at which time the Parties may initiate the dispute
resolution procedures provided for in Chapter 16 of this Agreement; or

 

(b)       agrees
with the Direct Claim, at which time the Indemnifying Party shall bear the amount of the respective Loss pursuant to this Agreement.

 

11.2.2.       Failure
or delay to answer the Direct Claim Notice In case the Indemnifying Party fails to provide an answer to the Direct Claim Notice in
accordance with the terms set forth above, the Indemnifying Party shall be deemed not to agree with the Direct Claim, at which time the
Parties may initiate the dispute settlement procedures provided for in Chapter 16 of this Agreement.

 

11.3.  Loss Characterization.
The Parties hereby acknowledge and agree that Losses shall only be considered suffered, incurred or disbursed on the date on which the
first of the following events occurs: (i) actual financial disbursement of such Loss by the Indemnified Party; or (ii) the
maturity of the payment obligation or the obligation to perform or deliver, as determined by an arbitral award or administrative order
or final and unappealable court decision regarding the Loss.

 

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12.     ADJUSTMENT
FOR INFLATION AND DEFAULT INTEREST

 

12.1.  Adjustment for
Inflation and Default Interest The Parties agree that, unless expressly provided otherwise in this Agreement, all overdue amounts
due by one Party to the other shall be subject to adjustment for inflation according to the variation of the IPCA index for the period
and interest of one percent (1%) per month, from the date on which the amount should have been paid by one Party to the other Party.

 

13.     OTHER
PRE- AND POST-CLOSING OBLIGATIONS

 

13.1.  Conduct
of the Company Business. [**] and the Company, from the date hereof to the Closing Date, hereby undertake, for themselves and
their Affiliates, except as provided in this Agreement: (i) to conduct the Company Business within the Normal Course of Business,
and not undertake or allow any commitment or obligation to be undertaken outside the Normal Course of Business; (ii) not to discharge
debts with its Centers in an amount in excess of [**] Reais (R$[**])); (iii) not to issue, provide bonuses, repay, encumber
or transfer the Quotas or any other securities issued by the Company, except for any transfers of the Quotas between the Sellers; (iv)
not to carry out any transaction involving the Company for transformation, merger, incorporation, spin-off, corporate reorganization
or purchase or sale of shares or assets and investment in any Person or business (except for the Spin-off and Sale of Excluded Assets);
(v) not to negotiate or enter into consent decrees – TACs; (vi) not to engage in any obligation that restricts the
Company’s ability to compete in a certain activity or territory; (vii) not to amend the Company’s Articles of Association,
except for those necessary to formalize any transfers of Quotas between the Sellers; and (viii) not to create new or amend current
Related Party Transactions, except with the prior consent of Buyer, provided further that such consent shall not be unreasonably withheld,
and provided further that the Sellers shall be allowed to cause the Company to (a) terminate any Related Party Transactions; (b)
make any distribution of dividends (or interest on equity) or capitalization in relation to the results achieved up to the Closing
Date, up to the limit of the Minimum Cash; (c) perform the Sale of Excluded Assets; and (d) approve and implement the Spin-off.

 

13.2.       Excluded
Assets. Exhibit 13.2 provides a list of assets, properties or rights that shall be sold, assigned and transferred by the Company
to any Seller (or an Affiliate of a Seller), at book value, in the period between the date hereof and the Closing Date (“Excluded
Assets Sale”). Buyer hereby represents to be aware of and expressly approves the performance of the Excluded Assets Sale, provided
that such Excluded Assets Sale shall not give rise to any reduction, modification or change in the Purchase Price, the Net Indebtedness
or Working Capital of the Company. [**] and the Company

 

    50 

    	 

    

represent and warrant
that, except for the rural properties listed in Exhibit 13.2(a), (i) none of the assets that will be segregated within
the context of the Excluded Assets Sale, in whole or in part, are used in the activities relating to the Business carried out by the Company
in the Normal Course of Business, and (ii) the Excluded Assets Sale shall be carried out in compliance with the applicable Laws.

 

13.3.       Communication
Plan. Exhibit 13.3 contains the wording of the press release to be disclosed on the date hereof by Guarantor. Except for the
provisions of Exhibit 13.3, no communication regarding this Agreement or the transactions agreed upon herein may be made
to Third Parties without the prior, express written consent of the other Party.

 

13.4.  Replacement of
Sellers’ Guarantees. Buyer shall, within [**] ([**]) days from the Closing Date, replace the guarantees listed in Exhibit
13.4 that have been provided by either Seller or their Related Parties to obligations, debts or liabilities of the Company.

 

13.4.1.       Except
in relation to the guarantees provided by Sellers listed in items 1 to 13 of Exhibit 13.4 (Lease Agreements), in which event no
counter guarantee shall be provided by Buyer, in case the respective creditor refuses to accept the replacement of the guarantee at issue,
Buyer hereby undertakes to provide such Seller (or its Related Party) with a counter guarantee in the respective amount that ensure immediate
full compensation for any Loss suffered as a result of the execution of the guarantee.

 

13.4.2.       In
any case, the Parties agree that Buyer shall keep Sellers and their Related Parties harmless and duly indemnified from and for any Losses
incurred thereby at any time after the Closing Date in respect of such guarantees provided to the Company, in case they are in any way
enforced against either Seller or their respective Related Parties.

 

13.5.  No Competition.
[**] hereby undertakes, individually and jointly, for a period of [**] from the Closing Date, not to get involved,
directly or indirectly, by themselves or by means of a representative, in the following activities within the Territory, except in the
name of the Company (“Non-Competition Obligation”):

 

(i)       perform
or engage in any business or activity similar to the Business; and

 

(ii)      hold
an interest in, manage, control, assist or participate in, as an officer, shareholder, member or consultant, in any company that competes
with the Company in the Business.

 

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13.5.1.       As
consideration for the Non-Competition Obligation, Buyer shall pay, on the Closing Date, the aggregate amount of [**] Reais (R$[**])
to [**], in the proportion provided for in Exhibit 13.5.1 (“Non-Competition Obligation Consideration”).
The Parties acknowledge that the Non-Competition Obligation is a critical element of this Agreement, and the Non-Competition Obligation
Consideration attributable to [**] is acknowledged by such Sellers as reasonable and sufficient.

 

13.5.2.       Any
failure to comply with the Non-Competition Obligation shall give rise to the duty of the respective violating Seller to pay Buyer a compensatory
penalty corresponding to [**] Reais (R$[**]), adjusted for inflation according to the variation of the IPCA index from the date
of execution of this Agreement, without prejudice to Buyer’s right to take all actions it deems necessary to immediately cease
the practice that violates the Non-Competition Obligation. The compensatory penalty provided for herein shall be paid within [**] ([**])
Business Days from the end of the Remedy Term (as defined below) and shall be limited to the amount of the Non-Competition Obligation
Consideration received by [**] at issue.

 

13.5.3.       For
the avoidance of doubt, it is hereby agreed that the penalty provided for in this Chapter shall only be imposed after expiration of a
[**] ([**]) day remedy term from receipt by the Sellers Representative of notice from Buyer informing of the violation of the Non-Competition
Obligation (“Remedy Term”).

 

13.5.4.       The
payment of the above penalty shall not release the respective Seller from complying with and observing the Non-Competition Obligation
provided for in this Chapter.

 

13.5.5.       For
the avoidance of doubt, Buyer and the other Sellers acknowledge and agree that the rights and obligations set forth in this Section
13.5 are applicable only to [**].

 

13.5.6.       Buyer
acknowledges that the following shall not be considered as violations of the non-competition obligations set forth in this Section
13.5: (i) the equity interest held by [**] in the company [**], a corporation enrolled with the National Corporate Taxpayer Register (CNPJ/MF) under No. [**], or in any company of the [**] aimed solely and exclusively at
open courses, including companies that may be organized to provide only and exclusively open courses aimed at children, adolescents,
young people and adults and that may be created under the [**] brand model, platform or brand; and (ii) the current dealings of [**]
for the provision of advisory to other Sellers or companies Controlled by relatives of the other Sellers, for a period of [**] from
the date hereof, in [**] programs provided by other higher education institutions currently maintained or managed thereby.

 

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13.5.7.       Keeping
Transactions with Related Parties. Buyer hereby undertakes to keep and comply with (and cause the Company to keep and comply with)
the Related Party Transactions listed in Exhibit 13.5.7 for the respective terms set forth in Exhibit 13.5.7
(or, in the case of scholarships, until the end of the period formalized with the respective students). Sellers represent that the percentages
and terms of the scholarships set out in item 16 of Exhibit 13.5.7 are those currently in force, as formalized with such students.

 

13.6.  Spin-off.
Buyer acknowledges and authorizes that, by the Closing Date, the Company shall carry out a partial spin-off of its equity, by transferring
the spun off portion formed by the real property described in Exhibit 13.6 to a Company Related Party (“Spin-off”),
as approved by the shareholders of the Company and the respective Related Party at issue. Buyer is hereby authorized to take all necessary
actions to make the Spin-off effective.

 

13.8.       Commitment
to Cooperate. Buyer hereby undertakes to cooperate and perform (and cause the Company, after the Closing, to cooperate and perform)
all reasonably necessary acts (including the submission of documents, requests or information to Government Authorities) to make the Spin-off
effective. The Spin-off shall be performed in accordance with the applicable laws.

 

13.9.       Guarantor.
Guarantor hereby agrees to be bound by this agreement, becoming guarantor and jointly and severally liable, without any benefits of privilege,
with Buyer, for (i) any payments due by Buyer under this Agreement; and for (ii) the performance of any obligations of Buyer
under this Agreement. Guarantor shall remain as guarantor until all obligations to pay assumed by Buyer, including any fines, penalties,
charges, interest and monetary restatement, are fully paid, and undertakes to comply with such obligations in the event of total or partial
default by Buyer - and to spontaneously list – if necessary – assets of Buyer in an amount sufficient to settle the obligations
of Buyer, without prejudice to the obligations assumed by Guarantor as guarantor.

 

13.10.       Guarantee.
In order to ensure full performance of Buyer’s obligation to pay the

 

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Term Installment,
Guarantor hereby irrevocably and irreversibly undertakes to pay, as guarantor and principal payor, an amount equivalent to the total outstanding
amount then due. Guarantor hereby expressly waives the benefits provided for in articles 366, 824, 827, 834, 835, 837, 838 and 839 of
the Civil Code and in article 794 of the Code of Civil Procedure.

 

13.11.       Access
to Information. As of the date hereof and until the Closing Date, Sellers and the Company undertake, upon Buyer’s reasonable
request, to provide any and all necessary information, and to fully cooperate throughout the entire process, in order to enable the conduction
and completion of any external audit at Buyer and/or Guarantor, in accordance with the US generally accepted accounting practices (USGAAP),
as may be necessary to finance the Transaction. The Parties represent and acknowledge that the purpose of this obligation is solely to
enable the consummation of the Transaction, so that Buyer will request the information and access the Company’s employees pursuant
to this Section only to the extent strictly necessary for the consummation of the Transaction, and any and all exchange of information
and documents shall be in compliance with the applicable Law.

 

14.     CONFIDENTIALITY

 

14.1.  Confidentiality.
From the date hereof and for a period of five (5) years from the Closing Date or from the termination of this Agreement, as the case may
be, all parties to this Agreement undertake, by themselves and on behalf of their partners, shareholders, affiliates, controlled companies,
controlling companies or companies under common control, managers, employees, collaborators and financial and legal advisors, to keep
secret, in all respects, the terms of this Agreement and the Transaction (and any contracts, instruments or agreements entered into, jointly
or separately, between themselves or with third parties, involving the parties to this Agreement or any of their Related Parties or Affiliates)
and their negotiation, as well as in relation to documents, data, studies and information obtained from each other in relation to the
parties to this Agreement (and their Affiliates and Related Parties), whether it is written, oral, electronic or other information, and
not to disclose it to any third party (“Confidential Information”), however privileged it may be, as well as not to
use such Confidential Information except for the purposes of this Agreement (“Confidentiality Obligation”).

 

14.1.1.       None
of the following acts shall be deemed a breach of the Confidentiality Obligation: (i) disclosure duly authorized, in advance and
in writing, by the Party holding the Confidential Information; (ii) disclosure of information related to the Agreement that was
previously already in the public domain; and (iii) disclosure of

 

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information as required
by Law or court order or administrative order issued by Governmental Authority against which the Confidentiality Obligation may not be
invoked, provided that the disclosure of Confidential Information under this Chapter shall only be made to the extent strictly necessary.

 

14.1.2.       Unless
otherwise authorized in writing by the other Party, the Parties hereby undertake to (i) unless required by law or by court order
or administrative order issued by Governmental Authority, keep confidential and not disclose or reveal Confidential Information to any
third party, except to their representatives who are actively and directly participating in the actions set out in this Agreement, or
who otherwise need to know the Confidential Information; (ii) cause their representatives who have access to Confidential Information
to comply, in any and all cases, with the Confidentiality Obligation, and such Party shall be jointly and severally liable with such representatives
for non-compliance with the provisions of this Chapter by such representatives; and (iii) not use Confidential Information for
any purpose other than those related to the duties and obligations provided for in this Agreement.

 

14.2.  Breach
of Confidentiality Obligation. If any of the parties to this Agreement fails to perform the obligations set forth in this Chapter,
the breaching Party shall pay the non-breaching Party a non-compensatory fine in the amount of [**] Reais (R$[**]), monetarily
adjusted based on the variation of the Extended Consumer Price Index (IPCA) from the date hereof to the date of actual payment of the
overdue amount, without prejudice to the non-breaching Party’s right to require the immediate cessation of the breach of the confidentiality
obligations under this Chapter, as well as compensation for damages, to be paid by the breaching party.

 

14.2.1.       The
payment of the aforementioned fine does not release the Party, its Related Parties and/or its Affiliates from performance and compliance
with the Confidentiality Obligation provided for in this Chapter.

 

15.     NOTICES

 

15.1.       Notices.
All communications, agreements, waivers and other notices to be made by the Parties or by the Company under this Agreement shall be in
writing and delivered by registered letter, courier, by hand or sent by email, in any case, upon confirmation of delivery or receipt,
as the case may be, to the addresses informed below:

 

(a)       If
to Sellers (and, until the Closing Date, to the Company):

 

Att.: [**]

 

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Address: [**]

Email: [**]

 

With copy to (which shall not constitute
notice for the purposes of this Section):

 

Mattos Filho, Veiga Filho, Marrey Jr.
e Quiroga Advogados

Att.: Pedro Whitaker de Souza Dias, and
Luciana Pietro Lorenzo

Address: Alameda Joaquim Eugênio
de Lima, No. 447, Postal Code 01403-000, São Paulo – SP

Email: pdias@mattosfilho.com.br and luciana.lorenzo@mattosfilho.com.br

 

(b)       If
to [**], [**], [**] and/or [**]:

 

Att.: [**]

Address: [**]

Email: [**]

 

With copy to (which shall
not constitute notice for the purposes of this Section):

 

Huck Otranto Camargo Advogados

Att.: Estela Lemos Monteiro Soares de
Camargo, and Ana Carolina Barbuio Affonso

Address: Av. Brg. Faria Lima, No. 1744,
São Paulo - SP, Postal Code 01451-001

Email: estela.camargo@lhoc.com.br and anacarolina.barbuio@lhoc.com.br

 

(c)       If
to [**]:

 

Address: [**]

Email: [**]

 

With copy to (which
shall not constitute notice for the purposes of this Section):

 

Vieira Rezende Advogados

Att.: Ricardo C. Ariani Filho

Address: Av. Brg. Faria Lima, No. 3.355,
24th floor, São Paulo - SP, Postal Code 01451-001

Email: rariani@vieirarezende.com.br

 

(d)       If
to Buyer (and, as from the Closing Date, to the Company):

 

Att.: Pedro Graça

 

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Address: Rodovia José Carlos Daux,
5500, Torre Jurerê A, 2nd floor, 88032-005, Florianópolis, Santa Catarina

Email: pedro.graca@uniasselvi.com.br

 

Att.: Carlos Freitas

Address: Rodovia José Carlos Daux,
5500, Torre Jurerê A, 2nd floor, 88032-005, Florianópolis, Santa Catarina

Email: carlos.freitas@vitru.com.br; juridicosocietario@vitru.com.br

 

With copy to (which shall not constitute
notice for the purposes of this Section):

 

Lefosse Advogados

Att.: Luiz Octavio Lopes / Lígia
Padovani

Address: Rua Tabapuã, No. 1.227,
14th floor, Itaim Bibi, São Paulo – SP, Postal Code 04533-014

Email: luiz.lopes@lefosse.com;
ligia.padovani@lefosse.com

 

15.1.2.       Receipt.
The notices delivered in accordance with this Section 15.1 shall be deemed effectively given: (i) on the date they are delivered,
if delivered personally; or (ii) on the date they are received, if sent by mail, email or courier service.

 

15.1.3.       Amendments.
Any of the Parties hereto or the Company may change the address to which the notices shall be sent upon written notice to the other parties.

 

15.1.4.       Sellers’
Representative. (i) [**] hereby informs that he will be his own representative for the purposes of this
Section; (ii) Sellers [**], [**], [**] and [**] hereby appoint [**]
as their representative and attorney-in-fact; and (iii) all other Sellers (i.e., all Sellers except those mentioned in (i)
and (ii) above), hereby appoint [**] as their respective representative and attorney-in-fact (“Sellers’
Representative”). Sellers grant their respective aforementioned appointed Representatives broad powers to represent the
Sellers in any of the matters provided for in this Agreement before Buyer, the Company or Guarantor.

 

15.1.4.1.       Any
notice given on behalf of a Seller by any Person other than the respective Seller’s Representative named above (even if such Person
is a Seller) shall be ineffective against Buyer, the Company or any Buyer’s Indemnified Parties.

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15.1.4.2.       Sellers
shall be responsible for their own procedure for defining the content of their representatives’ positioning, so that any defect
or failure in such procedures shall not be enforceable against Buyer.

 

15.1.4.3.       Each
Seller’s Representative shall only speak on matters that impact the respective Sellers represented by him/her, and any notices that
exceed this attribution shall be disregarded for the purposes of this Agreement. If, at any time, more than one notice is sent by different
Sellers’ Representatives concerning the same matter (or in response to the same notice from Buyer, the Company or Guarantor) and
whose content or conclusion is contradictory, the notice sent by the Sellers’ Representative appointed by Sellers holding the greater
portion of the Equity Interest shall prevail (i.e., majority prevalence). The rules of prevalence between notices based on majority supersede
any chronological order in which the notices are sent.

 

16.     APPLICABLE
LAW AND DISPUTE RESOLUTION

 

16.1.  Governing Law.
This Agreement shall be governed by and construed according to the laws of the Federative Republic of Brazil.

 

16.2.  Dispute
Resolution. The Parties, the Company and/or Guarantor of this Agreement (“Parties Involved”) shall use their
best efforts to resolve any controversy, litigation, question, doubt or divergence of any nature related directly or indirectly to
this Agreement, including its existence, validity, effectiveness, interpretation, compliance and/or termination, between any of the
Parties Involved, including their successors in any capacity (“Dispute”). For this purpose, any Party Involved
may notify the other of its intent to initiate the procedure contemplated by this Section, whereupon the Parties Involved shall
attempt to resolve such Dispute amicably and in good faith (“Dispute Notice”).

 

16.3.       Arbitration.

 

16.3.1.       Unless
otherwise provided for in this Agreement, if the Parties Involved do not find a solution within a maximum period of [**] ([**]) days after
the delivery of the Dispute Notice from one Party to the other, or if it is not possible to obtain an amicable solution at any time before
that, then the Dispute shall be submitted to arbitration to be conducted and administered by Arbitration and Mediation Center of the Brazil-Canada
Chamber of Commerce (“Chamber”). The Parties Involved agree that their obligation to settle any Disputes amicably is
an obligation based on best

 

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efforts that does not preclude the immediate commencement of arbitration. Any controversy related to the commencement
of the arbitration shall be resolved on a final and binding basis by the Arbitral Tribunal according to this Section.

 

16.3.2.       The
arbitration shall be carried out according to the procedural rules of the Chamber in force at the time of the filing of the arbitration
request (“Regulations”) and pursuant to Law No. 9.307/96.

 

16.3.3.       
The arbitration shall be conducted by an arbitral tribunal consisting of three arbitrators (“Arbitral Tribunal”), and
the claimant(s), on the one hand, shall appoint one arbitrator, and the respondent(s), on the other hand, shall appoint a second arbitrator,
who, by mutual agreement, shall appoint the third arbitrator, who shall act as president of the Arbitral Tribunal pursuant to the Regulations.
If there is more than one claimant and/or more than one respondent, the claimants and/or respondents shall jointly appoint their respective
arbitrator. In the event that any of the three arbitrators is not appointed within the period of time provided for in the Regulations,
the Chamber shall appoint him(them) according to the Regulations. Any and all controversies as to the appointment of the arbitrators by
the Parties Involved and to the appointment of the third arbitrator shall be resolved by the Chamber. The Parties, by mutual agreement,
shall not apply the provisions of the Regulations that limit the selection of the co-arbitrator or the president of the arbitral tribunal
to the list of arbitrators of the Chamber.

 

16.3.3.1.       In
the event of arbitrations involving three (3) or more parties in which they do not join as groups of claimants and/or respondents,
all parties to the arbitration shall jointly appoint two (2) co-arbitrators within [**] ([**]) days from the receipt by the parties
to the arbitration of the notice of the Chamber in this regard. The president of the arbitral tribunal shall be chosen by the two
(2) co-arbitrators, in consultation with the parties to the arbitration, within [**] ([**])  from acceptance of the
appointment by the latter arbitrator or, if this is not possible for any reason, by the Chamber, according to the Regulations. If
the parties to the arbitration do not appoint the two (2) co-arbitrators, all members of the arbitral tribunal shall be appointed by
the Chamber, in accordance with the Regulations, which shall appoint one of them to be the president of the arbitral tribunal.

 

16.3.4.       The
seat of the arbitration shall be the City of São Paulo, State of São Paulo, Brazil, where the arbitration award shall be
rendered, and the Arbitral Tribunal may, on reasonable grounds, designate other locations for the performance of specific acts.

 

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16.3.5.       The
arbitration shall be conducted in the Portuguese language. The arbitration clause shall be governed by the Brazilian law. The Arbitral
Tribunal shall judge the whole dispute, including as to its merits, in accordance with the applicable Brazilian law, and the arbitrators
may not to decide ex aequo et bono.

 

16.3.6.       The
arbitration will be confidential and may only be disclosed to the Arbitral Tribunal, the parties to the arbitration, their lawyers and
the persons necessary for the proper conduct and outcome of the arbitration. The Parties shall not disclose (and will not allow the disclosure
of) the existence of the arbitration, the Dispute, any information that may come to their knowledge and any documents presented in the
arbitration, which are not otherwise known to the public, any evidences and materials produced during the arbitration, and any awards
rendered in the arbitration, except if and to the extent that (i) the disclosure of such information is required by law; (ii)
the disclosure of such information is required by a governmental authority or determined by the Judiciary; (iii) such information
is made public by any means other than by disclosure by the Parties or their affiliates; or (iv) the disclosure of such information
is necessary for one of the Parties to appeal to the Judiciary in the cases provided for in Law No. 9.307/96. Any and all disputes related
to the confidentiality obligation will be settled by the Arbitral Tribunal in a final and binding manner.

 

16.3.7.       Each
of the Parties Involved shall bear the costs and expenses incurred by it during the course of the arbitration, and the Parties Involved
shall apportion the costs and expenses which cannot be attributed to merely one of them. The Arbitral Tribunal shall charge the non-prevailing
party or both parties, in the proportion to which their claims are not granted, with the final responsibility to bear the arbitration
cost, including the reimbursement
(i) of the fees and other amounts due, paid or reimbursed to the Chamber, (ii) of the professional fees and other amounts
due, paid or reimbursed to the arbitrators, (iii) of the professional fees and other amounts due, paid or reimbursed to the experts,
translators, interpreters, stenographers and other assistants that may be designated by the Arbitral Tribunal, (iv) the contingency
attorneys’ fees determined by the Arbitral Tribunal. The Arbitral Tribunal shall not sentence any of the Parties Involved to pay
or reimburse (a) contractual professional fees or any other amount due, paid or reimbursed by the opposing party to their attorneys, technical
assistants, translators, interpreters or other assistants, and (b) any other amount due, paid or reimbursed by the opposing party in relation
to the arbitration, such as expenses with photocopies, authentications, apostilles, consular certifications and travels.

 

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16.3.8.       The
Arbitral Tribunal may grant interlocutory, provisional and permanent reliefs as it deems proper, including those related to the specific
performance of the obligations under this Agreement. The arbitration decisions, including awards, shall be final and binding on the Parties
Involved and their successors in any way, with no appeal against them, except for requests for correction and clarification to the Arbitral
Tribunal as provided for in article 30 of Law No. 9.307/96. Judgment upon the arbitral award may be entered in any court having jurisdiction
over the Parties Involved and/or their assets. The Parties expressly exclude the application of the Emergency Arbitrator.

 

16.3.9.       Prior
to the installation of the Arbitral Tribunal, any of the Parties Involved may file a motion to the Judiciary to be granted interlocutory
relief in to order to protect or safeguard their rights, provided that any such motion for interlocutory relief will not affect the existence,
validity and effectiveness of the arbitration agreement, nor will it be imply a waiver of the requirement to submit the Dispute to arbitration.
After installation of the Arbitral Tribunal, the motions for interlocutory relief shall be addressed to the Arbitral Tribunal, which will
be responsible for upholding, modifying and/or revoking any reliefs previously granted by the Judiciary.

 

16.3.10.       Without
prejudice to the validity of this arbitration agreement, the Parties hereby elect the Central Courts of the Judicial District of the City
of São Paulo, State of São Paulo, Brazil, for the exclusive purpose of: (i) enforcing decisions rendered by the Arbitral
Tribunal, including the arbitral award; (ii) obtaining interlocutory or preliminary reliefs prior to the installation of the arbitral
tribunal; (iii) action for annulment based on article 32 of Law No. 9.307/96; (iv) the action for commencement of arbitration based on article 7 of Law No. 9.307/96; and (v) settling Disputes that according to the Brazilian Law may
not be submitted to arbitration.

 

17.     MISCELLANEOUS

 

17.1.    
Entire Agreement. This Agreement, including the Exhibits hereto, contains the entire agreement between the Parties regarding
the Transaction, and supersedes any and all prior agreements and understandings between them, whether oral or in writing.

 

17.2.    
Irrevocability, Irreversibility and Effectiveness. This Agreement is executed on an irrevocable and irreversible basis, and
is binding on the Parties, the Company and their respective successors or permitted assignees in any way. This Agreement shall remain
in force until all obligations set forth herein are fulfilled by the Parties and by the Company, as applicable, and there is no pending
claim against each other.

 

    61 

    	 

    

17.3.    
Agreement Acceptance. The Parties and the Company expressly confirm that they are aware of and participated, on their own account,
in the negotiation of all Sections, provisions and conditions of this Agreement and the Transaction, and they agree with all Sections,
provisions and conditions of this Agreement and the Transaction, and agree with and accept their share of the rights and obligations set
forth herein.

 

17.4.    
Amendments. No amendment to any of the provisions and conditions set forth in this Agreement shall have any effect, unless
made in writing and signed by the Parties and the Company.

 

17.5.    
Achievement of Effects. The Parties and Company hereby undertake, in good faith, to sign any and all other documents and to
perform any and all other acts that, although not expressly mentioned in this Agreement, are necessary for the full achievement of the
legal and economic effects of the Transaction agreed hereunder.

 

17.6.    
Agreement Assignment. Neither Party may assign or transfer, in whole or in part, without the prior and express written authorization
of the other Parties, the rights and obligations established in or related to this Agreement, except that Buyer will be authorized to
assign the rights and obligations provided for in this Agreement to an Affiliate, but Buyer will remain jointly and severally liable for
all obligations assigned.

  

17.7.    
Waiver. No waiver, termination or settlement of this Agreement or any of its terms or provisions shall be binding on any of
the Parties or the Company unless confirmed in writing. Forbearance by any Party or the Company with respect to any or continued non-compliance,
by the other Party or by the Company, of any obligation under this Agreement shall not be construed, under any circumstances, as a waiver
or novation of such rights, and shall not affect the right of the Party or the Company, as applicable, to exercise such rights in the
future.

 

 

17.8.      Substitution
of Provisions. In the event that any provision of this Agreement is held invalid, illegal or unenforceable for any reason, the validity,
legality and enforceability of the other provisions of this Agreement shall not be affected or impaired in any way and shall remain in
full force and effect. The Parties and the Company shall negotiate in good faith the replacement of the null provision - or that has
been nullified or deemed illegal or unenforceable - by another valid, legal and enforceable provision that, as much as possible and effectively,
maintains the economic effects and other relevant implications of the provision declared void or that has been nullified or is illegal
or unenforceable.

 

17.9     Specific
Performance. The Parties and the Company agree that the specific

 

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performance of the
clear and unequivocal obligations under this Agreement may be claimed, without prejudice to compensation for losses and damages incurred
by the claimant as a result of non-performance of such obligations and payment of the fines stipulated in this Agreement and other penalties.

 

17.9.1.       This
document shall operate as an enforceable extrajudicial instrument, pursuant to the Brazilian Code of Civil Procedure.

 

17.10.       Responsibility
for Costs. Unless expressly provided for otherwise in this Agreement, each Party shall bear its own expenses, costs and expenses
incurred in the negotiation, preparation and conclusion of this Agreement (including, but not limited to, the respective fees of financial
advisors, lawyers, auditors and/or any other consultants), and will be responsible for the payment of its respective Taxes.

 

17.11.       No
Joint Liability. The Parties hereby acknowledge that the obligations of the Sellers under this Agreement are assumed by the Sellers
on an individual basis, without any joint liability between them.

 

In witness whereof, the Parties and the Company
execute this Agreement in five (5) counterparts of equal form and content before the two (2) undersigned witnesses.

 

Maringá, August 23, 2021.

 

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