Document:

EX-4.7

 Exhibit 4.7 

COUNTY BANCORP, INC., 

as Issuer 
 and 

                    , 

as Trustee 
 INDENTURE

 Dated as of
                    , 20     

 CROSS REFERENCE SHEET* 

Provisions of Trust Indenture Act of 1939, as amended, and Indenture to be dated as of
                    , 20     by and between County Bancorp, Inc. and
                    , as Trustee: 
  

			
	 Section of the Trust Indenture Act
	  	 Section of Indenture

	 310(a)(1), (2) and (5)
	  	6.09
	 310(a)(3) and (4)
	  	Inapplicable
	 310(b)
	  	6.08 and 6.10(a), (b) and (d)
	 311(a)
	  	6.13
	 311(b)
	  	6.13
	 312(a)
	  	4.01 and 4.02(a)
	 312(b)
	  	4.02(a) and (b)
	 312(c)
	  	4.02(c)
	 313(a)
	  	4.04(a)
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	4.04(a)
	 313(c)
	  	4.04(a)
	 313(d)
	  	4.04(b)
	 314(a)
	  	4.03
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	14.05
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	14.05
	 314(f)
	  	Inapplicable
	 315(a), (c) and (d)
	  	6.01
	 315(b)
	  	5.11
	 315(e)
	  	5.12
	 316(a)(1)
	  	5.09 and 5.10
	 316(a)(2)
	  	Not required
	 316(a) (last sentence)
	  	7.04
	 316(b)
	  	5.07
	 316(c)
	  	7.06
	 317(a)
	  	5.02
	 317(b)
	  	3.04(a) and (b)
	 318(a)
	  	14.07

  

	*	This Cross Reference Sheet is not part of the Indenture. 

 TABLE OF CONTENTS 

 

									
				
	 ARTICLE 1    
	 	 DEFINITIONS
	 		  	 	1	 
				
	 ARTICLE 2    
	 	 SECURITIES
	 		  	 	5	 
		 	 Section 2.01.
	 	Forms Generally	  	 	5	 
		 	 Section 2.02.
	 	Form of Trustee’s Certificate of Authentication	  	 	6	 
		 	 Section 2.03.
	 	Amount Unlimited; Issuable in Series	  	 	6	 
		 	 Section 2.04.
	 	Authentication and Delivery of Securities	  	 	9	 
		 	 Section 2.05.
	 	Execution of Securities	  	 	10	 
		 	 Section 2.06.
	 	Certificate of Authentication	  	 	10	 
		 	 Section 2.07.
	 	Denomination and Date of Securities; Payments of Interest	  	 	10	 
		 	 Section 2.08.
	 	Registration, Transfer and Exchange	  	 	11	 
		 	 Section 2.09.
	 	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	  	 	13	 
		 	 Section 2.10.
	 	Cancellation of Securities	  	 	13	 
		 	 Section 2.11.
	 	Temporary Securities	  	 	13	 
		 	 Section 2.12.
	 	Currency and Manner of Payments in Respect of Securities.	  	 	14	 
		 	 Section 2.13.
	 	Compliance with Certain Laws and Regulations	  	 	16	 
		 	 Section 2.14.
	 	CUSIP Numbers	  	 	16	 
		 	 Section 2.15.
	 	Securities in Global Form	  	 	16	 
		 	 Section 2.16.
	 	Form of Conversion Notice	  	 	17	 
			
	 ARTICLE 3    
	 	 COVENANTS OF THE ISSUER
	  	 	17	 
		 	 Section 3.01.
	 	Payment of Principal and Interest	  	 	17	 
		 	 Section 3.02.
	 	Offices for Payment, etc	  	 	17	 
		 	 Section 3.03.
	 	Appointment to Fill a Vacancy in Office of Trustee	  	 	18	 
		 	 Section 3.04.
	 	Paying Agents	  	 	18	 
		 	 Section 3.05.
	 	Additional Amounts	  	 	18	 
		 	 Section 3.06.
	 	Calculation of Original Issue Discount	  	 	19	 
			
	 ARTICLE 4    
	 	 SECURITYHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE
	  	 	19	 
		 	 Section 4.01.
	 	Company to Furnish Trustee Information as to Names and Addresses of Securityholders	  	 	19	 
		 	 Section 4.02.
	 	Preservation and Disclosure of Securityholders’ Lists.	  	 	19	 
		 	 Section 4.03.
	 	Reports by the Company.	  	 	20	 
		 	 Section 4.04.
	 	Reports by the Trustee.	  	 	21	 
			
	 ARTICLE 5    
	 	 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	22	 
		 	 Section 5.01.
	 	Event of Default Defined; Acceleration of Maturity; Waiver of Default	  	 	22	 
		 	 Section 5.02.
	 	Collection of Indebtedness by Trustee; Trustee May Prove Debt	  	 	23	 
		 	 Section 5.03.
	 	Application of Proceeds	  	 	24	 
		 	 Section 5.04.
	 	Suits for Enforcement	  	 	25	 
		 	 Section 5.05.
	 	Restoration of Rights on Abandonment of Proceedings	  	 	25	 
		 	 Section 5.06.
	 	Limitations on Suits by Securityholders	  	 	25	 
		 	 Section 5.07.
	 	Unconditional Right of Securityholders to Institute Certain Suits	  	 	26	 
		 	 Section 5.08.
	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	  	 	26	 
		 	 Section 5.09.
	 	Control by Securityholders	  	 	26	 
		 	 Section 5.10.
	 	Waiver of Past Defaults	  	 	26	 
		 	 Section 5.11.
	 	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	  	 	27	 
		 	 Section 5.12.
	 	Right of Court to Require Filing of Undertaking to Pay Costs	  	 	27	 

  
 i 

									
			
	 ARTICLE 6    
	 	 CONCERNING THE TRUSTEE
	  	 	27	 
		 	 Section 6.01.
	  	 Duties and Responsibilities of the Trustee; During Default; Prior to Default
	  	 	27	 
		 	 Section 6.02.
	  	 Certain Rights of the Trustee
	  	 	28	 
		 	 Section 6.03.
	  	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	  	 	29	 
		 	 Section 6.04.
	  	 Trustee and Agents May Hold Securities; Collections, etc
	  	 	29	 
		 	 Section 6.05.
	  	 Moneys Held by Trustee
	  	 	29	 
		 	 Section 6.06.
	  	 Compensation and Indemnification of Trustee and Its Prior Claim
	  	 	29	 
		 	 Section 6.07.
	  	 Right of Trustee to Rely on Officers’ Certificate, etc
	  	 	30	 
		 	 Section 6.08.
	  	 Disqualification of Trustee; Conflicting Interests
	  	 	30	 
		 	 Section 6.09.
	  	 Persons Eligible for Appointment as Trustee
	  	 	30	 
		 	 Section 6.10.
	  	 Resignation and Removal; Appointment of Successor Trustee.
	  	 	30	 
		 	 Section 6.11.
	  	 Acceptance of Appointment by Successor Trustee
	  	 	31	 
		 	 Section 6.12.
	  	 Merger, Conversion, Consolidation or Succession to Business of Trustee
	  	 	32	 
		 	 Section 6.13.
	  	 Preferential Collection of Claims Against the Company
	  	 	32	 
			
	 ARTICLE 7    
	 	 CONCERNING THE SECURITYHOLDERS
	  	 	33	 
		 	 Section 7.01.
	  	 Evidence of Action Taken by Securityholders.
	  	 	33	 
		 	 Section 7.02.
	  	 Proof of Execution of Instruments
	  	 	33	 
		 	 Section 7.03.
	  	 Holders to Be Treated as Owners
	  	 	33	 
		 	 Section 7.04.
	  	 Securities Owned by Company Deemed Not Outstanding
	  	 	33	 
		 	 Section 7.05.
	  	 Right of Revocation of Action Taken
	  	 	34	 
		 	 Section 7.06.
	  	 Record Date for Determination of Holders Entitled to Vote
	  	 	34	 
			
	 ARTICLE 8    
	 	 SUPPLEMENTAL INDENTURES
	  	 	34	 
		 	 Section 8.01.
	  	 Supplemental Indentures Without Consent of Securityholders
	  	 	34	 
		 	 Section 8.02.
	  	 Supplemental Indentures With Consent of Securityholders
	  	 	35	 
		 	 Section 8.03.
	  	 Effect of Supplemental Indenture
	  	 	36	 
		 	 Section 8.04.
	  	 Documents to Be Given to Trustee
	  	 	36	 
		 	 Section 8.05.
	  	 Notation on Securities in Respect of Supplemental Indentures
	  	 	36	 
			
	 ARTICLE 9    
	 	 CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	  	 	37	 
		 	 Section 9.01.
	  	 Company May Consolidate, etc., on Certain Terms.
	  	 	37	 
		 	 Section 9.02.
	  	 Successor Corporation Substituted
	  	 	37	 
		 	 Section 9.03.
	  	 Opinion of Counsel to Trustee
	  	 	38	 
			
	 ARTICLE 10    
	 	 SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	38	 
		 	 Section 10.01.
	  	 Satisfaction and Discharge of Indenture
	  	 	38	 
		 	 Section 10.02.
	  	 Defeasance and Covenant Defeasance.
	  	 	38	 
		 	 Section 10.03.
	  	 Application by Trustee of Funds Deposited for Payment of Securities
	  	 	40	 
		 	 Section 10.04.
	  	 Repayment of Moneys Held by Paying Agent
	  	 	40	 
		 	 Section 10.05.
	  	 Return of Unclaimed Moneys Held by Trustee and Paying Agent
	  	 	40	 
		 	 Section 10.06.
	  	 Reinstatement of Obligations
	  	 	40	 
			
	 ARTICLE 11    
	 	 REDEMPTION OF SECURITIES
	  	 	40	 
		 	 Section 11.01.
	  	 Notice of Redemption; Partial Redemptions
	  	 	40	 
		 	 Section 11.02.
	  	 Payment of Securities Called for Redemption
	  	 	42	 
		 	 Section 11.03.
	  	 Exclusion of Certain Securities from Eligibility for Selection for Redemption
	  	 	42	 
		 	 Section 11.04.
	  	 Repayment at the Option of the Holders
	  	 	42	 
			
	 ARTICLE 12    
	 	 HOLDERS’ MEETINGS
	  	 	43	 
		 	 Section 12.01.
	  	Purposes of Meetings	  	 	43	 

  
 ii 

									
		 	 Section 12.02.
	  	 Call of Meetings by Trustee
	  	 	43	 
		 	 Section 12.03.
	  	 Call of Meetings by Company or Holders
	  	 	43	 
		 	 Section 12.04.
	  	 Qualifications for Voting
	  	 	43	 
		 	 Section 12.05.
	  	 Regulations
	  	 	43	 
		 	 Section 12.06.
	  	 Voting
	  	 	44	 
		 	 Section 12.07.
	  	 No Delay of Rights by Meeting
	  	 	44	 
				
	 ARTICLE 13    
	 	 SECURITY
	  		  	 	44	 
			
	 ARTICLE 14    
	 	 MISCELLANEOUS PROVISIONS
	  	 	45	 
		 	 Section 14.01.
	  	 Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual
Liability
	  	 	45	 
		 	 Section 14.02.
	  	 Provisions of Indenture for the Sole Benefit of Parties and Securityholders
	  	 	45	 
		 	 Section 14.03.
	  	 Successors and Assigns of Company Bound by Indenture
	  	 	45	 
		 	 Section 14.04.
	  	 Notices and Demands on Company, Trustee and Securityholders
	  	 	45	 
		 	 Section 14.05.
	  	 Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein
	  	 	46	 
		 	 Section 14.06.
	  	 Payments Due on Saturdays, Sundays and Holidays
	  	 	46	 
		 	 Section 14.07.
	  	 Conflict of Any Provision of Indenture with Trust Indenture Act
	  	 	47	 
		 	 Section 14.08.
	  	 New York Law to Govern
	  	 	47	 
		 	 Section 14.09.
	  	 Counterparts
	  	 	47	 
		 	 Section 14.10.
	  	 Effect of Headings
	  	 	47	 
		 	 Section 14.11.
	  	 Determination of Principal Amount
	  	 	47	 
		 	 Section 14.12.
	  	 Waiver
	  	 	47	 
		 	 Section 14.13.
	  	 Force Majeure
	  	 	47	 
		 	 Section 14.14.
	  	Waiver of Jury Trial	  	 	47	 

  
 iii 

 THIS INDENTURE, dated as of
                    , 20    , is by and between County Bancorp, Inc., a Wisconsin corporation, and
            , as Trustee. 
 RECITALS 

A. The Company (as defined herein) has duly authorized the execution and delivery of this Indenture (as defined herein) in order to issue from
time to time its debentures, notes or other evidences of indebtedness in one or more Series (as defined herein) in accordance with the terms of this Indenture. 

B. All things necessary to make this Indenture a valid agreement of the Company according to its terms have been done. 

AGREEMENT 
 In
consideration of the recitals and the purchases of the Securities (as defined herein) by the Holders (as defined herein) thereof, the Company and the Trustee (as defined herein) mutually covenant and agree for the equal and proportionate benefit of
the respective Holders from time to time of the Securities as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following
terms (except as herein otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Article 1.
Certain terms used principally in certain Articles or Sections hereof are defined in those Articles or Sections, as the case may be. All terms used but not defined in this Indenture that are defined in the Trust Indenture Act (as defined herein) or
the definitions of which in the Securities Act (as defined herein) are referred to in the Trust Indenture Act, including terms defined therein by reference to the Securities Act (except as herein otherwise expressly provided or unless the context
otherwise clearly requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act. Unless the context otherwise clearly requires: (a) all accounting terms used herein and not expressly defined
shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the United
States of America (as defined herein) at the time of any computation; (b) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole, as supplemented and
amended from time to time, and not to any particular Article, Section or other subdivision; (c) all references to Articles, Sections or other subdivisions are to Articles, Sections or other subdivisions of this Indenture; (d) words in the
singular include the plural and vice versa; (e) the pronoun “his” refers to the masculine, feminine and neuter; (f) the word “including” or any variation thereof shall be deemed to be followed by “but not limited
to” and (g) the word “principal,” whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to be followed by “and premium, if any.” 

“Additional Amounts” has the meaning specified in Section 3.05. 

“Business Day” means any calendar day that is not a Saturday, Sunday or legal holiday in New York, New York, and on which the
Trustee and commercial banks are open for business in New York, New York. 
 “Capital Stock” means any and all shares,
interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock, and all options, warrants or other rights to purchase or acquire any of the
foregoing. 
 “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 and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

 “Common Stock” includes any stock of any class of the Company that has no
preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company. 

“Company” means County Bancorp, Inc., a Wisconsin corporation, until a successor Person shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter “Company” will mean such successor Person. 
 “Company Board
of Directors” means either the Board of Directors of the Company or any committee of such Board of Directors duly authorized to act hereunder, as the case may be. 

“Company Board Resolution” means a copy of one or more resolutions certified by the secretary or any assistant secretary of
the Company to have been duly adopted by the Company Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant
to a Company Board Resolution (including the establishment of any Series of the Securities and the forms and terms thereof), such action may be taken by any officer of the Company authorized to take such action by the Company Board of Directors as
evidenced by a Company Board Resolution. 
 “Company Officers’ Certificate” means a certificate signed by both
(a) the chief executive officer, the president or any vice president of the Company and (b) the treasurer or any assistant treasurer or the secretary or any assistant secretary of the Company, and delivered to the Trustee. Each such
certificate shall include the statements provided for in Section 14.05 to the extent applicable. 
 “Company Order”
means a written order, direction, instruction or request of the Company signed by both (a) the chief executive officer, the president or any vice president of the Company and (b) the treasurer or any assistant treasurer or the secretary or
any assistant secretary of the Company. 
 “Conversion Date” has the meaning specified in Section 2.12(e). 

“Conversion Event” means the cessation of use of a Foreign Currency both by the government of the country or countries, or
the confederation or association of governments, that issued such Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community. 

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

“Coupon” means any interest coupon appertaining to any Security. 

“Coupon Security” means any Security authenticated and delivered with one or more Coupons appertaining thereto. 

“Currency” means any currency or currencies issued by the government of one or more countries or by any confederation or
association of such governments, including Dollars, euros and pounds sterling. 
 “Currency Determination Agent” means the
New York clearing house bank, if any, from time to time selected by the Company for purposes of Section 2.12. 
 “Discount
Security” means any Security which provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 5.01. 

“Dollar” means the coin or currency of the United States of America which as of the time of payment is legal tender for the
payment of public and private debts. 

  
 2 

 “Event of Default” means any event or condition specified as such in
Section 5.01. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means any Currency issued by the government of one or more countries other than the United States of
America or by any confederation or association of such governments, including euros and pounds sterling. 
 “Government
Obligations” means securities which are (a) direct obligations of the United States of America or the government that issued the Currency in which the Securities of a particular Series are denominated or (b) obligations of a
Person controlled or supervised by, or acting as an agency or instrumentality of, the United States of America or the government that issued the Currency in which the Securities of such Series are denominated, the full and timely payment of which
obligations is unconditionally guaranteed by such government, and which, in either case, are full faith and credit obligations of such government, are denominated in the Currency in which the Securities of such Series are denominated and which are
not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on principal
of any such Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt. 

“Holder,” “Holder of Securities,” “Securityholder” or other similar terms mean the bearer
of an Unregistered Security or a Registered Holder of a Registered Security and, when used with respect to any Coupon, means the bearer thereof. 

“Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as
so amended or supplemented or both, and shall include the forms and terms of particular Series of Securities established as contemplated hereunder. 

“interest,” when used with respect to non-interest-bearing Securities, means interest
payable at maturity and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 3.05 or otherwise, includes such Additional Amounts. 

“Market Exchange Rate” has the meaning specified in Section 2.12(d). 

“Opinion of Counsel” means an opinion in writing signed by legal counsel, which may be an employee of or counsel to the
Company, and which shall be reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided for in Section 14.05 to the extent applicable. 

“Original Issue Discount” with respect to any Security, including any Security that is issued at a price below face value,
has the same meaning set forth in Section 1273 of the Internal Revenue Code of 1986 as in effect on the date hereof, or any successor provision, and the applicable Treasury Regulations thereunder. 

“Outstanding,” when used with reference to Securities, shall, subject to the provisions of Section 7.04, mean, as of any
particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Securities theretofore
cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities, or portions thereof, as to which moneys in
the amount and Currency required for the repayment or redemption thereof shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside, segregated and held in trust by the Company
for the Holders of such Securities (if the Company shall act as its own Paying Agent); provided that, if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given
as herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice; 

  
 3 

 (c) Securities for which other Securities shall have been authenticated and delivered in
substitution, or which shall have been paid, pursuant to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee and the Company is presented that such Security is held by a Person in
whose hands such Security is a legal, valid and binding obligation of the Company); and 
 (d) Securities discharged pursuant to
Section 10.01 or with respect to which the Company has effected defeasance and/or covenant defeasance as provided in Section 10.02, to the extent such Securities are not reinstated pursuant to Section 10.06. 

“Paying Agent” means any Person (which may include the Company) authorized by the Company to pay the principal of or
interest, if any, on any Security on behalf of the Company. 
 “Person” means any individual, corporation, partnership,
limited liability company, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other legal entity. 

“Place of Payment,” when used with respect to the Securities of any Series, means the place or places where the principal of
and interest, if any, on the Securities of that Series are payable as specified pursuant to Section 3.02, and initially shall mean the designated office of the Trustee at which the corporate trust paying agent office of the Trustee shall, at
any particular time, be administered, which office is, at the date of this Indenture, located at             . 

“Preferred Stock” includes any stock of any class of the Company that has a preference over Common Stock in respect of
dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company. 

“Registered Holder,” when used with respect to a Registered Security, means the Person in whose name such Security is
registered in the Security register. 
 “Registered Security” means any Security registered in the Security register. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department (or any
successor group) of the Trustee, including any vice president, assistant vice president or assistant secretary, or any other officer or assistant officer of the Trustee customarily performing functions similar to those performed by the Persons who
at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of such Person’s knowledge of and familiarity with the particular subject. 

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

“Securities” means debentures, notes or other evidences of indebtedness that have been authenticated and delivered under this
Indenture. 
 “Series” or “Series of Securities” means a series of Securities and, except in Sections 2.03
and 7.04 and Articles 1 (“Outstanding”), 5 and 6, a Tranche in the event that the applicable Series may be issued in separate Tranches. 

“Subsidiary” means any Person which is consolidated in the Company’s accounts and any Person of which at least a
majority of the outstanding stock having by the terms thereof ordinary voting power to elect a majority of the directors (or Persons performing similar functions) of such Person (irrespective of whether or not at the time stock of any other class or
classes of such Person shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the Company, or by one or more Subsidiaries, or by the Company and one or more
Subsidiaries. 

  
 4 

 “Tranche” means all Securities of the same Series which have the same issue
date, maturity date, interest rate or method of determining interest, and, in the case of Discount Securities, which have the same issue price. 

“Treasury Regulation” means a final or temporary regulation issued by the U.S. Department of the Treasury. 

“Trustee” means the Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of
Article 6, any successor trustee, 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 of 1939” or “Trust Indenture Act,” except as otherwise provided in Sections 8.01 and
8.02, means the Trust Indenture Act of 1939, as amended. 
 “United States” means the United States of America (together
with the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 
 “United States of
America” means the fifty states constituting the United States of America as of the date hereof. 
 “United States
Person” means, unless otherwise specified with respect to any Securities pursuant to Section 2.03, an individual who is a citizen or resident of the United States, a corporation, partnership, limited liability company or other entity
created or organized in or under the laws of the United States or an estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

“Unregistered Security” means any Security not registered in the Security register. 

“Valuation Date” has the meaning specified in Section 2.12(d). 

“vice president,” when used with respect to the Company or the Trustee, means any vice president, whether or not designated
by a number or a word or words added before or after the title of “vice president.” 
 “Wholly Owned Subsidiary”
means any Subsidiary in which the Company and/or its other wholly owned Subsidiaries own all of the outstanding capital stock (other than directors’ qualifying shares). 

ARTICLE 2 

SECURITIES 
 Section
2.01. Forms Generally. The Securities of each Series and the Coupons, if any, shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a Company Board Resolution and set
forth in a Company Officers’ Certificate and/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 or any
indenture supplemental hereto (the provisions of which shall be appropriate to reflect the terms of each Series of Securities, including the Currency or denomination, which may be Dollars or any Foreign Currency) and may have imprinted or otherwise
reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture or any indenture supplemental hereto, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of
any securities exchange or market or to conform to general usage, all as may be determined by the officers executing such Securities and Coupons, if any, as evidenced by their execution of the Securities and Coupons, if any. 

The definitive Securities and Coupons, if any, shall be printed, or may be produced in any other manner, all as determined by the officers of
the Company executing such Securities and Coupons, if any, as evidenced by their execution of such Securities and Coupons, if any. 

  
 5 

 Section 2.02. Form of Trustee’s Certificate of Authentication. The
Trustee’s certificate of authentication on all Securities shall be in substantially the following form: 
 [FORM OF TRUSTEE’S
CERTIFICATE OF AUTHENTICATION] 
 This is one of the Securities of the Series designated herein and referred to in the within-mentioned
Indenture. 
  

			
	  

	as Trustee
		
	By:	 	  

		 	Authorized Signatory
	
	OR
	
	  

	as Authentication Agent
		
	By:	 	  

		 	Authorized Office

 Section 2.03. Amount Unlimited; Issuable in Series. The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more
Series. There shall be established in or pursuant to one or more Company Board Resolutions and set forth in a Company Officers’ Certificate and/or established in one or more indentures supplemental hereto, prior to the issuance of Securities of
any Series: 
 (a) the title of the Securities of the Series (which title shall distinguish the Securities of the Series from all
other Securities issued by the Company), including, as applicable, whether the Securities of the Series shall be issued as senior Securities, senior subordinated Securities or subordinated Securities; any subordination provisions particular to the
Securities of the Series; and whether the Securities of the Series are convertible or exchangeable for other securities; 

(b) any limit upon the aggregate principal amount of the Securities of the Series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.08, 2.09, 2.11 or 11.02); 

(c) if other than 100% of its aggregate principal amount, the percentage of the aggregate principal amount at which the Securities
of the Series will be offered; 
 (d) the date or dates (whether fixed or extendable) on which the principal of the Securities
of the Series is payable; 
 (e) the rate or rates, which may be fixed or variable, at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable, the basis upon which interest shall be calculated if other than that of a 360-day year consisting of twelve 30-day months and, in the case of Registered Securities, the record dates for the determination of Holders to whom interest is payable; 

  
 6 

 (f) any provisions relating to the issuance of the Securities of the Series at an
Original Issue Discount; 
 (g) the place or places where the principal of and interest on Securities of the Series shall be
payable and where Securities of the Series may be surrendered for conversion or exchange (if other than as provided in Section 3.02); 

(h) whether any of such Securities of the Series are to be redeemable at the option of the Company, and if so, the price or prices
at which, the period or periods within which and the terms and conditions upon which Securities of the Series may be so redeemed, in whole or in part, at the option of the Company, pursuant to any sinking fund or otherwise; 

(i) if other than 100% of the aggregate principal amount thereof, the portion of the principal amount of the Securities of the
Series which shall be payable upon declaration of acceleration of the maturity date thereof pursuant to Section 5.01 or provable in bankruptcy pursuant to Section 5.02, or, if applicable, which is convertible or exchangeable; 

(j) the obligation, if any, of the Company to redeem, purchase or repay Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof, and the price or prices at which, the Currency in which and the period or periods within which, and 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 (including the terms or method of payment thereof if other than cash), and any provision for the remarketing of the Securities; 

(k) the issuance of Securities of the Series as Registered Securities or Unregistered Securities or both, and the rights of the
Holders to exchange Unregistered Securities of the Series for Registered Securities of the Series or to exchange Registered Securities of the Series for Unregistered Securities of the Series and the circumstances under which any such exchanges, if
permitted, may be made; 
 (l) if other than denominations of $1,000 and any integral multiple thereof, the denominations, which
may be in Dollars or any Foreign Currency, in which Securities of the Series shall be issuable; 
 (m) whether the Securities of
the Series will be certificated and, if so, the form of the Securities (or forms thereof if both Unregistered Securities and Registered Securities shall be issuable in such Series), including such legends as required by law or as the Company deems
necessary or appropriate, the form of any Coupons or temporary global security which may be issued and the forms of any other certificates which may be required hereunder or which the Company may require in connection with the offering, sale,
delivery or exchange of the Securities; 
 (n) if other than Dollars, the Currency or Currencies in which payments of interest,
principal and other amounts payable with respect to the Securities of the Series are to be denominated, payable, redeemable or repurchasable, as the case may be; 

(o) whether Securities of the Series are issuable in Tranches; 

(p) the obligations, if any, of the Company to permit the conversion or exchange of the Securities of such Series into Common
Stock, Preferred Stock or other Capital Stock or property (including securities), or a combination thereof, and the terms and conditions upon which such conversion shall be effected (including the initial conversion or exchange price or rate, the
conversion or exchange period, the provisions for conversion or exchange price or rate adjustments and any other provisions relative to such obligation) and any limitations on the ownership or transferability of the securities or property into which
the Securities may be converted or exchanged; 

  
 7 

 (q) if other than the Trustee, any trustees, authenticating or paying agents,
transfer agents or registrars or any other agents with respect to the Securities of such Series; 
 (r) if the Securities of the
Series do not bear interest, the applicable dates for purposes of Section 4.01; 
 (s) any deletions from, modifications of
or additions to (a) the Events of Default with respect to Securities of the Series or (b) the right of the Trustee or the Holders of such Securities pursuant to Section 5.01; 

(t) any deletions from, modifications of or additions to the covenants set forth in Article 3 with respect to Securities of the
Series; 
 (u) if the amount of payments of principal of, and make-whole amount, if any, and interest on, the Securities of the
Series may be determined with reference to an index, the manner in which such amount shall be determined; 
 (v) whether the
Securities of the Series shall be issued in whole or in part in the global form of one or more Securities and in such case, (i) the depositary for such Securities, which depositary must be a clearing agency registered under the Exchange Act,
(ii) the circumstances under which any such Securities may be exchanged for Securities registered in the name of, and under which any transfer of such Securities may be registered in the name of, any Person other than such depositary or its
nominee, if other than as set forth in Section 2.15, and (iii) any other provisions regarding such Securities which provisions may be in addition to or in lieu of, in whole or in part, the provisions of Section 2.15; 

(w) whether, under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by
Section 3.05 on the Securities of the Series to any Holder who is not a United States Person (including any modification to the definition of such term) in respect of any tax, assessment or governmental charge and, if so, whether the Company
will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option); 

(x) whether the Securities of the Series, in whole or in specified part, will not be defeasible pursuant to Section 10.02(b) or
Section 10.02(c), or both such Sections, and, if the Securities may be defeased, in whole or in specified part, pursuant to either or both such Sections, any provisions to permit a pledge of obligations other than Government Obligations (or the
establishment of other arrangements) to satisfy the requirements of Section 10.02(d)(i) for defeasance of the Securities and, if other than by a Company Board Resolution, the manner in which any election by the Company to defease the Securities will
be evidenced; 
 (y) whether the Securities of such Series are to be secured by any property, assets or other collateral and, if
so, the applicable collateral, any deletions from, modifications of or additions to the provisions of Article 13; 
 (z) the
Person to whom any interest on the Securities of such Series will be payable, if other than the Securityholder thereof, on the regular record date therefor; 

(aa) the dates on which interest, if any, will be payable and the regular record dates for interest payment dates; 

(bb) any restrictions, conditions or requirements for transfer of the Securities of such Series; and 

(cc) any other terms or conditions upon which the Securities of the Series are to be issued (which terms shall not be inconsistent
with the provisions of this Indenture). 

  
 8 

 All Securities of any one Series shall be substantially identical except as to denomination,
except as contemplated by the immediately succeeding paragraph, and except as may otherwise be provided in or pursuant to such Company Board Resolution or in any such indenture supplemental hereto. All Securities of any one Series need not be issued
at the same time, and unless otherwise provided, a Series may be reopened, without the consent of the Holders, for issuances of additional Securities of such Series or to establish additional terms of such Series of Securities (which additional
terms shall only be applicable to unissued or additional Securities of such Series). 
 Each Series may be issued in one or more Tranches.
All Securities of a Tranche shall have the same issue date, maturity date, interest rate or method of determining interest, and, in the case of Discount Securities, the same issue price. 

Section 2.04. Authentication and Delivery of Securities. At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any Series having attached thereto appropriate Coupons, if any, executed by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver
such Securities to or upon a Company Order without any further action by the Company. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive and (subject to Section 6.01) shall be fully protected in relying upon: 
 (a) a Company Board Resolution
relating to such Series; 
 (b) an executed supplemental indenture, if any; 

(c) a Company Officers’ Certificate setting forth the form and terms of the Securities of such Series as required pursuant to
Sections 2.01 and 2.03, respectively, and prepared in accordance with Section 14.05; 
 (d) at the option of the Company,
either an Opinion of Counsel, prepared in accordance with Section 14.05, or a letter addressed to the Trustee allowing the Trustee to rely on an Opinion of Counsel, substantially to the effect that: 

(i) the form or forms and terms of such Securities and Coupons, if any, have been established in or pursuant to a
Company Board Resolution or in a supplemental indenture as permitted by Sections 2.01 and 2.03, respectively, in conformity with the provisions of this Indenture; and 

(ii) such Securities and Coupons, if any, have been duly authorized, and, when authenticated and delivered by the
Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company enforceable in accordance with their terms, subject to applicable
bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’ rights and by general equitable principles, regardless of whether such enforceability is considered in a proceeding in equity or at law;

 provided, however, that in the case of any Series issuable in Tranches, if the Trustee has previously received the
applicable documents referred to in clause (a) through (d) above with respect to such Series, the Trustee shall authenticate and deliver Securities of such Tranches executed by the Company for original issuance upon receipt by the Trustee of a
notice, executed by an officer of the Company transmitted electronically by facsimile or otherwise and confirmed in writing to the Trustee, of the terms of the issuance of such Securities. 

The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section 2.04 if the Trustee, being
advised by counsel, determines that such Securities may not lawfully be issued by the Company. 
 Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 2.10, together with a written statement
(which need not comply with Section 14.05 and need 

  
 9 

 
not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 Section
2.05. Execution of Securities. The Securities shall be signed on behalf of the Company by both (a) the chief executive officer, president or any vice president of the Company and (b) the treasurer, any assistant
treasurer, the secretary or any assistant secretary of the Company, which may, but need not, be attested. Such signatures may be the manual or facsimile signatures of the present or any future such officers. Typographical and other minor errors or
defects in any such reproduction of any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. Any Coupons attached to any Unregistered Security shall be executed
on behalf of the Company by the manual or facsimile signature of any such officer of the Company. 
 Securities and Coupons, if any, bearing
the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or Coupons, if any. 

Section 2.06. Certificate of Authentication. Only such Securities as shall bear thereon a certificate of
authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such
certificate by the Trustee upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this
Indenture. 
 The Trustee shall not authenticate or deliver any Unregistered Security until matured Coupons appertaining thereto have been
detached and canceled, except as otherwise provided or permitted by this Indenture. 
 Section 2.07. Denomination and
Date of Securities; Payments of Interest. The Securities shall be issuable in denominations as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities of any Series, the
Securities of such Series shall be issuable in denominations of $1,000 and any multiple thereof, which may be in Dollars or any Foreign Currency, and interest shall be computed on the basis of a 360-day year
of twelve 30-day months. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Company executing the same may determine
with the approval of the Trustee as evidenced by the execution and authentication thereof. 
 Each Security shall be dated the date of its
authentication, shall bear interest from the date, and shall be payable on the dates, in each case, which shall be specified as contemplated by Section 2.03. 

Interest on any Security which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid, in the
case of Registered Securities, to the Person in whose name that Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for the payment of such interest and, in the case of Unregistered
Securities, upon surrender of the Coupon appertaining thereto in respect of the interest due on such interest payment date. 
 The term
“record date,” as used with respect to any interest payment date (except for a date for payment of defaulted interest), means the date specified as such in the terms of the Securities of any particular Series, or, if no such date is
so specified, if such interest payment date is the first day of a calendar month, the close of business on the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar month, the close
of business on the first day of such calendar month, whether or not such record date is a Business Day. 
 Any interest on any Security of
any Series which is payable, but is not punctually paid or duly provided for, on any interest payment date (called “defaulted interest” for the purpose of this Section 2.07) shall forthwith cease to be payable to the Registered
Holder on the relevant record date by virtue of his having been such Holder; and such defaulted interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 

  
 10 

 (a) The Company may elect to make payment of any defaulted interest to the Persons in
whose names any such Registered Securities (or their respective predecessor Securities) are registered at the close of business on a special record date for the payment of such defaulted interest, which shall be fixed in the following manner. The
Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Security of such Series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment; such money, when so deposited, will be
held in trust for the benefit of the Persons entitled to such defaulted interest. Thereupon the Trustee shall fix a special record date for the payment of such defaulted interest in respect of Registered Securities of such Series which shall be not
more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date
and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such defaulted interest and the special record date thereof to be mailed, first class postage prepaid, to each Registered Holder at his address as it
appears in the Security register, not less than 10 days prior to such special record date. Notice of the proposed payment of such defaulted interest and the special record date therefor having been mailed as aforesaid, such defaulted interest in
respect of Registered Securities of such Series shall be paid to the Person in whose names such Securities (or their respective predecessor Securities) are registered on such special record date and such defaulted interest shall no longer be payable
pursuant to the following clause (b). 
 (b) The Company may make payment of any defaulted interest on the Registered Securities
of any Series in any other lawful manner not inconsistent with the requirements of any securities exchange or market on which the Securities of that Series may be listed, and upon such notice as may be required by such exchange or market, if, after
notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee. 

Any defaulted interest payable in respect of any Security of any Series which is not a Registered Security shall be payable pursuant to such
procedures as may be satisfactory to the Trustee in such manner that there is no discrimination as between the Holders of Registered Securities and other Securities of the same Series, and notice of the payment date therefor shall be given by the
Trustee, in the name and at the expense of the Company, by publication at least once in a newspaper of general circulation in New York, New York. 

Subject to the foregoing provisions of this Section 2.07, each Security delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

In the case of any Security which is converted into Common Stock or Preferred Stock after any regular record date and on or prior to the next
succeeding interest payment date (other than any Security whose maturity is prior to such interest payment date), interest whose stated maturity is on such interest payment date shall be payable on such interest payment date notwithstanding such
conversion, and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Security (or one or more predecessor Securities) is registered at the close of business on such regular record date.
Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Security which is converted, interest whose stated maturity is after the date of conversion of such Security shall not be payable. 

Section 2.08. Registration, Transfer and Exchange. The Company will keep or will cause to be kept at the office or
agency of the Trustee to be maintained for the purpose as provided in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, the Company will provide for the registration and transfer of
Registered Securities as is provided in this Article 2. Such register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or
registers shall be open for inspection by the Trustee. 

  
 11 

 Upon due presentation for registration of transfer of any Registered Security of any Series at
any such office or agency to be maintained for the purpose as provided in Section 3.02, the Company shall execute, and the Trustee shall authenticate and deliver in the name of the transferee or transferees, a new Registered Security or
Registered Securities of the same Series in authorized denominations for a like aggregate principal amount. 
 At the option of the Holder
thereof, Unregistered Securities of a Series which by their terms are registerable as to principal and interest may, to the extent and under the circumstances specified pursuant to Section 2.03, be exchanged for Registered Securities of such
Series, as may be issued by the terms thereof. At the option of the Holder thereof, Registered Securities of a Series which by their terms provide for the issuance of Unregistered Securities may, to the extent and under the circumstances specified
pursuant to Section 2.03, be exchanged for Unregistered Securities of such Series. Securities so issued in exchange for other Securities shall be of any authorized denomination and of like principal amount, maturity date, and interest rate or
method of determining interest, and shall be issued upon surrender of the Securities for which they are to be exchanged and, in the case of Coupon Securities, together with all unmatured Coupons and matured Coupons in default appertaining thereto,
at the office of the Company provided for in Section 3.02 and upon payment, if the Company shall require, of charges provided therein. Unregistered Securities of any Series issued in exchange for Registered Securities of such Series between the
regular record date for such Registered Security and the next interest payment date will be issued without the Coupon relating to such interest payment date, and Unregistered Securities surrendered in exchange for Registered Securities between such
dates shall be surrendered without the Coupon relating to such interest payment date. 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. Notwithstanding the foregoing, an Unregistered Security will not be delivered in exchange for a Registered Security or Securities unless the Trustee receives a certificate signed by the Person entitled to
delivery of such Security or other items or documents fulfilling such conditions as shall be required by regulations of the U.S. Department of the Treasury, or shall be notified by the Company that such a certificate shall not be required by such
regulations; provided, however, that no such Unregistered Security shall be delivered by the Trustee if the Trustee or such agent shall have, or shall have been notified in writing by the Company that the Company has, actual knowledge
that such certificate is false. 
 Upon presentation for registration of any Unregistered Securities of any Series which by its terms is
registerable as to principal, at the office or agency of the Company to be maintained as provided in Section 3.02, such Security shall be registered as to principal in the name of the Holder thereof and such registration shall be noted on such
Security. Any Security so registered shall be transferable on the registry books of the Company upon presentation of such Security at such office or agency for similar notation thereon, but such Security may be discharged from registration by being
in a like manner transferred to bearer, whereupon transferability by delivery shall be restored. Except as otherwise provided pursuant to Section 2.03, Unregistered Securities shall continue to be subject to successive registrations and
discharges from registration at the option of the Holders thereof. 
 Unregistered Securities shall be transferable by delivery, except
while registered as to principal. Registration of any Coupon Security shall not affect the transferability by delivery of the Coupons appertaining thereto which shall continue to be payable to bearer and transferable by delivery. 

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

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

No service charge shall be made for any registration of transfer or exchange of Securities, but 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 transfer or exchange of Securities, other than exchanges pursuant to Section 2.11, 8.05 or 11.02 not involving any transfer. 

  
 12 

 The Company shall not be required (a) to issue, register the transfer of or exchange any
Security during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities for redemption under Article 11 or (b) to register the transfer of or exchange any Security so selected for
redemption in whole or in part, except, in the case of any Security to be redeemed in part, the portion thereof not redeemed. 
 Section
2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security or Coupon shall become mutilated or defaced or be destroyed, lost or stolen, the Company at its own discretion may
execute, and upon receipt of a Company Order, the Trustee shall authenticate and deliver, a new Security of the same Series or Coupon, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced
Security or Coupon, or in lieu of and substitution for the Security or Coupon so destroyed, lost or stolen. In every case, the applicant for a substitute Security or Coupon shall furnish to the Company, to the Trustee and to any agent of the Company
or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such
Security or Coupon and of the ownership thereof. 
 Upon the issuance of any substitute Security or Coupon, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

In case any Security or Coupon which has matured or is about to mature or has been called for redemption in full shall become mutilated or
defaced or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security or Coupon, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Security or Coupon);
provided, however, that any such payments in respect of Unregistered Securities or Coupons shall be subject to the provisions of Section 2.12(c). 

Every substitute Security of any Series or Coupon issued pursuant to the provisions of this Section 2.09 by virtue of the fact that any
such Security or Coupon is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security or Coupon shall be at any time enforceable by anyone and shall be
entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such Series or Coupons duly authenticated and delivered hereunder.
All Securities or Coupons shall be held and owned upon the express condition that, to the extent permitted by the law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen
Securities or Coupons and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities
without their surrender. 
 Section 2.10. Cancellation of Securities. All Securities surrendered for payment,
redemption, registration of transfer, conversion or exchange, or for credit against any payment in respect of a sinking or analogous fund, and all Coupons surrendered for payment or exchange, shall, if surrendered to the Company or any agent of the
Company or the Trustee, be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled promptly by it; and no Securities or Coupons shall be issued in lieu thereof, except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of cancelled Securities in accordance with its customary procedures. If the Company shall acquire any of the Securities and Coupons, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities and Coupons unless and until the same are delivered to the Trustee for cancellation. 

Section 2.11. Temporary Securities. Pending the preparation of definitive Securities for any Series, the Company may
execute and the Trustee shall authenticate and deliver temporary Securities for such Series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any Series may be
issued as Registered Securities or Unregistered Securities with or without Coupons attached thereto, of any authorized denomination, and substantially in the form of the definitive Securities of such Series but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as may be determined by the Company with the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every
temporary Security shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, 

  
 13 

 
and with like effect, as the definitive Securities. Without unreasonable delay the Company shall execute and shall furnish definitive Securities of such Series and thereupon temporary Securities
of such Series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Company for that purpose pursuant to Section 3.02, and the Trustee shall authenticate and deliver in exchange for such
temporary Securities of such Series a like aggregate principal amount of definitive Securities of the same Series of authorized denominations and, in the case of Unregistered Securities, having attached thereto any appropriate Coupons. 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 2.12. Currency and Manner of Payments in Respect of Securities. 

(a) With respect to Registered Securities of any Series with respect to which the Holders of such Securities have not made the
election provided for in subsection (b) of this Section 2.12, the following payment provisions shall apply: 

(i) Except as provided in subsection 2.12(a)(ii) or subsection (e) of this Section 2.12, payment of the
principal of any Registered Security will be made at the Place of Payment by delivery of a check in the Currency in which the Security is denominated on the payment date against surrender of such Registered Security, or, if the Securities are global
securities, in accordance with the procedures of the applicable clearing agency pursuant to Section 2.15, and any interest on any Registered Security will be paid at the Place of Payment by mailing a check in the Currency in which the
Securities were issued to the Person entitled thereto at the address of such Person appearing on the Security register. 

(ii) Payment of the principal of and interest on such Security may also, subject to applicable laws and
regulations, be made at such other place or places as may be designated by the Company by any appropriate method. 
 (b) With
respect to Registered Securities of any Series, the following payment provisions shall apply, except as otherwise provided in subsections (e) and (f) of this Section 2.12: 

(i) The Company Board of Directors may provide with respect to any Series of such Securities that Holders shall
have the option to receive payments of principal of and interest on such Security in any of the Currencies which may be designated for such election in such Security (or, if no such Currencies are designated, in the Currency in which the Securities
of such Series are denominated) by delivering to the Trustee a written election, to be in substantially the form included with the applicable form of Securities as shall be established pursuant to Section 2.01, not later than the close of
business on the record date immediately preceding the applicable payment date. Such election will remain in effect for such Holder until changed by the Holder by written notice to the Trustee (but any such change must be made not later than the
close of business on the record date immediately preceding the next payment date to be effective for the payment to be made on such payment date and no such change may be made with respect to payments to be made on any Security with respect to which
notice of redemption has been given by the Company pursuant to Article 11). Any Holder of any such Security who shall not have delivered any such election to the Trustee by the close of business on the applicable record date will be paid the amount
due on the applicable payment date in the relevant Currency as provided in subsection (a) of this Section 2.12. Payment of principal shall be made on the payment date against surrender of such Securities. Payment of principal and interest
shall be made at the Place of Payment by mailing a check in the applicable Currency to the Person entitled thereto at the address of such Person appearing on the Security register. 

(ii) Payment of the principal of and interest on such Security may also, subject to applicable laws and
regulations, be made at such other place or places as may be designated by the Company by any appropriate method. 
 (c) Payment
of the principal of any Unregistered Security and of interest on any Coupon Security will be made at such place or places outside the United States of America as may be designated by the Company by any appropriate method only in the Currency in
which the Security is payable (except as provided in subsection (e) of this Section 2.12) on the payment date against surrender of the Unregistered Security, in the case of 

  
 14 

 
payment of principal, or the relevant Coupon, in the case of payment of interest. Except as provided in subsection (e) of this Section 2.12, payment with respect to Unregistered
Securities and Coupons will be made by check, subject to any limitations on the methods of effecting such payment as shall be specified in the terms of the Security established as provided in Section 2.03 and as shall be required under
applicable laws and regulations. Payment of the principal of and interest on Unregistered Securities may also, subject to applicable laws and regulations, be made at such other place or places as may be designated by the Company by any appropriate
method. 
 (d) Not later than the fourth Business Day after the record date for each payment date, the Trustee will deliver to
the Company a written notice specifying, in the Currency in which each Series of Securities are denominated, the respective aggregate amounts of principal of and interest on the Securities to be made on such payment date, specifying the amounts so
payable in respect of the Registered and the Unregistered Securities and in respect of the Registered Securities as to which the Holders shall have elected to be paid in another Currency as provided in subsection (b) of this Section 2.12.
If the Company Board of Directors has provided for the election referred to in subsection (b) of this Section 2.12 with respect to Registered Securities and if at least one Holder of such Registered Securities has made such election, then
not later than the second Business Day preceding the applicable payment date the Company will deliver to the Trustee an Exchange Rate Officer’s Certificate in respect of such payment date. The Dollar or Foreign Currency amount receivable by
Holders of Registered Securities who have elected payment in another Currency as provided in subsection (b) of this Section 2.12 shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second
Business Day (the “Valuation Date”) prior to such payment date and set forth in the applicable Exchange Rate Officer’s Certificate. For purposes of this Section 2.12 and Section 6.02(a), “Exchange Rate
Officer’s Certificate” means, with respect to any payment date in respect of Registered Securities as to which the Company Board of Directors has provided for the election referred to in subsection (b) of this Section 2.12
and at least one Holder of such Registered Securities has made such election, a certificate setting forth (i) the applicable Market Exchange Rate to Holders of such Registered Securities who had elected payment in a Currency other than the
Currency in which such Registered Securities are denominated as determined by the Company and (ii) the Dollar or Foreign Currency amounts payable for the Valuation Date with respect to such payment date on the basis of such Market Exchange Rate
or quotation in respect of the principal of and interest on the applicable Series of Registered Securities, signed by the treasurer or any assistant treasurer of the Company, and delivered to the Trustee. For purposes of this Section 2.12 and
Section 14.11, “Market Exchange Rate” means for any Currency as of a particular date, the noon Dollar buying rate for such Currency for cable transfers quoted in New York, New York on such date as certified for customs purposes
by the Federal Reserve Bank of New York; provided, however, that if such rate is not available for any reason on such date, the Currency Determination Agent shall determine the Market Exchange Rate for the particular date, in its sole
discretion and without liability on its part, based on such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York, New York or in the country of issue of the
currency in question, or such other quotations as the Currency Determination Agent shall deem appropriate. Unless otherwise specified by the Currency Determination Agent, if there is more than one market for dealing in any Currency by reason of
foreign exchange regulations or otherwise, the market to be used in respect of such Currency shall be that upon which a nonresident issuer of securities designated in such Currency would purchase such Currency in order to make payments in respect of
such securities. 
 (e) If a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are
denominated or payable, then with respect to each date for the payment of principal of and interest on such Securities occurring after the last date on which the Foreign Currency was so used (the “Conversion Date”), the Dollar shall
be the Currency of payment for use on each such payment date. The Dollar amount to be paid by the Company to the Trustee and by the Trustee or any Paying Agent to the Holders of such Securities with respect to such payment date shall be the Dollar
Equivalent of the Foreign Currency as determined by the Currency Determination Agent in the manner provided in subsection (g) of this Section 2.12. 

(f) If the Holder of a Registered Security elects payment in a specified Currency as provided for by subsection (b) of this
Section 2.12 and a Conversion Event occurs with respect to such elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion Event occurs with
respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive payment in Dollars in the Dollar Equivalent of the Foreign Currency as determined by the Currency Determination Agent in the
manner provided in subsection (g) of this Section 2.12. 

  
 15 

 (g) The “Dollar Equivalent of the Foreign Currency” shall be
determined by the Currency Determination Agent as of each Valuation Date and shall be obtained by converting the applicable Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date. 

(h) All decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign Currency
and the Market Exchange Rate as specified above shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of the applicable
Securities. 
 (i) In the event that a Conversion Event has occurred with respect to a Foreign Currency, the Company, after
learning thereof, will promptly give notice thereof to the Trustee (and the Trustee will promptly thereafter give notice on behalf of the Company in the manner provided in Section 14.04 to the affected Holders) specifying the Conversion Date.

 (j) The Trustee shall be fully justified and protected in relying on and acting upon the information so received by it from
the Company and the Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information independently. 

Section 2.13. Compliance with Certain Laws and Regulations. If any Unregistered Securities or Coupon Securities are
to be issued in any Series of Securities, the Company will use reasonable efforts to provide for arrangements and procedures designed pursuant to then-applicable laws and regulations, if any, to ensure that Unregistered Securities or Coupon
Securities are sold or resold, exchanged, transferred and paid only in compliance with such laws and regulations and without adverse consequences to the Company. 

Section 2.14. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” or “ISIN”
numbers (if then generally in use), and, if so, the Trustee shall indicate the “CUSIP” or “ISIN” numbers of the Securities in notices of redemption as a convenience to Holders; provided that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers. 

Section 2.15. Securities in Global Form. Unless otherwise provided in or pursuant to this Indenture or any
Securities, the Securities shall be issuable in temporary or permanent global form. If Securities of or within a Series are issuable in whole or in part in global form, any such Security may provide that it shall represent the aggregate amount of
Outstanding Securities of such Series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time
be reduced or increased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby, shall be
made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 2.04. Subject to the provisions of Section 2.04 and, if applicable,
Section 2.11, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order, if any. Any instructions by the
Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 14.05 and need not be accompanied by an Opinion of Counsel. 

The provisions of the last paragraph of Section 2.04 shall apply to any Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 14.05 and need not be accompanied by an Opinion of Counsel) with regard to the
reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last paragraph of Section 2.04. 

Notwithstanding the provisions of Section 3.01, unless otherwise specified as contemplated by Section 2.04, payment of principal of
and interest on any Security in permanent global form shall be made to the Person or Persons specified in such Security. 

  
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 Neither the Company nor the Trustee shall have any responsibility or obligation to any Person
claiming a beneficial ownership interest in the Securities under or through any clearing agency or any other Person which is not shown on the Security register as being a Registered Holder with respect to either the Securities, the accuracy of any
records maintained by any such clearing agency, the payment by any such clearing agency or its participants of any amount in respect of the principal of or interest on the Securities, any notice which is permitted or required to be given under the
Indenture, any consent given or other action taken by such clearing agency as Registered Holder, or any selection by such clearing agency of any Person to receive payment of principal, interest or other amounts payable on the Securities. 

Section 2.16. Form of Conversion Notice. The form of any conversion notice for the conversion of Securities into
shares of Common Stock, Preferred Stock or other securities of the Company shall be in substantially the form included with the applicable form of Securities as shall be established pursuant to Section 2.01. 

ARTICLE 3 

COVENANTS OF THE ISSUER 

Section 3.01. Payment of Principal and Interest. The Company covenants and agrees for the benefit of each Series of
Securities that it will duly and punctually pay or cause to be paid (in the Currency in which the Securities of such Series and Coupons, if any, are payable, except as otherwise provided pursuant to Section 2.03 for the Securities of such
Series and except as provided in Section 2.12(b), (e) and (f)) the principal of, and interest on, each of the Securities of such Series in accordance with the terms of the Securities of such Series, any Coupons appertaining thereto and this
Indenture. 
 The interest on Unregistered Securities shall be payable only upon presentation and surrender of the several Coupons for such
interest installments as are evidenced thereby as they severally mature at the office of a Paying Agent outside the United States of America. The interest on any temporary Unregistered Security shall be paid, as to any installment of interest
evidenced by a Coupon attached thereto, if any, only upon presentation and surrender of such Coupon, and, as to the other installments of interest, if any, only upon presentation of such Securities for notation thereon of the payment of such
interest. 
 Section 3.02. Offices for Payment, etc. So long as any of the Securities remain Outstanding, the
Company will maintain for each Series an office or agency (a) where the Securities may be presented for payment, (b) where the Securities may be presented for registration of transfer and for exchange as in this Indenture provided, and
(c) where notices and demands to or upon the Company in respect of the Securities or of this Indenture may be served. The Company will give to the Trustee written notice of the location of any such office or agency and of any change of location
thereof. In case the Company shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made at the Place of Payment
and notices may be served at the Corporate Trust Office. Unless otherwise specified pursuant to Section 2.03, the Trustee is appointed Paying Agent and Registrar. 

So long as any Coupon Securities or Unregistered Securities of any Series remain Outstanding, the Company will (except as specified pursuant
to Section 2.03) maintain one or more offices or agencies outside the United States of America in such city or cities as may be specified elsewhere in this Indenture or as contemplated by Section 2.03, and shall maintain such office or
offices for a period of two years (or any period thereafter for which it is necessary in order to conform to United States tax laws or regulations) after the principal on such Coupon Securities or Unregistered Securities has become due and payable,
with respect to such Series where Coupons appertaining to Securities of such Series or Unregistered Securities of such Series may be surrendered or presented for payment, or surrendered for exchange pursuant to Section 2.08 and where notices
and demands to or upon the Company in respect of Coupons appertaining to Securities of such Series or the Unregistered Securities of such Series or of this Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of any such office or agency. If at any time the Company shall fail to maintain such required office or agency or shall fail to furnish the Trustee with the address thereof, presentations, surrenders and
demands in respect of Unregistered Securities may be made or served at the Place of Payment and notice may be served at the Corporate Trust Office and the corporate trust office of any authenticating agent appointed, and presentations, surrenders,
notices and demands in respect of Coupons appertaining to Securities of any Series and Unregistered Securities may be made or served at the corporate trust office of the Trustee in the other city or cities referred to above; and the Company hereby
appoints the Trustee and any authenticating agent appointed hereunder as its agents to receive all such presentations, surrenders, notices and demands. 

  
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 Section 3.03. Appointment to Fill a Vacancy in Office of Trustee. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee with respect to each Series of Securities hereunder.

 Section 3.04. Paying Agents. Whenever the Company shall appoint a Paying Agent other than the Trustee with
respect to the Securities of any Series, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 3.04: 

(a) that it will hold all sums received by it as such Paying Agent for the payment of the principal of or interest on the
Securities of such Series or Coupons (whether such sums have been paid to it by the Company or other obligor on the Securities of such Series or Coupons) in trust for the benefit of the Holders of the Securities of such Series or Coupons or of the
Trustee and, upon the occurrence of an Event of Default and upon the written request of the Trustee, pay over all such sums received by it to the Trustee; 

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

(c) that it will give the Trustee notice of any change of address of any Holder of which it is aware. 

The Company will, on or prior to each due date of the principal of or interest on the Securities of such Series or Coupons, deposit with the
Paying Agent a sum sufficient to pay such principal or interest so becoming due, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action. 

If the Company shall act as its own Paying Agent with respect to the Securities of any Series or Coupons, it will, on or before each due date
of the principal of or interest on the Securities of such Series or Coupons, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such Series or Holders of such Coupons a sum sufficient to pay such principal or
interest so becoming due. The Company will promptly notify the Trustee of any failure to take such action. 
 Anything in this
Section 3.04 to the contrary notwithstanding, the Company may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all Series of Securities or Coupons hereunder, or for any other reason, pay or
cause to be paid to the Trustee all sums held in trust for any such Series by the Company or any Paying Agent hereunder, as required by this Section 3.04, such sums to be held by the Trustee upon the trusts herein contained. 

Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04
is subject to the provisions of Sections 10.04 and 10.05. 
 Section 3.05. Additional Amounts. If Securities of a
Series provide for the payment of additional amounts to any Holder who is not a United States Person in respect of any tax, assessment or governmental charge (“Additional Amounts”), the Company will pay to the Holder of any Security
of such Series or any Coupon appertaining thereto such Additional Amounts as may be so provided by Section 2.03. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or interest on, or in respect of,
any Security of a Series or payment of any related Coupon or the net proceeds received on the sale or exchange of a Security of a Series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for by the terms
of such Series established pursuant to Section 2.03 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 provisions shall not be construed as excluding Additional Amounts in those provisions where such express mention is not made. 

  
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 Except as otherwise specified pursuant to Section 2.03, if the Securities of a Series
provide for the payment of Additional Amounts, at least 10 days prior to each date of payment of principal or interest on which any Additional Amount shall be payable, the Company will furnish the Trustee and the Company’s principal Paying
Agent or Paying Agents, if other than the Trustee, with a Company Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of or interest on the Securities of that Series shall be
made to Holders of Securities of that Series or any related Coupons who are not United States Persons without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that Series. If any such
withholding shall be required, then such Company Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that Series or related Coupons and the Company will
pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. 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 Company Officers’ Certificate furnished pursuant to this Section 3.05 or in
the event the Trustee shall not withhold or deduct any sums as a result of not receiving a Company Officers’ Certificate pursuant to this Section 3.05. 

Section 3.06. Calculation of Original Issue Discount. The Company shall promptly, at the end of each calendar year,
calculate the Original Issue Discount accrued on Outstanding Securities as of the end of such year and shall determine whether the amount of Original Issue Discount qualifies for the de minimis exception rule as set forth in Section
1273(a)(3) of the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder. If such calculated amount does not qualify for the de minimis exception rule, then the Company shall
subsequently file with the Trustee no later than January 15th of each calendar year (a) a written notice specifying the amount of Original Issue Discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the
end of such year and (b) such other specific information relating to such Original Issue Discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated
thereunder. 
 ARTICLE 4 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE 

Section 4.01. Company to Furnish Trustee Information as to Names and Addresses of Securityholders. The Company
covenants and agrees that it will furnish or cause to be furnished to the Trustee for the Securities of each Series a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Registered Securities of
each Series: 
 (a) semiannually and not more than 15 days after each record date for the payment of interest on such Securities,
as hereinabove specified, as of such record date, and on dates to be determined pursuant to Section 2.03 for non-interest-bearing securities in each year; and 

(b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request,
and such list shall be as of a date not more than 15 days prior to the time such information is furnished; 
 provided that, if and
so long as the Trustee shall be the Security registrar for such Series, such list shall not be required to be furnished but in any event the Company shall be required to furnish such information concerning the Holders of Coupon Securities and
Unregistered Securities which is known to it; provided, further, that the Company shall have no obligation to investigate any matter relating to any Holder of an Unregistered Security or any Holder of a Coupon. 

Section 4.02. Preservation and Disclosure of Securityholders’ Lists. 

(a) The Trustee for the Securities of each Series shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each Series of Securities contained in the most recent list furnished to it as provided in Section 4.01 or maintained by the Trustee in its capacity as Security registrar for such
Series, if so acting. The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished. 

  
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 (b) In case three or more Holders of Registered Securities of any Series (hereinafter
referred to as “applicants”) apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and
such application states that the applicants desire to communicate with other Holders of Securities of a particular Series (in which case the applicants must all hold Securities of such Series) or with Holders of all Securities with respect to their
rights under this Indenture or under such Securities and such application is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the
receipt of such application, at its election, either: 
 (i) afford to such applicants access to the information
preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, or 

(ii) inform such applicants as to the approximate number of Holders of Securities of such Series or all Securities,
as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee, in accordance with the provisions of subsection (a) of this Section 4.02, and as to the approximate cost of mailing to such
Securityholders the form of proxy or other communication, if any, specified in such application. 
 If the Trustee shall elect not to afford
to such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, the Trustee shall, upon the written request of such applicants, mail to each
Securityholder of such Series or all Securities, as the case may be, whose name and address appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, a copy of
the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender, the Trustee shall mail to such applicants and file with the Commission together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing
would be contrary to the best interests of the Holders of Securities of such Series or all Securities, as the case may be, or could be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission,
after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of such order sustaining one or more of such objections, the
Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Securityholders with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise, the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 

(c) Each and every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that the
disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with the provisions of subsection (b) of this Section 4.02, regardless of the source from which such information was derived, shall
not be deemed to be a violation of any existing law or any law enacted after the date hereof which does not specifically refer to Section 312(c) of the Trust Indenture Act, and that the Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under such subsection (b). 
 Section 4.03. Reports by the Company. 

(a) The Company covenants to: 

(i) file with the Trustee for the Securities of each Series, within 15 days after the Company is required to file
the same with the Commission (giving effect to any extensions thereof), copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the 

  
 20 

 
Exchange Act or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, file with the Trustee and the Commission, in accordance with rules
and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act, or in respect of a security listed and
registered on a national securities exchange, as may be prescribed from time to time in such rules and regulations; 

(ii) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to
time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations,
including, in the case of annual reports, if required by such rules and regulations, certificates or opinions of independent public accountants, conforming to the requirements of Section 14.05 hereof, as to compliance with conditions or
covenants, compliance with which is subject to verification by accountants, but no such certificate or opinion shall be required if it is not required pursuant to Section 314(a)(2) of the Trust Indenture Act; 

(iii) transmit by mail to the Holders of Registered Securities in the manner and to the extent required by Section
313(c) of the Trust Indenture Act, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to subsections 4.03(a)(i) and 4.03(a)(ii) of this
Section 4.03 as may be required to be transmitted to such Holders by rules and regulations prescribed from time to time by the Commission; provided that any such information, documents or reports filed or furnished with the Commission
pursuant to its Electronic Data Gathering, Analysis and Retrieval (including any successor thereto, “EDGAR”) system shall be deemed to be filed with the Trustee and transmitted to the Holders as of the time such information,
documents or reports are filed or furnished by EDGAR; and 
 (iv) furnish to the Trustee, not less often than
annually on or before a date not more than four months after the end of each of its fiscal years ending after the date hereof, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer of
the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture. For purposes of this subsection 4.03(a)(iv), such compliance shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture. 
 (b) Delivery of such reports, information and documents to the Trustee
is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Company Officers’ Certificates). 

Section 4.04. Reports by the Trustee. 

(a) 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 in the manner required by Section 313(c) of the Trust Indenture Act a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a). 

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

  
 21 

 ARTICLE 5 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 

Section 5.01. Event of Default Defined; Acceleration of Maturity; Waiver of Default. In case one or more of the
following Events of Default (unless it is either inapplicable to a particular Series or it is specifically deleted from or modified in the indenture supplement, the Company Board Resolution or other instrument establishing such Series and the form
of Security for such Series) shall have occurred and be continuing with respect to any Series of Securities: 
 (a) default in
the payment of any installment of interest upon any Security of such Series as and when the same shall become due and payable, and continuance of such default for a period of 30 days; or 

(b) default in the payment of the principal of the Securities of such Series as and when the same shall become due and payable
either at maturity, upon redemption (for any sinking fund payment or otherwise), by declaration or otherwise; or 
 (c) failure
on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company in the Securities of such Series, or in this Indenture contained and relating to such Series, for a period of 90 days after the
date on which written notice specifying such failure and requiring the Company to remedy the same and stating that such notice is a “Notice of Default” hereunder shall have been given by registered or certified mail to the Company
by the Trustee for the Securities of such Series, or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount at maturity of the Securities of such Series then Outstanding; or 

(d) the Company shall make an assignment for the benefit of creditors, or shall file a petition in bankruptcy; or the Company
shall be adjudicated insolvent or bankrupt, or shall petition or shall apply to any court having jurisdiction in the premises for the appointment of a receiver, trustee, liquidator or sequestrator of, or for, the Company or any substantial portion
of the property of the Company; or the Company shall commence any proceeding relating to the Company or any substantial portion of the property of the Company under any insolvency, reorganization, arrangement or readjustment of debt, dissolution, winding-up, adjustment, composition or liquidation law or statute of any jurisdiction, whether now or hereafter in effect (hereinafter in this clause (d) called “Proceeding”); or if there shall
be commenced against the Company any Proceeding and an order approving the petition shall be entered, or such Proceeding shall remain undischarged or unstayed for a period of 90 days; or a receiver, trustee, liquidator or sequestrator of, or for,
the Company or any substantial portion of the property of the Company shall be appointed and shall not be discharged within a period of 90 days; or the Company by any act shall indicate consent to or approval of or acquiescence in any Proceeding or
the appointment of a receiver, trustee, liquidator or sequestrator of, or for, the Company or any substantial portion of the property of the Company; provided that a resolution or order for winding-up
the Company with a view to its consolidation, amalgamation or merger with another entity or the transfer of its assets as a whole, or substantially as a whole, to such other entity as provided in Section 9.01 shall not make the rights and
remedies herein enforceable under this clause (d) if such last-mentioned entity shall, as a part of such consolidation, amalgamation, merger or transfer, and within 90 days from the passing of the resolution or the date of the order, comply
with the conditions to that end stated in Section 9.01; or 
 (e) any other Event of Default provided in the supplemental
indenture or Company Board Resolution under which such Series of Securities is issued or in the form of Security for such Series; 
 then
and in each and every such case (other than an Event of Default under clause (d) above), so long as such Event of Default with respect to such Series shall not have been remedied or waived, unless the principal of all Securities of such Series
shall have already become due and payable, either the Trustee for such Series or the Holders of not less than 25% in aggregate principal amount at maturity of the Securities of such Series then Outstanding hereunder, by notice in writing to the
Company (and to the Trustee if given by such Holders), may declare the principal (or, in the case of Discount Securities, such principal amount as may be determined in accordance with the terms thereof) of all the Securities of such Series to be due
and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities of such Series contained to the contrary notwithstanding. With respect to an Event
of Default 

  
 22 

 
described under clause (d) above, the principal of all Securities of such Series shall become immediately due and payable without any declaration or other act by the Trustee or the Holders.
This provision, however, is subject to the condition that if at any time after the principal of the Securities of such Series (or, in the case of Discount Securities, such principal amount as may be determined in accordance with the terms thereof)
shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, (x) the Company shall pay or shall deposit with the Trustee a sum
sufficient to pay in the Currency in which the Securities of such Series are payable (except as otherwise provided pursuant to Section 2.03 for the Securities of such Series and except as provided in Sections 2.12(b), (e) and (f)) all matured
installments of interest, if any, upon all the Securities of such Series and the principal of any and all Securities of such Series which shall have become due otherwise than by such acceleration (with interest upon such principal and, to the extent
that payment of such interest is enforceable under applicable law, upon overdue installments of interest, at the rate borne by the Securities of such Series (or, in the case of Discount Securities, at the yield to maturity) to the date of such
payment or deposit) and in Dollars such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel and all other expenses and liabilities incurred, and all advances made, by the Trustee, its
agents, attorneys and counsel, and (y) any and all defaults under this Indenture, other than the nonpayment of the principal of Securities of such Series which shall have become due by such acceleration, shall have been remedied, then and in
every such case the Holders of a majority in aggregate principal amount at maturity of the Securities of such Series then Outstanding, by written notice to the Company and to the Trustee for the Securities of such Series, may waive all defaults 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. 

Section 5.02. Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Company covenants that (a) in
case default shall be made in the payment of any installment of interest on any of the Securities of any Series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case
default shall be made in the payment of all or any part of the principal of any of the Securities of any Series when the same shall have become due and payable, whether upon maturity of the Securities of such Series or upon any redemption or by
declaration or otherwise, then upon demand of the Trustee for the Securities of such Series, the Company will pay to the Trustee for the Securities of such Series, for the benefit of the Holders of the Securities of such Series and the Holders of
any Coupons appertaining thereto, the whole amount that then shall have become due and payable on all Securities of such Series or such Coupons for principal of or interest, as the case may be (with interest to the date of such payment upon the
overdue 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 specified in the Securities of such Series); and in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee. 
 Until such demand is made by the Trustee, the
Company may pay the principal of and interest on the Securities of any Series to the Persons entitled thereto, whether or not the principal of and interest on the Securities of such Series are overdue. 

In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee for the Securities of such Series, in its own name
and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final
decree, and may enforce any such judgment or final decree against the Company or other obligor upon such Securities and collect in the manner provided by law out of the property of the Company or other obligor upon such Securities and Coupons,
wherever situated, the moneys adjudged or decreed to be payable. 
 In case there shall be any judicial proceedings relative to the Company
or other obligor upon such Securities and Coupons, if any, or to the creditors or property of the Company or other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.02, shall be entitled and empowered, by intervention in such proceedings or otherwise: 

  
 23 

 (a) to file and prove a claim or claims for the whole amount of principal (or, if the
Securities of such Series are Discount Securities, such portion of the principal amount as may be due and payable with respect to the Securities of such Series pursuant to a declaration in accordance with Section 5.01) and interest owing and
unpaid in respect of the Securities of such Series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each
predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee) and of the Securityholders and the Holders
of any Coupons appertaining thereto allowed in any judicial proceedings relative to the Company or other obligor upon all Securities of such Series, or to the creditors or property of the Company or other obligor; and 

(b) to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts
received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Holders to make payments to the Trustee
for the Securities of such Series, and, in the event that such Trustee shall consent to the making of payments directly to the Securityholders, to pay to such Trustee such amounts as shall be sufficient to cover reasonable compensation to such
Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by such Trustee and each predecessor Trustee and all other amounts due to such Trustee or
any predecessor Trustee pursuant to Section 6.06. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any Series or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

All rights of action and of asserting claims under this Indenture, or under any of the Securities of any Series or any Coupon appertaining
thereto, may be enforced by the Trustee for the Securities of such Series without the possession of any of the Securities of such Series or any Coupon appertaining thereto or the production thereof at any trial or other proceedings relative thereto,
and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each
predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Securities of such Series and Holders of any Coupons in respect of which such action was taken. 

In any proceedings brought by the Trustee for the Securities of any Series (and also any proceedings involving the interpretation of any
provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Securities of such Series and Coupons appertaining thereto in respect to which such action was taken, and it shall not
be necessary to make any Holders of such Securities and Coupons appertaining thereto parties to any such proceedings. 
 Section
5.03. Application of Proceeds. Any moneys collected by the Trustee for the Securities of any Series pursuant to this Article shall be applied in the following order at the date or dates fixed by such Trustee and, in case of
the distribution of such moneys on account of principal or interest, upon presentation of the Securities of such Series and any Coupons appertaining thereto in respect of which moneys have been collected and stamping (or otherwise noting) thereon
the payment, or issuing Securities of such Series in reduced principal amounts in exchange for the presented Securities of like Series if only partially paid, or upon surrender thereof if fully paid: 

FIRST: To the payment of costs and expenses applicable to such Series in respect of which moneys have been collected, including reasonable
compensation to the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, including the costs and expenses of collection incurred, and all advances made, by the Trustee and each
predecessor Trustee and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 6.06; 

  
 24 

 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 is permissible by law and that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest 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 payment of such interest is permissible by law and that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest specified in the Securities of such Series;
and in case such moneys shall be 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 without preference or priority of principal over interest or of
interest 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;
and 
 FOURTH: To the payment of the remainder, if any, to the Company or to such party as a court of competent jurisdiction shall direct.

 The Trustee may fix a record date and payment date for any payment to Holders. 

Section 5.04. Suits for Enforcement. In case an Event of Default has occurred, has not been waived and is
continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights,
either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by law. 
 Section 5.05. Restoration of Rights on
Abandonment of Proceedings. In case the Trustee for the Securities of any Series shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been
determined adversely to the Trustee, then and in every such case, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the
Securityholders shall continue as though no such proceedings had been taken. 
 Section 5.06. Limitations on Suits by
Securityholders. No Holder of any Security of any Series or Holder of any Coupon shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or
otherwise upon or under or with respect to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless (a) such Holder previously shall have given to
the Trustee written notice of default and of the continuance thereof, as provided in Section 5.01, (b) the Holders of not less than a majority in aggregate principal amount of the Securities of such Series then Outstanding shall have made
written request upon the Trustee to institute such action or proceedings in its own name as trustee hereunder, (c) such Holder or Holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby, (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding, and (e) no direction inconsistent
with such written request shall have been given to the Trustee pursuant to Section 5.09; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security and by a Holder of each Coupon appertaining
thereto with every other taker and Holder of a Security or Holder of any Coupon appertaining thereto and the Trustee, that no one or more Holders of Securities of any Series or one or more Holders of any Coupons appertaining thereto shall have any
right in any manner whatever, by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities or any other Holders of such Coupons, or to obtain or seek to obtain priority
over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all 

  
 25 

 
Holders of Securities of the applicable Series and all the Holders of Coupons appertaining thereto. For the protection and enforcement of the provisions of this Section 5.06, each and every
Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Section
5.07. Unconditional Right of Securityholders to Institute Certain Suits. Notwithstanding any provision in this Indenture and any provision of any Security or Coupon, the right of any Holder of any Security and the right of any
Holder of any Coupon appertaining thereto to receive payment of the principal of and interest on such Security at the respective rates, in the respective amount and in the Currency therein prescribed on or after the respective due dates expressed in
such Security, or to institute 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 5.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in
Section 5.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders 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. 
 No delay or omission of the Trustee or of any Securityholder to
exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to
Section 5.06, every power and remedy given by this Indenture or by law to the Trustee, to the Securityholders or to the Holder of any Coupon may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee, the
Securityholders or Holders of any Coupon. 
 Section 5.09. Control by Securityholders. The Holders of a majority
in aggregate principal amount of the Securities of each Series affected (with each Series treated as a separate class) at the time Outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such Series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the
provisions of this Indenture and provided further that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine
that the actions or proceeding so directed may not lawfully be taken or that the actions or proceedings so directed would involve the Trustee in personal liability or if a trust committee of Responsible Officers in good faith shall determine that
the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all Series or of the Holders of any Coupons appertaining thereto so affected not joining in the
giving of said direction, it being understood that (subject to Section 6.01) the Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders. 

Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is
not inconsistent with such direction or directions by Securityholders. 
 Section 5.10. Waiver of Past Defaults.
Prior to the declaration of the acceleration of the maturity of the Securities of any Series as provided in Section 5.01, the Holders of a majority in aggregate principal amount of the Securities of such Series at the time Outstanding may, on
behalf of the Holders of all the Securities of such Series and Holders of all Coupons, if any, appertaining thereto waive any past default hereunder or its consequences, except a default in the payment of principal or interest on any of the
Securities of such Series. In the case of any such waiver, the Company, the Trustee, the Holders of the Securities of such Series and the Holders of any Coupons appertaining thereto shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 Upon any such
waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred 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 thereon. 

  
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 Section 5.11. Trustee to Give Notice of Default, But May Withhold in
Certain Circumstances. The Trustee shall transmit to the Securityholders of any Series notice, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, of all defaults which have occurred with respect to such
Series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults” for the purposes of
this Section 5.11 and Section 6.02(h) being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided that, except in the case of default in the payment
of the principal of or interest on any of the Securities of such Series or any default in the payment of any sinking fund installment or analogous obligation in respect of any of the Securities of such Series, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, executive committee or a trust committee of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders
of such Series. In the case of any default of the character specified in Section 5.01(c) with respect to Securities of such Series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. 

Section 5.12. Right of Court to Require Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and
each Holder of any Security and each Holder of any Coupon, by such Holder’s acceptance thereof, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 5.12 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any Series holding in the aggregate more than 10% in aggregate principal amount of the Securities of
such Series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date expressed in such Security. 

ARTICLE 6 

CONCERNING THE TRUSTEE 

Section 6.01. Duties and Responsibilities of the Trustee; During Default; Prior to Default. With respect to the
Holders of any Series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular Series and after the curing or waiving of all Events of Default which may have occurred
with respect to such Series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a Series has occurred (which has not been cured or
waived) of which a Responsible Officer has actual knowledge, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent individual would exercise
or use under the circumstances in the conduct of such individual’s own affairs. 
 No provision of this Indenture shall be construed to
relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(a) prior to the occurrence of an Event of Default with respect to the Securities of any Series and after the curing or waiving of
all such Events of Default with respect to such Series which may have occurred: 
 (i) the duties and obligations
of the Trustee with respect to the Securities of any Series shall be determined solely by the express provisions of this Indenture, and the Trustee need only perform such duties and obligations as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the
absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any provision are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture; 

  
 27 

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

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Holders pursuant to Section 5.09 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. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such
liability is not reasonably assured to it. 
 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 conditions of this Section 6.01. 

Section 6.02. Certain Rights of the Trustee. Subject to Section 6.01: 

(a) The Trustee may conclusively rely and shall be protected with respect to any actions or omissions conducted in reliance upon
any Company Board Resolution, Company Officers’ Certificate, Exchange Rate Officers’ Certificate, Company Order, certificate pursuant to Section 4.03(a)(iv) or any other certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company
Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed). 
 (c) The Trustee may
consult with counsel of its selection and any 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 to be taken by it hereunder in good faith and
in accordance with such advice or Opinion of Counsel. 
 (d) The Trustee shall be under no obligation to exercise any of the
trusts or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities which might be incurred therein or thereby. 
 (e) The Trustee
shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture. 

(f) Prior to the occurrence of any 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 Company Board Resolution, Company Officers’ Certificate, Exchange Rate Officers’ Certificate, certificate pursuant to Section 4.03(a)(iv), Company
Order or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security or other paper or document unless requested in writing to do so by the Holders of
not less than a majority in aggregate principal amount of the Securities of all Series affected then Outstanding. 
 (g) The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys not regularly in its employ, and the Trustee shall not be responsible for any misconduct or negligence on
the part of any such agent or attorney appointed with due care by it hereunder. 

  
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 (h) The Trustee shall not be deemed to have notice of any default or Event of Default
(other than any Event of Default under Section 5.01(a) or 5.01(b)) unless a Responsible Officer has actual knowledge thereof or unless written notice of such default or Event of Default is received by the Trustee at the Corporate Trust Office of the
Trustee. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Company deliver a Company Officers’ Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 Section
6.03. Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Indenture or of any Securities or Coupons. The Trustee
represents that it is duly authorized to execute and deliver this Indenture and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds thereof.

 Section 6.04. Trustee and Agents May Hold Securities; Collections, etc. The Trustee, any Paying Agent, any
Security registrar or any agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons with the same rights it would have if it were not serving in such capacity and, subject
to Sections 6.08 and 6.13, if operative, may otherwise deal with the Company and receive, collect, hold and retain collections from the Company with the same rights it would have if it were not serving in such capacity. 

Section 6.05. Moneys Held by Trustee. Subject to the provisions of Section 10.04, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the Trustee
nor any agent of the Company or the Trustee shall be under any liability for interest on any moneys received by it hereunder. 
 Section
6.06. Compensation and Indemnification of Trustee and Its Prior Claim. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as shall be agreed in
writing between the Company and the Trustee in Dollars (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Company covenants and agrees to pay or reimburse the Trustee and each
predecessor Trustee upon its request in Dollars for all reasonable expenses, disbursements and advances actually incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its fraud, negligence or bad faith. The Company also covenants to
indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any and all losses, liabilities, damages, claims and expenses, including taxes (other than taxes based on the income of the Trustee), actually incurred without
fraud, negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and its duties hereunder, including the reasonable costs and expenses of defending itself
against or investigating any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligations of the Company under this
Section 6.06 to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness
hereunder and shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 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 or the Holders of particular Coupons, and the Securities are hereby subordinated to such senior claim. 

  
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 When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in clause (d) of Section 5.01, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal
or state bankruptcy, insolvency or other similar law. 
 Section 6.07. Right of Trustee to Rely on Officers’
Certificate, etc. Subject to Sections 6.01 and 6.02, 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 fraud, negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by a
Company Officers’ Certificate delivered to the Trustee, and such Company Officers’ Certificate, in the absence of fraud, 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 or under the provisions of this Indenture upon the faith thereof. 
 Section
6.08. Disqualification of Trustee; Conflicting Interests. If the Trustee for the Securities of any Series has or shall acquire any conflicting interest, as defined in the Trust Indenture Act, the Trustee shall, within 90 days
after ascertaining that it has such conflicting interest, and if the default (as defined in the Trust Indenture Act) to which such conflicting interest relates has not been cured or waived or otherwise eliminated before the end of such 90-day period, either eliminate such conflicting interest or resign in the manner and with the effect specified in the Trust Indenture Act and this Indenture. If the Trustee does not eliminate such conflicting
interest or resign, then, within 10 days of the expiration of such 90-day period, the Trustee shall transmit notice of its failure to do so to each Holder in the manner and to the extent provided in Section
313(c) of the Trust Indenture Act. Further, if the Trustee does not so resign, each holder of the Securities of any Series for which such Trustee acts as trustee shall have the rights provided under, and subject to the limitations set forth in,
Section 310(b)(iii) of the Trust Indenture Act. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more
than one Series. 
 Section 6.09. Persons Eligible for Appointment as Trustee. The Trustee for each Series of
Securities hereunder shall at all times be a corporation organized and doing business under the laws of the United States of America or of any state or the District of Columbia having a combined capital and surplus of at least $100,000,000 and which
is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal, state or District of Columbia authority and which has a Corporate Trust Office in any state of the United States of America. If
such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.09, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section 6.09, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Neither the Company nor any other obligor upon the Securities shall serve as the Trustee pursuant to this Indenture. 

Section 6.10. Resignation and Removal; Appointment of Successor Trustee. 

(a) No resignation or removal of the Trustee and no appointment of a successor trustee pursuant to this Article shall become
effective until acceptance of such appointment by the successor trustee in accordance with Section 6.11. 
 (b) The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all Series of Securities by giving written notice of resignation to the Company and by mailing notice thereof to the Holders in the manner
and to the extent provided in Section 14.04. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable Series by written instrument in duplicate, authorized by a
Company Board Resolution and executed by the Company, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to
any Series and have accepted appointment within 60 days after the mailing of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor
trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable Series 

  
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for at least six months may, subject to the provisions of Section 5.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

(i) the Trustee shall fail to comply with the provisions of Section 6.08 with respect to any Series of
Securities after written request therefor by the Company pursuant to a Company Order or by any Securityholder who has been a bona fide Holder of a Security or Securities of such Series for at least six months unless the Trustee’s duty to resign
is stayed in accordance with the provisions of Section 310(b) of the Trust Indenture Act; or 
 (ii) the
Trustee shall cease to be eligible in accordance with the provisions of Section 6.09 and shall fail to resign upon written request by the Company pursuant to a Company Order or by any Securityholder; or 

(iii) the Trustee shall become incapable of acting with respect to any Series of the Securities, or shall be
adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation; 
 then, in any such case, the Company may remove the Trustee with respect to the applicable Series of
Securities and appoint a successor trustee for such Series by written instrument, in duplicate, authorized by a Company Board Resolution and executed by the Company, one copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee, or, subject to the provisions of Section 5.12, any Securityholder who has been a bona fide Holder of a Security or Securities of such Series for at least six months may on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such Series. Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee. 
 (d) The Holders of a majority in aggregate principal amount of
the Securities of each Series at the time Outstanding may at any time remove the Trustee with respect to Securities of such Series and appoint a successor trustee with respect to the Securities of such Series by delivering to the Trustee so removed,
to the successor trustee so appointed and to the Company the evidence provided for in Section 7.01 of the action in that regard taken by the Securityholders. 

If no successor trustee shall have been appointed with respect to such Series within 30 days after the mailing of such notice of removal, the
Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee with respect to the Securities of such Series. 

(e) Any resignation or removal of the Trustee with respect to any Series and any appointment of a successor trustee with respect
to such Series pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11. 

Section 6.11. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in
Section 6.10 shall execute and deliver to the Company and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee with respect to all or any applicable
Series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such Series of its predecessor hereunder, with like effect as
if originally named as trustee for such Series hereunder; but, nevertheless, on the written request of the Company pursuant to a Company Order or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall pay
over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such 

  
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rights, powers, duties and obligations. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and
confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the
provisions of Section 6.06. 
 If a successor trustee is appointed with respect to the Securities of one or more (but not all) Series,
the Company, the predecessor Trustee and each successor trustee with respect to the Securities of any applicable Series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any Series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee,
and 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 under separate indentures. 

No successor trustee with respect to any Series of Securities shall accept appointment as provided in this Section 6.11 unless at the
time of such acceptance such successor trustee shall be qualified under the provisions of Section 6.08 and eligible under the provisions of Section 6.09. 

Upon acceptance of appointment by any successor trustee as provided in this Section 6.11, the Company shall give notice in the manner and
to the extent provided in Section 14.04 to the Holders of Securities of any Series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Security register. If the acceptance of appointment is
substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with any notice called for by Section 6.10. If the Company fails to mail such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 

Section 6.12. Merger, Conversion, Consolidation or Succession to Business of Trustee. Any entity into which the
Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all the corporate
trust business of the Trustee, shall become the successor trustee hereunder; provided that such entity shall be qualified under the provisions of Section 6.08 and eligible under the provisions of Section 6.09, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 In
case at the time such successor trustee shall succeed to the trusts created by this Indenture any of the Securities of any Series shall have been authenticated but not delivered, any such successor trustee may adopt the certificate of authentication
of any predecessor Trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities of any Series shall not have been authenticated, any successor trustee may authenticate such Securities either in the name of
any predecessor Trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities of such Series or in this Indenture provided that the certificate of
the Trustee shall have; provided that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of any Series in the name of any predecessor Trustee shall apply only to its successor or
successors by merger, conversion or consolidation. 
 Section 6.13. Preferential Collection of Claims Against the
Company. If and when the Trustee shall be or become a creditor, directly or indirectly, secured or unsecured, of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor). 

  
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 ARTICLE 7 

CONCERNING THE SECURITYHOLDERS 

Section 7.01. Evidence of Action Taken by Securityholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given
or taken by a specified percentage in principal amount of the Securityholders of any or all Series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 6.01 and 6.02) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Article. 

(b) The ownership of Registered Securities shall be proved by the Security register. 

(c) The amount of Unregistered Securities held by any Person executing any instrument or writing as a Securityholder, the numbers
of such Unregistered Securities and the date of such Person’s holding the same may be proved by the production of such Securities or by a certificate executed by any trust company, bank, broker or member of a national securities exchange
(wherever situated), as depositary, if such certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Unregistered Securities therein
described; or such facts may be proved by the certificate or affidavit of the Person executing such instrument or writing as a Securityholder, if such certificate or affidavit is in form satisfactory to the Trustee. The Trustee and the Company may
assume that such ownership of any Unregistered Security continues until (i) another certificate or affidavit bearing a later date issued in respect of the same Unregistered Security is produced, or (ii) such Unregistered Security is
produced by some other Person, or (iii) such Unregistered Security is surrendered in exchange for a Registered Security, or (iv) such Unregistered Security has been cancelled in accordance with Section 2.10. 

Section 7.02. Proof of Execution of Instruments. Subject to Sections 6.01 and 6.02, the execution of any instrument
by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. 

Section 7.03. Holders to Be Treated as Owners. 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 interest on such Security and for all other purposes; and none of the Company, the Trustee or any agent of the Company or the Trustee
shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon such Person’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for
moneys payable upon any such Security. 
 Section 7.04. Securities Owned by Company Deemed Not Outstanding. In
determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all Series have concurred in any direction, consent or waiver under this Indenture or whether a quorum is present at a meeting of Holders
of Securities, Securities that are owned by the Company or any other obligor on the Securities with respect to which such determination is being made or by any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company or any other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that, for the
purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, and for the purpose of determining the presence of a quorum, only Securities which a Responsible Officer actually knows are so owned
shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or other obligor on such Securities or any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on such Securities. In case of
a dispute as to such right, the 

  
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advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Company shall furnish to the Trustee
promptly a Company Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described Persons; and, subject to Sections 6.01 and 6.02, the Trustee
shall be entitled to accept such Company Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 

Section 7.05. Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 7.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such
action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust
Office and upon proof of holding as provided in this Article, revoke such action so far as it concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon
all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the
percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the Holders of all the
Securities affected by such action. 
 Section 7.06. Record Date for Determination of Holders Entitled to Vote.
The Company may, in the circumstances permitted by the Trust Indenture Act, set a record date for the purpose of determining the Securityholders entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other
action, or to vote on any action authorized or permitted to be given or taken by Securityholders. If not set by the Company prior to the first solicitation of a Securityholder made by any Person in respect of any such action, or, in the case of any
such vote, prior to such vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 4.01) prior to such first solicitation or
vote, as the case may be. With regard to any record date, only the Holders on such date (or their duly appointed proxies) shall be entitled to give or take, or vote on, the relevant action. 

ARTICLE 8 

SUPPLEMENTAL INDENTURES 

Section 8.01. Supplemental Indentures Without Consent of Securityholders. The Company, when authorized by a Company
Board Resolution, and the Trustee for the Securities of any or all Series may, from time to time and at any time, enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at
the date of the execution thereof), in form satisfactory to such Trustee, for one or more of the following purposes: 
 (a) to
evidence the succession of another entity to the Company or successive successions, and the assumption by such entity of the covenants, agreements and obligations of the Company herein and in the Securities; 

(b) to add to the Events of Default such further Events of Default for the protection of the Holders of Securities of any or all
Series (and, if such Events of Default are to be for the benefit of less than all the Series of Securities stating that such Events of Default are being added solely for the benefit of one or more particular Series); provided, that, in
respect of any such additional Events of Default, such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an
immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the rights of the Holders of the applicable Securities upon such an Event of Default; 

(c) to add to the covenants of the Company such further covenants for the protection of the Holders of Securities of any or all
Series (and, if such additional covenants are to be for the benefit of less than all the Series of Securities stating that such covenants are being added solely for the benefit of one or more particular Series), or to surrender any right or power
herein conferred upon the Company with regard to all or any Securities of any or all Series (and, if such surrender is to be for the benefit of less than all the Series of Securities stating that such surrender is being added solely for the benefit
of one or more particular Series); 

  
 34 

 (d) to cure any ambiguity or to correct or supplement any provision contained herein
or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or
under any supplemental indenture as the Company Board of Directors may deem necessary or desirable and which shall not materially and adversely affect the interests of the Holders of the Securities or the Holders of any Coupons; 

(e) to establish the form, terms and conditions of Securities of any Series and the Coupons, if any, as permitted by Sections 2.01
and 2.03; 
 (f) to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the
Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than the one Trustee, pursuant to the requirements
of Section 6.11; 
 (g) to delete, modify or add provisions of this Indenture; provided that, except as otherwise
contemplated by Section 2.03, such deletion, modification or addition does not apply to any Outstanding Security created prior to the date of such supplemental indenture; 

(h) to secure, or, if applicable, provide additional security for, any Securities and to provide for matters relating thereto, and
to provide for the release of any collateral as security for any Securities; or 
 (i) to amend or supplement any provision
contained herein, which was required to be contained herein in order for this Indenture to be qualified under the Trust Indenture Act, if the Trust Indenture Act or regulations thereunder change what is so required to be included in qualified
indentures, in any manner not inconsistent with what then may be required for such qualification. 
 The Trustee is hereby authorized to
join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept collateral thereunder, but the Trustee shall not be obligated to
enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 8.01 may be executed without the consent of the Holders of any of
the Securities at the time Outstanding, notwithstanding any of the provisions of Section 8.02. 
 Section
8.02. Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 7) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time
Outstanding of each Series affected by such supplemental indenture (treated as one class), the Company, when authorized by a Company Board Resolution, and the Trustee may, from time to time and at any time, enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such Series; provided, that the following modifications and amendments will not be effective against any Holder
without such Holder’s consent: (a) a change in the stated maturity date of any payment of principal or interest; (b) a reduction in the principal amount of, or interest on, any Security; (c) an alteration or impairment of the
right to convert at the rate or upon the terms provided in the Indenture; (d) a change in the Currency in which any payment on the Securities is payable; (e) an impairment of a Holder’s right to sue the Company for the enforcement of
payments due on the Securities; or (f) a reduction in the percentage of Outstanding Securities required to consent to a modification or amendment of the Indenture or required to consent to a waiver of compliance with certain provisions of the
Indenture or certain defaults under the Indenture. 

  
 35 

 Upon request by the Company pursuant to a Company Order, accompanied by a copy of a Company Board
Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee for such Series of Securities of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by
Section 7.01, the Trustee for such Series of Securities shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects such Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case such Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders under this Section 8.02 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the execution by
the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section 8.02, the Company shall give notice in the manner and to the extent provided in Section 14.04 to the Holders of Securities of each Series
affected thereby at their addresses as they shall appear on the Securities register of the Company, setting forth in general terms the substance of such supplemental indenture. 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. 
 For the purposes of this
Section 8.02 only, if the Securities of any Series are issuable upon the exercise of warrants, each holder of an unexercised and unexpired warrant with respect to such Series shall be deemed to be a Holder of Outstanding Securities of such
Series in the amount issuable upon the exercise of such warrant. For such purposes, the ownership of any such warrant shall be determined by the Company in a manner consistent with customary commercial practices. The Trustee for such Series shall be
entitled to rely on a Company Officers’ Certificate as to the principal amount of Securities of such Series in respect of which consents shall have been executed by holders of such warrants. 

Section 8.03. Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the
Holders of Securities of each Series and Holders of Coupons affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 8.04. Documents to Be Given to Trustee. The Trustee, subject to the provisions of Sections 6.01 and 6.02,
shall receive a Company Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 8 complies with the applicable provisions of this Indenture. 

Section 8.05. Notation on Securities in Respect of Supplemental Indentures. Securities of any Series (including any
Coupons appertaining thereto), authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear, upon the direction of the Company, a notation in form satisfactory to the Trustee for
the Securities of such Series as to any matter provided for by such supplemental indenture or as to any action taken at any such meeting. If the Company or the Trustee shall so determine, new Securities of any Series (including any Coupons
appertaining thereto), so modified as to conform, in the opinion of the Trustee and the Company to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the
Trustee and delivered in exchange for the Securities of such Series then Outstanding. Failure to make the appropriate notation or issue a new Security will not affect the validity and effect of such amendment, supplement or waiver. 

  
 36 

 ARTICLE 9 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 9.01. Company May Consolidate, etc., on Certain Terms. 

(a) Nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with
or into any other entity or entities (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance or
lease of all or substantially all the property of the Company to any other entity (whether or not affiliated with the Company) authorized to acquire and operate the same; provided, that in any such case: (i) either the Company shall be
the surviving or continuing entity or the resulting or acquiring entity, if other than the Company, is organized and existing under the laws of a United States jurisdiction and assumes all of the Company’s responsibilities and liabilities under
the Indenture, including the payment of all amounts due on the Securities and performance of the covenants in the Indenture; (ii) immediately after the transaction, and giving effect to the transaction, no Event of Default under the Indenture
exists; and (iii) the Company has delivered to the Trustee a Company Officers’ Certificate stating that the transaction and, if a supplemental indenture is required in connection with the transaction, the supplemental indenture comply with
the Indenture and that all conditions precedent to the transaction contained in the Indenture have been satisfied. 
 (b) If the
Company consolidates or merges with or into any other entity or sells or leases all or substantially all of the Company’s assets in compliance with the terms and conditions of this Indenture, the resulting or acquiring entity will be
substituted for the Company in this Indenture and the Securities with the same effect as if such entity had been an original party to this Indenture and the Securities. As a result, such successor entity may exercise the Company’s rights and
powers under the Indenture and the Securities, in the Company’s name and, except in the case of a lease, the Company will be released from all its liabilities and obligations under the Indenture and under the Securities. 

(c) Notwithstanding the foregoing provisions, the Company may transfer all of its property and assets to another entity if,
immediately after giving effect to the transfer, such entity is a Wholly Owned Subsidiary. 
 Section 9.02. Successor
Corporation Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the successor entity, such successor entity shall succeed to and be substituted for the Company, with the same effect as
if it had been named herein. Such successor entity may cause to be signed, and may issue either in its own name or in the name of the Company prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have
been signed by the Company and delivered to the Trustee; and, upon the order of such successor entity instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and
shall deliver any Securities and Coupons, if any, appertaining thereto which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor entity thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities and Coupons, if any, appertaining thereto so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities and
Coupons, if any, appertaining thereto theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities and Coupons, if any, appertaining thereto had been issued at the date of the execution hereof.

 In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be
made in the Securities and Coupons, if any, appertaining thereto thereafter to be issued as may be appropriate. 
 In the event of any such
sale or conveyance (other than a conveyance by way of lease) by the Company or any successor entity which shall theretofore have become such in the manner described in this Article 9, the Company or such successor entity, as applicable, shall be
discharged from all obligations and covenants under this Indenture and the Securities and may be liquidated and dissolved. 

  
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 Section 9.03. Opinion of Counsel to Trustee. The Trustee, subject to
the provisions of Sections 6.01 and 6.02, shall receive an Opinion of Counsel, prepared in accordance with Section 14.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, any such assumption, any such
supplemental indenture, or any such liquidation or dissolution, complies with the applicable provisions of this Indenture. 
 ARTICLE
10 
 SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 10.01. Satisfaction and Discharge of Indenture. If at any time (a) the Company shall have paid or
caused to be paid the principal of and interest on all the Securities of any Series and Coupons, if any, appertaining thereto Outstanding hereunder (other than Securities and Coupons which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable, or (b) the Company shall have delivered to the Trustee for cancellation all Securities of any Series and Coupons, if any, appertaining
thereto theretofore authenticated (other than any Securities of such Series and Coupons which have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) or (c) (i) all the Securities of such
Series and Coupons, if any, appertaining thereto not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption and (ii) the Company shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in the Currency
required and/or the required Government Obligations maturing as to principal and interest in such amounts and at such times as will, in aggregate, ensure the availability of cash sufficient, in the opinion of a firm of independent certified public
accountants, to pay at maturity or upon redemption all Securities of such Series and Coupons, if any, appertaining thereto (other than any Securities of such Series and Coupons, if any, appertaining thereto which shall have been destroyed, lost or
stolen and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation, including principal and interest due or to become due to such date of maturity as the case may be, and if,
in any such case, the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to Securities of such Series and Coupons, if any, appertaining thereto, then this Indenture shall cease to be of further
effect with respect to Securities of such Series and Coupons, if any, appertaining thereto (except as to (A) rights of registration of transfer and exchange, and the Company’s right of optional redemption, (B) substitution of
mutilated, defaced, destroyed, lost or stolen Securities and Coupons, (C) 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, (D) the rights, obligations and immunities of the Trustee hereunder, and (E) 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, subject to Section 10.06, the Trustee, upon request by the Company pursuant to a Company Order accompanied by a Company Officers’ Certificate and an Opinion of
Counsel, shall execute proper instruments acknowledging such satisfaction and discharge of this Indenture with respect to Securities of such Series and Coupons, if any, appertaining thereto. 

Section 10.02. Defeasance and Covenant Defeasance. 

(a) Unless otherwise specified pursuant to Section 2.03, the Securities of any Series shall be subject to defeasance pursuant
to Section 10.02(b) or covenant defeasance pursuant to Section 10.02(c), in accordance with any applicable requirements specified pursuant to Section 2.03 and upon compliance with the conditions set forth below in Section 10.02(d). The Company
may elect, at its option, at any time, to have Section 10.02(b) or Section 10.02(c) applied to any Securities of any Series so subject to defeasance or covenant defeasance. Any such election shall be evidenced by a Company Board Resolution or
in another manner specified as contemplated by Section 2.03 for such Securities. 
 (b) Upon the Company’s exercise of
its option, if any, to have this Section 10.02(b) applied to any Securities of any Series, on and after the date the conditions set forth in Section 10.02(d) are satisfied, the Company shall be deemed to have satisfied and discharged the entire
indebtedness represented by such Securities and Coupons, if any, appertaining thereto and to have satisfied and discharged all of its other obligations under such Securities and Coupons, if any, appertaining thereto and this Indenture, insofar as
such Securities and Coupons are concerned (“Defeasance”). 

  
 38 

 Subject to compliance with this Section 10.02, the Company may exercise its option, if any,
to have this Section 10.02(b) applied to any Securities notwithstanding the prior exercise of its option, if any, to have Section 10.02(c) applied to such Securities. 

In connection with Defeasance with respect to any Securities of any Series, the irrevocable trust agreement contemplated by Section 10.02(d)
shall include, among other things, provision for (i) payment of the principal of and interest on such Securities and Coupons, if any, appertaining thereto when due (by redemption, sinking fund payments or otherwise), (ii) the payment of the
expenses of the Trustee incurred or to be incurred in connection with carrying out such trust provisions, (iii) rights of registration, transfer, substitution and exchange of such Securities and Coupons, if any, appertaining thereto in
accordance with the terms stated in this Indenture, and (iv) continuation of the rights, obligations and immunities of the Trustee as against the Holders of such Securities as stated in this Indenture. 

Subject to Section 10.06, the Trustee, upon request of the Company pursuant to a Company Order accompanied by a Company Officers’
Certificate and Opinion of Counsel, shall execute proper instruments acknowledging any satisfaction and discharge pursuant to this Section 10.02(b). 

(c) Upon the Company’s exercise of its option, if any, to have this Section 10.02(c) applied to any Securities of any Series,
on and after the date the conditions set forth in Section 10.02(d) are satisfied (i) the Company shall be released from such of its obligations and covenants established pursuant to Section 2.03 for the benefit of the Holders of such
Securities as are specified in the Company Board Resolutions or supplemental indenture establishing such obligations and covenants, and (ii) the occurrence of any event contemplated by Section 5.01(c) with respect to such of its
obligations and covenants established pursuant to Section 2.03 for the benefit of the Holders of such Securities as are specified in the Company Board Resolutions or supplemental indenture establishing such obligations and covenants or by
Section 5.01(e) to the extent specified in the Company Board Resolutions or supplemental indenture establishing such event as an Event of Default shall be deemed not to be or result in an Event of Default, in each case with respect to such
Securities (“Covenant Defeasance”). Upon the effectiveness of Covenant Defeasance with respect to any Securities of any Series, with respect to such Securities, the Company may omit to comply with and shall have no liability in
respect of any of the Company’s obligations and covenants established pursuant to Section 2.03 for the benefit of the Holders of such Securities as are specified in the Company Board Resolutions or supplemental indenture establishing such
obligations and covenants, whether directly or indirectly by reason of any reference elsewhere herein to any such obligation or covenant or by reason of any reference in any such obligation or covenant to any other provision herein or in any other
document, but, except as provided in the immediately preceding sentence, the remainder of this Indenture and such Securities of such Series and Coupons, if any, appertaining thereto shall be unaffected thereby. 

(d) The following shall be the conditions to the application of Section 10.02(b) or Section 10.02(c) to any Securities of any
Series: 
 (i) The Company shall have irrevocably deposited or caused to be deposited with the Trustee at its
Corporate Trust Office or such other office as the Trustee may designate, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, as trust funds in trust solely for the benefit of the Holders of
Securities of such Series and Coupons, if any, appertaining thereto, (A) immediately available funds in the Currency required and/or (B) the required Government Obligations maturing as to principal and interest in such amounts and at such
times as are sufficient, in the opinion of a firm of independent certified public accountants, without consideration of any reinvestment of such principal or interest, to pay the principal of and interest in the Currency required on the Outstanding
Securities of such Series and Coupons, if any, appertaining thereto to maturity or redemption, as the case may be; provided that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such Government
Obligations to the payment of said principal of and interest on the Outstanding Securities of such Series and Coupons, if any, appertaining thereto. 

(ii) In the event of an election to have Section 10.02(b) apply to any Securities of any Series, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities and Coupons, if any, appertaining thereto will not recognize income, gain or loss for federal income tax purposes as a result of the Defeasance to
be effected with respect to such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such Defeasance had not occurred. 

  
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 (iii) In the event of an election to have Section 10.02(c) apply to
any Securities of any Series, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities and Coupons, if any, appertaining thereto will not recognize income, gain or loss for federal
income tax purposes as a result of the Covenant Defeasance to be effected with respect to such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such Covenant
Defeasance had not occurred. 
 Section 10.03. Application by Trustee of Funds Deposited for Payment of
Securities. Subject to Section 10.05, all moneys deposited with the Trustee pursuant to this Article 10 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as
its own Paying Agent), to the Holders of the particular Securities of such Series and Coupons, if any, appertaining thereto 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 10.04. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this
Indenture with respect to Securities of any Series or Coupons, if any, appertaining thereto, all moneys then held by any Paying Agent under the provisions of this Indenture with respect to such Series of Securities or Coupons, if any, appertaining
thereto, shall, upon a Company Order, 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 10.05. Return of Unclaimed Moneys Held by Trustee and Paying Agent. Anything in this Article 10 to the
contrary notwithstanding, any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Security of any Series or Coupons, if any, appertaining thereto 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 direction by the Company pursuant to a Company Order 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 or Holders of Coupons appertaining thereto 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 10.06. Reinstatement of Obligations. If the Trustee is unable to
apply any funds or Government Obligations in accordance with this Article 10 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application or by reason of the Trustee’s inability to convert any such funds or Government Obligations into the Currency required to be paid with respect to any Securities of any Series and Coupons, if any, appertaining thereto, the
obligations of the Company under this Indenture and the Securities and Coupons for which such application is prohibited shall be revived and reinstated as if no deposit had occurred pursuant to this Article 10 until such time as the Trustee is
permitted to apply all such funds or Government Obligations in accordance with this Article 10 or is able to convert all such funds or Government Obligations; provided, however, that, if the Company has made any payment of interest on
or principal of any of such Securities or Coupons because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities or Coupons to receive such payment from the funds or Government
Obligations held by the Trustee. 
 ARTICLE 11 

REDEMPTION OF SECURITIES 

Section 11.01. 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 giving notice of such redemption as provided in Section 14.04, 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. Failure to give notice by mail to the Holder of any Security of a Series designated for redemption as a whole or in part, or any defect in such notice, shall not affect the validity of the proceedings for the
redemption of any other Security of such Series. 

  
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 The notice of redemption to each such Holder shall identify the Securities to be redeemed
(including “CUSIP” or “ISIN” numbers, if any), specify the date fixed for redemption, the redemption price, each Place of Payment, that payment will be made upon presentation and surrender of such Securities, and that, unless
otherwise specified in such notice, Coupon Securities, if any, surrendered for payment must be accompanied by all Coupons maturing subsequent to the redemption date, failing which the amount of any such missing Coupon or Coupons will be deducted
from the sum due for payment, 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, the conversion rate or price, the date on which the right to convert the Securities to be redeemed will terminate and each place where such Securities
may be surrendered for conversion, if applicable, and that, if less than all of the Outstanding Securities of a Series are to be redeemed, the identification and principal amount of the Securities to be redeemed. If less than all of the Securities
of any Series are to be redeemed, the notice of redemption shall specify the numbers of the Securities of such Series to be redeemed, and, if only Unregistered Securities of any Series are to be redeemed, and if such Unregistered Securities may be
exchanged for Registered Securities, the last date on which exchanges of Unregistered Securities for Registered Securities not subject to redemption may be made. In case any Security of a Series is to be redeemed in part, 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 and Coupons, if any, appertaining thereto, a new Security or Securities of such
Series in principal amount equal to the unredeemed portion thereof with appropriate Coupons 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, upon direction by the Company pursuant to a Company Order, by the Trustee in the name and at the expense of the Company. The Company shall give
the Trustee at least 45 days prior written notice of any redemption hereunder, unless a shorter period shall be satisfactory to the Trustee. 

Not later than 9:00 a.m., New York City time, on the redemption date specified in the notice of redemption given as provided in this
Section 11.01, the Company will have on 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 3.04) an amount of
money in the Currency in which the Securities of such Series and Coupons, if any, appertaining thereto are payable (except as otherwise specified pursuant to Section 2.03 and except as provided in Sections 2.12(b), (e) and (f) of this
Indenture) 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 any Security to be redeemed is
converted into Common Stock or Preferred Stock, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any
predecessor Security to receive interest as provided in the last paragraph of Section 2.07) be paid to the Company upon direction by the Company pursuant to a Company Order or, if then held by the Company, shall be discharged from such trust.
If less than all the Outstanding Securities of a Series are to be redeemed, the Company will deliver to the Trustee at least 60 days prior to the date fixed for redemption a Company Officers’ Certificate stating the aggregate principal amount
of Securities to be redeemed, unless a shorter period shall be satisfactory to the Trustee. 
 If less than all the Securities of a Series
are to be redeemed, and the Securities are not held in global form pursuant to Section 2.15, the Trustee shall select, 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 multiples equal to the minimum authorized denomination 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 of
any Series 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. If any Security to be redeemed in part is converted in part
before termination of the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities (or portions thereof)
which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as 

  
 41 

 
Outstanding for the purpose of such selection. In any case where more than one Security is registered in the same name, the Trustee in its discretion may treat the aggregate principal amount so
registered as if it were represented by one Security. 
 Section 11.02. 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 said date (unless the Company shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on
the Securities or portions of Securities so called for redemption shall cease to accrue and, except as provided in Sections 6.05 and 10.04, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or
security under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price 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, such 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 any semiannual payment of interest on Registered Securities becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to
the terms and provisions of Section 2.03. 
 If any Coupon Security surrendered for redemption shall not be accompanied by all
appurtenant Coupons maturing on or after the date fixed for redemption, such Security may be paid after deducting from the redemption price an amount equal to the face amount of all such missing Coupons or the surrender of such missing Coupon or
Coupons may be waived by the Company and the Trustee, if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any
Paying Agent any missing Coupon in respect of which a deduction shall have been made from the redemption price, such Holder shall be entitled to receive the amount so deducted; provided, however, that, unless otherwise provided
pursuant to Section 2.03, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside of the United States of America. 

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 borne by the Security. 
 Upon presentation of any
Security redeemed in part only and the Coupons appertaining thereto, 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 and
the Coupons appertaining thereto of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

Section 11.03. Exclusion of Certain Securities from Eligibility for Selection for Redemption. 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 directly or
indirectly controlling or controlled by or under direct or indirect common control with the Company. 
 Section
11.04. Repayment at the Option of the Holders. Securities of any Series which are repayable at the option of the Holders thereof before their stated maturity shall be repaid in accordance with the terms of the Securities of
such Series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before their stated maturity, for purposes of Section 10.01, shall not operate as a payment, redemption or
satisfaction of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee with a directive that such Securities be cancelled. 

  
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 ARTICLE 12 

HOLDERS’ MEETINGS 

Section 12.01. Purposes of Meetings. A meeting of Holders of Securities of any or all Series may be called at any
time and from time to time pursuant to the provisions of this Article 12 for any of the following purposes: 
 (a) to give any
notice to the Company or the Trustee for the Securities of such Series, or to give any directions to the Trustee for such Series, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to
be taken by Holders pursuant to any of the provisions of Article 5; 
 (b) to remove the Trustee for such Series and nominate a
successor trustee pursuant to the provisions of Article 6; 
 (c) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 8.02; or 
 (d) to take any other action authorized to be taken
by or on behalf of the Holders of any specified aggregate principal amount of the Securities of any one or more or all Series, as the case may be, under any provision of this Indenture or under applicable law. 

Section 12.02. Call of Meetings by Trustee. The Trustee for the Securities of any Series may at any time call a
meeting of Holders of Securities of such Series to take any action specified in Section 12.01, to be held at such time and at such place in Manitowoc, Wisconsin, or such other city within the United States of America in which there is a Place
of Payment as the Trustee for such Series shall determine. Notice of every meeting of the Holders of Securities of any Series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting,
shall be given to Holders of Securities of such Series in the manner and to the extent provided in Section 14.04. Such notice shall be given not less than 20 nor more than 90 days prior to the date fixed for the meeting. 

Section 12.03. Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Company Board
Resolution or the Holders of not less than 10% in aggregate principal amount of the Outstanding Securities of any or all Series, as the case may be, shall have requested the Trustee for such Series to call a meeting of Holders of Securities of any
or all Series, as the case may be, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee for such Series shall not have given the notice of such meeting within 20 days after receipt of
such request, then the Company or such Holders may determine the time and the place in Manitowoc, Wisconsin, or such other city within the United States of America in which there is a Place of Payment for such meeting and may call such meeting to
take any action authorized in Section 12.01, by giving notice thereof as provided in Section 12.02. 
 Section
12.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders, a Person shall be (a) a Holder of one or more Securities with respect to which such meeting is being held or (b) a Person appointed
by an instrument in writing as proxy by such Holder. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the
Trustee for the Securities of the Series with respect to which such meeting is being held and its counsel and any representatives of the Company and its counsel. 

Section 12.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee for the Securities
of any Series may make such reasonable regulations as it may deem advisable for any meeting of Holders of the Securities of such Series, in regard to proof of the holding of Securities of such Series and of the appointment of proxies, and in regard
to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

  
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 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Holders of the Securities of such Series as provided in Section 12.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 

Subject to Section 7.04, at any meeting each Holder of Securities with respect to which such meeting is being held or proxy therefore
shall be entitled to one vote for each $1,000 (or the equivalent in the Currency in which such Securities are denominated, as determined pursuant to Section 14.11) principal amount (in the case of the Discount Securities, such principal amount
to be determined as provided in Section 14.11) of Securities held or represented by such Holder. However, no vote shall be cast or counted at any meeting in respect of any such Security challenged as not Outstanding and ruled by the chairman of
the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of the Securities of such Series held by him or instruments in writing aforesaid duly designating him as the Person to vote on behalf of
other Holders of such Series. At any meeting of Holders, the presence of Persons holding or representing Securities with respect to which such meeting is being held in an aggregate principal amount sufficient to take action on the business for the
transaction of which such meeting was called shall constitute a quorum, but, if less than a quorum is present, the Persons holding or representing a majority in aggregate principal amount of such Securities represented at the meeting may adjourn
such meeting with the same effect, for all intents and purposes, as though a quorum had been present. Any meeting of Holders of Securities with respect to which a meeting was duly called pursuant to the provisions of Section 12.02 or
Section 12.03 may be adjourned from time to time by a majority of such Holders present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

Section 12.06. Voting. The vote upon any resolution submitted to any meeting of Holders of Securities with respect
to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such Holders or of their representatives by proxy and the identifying number or numbers of the Securities held or represented by them. The
chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of
all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to such record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that such notice was given in the manner and to the extent provided in Section 14.04.
The record shall show the identifying numbers of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the chairman and secretary of the meeting and one of the duplicates shall be
delivered to the Company and the other to the Trustee to be preserved by the Trustee. 
 Any record so signed and verified shall be
conclusive evidence of the matters therein stated. 
 Section 12.07. No Delay of Rights by Meeting. Nothing in
this Article 12 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or
rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Securities of any Series. 

ARTICLE 13 

SECURITY 
 If so provided
pursuant to Section 2.03 with respect to the Securities of any Series, the Securities of such Series may be secured by such property, assets or other collateral as may be specified in or pursuant to Section 2.03. Any and all terms and
provisions applicable to the security for the Securities of such Series shall also be provided in or pursuant to Section 2.03, which may include provisions for the execution and delivery of such security agreements, pledge agreements,
collateral agreements and other similar or related agreements as the Company may elect and which may provide for the Trustee to act as collateral agent or in a similar or other capacity. The Trustee shall comply with Sections 313(a)(5) and
(6) and 313(b)(1) of the Trust Indenture Act, and the Company shall comply with Sections 314(b), 314(c) and 314(d) of the Trust Indenture Act, in each case in respect of any secured Securities that may be Outstanding hereunder from time to
time. 

  
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 ARTICLE 14 

MISCELLANEOUS PROVISIONS 

Section 14.01. 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, in any Security or in any Coupon appertaining thereto, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or
against any past, present or future stockholder, officer or director, as such, of the Company or of any predecessor or successor to the Company, either directly or through the Company or any such predecessor or 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 and Coupons, if any,
appertaining thereto by the Holders thereof and as part of the consideration for the issue of the Securities, it being expressly understood that, without limitation to the foregoing, this Indenture and the Securities and the obligations created
hereunder and thereunder are solely corporate, limited liability company, partnership, limited partnership or entity obligations, as the case may be, of the Company and that no such personal liability whatever shall attach to, or is or shall be
incurred by, any past, present or future stockholder, incorporator, employee, officer or director, as such, of the Company or any of its respective predecessors or successors, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied herefrom or therefrom and that any and all such personal liability of every type and nature, either at common law
or in equity or by constitution or statute, of, and any and all such rights and claims against, every such past, present or future stockholder, incorporator, employee, officer or director, as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied herefrom or therefrom, are hereby expressly waived and released as a condition of, and as a consideration for,
the execution of this Indenture and the issuance of the Securities. As used in this Section 14.01, all references to “stockholders” shall be deemed to mean, with respect to any Person, any past, present or future holder or
owner of an equity interest in such Person, including owners or holders of capital stock, limited or general partnership interests and limited liability company interests. 

Section 14.02. Provisions of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this
Indenture or in any Security or Coupon, if any, appertaining thereto, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto, any Paying Agent and their successors hereunder and the Holders of the
Securities and Coupons, if any, appertaining thereto any legal or equitable rights, remedies or claims under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the
parties hereto and their successors and of the Holders of the Securities and Coupons. 
 Section 14.03. Successors and
Assigns of Company Bound by Indenture. All the covenants, stipulations, promises and agreements in this Indenture by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 

Section 14.04. Notices and Demands on Company, Trustee and Securityholders. Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by the Trustee, by the Holders of Securities, or by the Holders of Coupons to or on the Company may be given or served by being deposited postage prepaid, first-class mail
(except as otherwise specifically provided herein) addressed (until another address of the Company is filed by the Company with the Trustee) to the Company at 860 North Rapids Road, Manitowoc, Wisconsin 54221, Attention: Corporate Secretary. Any
Company Order or notice by the Company, or any notice, direction, request or demand by Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the Corporate Trust Office.

 Where this Indenture provides for notice to Holders of any event, (a) if any of the Securities affected by such event are Registered
Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by first-class mail, postage prepaid to such Registered Holders as their names and addresses appear in the Security register
within the time prescribed and (b) if any of the Securities affected by such event are Unregistered Securities or Coupon Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if published once in a
newspaper of general circulation in New York, New York, within the time prescribed. 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 

  
 45 

 
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 any case where notice to Holders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Holder shall affect the sufficiency of such notice with respect to other Holders, and any notice
which is mailed in the manner herein provided shall be conclusively presumed to have been duly given. 
 In the event that the suspension of
or irregularities in regular mail service makes it impracticable to mail notice to the Company and the Securityholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as
shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 
 Section
14.05. Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the
Company shall furnish to the Trustee a Company Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or demand, no additional certificate or opinion need be furnished. 
 Each certificate or opinion
provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include (a) a statement that the Person making such certificate or opinion has read such
covenant or condition, (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of
such Person, such Person has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with, and (d) a statement as to whether
or not, in the opinion of such Person, such condition or covenant has been complied with. 
 Any certificate, statement or opinion of an
officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters
upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it
relates to factual matters, information with respect to which is in the possession of the Company, upon the certificate, statement or opinion of or representations by an officer or officers of the Company, unless such counsel knows that the
certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.

 Any certificate, statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates to accounting
matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with
respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is
independent. 
 Section 14.06. Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of
interest on or principal of the Securities of any Series or Coupons, if any, appertaining thereto or the date fixed for redemption or repayment of any such Security or Coupon shall not be a Business Day, then payment of interest or principal need
not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue on amounts payable on such date for the
period from and after such date to the next succeeding Business Day. 

  
 46 

 Section 14.07. Conflict of Any Provision of Indenture with Trust Indenture
Act. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included herein by any of Sections 310 to 317, inclusive, of the Trust
Indenture Act, such required provision shall control. 
 Section 14.08. New York Law to Govern. This Indenture and
each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State. 

Section 14.09. Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument. 
 Section 14.10. Effect of
Headings. The Article and Section headings herein and the Table of Contents are for convenience of reference only and shall not affect the construction hereof. 

Section 14.11. Determination of Principal Amount. In determining whether the Holders of the requisite principal
amount of Outstanding Securities of any Series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, whether a quorum is present at a meeting of Holders of Securities or whether sufficient funds are available
for redemption or for any other purpose, the principal amount of an Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the maturity thereof pursuant to Section 5.01 and the principal amount of any Securities denominated in a Foreign Currency that shall be deemed to be Outstanding for such purposes shall be
determined by converting the Foreign Currency into Dollars at the Market Exchange Rate as of the date of such determination. 
 Section
14.12. Waiver. With respect to the Outstanding Securities of any Series, the Holders of not less than a majority in aggregate principal amount of the Securities of such Series at the time Outstanding may on behalf of the
Holders of all the Securities of such Series and Holders of all Coupons, if any, appertaining thereto (a) waive compliance by the Company with any restrictive provisions in this Indenture, and (b) waive any past default under this
Indenture as provided in Section 5.10. 
 Section 14.13. Force Majeure. In no event shall the Trustee be
responsible or liable, nor shall the Company be responsible or liable to the Trustee, 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
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services, it being understood that the Trustee or the Company, as the case may be, shall use reasonable efforts which are consistent with accepted practices to resume performance as soon as practicable under the circumstances. 

Section 14.14. Waiver of Jury Trial. THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY, BY ITS ACCEPTANCE
THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 [Remainder of Page Intentionally Left Blank] 

  
 47 

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

			
	 By:
	 	 
		 	
Name:                  
                                         
                 

		 	
Title:                  
                                         
                   

  

			
	 TRUSTEE

 

		
	By:	 	 
		 	Name:                                     
                                       
		 	Title:                                    
                                         
 

  
 48Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

CARBON CALIFORNIA
COMPANY, LLC

 

(A Delaware limited liability
company)

 

 

 

Dated as of February 15, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

THE INTERESTS REPRESENTED BY THIS AMENDED
AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED,
OR UNDER ANY OTHER APPLICABLE FEDERAL OR STATE SECURITIES LAWS. SUCH INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE
DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE
OTHER RESTRICTIONS ON TRANSFER SET FORTH HEREIN.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE
    I GENERAL	1
	Section
    1.1.	Formation
    and Organization	1
	Section
    1.2.	Name	1
	Section
    1.3.	Principal
    Office	1
	Section
    1.4.	Registered
    Office and Registered Agent	1
	Section
    1.5.	Term	2
	Section
    1.6.	Purposes	2
	Section
    1.7.	Powers	2
	Section
    1.8.	Qualification
    in Other Jurisdictions	3
	Section
    1.9.	Title
    to Property	3
	Section
    1.10.	Payments
    of Individual Obligations	3
	 	 	 
	ARTICLE
    II MANAGEMENT	3
	Section
    2.1.	Management
    of the Company by the Board of Directors	3
	Section
    2.2.	Election
    of Directors	5
	Section
    2.3.	Duties
    of the Board of Directors	6
	Section
    2.4.	Approval
    of the Board of Directors	7
	Section
    2.5.	Enforcement
    of Agreements; Delegation of Powers	9
	Section
    2.6.	Manager	9
	Section
    2.7.	Performance
    of Duties; Liability of Managers and Officers	11
	Section
    2.8.	Payment
    of Certain General and Administrative Expenses of Carbon	11
	 	 	 
	ARTICLE
    III MEMBERS	11
	Section
    3.1.	Members,
    Interests and Unit Classes; Voting Rights	11
	Section
    3.2.	No
    Liability for Company Obligations	12
	Section
    3.3.	Meeting
    of Members.	12
	Section
    3.4.	Outside
    Activities of the Class A Members and Their Affiliates	13
	Section
    3.5.	No
    Resignation or Withdrawal by Members	14
	 	 	 
	ARTICLE
    IV CAPITAL	15
	Section
    4.1.	Sharing
    Percentages	15
	Section
    4.2.	Capital
    Contributions	15
	Section
    4.3.	Capital
    Accounts.	16
	Section
    4.4.	Member
    Loans	16
	Section
    4.5.	No
    Return of Capital Contributions	16
	 	 	 
	ARTICLE
    V ALLOCATIONS; DISTRIBUTIONS	17
	Section
    5.1.	Allocations
    of Net Income or Net Loss	17
	Section
    5.2.	Special
    Allocations	18
	Section
    5.3.	Allocations
    of Taxable Income or Loss	20
	Section
    5.4.	Distributions	20
	Section
    5.5.	Tax
    Distributions.	20
	 	 	 
	ARTICLE
    VI TRANSFER; WITHDRAWAL; SALE RIGHTS; EXIT EVENTS	21
	Section
    6.1.	Restrictions
    on Transfer	21
	Section
    6.2.	Permitted
    Transfers	21
	Section
    6.3.	Admission
    of Successor or Additional Members	21
	Section
    6.4.	Involuntary
    Transfer	22
	Section
    6.5.	Withdrawal	22
	Section
    6.6.	Substitution.	22
	Section
    6.7.	Drag-Along
    Right	22
	Section
    6.8.	Tag-Along
    Rights.	24
	Section
    6.9.	Internal
    Restructure	27
	Section
    6.10.	Final
    Exit Event	28
	Section
    6.11.	Yorktown-Carbon
    Transfer	28

 

     i

     

    

 

	ARTICLE
    VII DISSOLUTION; WINDING UP	28
	Section
    7.1.	Dissolution	28
	Section
    7.2.	Winding
    Up	29
	Section
    7.3.	Application
    and Distribution of Proceeds of Liquidation	29
	Section
    7.4.	Certificate
    of Cancellation	29
	 	 	 
	ARTICLE
    VIII LIABILITY AND INDEMNIFICATION	30
	Section
    8.1.	No
    Liability for Company Debts	30
	Section
    8.2.	Indemnification	30
	Section
    8.3.	Advance
    Payment and Appearance as a Witness	30
	Section
    8.4.	Insurance	30
	Section
    8.5.	Non-exclusivity
    of Rights	31
	Section
    8.6.	Savings
    Clause	31
	 	 	 
	ARTICLE
    IX CERTAIN TAX MATTERS	32
	Section
    9.1.	Partnership
    Classification	32
	Section
    9.2.	Tax
    Returns and Tax Information	32
	Section
    9.3.	Tax
    Elections	32
	Section
    9.4.	Tax
    Matters Partner; Partnership Representative	32
	Section
    9.5.	Withholding	34
	 	 	 
	ARTICLE
    X BOOKS AND RECORDS; REPORTS	35
	Section
    10.1.	Maintenance
    of and Access to Books and Records	35
	Section
    10.2.	Bank
    Accounts	35
	Section
    10.3.	Reports	35
	Section
    10.4.	Fiscal
    Year	37
	 	 	 
	ARTICLE
    XI DEFINITIONS	37
	Section
    11.1.	Definitions	37
	Section
    11.2.	Other
    Defined Terms	43
	Section
    11.3.	Construction	44
	 	 	 
	ARTICLE
    XII MISCELLANEOUS	44
	Section
    12.1.	Notices	44
	Section
    12.2.	Confidentiality	44
	Section
    12.3.	Expenses	45
	Section
    12.4.	Entire
    Agreement	45
	Section
    12.5.	Waiver
    or Consent	45
	Section
    12.6.	Amendment	46
	Section
    12.7.	Choice
    of Law	46
	Section
    12.8.	Public
    Announcement	46
	Section
    12.9.	Availability
    of Equitable Relief	46
	Section
    12.10.	Binding
    Agreement	46
	Section
    12.11.	Benefit
    of Agreement	46
	Section
    12.12.	Further
    Assurances	46
	Section
    12.13.	Legal
    Counsel.	46
	Section
    12.14.	Counterparts	46

 

EXHIBITS

 

Exhibit
A - Members

Exhibit
B - Board of Directors

 

     ii

     

    

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT 

 

OF

 

CARBON CALIFORNIA COMPANY, LLC

 

This AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT OF Carbon California Company, LLC (the “Company”), dated as of February
15, 2017 (this “Agreement”), amends and restates in its entirety that certain Limited Liability Company
Agreement, dated December 20, 2016, and is entered into by and among Carbon Natural Gas Company, a Delaware corporation (“Carbon”),
Prudential Capital Energy Partners, L.P., a Delaware limited partnership (“Prudential”), and Yorktown
Energy Partners XI, L.P., a Delaware limited partnership and one or more of its affiliates or designees (“Yorktown”).
Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in ‎ARTICLE XI.

 

W I T N E S S E T H:

 

WHEREAS, the
Members listed on Exhibit A attached hereto desire to enter into this Agreement in accordance with the provisions of the
Delaware Limited Liability Company Act (the “Act”).

 

NOW, THEREFORE, in
consideration of the foregoing, of the mutual promises of the Members, and of other good and valuable mutual consideration, the
receipt and sufficiency of which are hereby acknowledged, the Members agree on the following terms and conditions:

 

ARTICLE I

GENERAL

 

Section 1.1.Formation
and Organization. The Company has been formed as a Delaware limited liability company by the filing of the Certificate of Formation
of the Company (the “Certificate of Formation”) in the office of the Secretary of State of the State
of Delaware under and pursuant to the Act. The Members hereby agree that during the term of the Company, the rights and obligations
of the Members with respect to the Company will be determined in accordance with the terms and provisions of this Agreement and,
except where the Act provides that such rights and obligations specified in the Act shall apply “unless otherwise provided
in a limited liability company agreement” or words of similar effect and such rights and obligations are set forth in this
Agreement, the Act. Notwithstanding anything herein to the contrary, Section 18-210 of the Act, entitled Contractual Appraisal
Rights, shall not apply or be incorporated into this Agreement.

 

Section 1.2.Name.
The name of the Company shall be “Carbon California Company, LLC.” The business of the Company shall be conducted under
the name “Carbon California Company, LLC” or such other name or names as the Manager may determine from time to time.

 

Section 1.3.Principal
Office. The principal office of the Company shall be located at 1700 Broadway, Suite 1170, Denver, Colorado 80290, or such
other place as the Manager shall determine from time to time.

 

Section 1.4.Registered
Office and Registered Agent. The name of the Company’s registered agent in Delaware is The Corporation Trust Company,
whose address in the State of Delaware is 1209 Orange Street, Wilmington, Delaware 19801.

 

    	 	- 1 -	 

     

    

 

Section 1.5.Term.
The existence of the Company commenced as of the date upon which the Certificate of Formation was filed in the office of the Secretary
of State of the State of Delaware, and the Company shall continue in existence until it is dissolved in accordance with the provisions
of this Agreement, and to the extent provided under the Act, until its affairs are wound up and the Company is terminated in accordance
with the provisions of this Agreement and the Act.

 

Section 1.6.Purposes.
The purposes of the Company, whether carried out in its own name or through its Subsidiaries, are as follows:

 

(a) to
engage in the evaluation, acquisition, exploration, drilling, development and production of or for oil, gas and other hydrocarbons
in the Area of Mutual Interest;

 

(b) to
enter into any partnership, joint venture or other similar arrangement to engage in the foregoing business; and

 

(c) to
engage in all other necessary and appropriate activities incidental to the foregoing business that may be lawfully conducted by
a limited liability company under the Act.

 

Section 1.7.Powers.
Subject to the terms hereof, the Company shall have the power to do any and all acts necessary, appropriate, proper, advisable,
incidental or convenient to, or in furtherance of, the purposes of the Company set forth in ‎Section 1.6 hereof, including
the power to:

 

(a)
conduct its business, carry on its operations and have and exercise the powers granted to a limited liability company by the
Act;

 

(b)
acquire (by purchase, lease, contribution of property or otherwise), own, hold, operate, maintain, improve, lease, sell,
convey, mortgage, transfer or dispose of any working interests or other interests in oil and gas properties or other real or
personal property that may be necessary, convenient or incidental to the accomplishment of the purposes of the Company;

 

(c) 
enter into one or more Joint Operating Agreements and perform and carry out its obligations thereunder and exercise any
rights available to it under or in connection with the same;

 

(d) 
enter into, perform and carry out other contracts and leases necessary, convenient or incidental to the accomplishment of the
purposes of the Company and to extend, renew, terminate, modify, amend, waive, execute, acknowledge or take any other action
with respect to any such contracts or leases;

 

(e)
appoint employees, consultants and agents of the Company, and define their duties and fix their compensation;

 

(f)
purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or
otherwise dispose of, and otherwise use and deal in and with, shares or other interests in or obligations of corporations,
associations, general or limited partnerships, trusts or limited liability companies;

 

(g) borrow
money and issue evidences of Indebtedness, and to secure the same by a mortgage, pledge or other lien on the real and personal
property of the Company;

 

    	 	- 2 -	 

     

    

 

(h) lend
money for any proper purpose, to invest and reinvest the funds of the Company, and to take and hold real and personal property
for the payment of funds so loaned or invested;

 

(i) enter
into transactions, contracts, agreements or arrangements involving hedge contracts, derivatives, forwards, swaps or similar contracts;

 

(j) 
sue and be sued, complain and defend, and participate in administrative or other proceedings, and to pay, collect,
compromise, litigate, arbitrate or otherwise adjust or settle any and all other claims or demands of or against the
Company;

 

(k)
indemnify any Person in accordance with and subject to this Agreement and applicable law and to obtain any and all types of
insurance; and

 

(l) take
all such other actions and to make, execute, acknowledge and file any and all documents or instruments related to the exercise
of any of the foregoing powers or otherwise necessary, convenient or incidental to the accomplishment of the purposes of the Company.

 

Section 1.8.Qualification
in Other Jurisdictions. The Company shall execute and cause to be filed original or amended articles and/or certificates and
shall take any and all other actions as may be reasonably necessary to perfect and maintain the status of the Company as a limited
liability company or similar type of entity under the laws of any other jurisdictions in which the Company engages in business.
At the request of the Manager, each Member agrees to execute, acknowledge, swear to, and deliver all certificates and other instruments
conforming with this Agreement that are necessary or appropriate to qualify, continue, and terminate the Company as a foreign limited
liability company in all such jurisdictions in which the Company may conduct business.

 

Section 1.9.Title
to Property. All property owned by the Company shall be owned by the Company as an entity and no Member shall have any ownership
interest in such property in its individual capacity, and each Member’s Interests in the Company shall be personal property
for all purposes. The Company shall hold title to all of its property in the name of the Company, not in the name of any Member.

 

Section 1.10.Payments
of Individual Obligations. The Company’s credit and assets shall be used solely for the benefit of the Company, and no
asset of the Company shall be Transferred or encumbered for, or in payment of, any individual obligation of any Member.

 

ARTICLE II

MANAGEMENT

 

Section 2.1.Management of the Company
by the Board of Directors.

 

(a) Management
by the Board of Directors. Subject to the terms hereof and except as the Manager and/or the other officers are permitted hereby,
the business, property and affairs of the Company shall be managed and all powers of the Company shall be exercised by or under
the direction of a board of directors (the “Board of Directors” or the “Board”).
The members of the Board of Directors as of the date hereof shall be those Persons set forth on Exhibit B hereto. Each member
of the Board of Directors is referred to herein as a “Director.”

 

(b) Place
of Meetings. Meetings of the Board of Directors, regular or special, will be held at such places, either within or without
the State of Delaware, as may be specified by the person calling the meeting. In the absence of specific designation, meetings
of the Board of Directors shall be held at the principal office of the Company.

 

    	 	- 3 -	 

     

    

 

(c) Regular
Meetings. The Board of Directors shall meet on a quarterly basis at such times and places as may be fixed from time to time
by the Board and communicated to all Directors. Any and all business may be transacted at any regular meeting.

 

(d) Special
Meetings. Special meetings of the Board of Directors shall be held at any time upon the call of any Director or the Manager.
If the Manager desires to take or have authorized any action that requires Approval of the Board of Directors or Unanimous Approval
of the Board of Directors, the Manager shall request that the Board of Directors take action with respect thereto by so notifying
the Board of Directors and describing in such notification (i) the nature of the transaction or business and (ii) the proposed
course of action recommended by the Manager. The Manager shall deliver the notification referred to above, together with any available
information that is reasonably necessary to enable the Board of Directors to consider the advisability of the proposed course of
action, to the Board of Directors a reasonable period of time prior to the dates by which action is to be taken as specified therein.
Notice of any such special meeting shall be in writing and shall be given personally or by facsimile or Electronic Transmission
to each member of the Board of Directors at least three Business Days prior to the date of the meeting.

 

(e) Attendance
at and Notice of Meetings. Attendance at a meeting of the Board of Directors shall constitute a waiver of notice of such meeting,
except where a Director attends a meeting for the express purpose of objecting to the transaction of any business on the ground
that the meeting is not lawfully called or convened, not authorized by the Agreement or impermissible as a matter of Law.

 

(f) Quorum.
A quorum shall exist when at least a majority of the number of Directors are present in person or by proxy. If a quorum shall
not be present at any meeting of the Board of Directors, the Directors present thereat may adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum shall be present. At any such adjourned meeting any business
may be transacted that might have been transacted at the meeting as originally convened.

 

(g) Voting.
Each Director will have one vote. All decisions will be made by a majority vote of all the Directors, except that approval of any
transaction under ‎Section 2.4(a)(x) and ‎Section 6.1(a) shall also require the
affirmative vote of a majority of disinterested Directors and approval of any transaction under Section 2.4(b) shall require
the Unanimous Approval of the Board of Directors.

 

(h) Proxy.
Each Director entitled to vote at a meeting of the Board of Directors may authorize another Director to act for such Director by
proxy, but no such proxy shall be voted or acted upon after 11 months from its date, unless the proxy provides for a longer period.
A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with
an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest
with which it is coupled is an interest in an Interest itself or an interest in the Company generally.

 

(i) Action
by the Board of Directors Without a Meeting. Action required or permitted to be taken at a meeting of Directors may be taken
without a meeting if the action is evidenced by one or more written consents describing the action taken, signed by the number
of Directors whose vote at a meeting of Directors would be required to take such action. Action taken under this ‎Section
2.1(i) is effective when the requisite number of Directors have signed the consent, unless the consent specifies a different
effective date. The Board of Directors shall promptly provide a copy of such adopted written consent to all Directors.

 

    	 	- 4 -	 

     

    

 

(j) Telephonic
Meetings. The Board of Directors may hold meetings by means of conference telephone or similar communications equipment by
means of which all of the Directors participating in the meeting can hear each other, and participation in such meeting shall constitute
attendance and presence in person at such meeting.

 

(k) Minutes.
All decisions and resolutions of the Board of Directors shall be reported in the minutes of its meetings, which shall state the
date, time and place of the meeting (or the date of the written consent in the case of a consent executed in lieu of a meeting),
the persons present at the meeting, the resolutions put to a vote (or the subject of a written consent) and the results of such
voting (or written consent). The minutes of all meetings of the Board of Directors shall be circulated to all Directors as soon
as practical after each meeting and shall be kept at the principal office of the Company.

 

(l) Additional
Information. Upon request from time to time by any Director, the Manager or other officer shall promptly provide to such Director
any and all documents and information requested by such Director relating to the business, operations, prospects, properties, liabilities,
financial condition or results of operations of the Company, including (i) the Records of the Company, (ii) any contracts or agreements
to which the Company is a party and (iii) documents and information relating to or evidencing any claim or liability to which the
Company or its assets are subject.

 

Section 2.2.Election of Directors.

 

(a) Qualifications.
Each Director shall be a natural person. A Director need not be a resident of the State of Delaware, a Member or an officer of
the Company.

 

(b) Number.
The Board of Directors shall be comprised of five Directors and the Directors as of the date hereof shall be the persons whose
names are set forth on Exhibit B attached hereto. Each Director shall hold office until a successor shall have been designated
in accordance with the terms of this Agreement. Upon the removal of any Director pursuant to Section 2.2(e) or mandatory
resignation pursuant to Section 2.2(g), the number of Directors shall be automatically reduced.

 

(c) Designees.

 

(i) Prudential
Designees. For so long as Prudential holds Class A Units, Prudential shall be entitled to designate two (2) persons to serve
on the Board (each, a “Prudential Designee”). The current Prudential Designees are identified on Exhibit
B attached hereto.

 

(ii) Yorktown
Designees. For so long as Yorktown either (A) holds a majority of the voting stock of Carbon or (B) holds Class A Units, Yorktown
shall be entitled to designate two (2) persons to serve on the Board (each, a “Yorktown Designee”). The
current Yorktown Designees are identified on Exhibit B attached hereto.

 

    	 	- 5 -	 

     

    

 

(iii) Carbon
Designee. For so long as Carbon either (A) is the Manager of the Company or (B) holds Class A Units or Class B Units, Carbon
shall be entitled to designate one (1) person to serve on the Board (each, a “Carbon Designee”). The
current Carbon Designee is identified on Exhibit B attached hereto.

 

(d) Vacancies.
If any member of the Board of Directors designated by a party (the “Designating Party”) pursuant to ‎Section
2.2(c) (each, a “Board of Directors Designee”) shall cease to serve as a member of the Board of Directors
for any reason, the vacancy resulting thereby shall be filled by another individual to be designated by the Designating Party.

 

(e) Removal.
No members of the Board of Directors shall be removed from office without the consent of the applicable Designating Party; provided,
however, that if a party is no longer entitled to appoint a Board of Directors Designee or Designees pursuant to ‎Section
2.2(c), the members of the Board of Directors other than those appointed by such party shall be entitled to remove the Board
of Directors Designee or Designees appointed by such party with or without cause. Any member of the Board of Directors may be removed
from office at any time, with or without cause, if the Designating Party delivers to the Board of Directors a written notice requesting
the removal of such member of the Board of Directors.

 

(f) Resignation.
A Director may resign from the Board of Directors at any time by giving written notice to the Company. Such resignation shall take
effect three Business Days following receipt of that notice or at such later time as shall be specified in the notice. Unless otherwise
specified in the notice, the acceptance of a resignation shall not be necessary to make it effective.

 

(g) Mandatory
Resignation. Unless otherwise approved by the Board of Directors, if any Director who is an Affiliate of any Member ceases
to be an Affiliate of such Member or such Member ceases to be a Member of the Company for any reason, s/he shall be deemed to have
immediately resigned as a Director and s/he shall not be entitled to be re-designated as a Director.

 

(h) Compensation.
Except as specified in this Agreement, no Director is entitled to remuneration for services rendered or goods provided to the Company
in his or her capacity as a Director.

 

Section 2.3.Duties
of the Board of Directors.

 

(a) To
the fullest extent permitted by the Act, a person, in performing his duties and obligations as a Director under this Agreement,
shall be entitled to act or omit to act at the direction of the Member, if any, that designated such person to serve on the Board
of Directors, considering only such factors, including the separate interests of the Designating Party, as such Director or Designating
Party chooses to consider, and any action of such Person or failure to act, taken or omitted in good faith reliance on the foregoing
provisions shall not, as between the Company and any other Member, on the one hand, and such Person or Designating Party, on the
other hand, constitute a breach of any duty (including any fiduciary or other similar duty, to the extent such exist under the
Act or any other applicable Law) on the part of such Person or Member to the Company or any other Director or Member of the Company.

 

    	 	- 6 -	 

     

    

 

(b) The
Members (in their own names and in the name and on behalf of the Company) hereby:

 

(i) agree
that (A) the terms of this ‎Section 2.3, to the extent that they modify or limit a duty or other obligation,
if any, that a Director may have to the Company or any Member under the Act or other applicable Law, are reasonable in form, scope
and content; and (B) the terms of this ‎Section 2.3 shall control to the fullest extent possible if it
is in conflict with a duty, if any, that a Director may have to the Company or any Member, under the Act or any other applicable
Law; and

 

(ii) waive
to the fullest extent permitted by the Act, any duty or other obligation, if any, that a Member may have to the Company or another
Member, pursuant to the Act or any other applicable law, to the extent necessary to give effect to the terms of this ‎Section
2.3.

 

(c) Each
Member (in its own name and in the name and on behalf of the Company), acknowledges, affirms and agrees that (i) the Member would
not be willing to make an investment in the Company, and no person designated by such Member to serve on the Board of Directors
would be willing to so serve, in the absence of this ‎Section 2.3, and (ii) it has reviewed and understands
the provisions of Section 18-1101(c) of the Act.

 

Section 2.4.Approval of the Board
of Directors.

 

(a) Notwithstanding
anything to the contrary contained in this Agreement, the Manager (or the officers and agents acting at the Manager’s direction
or request), on behalf of the Company or on behalf of any of the Company’s Subsidiaries, shall not take (and shall not permit
any of the Company’s Subsidiaries to take) any of the following actions without the Approval of the Board of Directors:

 

(i) approve
any Annual Operating Plan and Budget;

 

(ii) unless
specifically provided in the applicable Annual Operating Plan and Budget, enter into, execute, deliver, amend and perform any agreement,
contract, document, certification or instrument binding the Company in connection with any Project after the date hereof that causes
or obligates the Company to incur or make expenditures in excess of $1,000,000;

 

(iii) make
any expenditure not otherwise subject to approval under this ‎Section 2.4 which exceeds by more than 20%
the amount set forth in the appropriate line item for such expenditure in the Annual Operating Plan and Budget or which exceeds
by more than 10% the amount of the aggregate Annual Operating Plan and Budget;

 

(iv) sell,
transfer, farm out or otherwise dispose of (directly or indirectly) any property or assets of the Company having a value in excess
of $1,000,000;

 

(v) make
any material changes to the Company’s operating strategy;

 

(vi) authorize
any change (whether by conversion, recapitalization, Internal Restructure or otherwise) in the legal form of the Company from a
limited liability company to any other type of legal entity;

 

(vii) mortgage,
pledge, assign in trust or otherwise encumber any property or assets of the Company, or assign any monies owed or to be owed to
the Company, except for customary liens or other encumbrances contained in or arising under operating or similar agreements executed
by or binding on the Company or to secure Indebtedness;

 

    	 	- 7 -	 

     

    

 

(viii) select,
engage or dismiss the Company’s independent certified public accountants, which accounting firm as of the date of this Agreement
is EKSH, LLLP;

 

(ix) authorize
or permit the Company to conduct any business outside of the Area of Mutual Interest as of the date of this Agreement;

 

(x) engage
in any transactions with any Member, Director, officer, employee or other Affiliate of the Company, or their respective Affiliates,
except (A) this Agreement, (B) for reimbursement of reasonable business expenses of employees or contractors incurred in the ordinary
course of the Company’s business, and (C) for payment of the management fee to the Manager in accordance with ‎Section
2.8;

 

(xi) initiate,
prosecute, defend, settle, compromise, or dismiss lawsuits or other judicial or administrative proceedings brought on or in behalf
of, or against, the Company, the Manager or the Members in connection with the activities arising out of, connected with, or incident
to the business of the Company, and engage counsel or others in connection therewith; or

 

(xii) make
any elections for federal and state income tax purposes, including, but not limited to, in the case of any Transfer of all or any
part of Units or upon the admission of new Members, elections under Code Sections 734, 743 and 754 to adjust the basis of the assets
of the Company.

 

(b) Notwithstanding
anything to the contrary contained in this Agreement, the Manager (or the officers and agents acting at the Manager’s direction
or request), on behalf of the Company or on behalf of any of the Company’s Subsidiaries, shall not take (and shall not permit
any of the Company’s Subsidiaries to take) any of the following actions without the Unanimous Approval of the Board of Directors:

 

(i) authorize
or effect any consolidation of the Company with another Person or any merger of the Company with or into another Person;

 

(ii) authorize
the sale of all or substantially all the Company’s assets in one or more transactions, including in connection with a liquidation
of the Company;

 

(iii) authorize
the issuance of or issue any additional Units or other Interests of the Company (other than those required pursuant to the terms
of this Agreement);

 

(iv) authorize
the admission of any new Member to the Company;

 

(v) other
than the Note Purchase Agreement, dated February 13, 2017, by and among the Company and the institutions party thereto and the
Senior Subordinated Notes, borrow any money or otherwise incur, guarantee or otherwise become liable for any Indebtedness;

 

(vi) voluntarily
file a petition in bankruptcy for the Company, make an assignment for the benefit of creditors of the Company, file a petition
or answer seeking, consenting to or acquiescing in any reorganization, arrangement, readjustment, liquidation, dissolution or similar
relief with respect to the Company under any statute, law or regulation or take any action seeking, consenting to or acquiescing
in the appointment of a trustee, receiver or liquidator of the Company or any substantial part of the properties and assets of
the Company;

 

    	 	- 8 -	 

     

    

 

(vii) liquidate
or dissolve the Company;

 

(viii) approve
a Capital Call under the circumstances provided in ‎Section 4.2(c);

 

(ix) authorize
an Internal Restructure; or

 

(x) authorize
any Distribution.

 

(c) In
the event the Board fails to approve an Annual Operating Plan and Budget for any given fiscal year prior to the year to which the
Annual Operating Plan and Budget is to apply, the prior year’s approved Annual Operating Plan and Budget shall apply for
such fiscal year for all operating expenses, overhead and capital expenditures necessary for the prudent operation of existing
Projects or operations until such time, if any, that the Board of Directors Approves an Annual Operating Plan and Budget.

 

(d) The
Members acknowledge and agree, notwithstanding anything to the contrary in this Agreement or in the Act, that the matters described
in ‎Section 2.4(a) and Section 2.4(b) require the approval of the Board of Directors as set forth
therein only and that no separate or additional Member vote, consent or approval shall be required in order for the Company to
undertake such action. Any consolidation or merger of the Company affected in accordance with Section 2.4(b) shall not be
deemed to cause an assignment or other Transfer of the Interests under this Agreement.

 

Section 2.5.Enforcement of Agreements;
Delegation of Powers.

 

(a) The
Board of Directors shall cause the Manager to enforce any right or remedy granted to the Company under the terms of any acquisition
or Joint Operating Agreement.

 

(b) Other
than with respect to matters that require Approval of the Board of Directors or Unanimous Approval of the Board of Directors as
set forth in Section 2.4, the Board of Directors may delegate to the Manager any of its powers in any manner it desires.

 

Section 2.6.Manager.

 

(a) Appointment
of Carbon as the Manager. The Manager of the Company shall be Carbon (the “Manager”).

 

(b) Authority.
Subject to the provisions of this ‎ARTICLE II, the Manager of the Company shall have such power and authority
and shall perform such duties in connection with the management of the business and affairs of the Company as are provided in this
Agreement, or as may be determined from time to time by resolution of the Board of Directors. In addition, except as otherwise
expressly provided herein, the Manager shall have the following enumerated powers and authority:

 

(i) subject
to Section 2.8, the Manager shall make allocations of the Company’s general and administrative expenses in a reasonable
manner consistently applied;

 

    	 	- 9 -	 

     

    

 

(ii) the
Manager may execute on behalf of the Company all instruments and documents, including, without limitation, checks, drafts, notes
and other negotiable instruments, mortgages or deeds of trust, security agreements, financing statements, documents providing for
the acquisition, mortgage or disposition of the Company’s property, assignments, bills of sale, leases, operating agreements,
limited liability company agreements and any other instruments, agreements, contracts, documents and certifications necessary or
convenient as determined by the Manager to conduct the business of the Company;

 

(iii) the
Manager may enter into or modify any transaction, contract, agreement or arrangement pursuant to which the Company enters into
or undertakes any obligation under any hedge contracts, derivatives, forwards, swaps, futures or similar contracts;

 

(iv) the
Manager may acquire or lease real and personal property from any Person as the Board of Directors may direct;

 

(v) the
Manager may establish bank accounts for the Company, designate Persons authorized to sign on the Company’s bank accounts,
make, deliver, accept or endorse any commercial paper in connection with the business affairs of the Company and draw checks upon
the bank accounts of the Company;

 

(vi) the
Manager may care for and distribute funds to the Members by way of cash, income, return of capital, or otherwise, all in accordance
with and subject to the provisions of this Agreement;

 

(vii) the
Manager may select and remove employees, agents, and officers of the Company, prescribe such powers and duties for them as may
not be inconsistent with law, and establish and pay their compensation;

 

(viii) the
Manager may purchase liability and other insurance to protect the Company’s property and business;

 

(ix) the
Manager may contract on behalf of the Company for the provision of services or goods by vendors, employees and/or independent contractors,
including lawyers and accountants, and delegate to such Persons the duty to manage or supervise any of the assets or operations
of the Company;

 

(x) the
Manager may ask for, collect, or receive any rents, issues and profits or income from the assets of the Company, or any part or
parts thereof, and disburse Company funds for Company purposes subject to the provisions of this Agreement;

 

(xi) the
Manager may pay out taxes, licenses, or assessments of whatever kind or nature imposed on or against the Company or its property
or assets, and for such purposes to make such returns and do all other such acts or things as may be deemed necessary and advisable
in connection therewith;

 

(xii) the
Manager may execute for and on behalf of the Company, and with respect to the business of the Company, all applications for permits
and licenses as the Managers deem necessary and advisable, and execute and cause to be filed and recorded documents that the Managers
deem advisable;

 

(xiii) the
Manager may perform all ministerial acts and duties relating to the payment of all indebtedness, taxes and assessments due or to
become due with respect to the business of the Company, and give or receive notices, reports, and other communications arising
out of or in connection with the ownership, indebtedness, or maintenance of the business of the Company;

 

    	 	- 10 -	 

     

    

 

(xiv) the
Manager may give any approval under any contract to which the Company is a party;

 

(xv) the
Manager may designate one or more officers, employees, or agents to be responsible for the daily operations of the business affairs
of the Company; provided, however, that all decisions affecting the policy and management of the Company shall be
made with the consent of the Manager; and

 

(xvi) the
Manager may modify the manner in which the Capital Accounts are maintained and adjustments thereto are computed, and may make any
appropriate adjustments thereto, to assure that Capital Accounts are maintained in accordance with the Code, the Regulations and
applicable law; provided, however, that such modifications and adjustments shall not materially alter the economic agreement
between or among the Members.

 

Section 2.7.Performance
of Duties; Liability of Managers and Officers. The Manager or any officer shall not be liable to the Company or to any Member
for any loss or damage sustained by the Company or any Member as a result of it carrying out its duties as Manager or officer in
good faith, unless the loss or damage shall have been the result of fraud, deceit, gross negligence, reckless or intentional misconduct,
or a knowing violation of Law by the Manager or officer.

 

Section 2.8.Payment
of Certain General and Administrative Expenses of Carbon. In addition to the Transaction Expenses paid or reimbursed to Carbon
in accordance with ‎Section 12.3, the Company shall pay Carbon a management fee in connection with the services to be
provided by Carbon under the Management Services Agreement by and between the Company and Carbon, dated as of the date hereof,
in the amount of $600,000 per year payable in four (4) equal quarterly installments of $150,000 during the term of the Management
Services Agreement (unless earlier terminated in accordance with the provisions of the Management Services Agreement). Such payments
shall be paid to Carbon within 30 days of the end of each Fiscal Quarter.

 

ARTICLE III

MEMBERS

 

Section 3.1.Members,
Interests and Unit Classes; Voting Rights.

 

(a) The
Company shall have one or more Members with membership interests (“Interests”) designated as units (“Units”).
There shall be two classes of Units, designated “Class A Units” and “Class B Units.”
The names, addresses and number and class of Units of each of the initial Members are set forth in Exhibit A attached hereto.
To the extent of their holdings of Class A Units, Members holding Class A Units shall be referred to as “Class A Members”
and to the extent of their holdings of Class B Units, Members holding Class B Units shall be referred to as “Class
B Members.” The Board of Directors may amend Exhibit A from time to time to reflect any changes thereto resulting
from any additional subscriptions, Transfers, forfeitures or admissions effected in accordance with this Agreement.

 

(b) The
Class B Units issued to Carbon are each intended to be a “profits interest” under Rev. Proc. 93-27, such that Carbon
shall not be subject to federal income taxation upon receipt of such Class B Units. Further, such Class B Units were first issued
to Carbon as of the effective date of this Agreement and, consequently, no Capital Account was allocated to such Class B Units
as of such date. The Class B Units issued by the Company shall in no event exceed 17.813% of all Units of the Company issued and
outstanding as of the date hereof.

 

    	 	- 11 -	 

     

    

 

(c) Subject
to Section 2.4(b)(iii) and (iv) and ‎ARTICLE VI, any Person to which Units are issued by
the Company after the date hereof shall be admitted to the Company as a Member on the date of issuance of such Units.

 

(d) Any
Person to which Units are Transferred as permitted by ‎ARTICLE VI shall be admitted to the Company as
a Member on the date upon which such Transfer has been effected and the requirements set forth in ‎Section
6.6 have been satisfied.

 

(e) Each
of the Class A Units and Class B Units shall have the right to vote as a single class on each and every matter submitted to the
Members for approval and each Class A Member shall have a number of votes equal to the number of Class A Units it holds and each
Class B Member shall have a number of votes equal to the number of Class B Units it holds.

 

Section 3.2.No
Liability for Company Obligations. Without limiting the generality of ‎ARTICLE VIII, a Member is not liable for
the debts, obligations and liabilities of the Company, including under a judgment, decree or order of a court.

 

Section 3.3.Meeting
of Members.

 

(a) Place
of Meetings. Meetings of Members may be held at any such place within or without the State of Delaware as may be designated
by the Board of Directors.

 

(b) Meetings.
Meetings of the Members may be called from time to time by the Board of Directors or by the Manager. Only business within the purpose
or purposes described in the notice of meeting referred to in paragraph (c) below may be conducted at a meeting of Members.

 

(c) Notice
of Meeting. Written or printed notice of all meetings of the Members stating the place, date and time of the meeting and, in
the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered personally or by facsimile
or Electronic Transmission not less than five (5) Business Days before the date of the meeting by or at the direction of the Manager
to each Member entitled to vote at such meeting.

 

(d) Quorum.
A quorum shall exist if Members are present holding at least a majority of the then outstanding Units.

 

(e) Required
Vote. Unless otherwise expressly required by this Agreement, any matter brought before any meeting of the Members shall be
decided by a Majority Vote.

 

(f) Conduct
of Meetings of Members. At each meeting of the Members, the Person designated by the Manager or, in such Person’s absence,
a chairman chosen by a Majority Vote of the Members present in person or represented by proxy and entitled to vote thereat, shall
preside and act as chairman of the meeting. A Person appointed by the Manager, shall act as secretary of such meeting and keep
the minutes thereof. The Board of Directors may adopt such rules and regulations as it determines are reasonably necessary or appropriate
in connection with the organization and conduct of any meeting of the Members.

 

    	 	- 12 -	 

     

    

 

(g) Proxies.
Each Member entitled to vote at a meeting of the Members may authorize another person or persons to act for such Member by proxy,
but no such proxy shall be voted or acted upon after 11 months from its date, unless the proxy provides for a longer period. A
duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an
interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest
with which it is coupled is an interest in an Interest itself or an interest in the Company generally.

 

(h) Written
Consent. Any action required or permitted to be taken at any meeting of Members may be taken without a meeting, without prior
notice, and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by Members
holding the minimum number of Units required to take such action at a meeting of Members. Every written consent shall bear the
date of signature of each Member that signs the consent. Notice of any such action taken shall be provided to those Members who
have not consented in writing promptly following the taking of such action. Delivery shall be by hand or certified or registered
mail, return receipt requested, to the Company’s principal office and shall be addressed to the Board of Directors.

 

(i) Telephonic
Meetings. Members may participate in and hold a meeting by means of conference telephone or similar communications equipment
by means of which all Members participating in the meeting can hear each other, and participation in such meeting shall constitute
attendance and presence in person at such meeting.

 

(j) Minutes.
All decisions and resolutions of the Members shall be reported in the minutes of the meetings, which shall state the date, time
and place of the meeting (or the date of the written consent in the case of a written consent in lieu of a meeting), the persons
present at the meeting, the resolutions put to a vote (or the subject of a written consent) and the results of such voting (or
written consent). The minutes of all meetings of the Members shall be kept at the principal office of the Company.

 

Section 3.4.Outside
Activities of the Class A Members and Their Affiliates.

 

(a) The
Company and the Members recognize that (i) the Class A Members and their Affiliates own and will own substantial equity interests
in other companies (existing and future) that participate in the energy industry (“Portfolio Companies”),
(ii) that the representatives designated by the Class A Members who serve as Directors of the Company may also serve as directors
of or advisors to other Portfolio Companies, and (iii) that at any given time, other Portfolio Companies may be in direct or indirect
competition with the Company and/or its Subsidiaries. The Company and the Members acknowledge and agree that (i) the Class A Members,
their respective Affiliates and designated representatives serving as Directors: (A) shall not be prohibited or otherwise restricted
by their relationship with the Company and its Subsidiaries from engaging in the business of investing in Portfolio Companies,
entering into agreements to provide services to such companies or acting as directors or advisors to, or other principals of, such
Portfolio Companies, regardless of whether such activities are in direct or indirect competition with the business or activities
of the Company or its Subsidiaries (each, an “Excluded Business Opportunity”), and (B) shall not have
any obligation to offer the Company or its Subsidiaries any Excluded Business Opportunity, and (ii) the Company and the Members
hereby renounce any interest or expectancy in any Excluded Business Opportunity pursued by the Class A Members, their respective
Affiliates, their designated representatives serving as Managers or another Portfolio Company and waive any claim that any such
business opportunity constitutes a corporate, partnership or other business opportunity of the Company or any of its Subsidiaries.

 

    	 	- 13 -	 

     

    

 

(b) The
Members (in their own names and in the name and on behalf of the Company) expressly:

 

(i) waive
any conflicts of interest or potential conflicts of interest that may arise by virtue of its or their respective activities, and
agree that no Member nor any of their present or future Affiliates nor any of their respective stockholders, partners, members,
directors, managers, officers or employees shall have any liability to any Member, any Affiliate thereof, or the Company with respect
to such conflicts of interest or potential conflicts of interest; and

 

(ii) acknowledge
and agree that no Member will have any duty to disclose to the Company, any other Member or the Board any business opportunities,
whether or not the Company might be interested in such business opportunity for itself.

 

(c) The
Members (in their own names and in the name and on behalf of the Company) hereby:

 

(i) agree
that (A) the terms of this ‎Section 3.4, to the extent that they modify or limit a duty or other obligation,
if any, that a Member or any of its present or future Affiliates or any of their respective stockholders, partners, members, directors,
managers, officers or employees (each a, “Member Related Party”) may have to the Company or another Member
under the Act or other applicable Law, are reasonable in form, scope and content; and (B) the terms of this ‎Section
3.4 shall control to the fullest extent possible if it is in conflict with a duty, if any, that a Member Related Party may
have to the Company or another Member, pursuant the Act or any other applicable Law; and

 

(ii) waive
any duty or other obligation, if any, that a Member Related Party may have to the Company or another Member, pursuant to the Act
or any other applicable Law, to the extent necessary to give effect to the terms of this ‎Section 3.4.

 

(d) The
Members (in their own names and in the name and on behalf of the Company) acknowledge, affirm and agree that (i) the execution
and delivery of this Agreement by the other Members are of material benefit to the Company and the Members, and that each Member
would not be willing to (A) execute and deliver this Agreement, and (B) make their agreed Capital Contributions to the Company,
without the benefit of this ‎Section 3.4 and the agreement of the parties, thereto; and (ii) they have
reviewed and understand the provisions of Sections 18-1101(b) and (c) of the Act.

 

Section 3.5.No
Resignation or Withdrawal by Members. Except in connection with a Transfer of all of its Interest as permitted under ‎ARTICLE
VI, no Member shall be entitled to resign or withdraw from the Company.

 

    	 	- 14 -	 

     

    

 

ARTICLE IV

CAPITAL

 

Section 4.1.Sharing
Percentages. The “Sharing Percentage” of each Member shall equal the aggregate number of Units held
by such Member divided by the aggregate number of Units then outstanding. The Class A Sharing Percentage and Class B Sharing Percentage
of each Member as of the date hereof are set forth opposite such Member’s name on Exhibit A under the similarly titled
column, as applicable. In the event of a change in Sharing Percentages, the Board of Directors shall revise Exhibit A to
reflect such change in Sharing Percentages.

 

Section 4.2.Capital
Contributions.

 

(a) Initial
Capital Contributions. As of the date hereof, each Class A Member has made, or, prior to the close of business on the date
hereof, will make, one or more Capital Contributions in cash in the amount, or Capital Contributions of other property with the
agreed upon cash value in the amount, set forth opposite such Member’s name on Exhibit A under the column headed “Initial
Capital Contributions.”

 

(b) Additional
Capital Contributions.

 

(i) Each
Class A Member listed on Exhibit A (along with additional Persons so designated from time to time in accordance with this
Agreement) agrees to make, (A) prior to December 31, 2023 and (B) upon the issuance of Capital Calls meeting the requirements of
this ‎ARTICLE IV, cash Capital Contributions to the Company.

 

(ii) From
time to time after the date hereof, the Class A Members shall be required to make Capital Contributions to the Company as capital
calls (collectively “Capital Calls”) in accordance with ‎Section 4.2(c). After
the Initial Capital Contributions, any additional Capital Contributions made in response to such Capital Calls shall be funded
by all Class A Members in cash in proportion to their then Class A Sharing Percentages.

 

(c) No
Class A Member shall be required to make any additional Capital Contributions unless such Capital Call is approved by Unanimous
Approval of the Board of Directors pursuant to Section 2.4(b). With respect to each Capital Call approved in accordance
with Section 2.4(b), the Board of Directors shall send a written notice to each Class A Member that shall state (i) the
amount of the Capital Contribution required of each such Class A Member, (ii) the payment date for such Capital Contribution and
(iii) the purposes for which the Capital Contribution proceeds will be utilized by the Company. Unless otherwise specified by the
Board of Directors, within 10 Business Days after the date of the written notice referred to in the preceding sentence, each Class
A Member required to make a Capital Contribution shall, subject to the provisions of this ‎Section 4.2,
be required to pay the full amount of the Capital Contribution requested pursuant to such Capital Call by wire transfer of funds
in United States dollars. Class A Members making additional Capital Contributions under this ‎Section 4.2(c)
will receive a number of Class A Units equal to the amount of their respective additional Capital Contributions divided by $1,000
or such other price per Class A Unit as described in the Capital Call. No Class B Member shall be required to make any Capital
Contributions in respect of its Class B Units.

 

(d) If
any Class A Member fails for any reason to make a Capital Contribution required by ‎Section 4.2(c), for
a period ending on the later to occur of (i) five (5) Business Days after the due date therefor, or (ii) two (2) Business Days
after the Company has provided written notice of such failure to such Member (such failure, a “Payment Default”),
such Member shall be a “Defaulting Member.”

 

(i) Effective
as of the occurrence of a Payment Default,

 

(A) the
Director(s) designated by such Defaulting Member shall be automatically deemed removed from the Board without further action on
the part of the Board, the Company or any Member to effect such removal; and

 

    	 	- 15 -	 

     

    

 

(B) for
a period of 75 days after the occurrence of the Payment Default, the Members who are not Defaulting Members (the “Non-Defaulting
Members” which may include the Class B Members) will have the right, at their option, to pay their pro rata portion
of the defaulted Capital Contribution and receive their pro rata share of Class A Units that the Defaulting Member would have received
had such Defaulting Member made the Capital Contribution required by ‎Section 4.2(c).

 

Section 4.3.Capital
Accounts.

 

(a) A
separate Capital Account for each Member shall be established and maintained on the books of the Company in accordance with Treasury
Regulations § 1.704-1(b)(2)(iv) and, to the extent not in conflict with such Treasury Regulations, the provisions of this
Agreement. Each Member shall have a single Capital Account that reflects all of its Interests, regardless of class or the time
or manner in which acquired. Upon a Transfer of all or part of any Units, the Capital Account and Capital Contributions of the
Transferor attributable to the Transferred Units shall carryover to the Transferee.

 

(b) There
will be credited to the Capital Account of each Member (i) the amount of cash and the initial Book Basis of any property contributed
by such Member to the Company, (ii) such Member’s share of Net Income (as determined in accordance with ‎Section
5.1) and any items of income or gain allocated to such Member pursuant to ‎Section 5.2, and (iii)
the amount of any liabilities of the Company assumed by such Member or that are secured by any property distributed to such Member.

 

(c) There
will be debited to the Capital Account of each Member (i) the amount of any cash and the Book Basis of any property distributed
by the Company to such Member, (ii) such Member’s share of Net Loss (as determined in accordance with ‎Section
5.1), and any items of loss or deduction allocated to such Member pursuant to ‎Section 5.2, and (iii)
the amount of any liabilities of such Member assumed by the Company or that are secured by any property contributed by such Member
to the Company.

 

(d) Simulated
Basis shall be allocated among the Class A Members in proportion to their respective Class A Sharing Percentages; provided,
however, that Simulated Basis in any Oil & Gas Property that is acquired with cash flow from operations of, or proceeds
from the sale of assets by, the Company (rather than with proceeds from Capital Contributions or borrowings) shall be allocated
among all the Members in proportion to their respective Sharing Percentages.

 

Section 4.4.Member
Loans. Any Member may, with the Approval of the Board of Directors, loan funds to the Company. Loans by a Member to the Company
will not be treated as Capital Contributions but will be treated as debt obligations having such terms as are Approved by the Board
of Directors.

 

Section 4.5.No
Return of Capital Contributions. Except as expressly provided herein, a Member shall not be entitled to the return of any part
of its Capital Contributions or to be paid any interest, salary or draw in respect of its Capital Contributions. A Capital Contribution
that has not been repaid is not a liability of the Company or any Member.

 

    	 	- 16 -	 

     

    

 

ARTICLE V

ALLOCATIONS; DISTRIBUTIONS

 

Section 5.1.Allocations of Net Income
or Net Loss. Except as provided in ‎Section 5.2, and subject to ‎Section 5.3, for purposes of maintaining
the Capital Accounts the Company’s items of Net Income and Net Loss shall be allocated among the Members as provided in subsections
(a)-(c) below:

 

(a) Net
Income. Except as provided in Section 5.2 and subsection (c) below (and subject to Section 5.3), Net Income shall
be allocated among the Members in the following order of priority:

 

(i) First,
Net Income shall be allocated to the Class B Members in proportion to their Class B Sharing Percentages, until the cumulative amount
of Net Income allocated to the Class B Members pursuant to this paragraph for the current and all prior taxable years equals the
cumulative amount of distributions made to the Class B Members pursuant to Section 5.4 for the current and all prior taxable
years;

 

(ii) Next,
Net Income shall be allocated to the Class A Members in proportion to and to the extent of the excess, if any, of (i) the cumulative
Net Loss allocated to such Members pursuant to Section 5.1(b)(iii) for all prior taxable years, over (ii) the cumulative
Net Income allocated to such Members pursuant to this Section 5.1(a)(ii) for all prior taxable years;

 

(iii) Next,
Net Income shall be allocated to the Class A Members in proportion to and to the extent of the excess, if any, of (i) the cumulative
Net Loss allocated to such Members pursuant to Section 5.1(b)(ii) for all prior taxable years, over (ii) the cumulative
Net Income allocated to such Members pursuant to this Section 5.1(a)(iii) for all prior taxable years;

 

(iv) Net
Income shall be allocated to the Class A Members in proportion to their Class A Sharing Percentages, until the cumulative amount
of Net Income allocated to the Class A Members pursuant to this paragraph for the current and all prior taxable years equals the
cumulative amount of distributions made to the Class A Members pursuant to Section 5.4 for the current and all prior taxable
years; and

 

(v) The
balance, if any, of the Net Income shall be allocated to all the Members in proportion to their respective Sharing Percentages.

 

(b) Net
Loss. Except as provided in Section 5.2 and subsection (c) below (and subject to Section 5.3), Net Loss shall
be allocated among the Members in the following order of priority:

 

(i) First,
Net Loss shall be allocated to the Members in proportion to and to the extent of the excess, if any, of (i) the cumulative Net
Income allocated to such Members pursuant to Section 5.1(a)(v) for all prior taxable years, over (ii) the cumulative Net
Loss allocated to such Members pursuant to this Section 5.1(b)(i) for all prior taxable years;

 

(ii) Next,
Net Loss shall be allocated among the Class A Members in proportion to their Class A Sharing Percentages; provided, however,
that Net Loss shall not be allocated to a Member pursuant to this Section 5.1(b)(ii) to the extent such allocation would
cause such Member to have or to increase a deficit balance in the Member’s Adjusted Capital Account at the end of such taxable
year.

 

    	 	- 17 -	 

     

    

 

(iii) The
balance, if any, of the Net Loss shall be allocated to those Class A Members without a deficit balance in the Member’s Adjusted
Capital Account at the end of such taxable year, pro rata in accordance with their positive Adjusted Capital Account balances,
or if no such Members exist, then to the Class A Members in proportion to their respective Class A Sharing Percentages.

 

(c) Net
Income and Net Loss Upon Liquidation or Exit Event. Notwithstanding subsections (a) and (b), Net Income and Net Loss arising
during and after the first taxable year or period in which the Company begins to liquidate or otherwise sells the majority (by
value) of its assets shall be allocated among the Members in a manner such that the Adjusted Capital Account of each Member, immediately
after making such allocations is, as nearly as possible, equal (proportionately) to the distributions that would be made to such
Member pursuant to ‎Section 5.4 if the Company was dissolved, its affairs wound up and its assets sold
for cash equal to their Book Basis, all Company liabilities were satisfied (limited with respect to each nonrecourse liability
to the Book Basis of the asset securing such liability), and the net assets of the Company were distributed in accordance with
‎Section 5.4.

 

Section 5.2.Special Allocations.
Notwithstanding ‎Section 5.1, for each taxable year or other relevant period, the following items of income or loss
shall, to the extent not previously reflected in the Capital Accounts of the Members, be specially allocated to their Capital Accounts,
in the following order and priority:

 

(a) If
there is a net decrease in “partnership minimum gain” (as defined in Treasury Regulations § 1.704-2(b)(2) and
as computed under Treasury Regulations § 1.704-2(d)) for the taxable year or other relevant period, then, to the extent required
by the Treasury Regulations, items of income (determined in accordance with the provisions of Treasury Regulations § 1.704-2(f)(6))
shall be specially allocated to the Members in an amount equal to each Member’s share of the net decrease in partnership
minimum gain (determined in accordance with the provisions of Treasury Regulations § 1.704-2(g)). This ‎Section
5.2(a) shall be interpreted consistently with, and subject to the exceptions contained in, Treasury Regulations § 1.704-2(f).

 

(b) If
there is a net decrease in “partner nonrecourse debt minimum gain” (as defined in Treasury Regulations § 1.704-2(i)(2))
for the taxable year or other relevant period, then, to the extent required by Treasury Regulations, items of income (determined
in accordance with the provisions of the Treasury Regulations § 1.704-2(i)(4)) shall be specially allocated to the Members
in an amount equal to each Member’s share of the net decrease in partner nonrecourse debt minimum gain (determined in accordance
with the provisions of Treasury Regulations § 1.704-2(i)(5)). This ‎Section 5.2(b) shall be interpreted
consistently with, and subject to the exceptions contained in, Treasury Regulations § 1.704-2(i)(4).

 

(c) If
any Member unexpectedly receives any adjustment, allocation or distribution described in Treasury Regulations §§ 1.704-1(b)(2)(ii)(d)(4),
(5) or (6), which causes or increases a deficit balance in such Member’s Adjusted Capital Account, such Member will be allocated
items of income (including gross income) in an amount and manner sufficient to eliminate, to the extent required by the Treasury
Regulations, the deficit balance in the Member’s Adjusted Capital Account as quickly as possible; provided that an allocation
pursuant to this ‎Section 5.2(c) shall be made only to the extent that the Member has a deficit balance
in its Adjusted Capital Account after all other allocations provided for in ‎Section 5.1 and this ‎Section
5.2 have been tentatively made as if this ‎Section 5.2(c) was not in this Agreement.

 

    	 	- 18 -	 

     

    

 

(d) “Nonrecourse
deductions” (as defined in Treasury Regulations §§ 1.704-2(b)(1) and (c)) shall be allocated among the Members
in accordance with their respective Sharing Percentages.

 

(e) “Partner
nonrecourse deductions” (as defined in Treasury Regulations § 1.704-2(i)(2)) shall be specially allocated to the Members
who bear the economic risk of loss for the liability to which the deductions are attributable, determined in accordance with the
principles of Treasury Regulations § 1.704-2(i)(l).

 

(f) To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code §§ 734(b) or 743(b) is required
to be taken into account in determining Capital Accounts under Treasury Regulations § 1.704-1(b)(2)(iv)(m), the amount of
the adjustment shall be included as an item of gain (if positive) or loss (if negative) and shall be specially allocated to the
Members consistent with the manner in which their Capital Accounts are required to be adjusted by such Treasury Regulation.

 

(g) In
the event the allocations specified in ‎Section 5.2(a) through ‎(f) above (the
“Regulatory Allocations”) cause adjustments to the Members’ Capital Accounts that are inconsistent
with the manner in which the Members intend to make Company distributions pursuant to ‎Section 5.4 hereof,
the Board of Directors shall make allocations of other items among the Members so as to reverse such inconsistency. In general,
the Members anticipate that this will be accomplished by specially allocating items of income, gain, loss and deduction among the
Members so that the net amount of the Regulatory Allocations and such special allocations to each such Person is zero. However,
the Board of Directors will have discretion to accomplish this result in any reasonable manner.

 

(h) The
Company’s “excess nonrecourse liabilities” (as defined in Treasury Regulations Section 1.752-3(a)(3)) for a particular
fiscal year or other relevant period shall be allocated among the Members in accordance with their respective Sharing Percentages.

 

(i) Simulated
Depletion Deductions and Simulated Loss with respect to each Oil and Gas Property shall be allocated in proportion to the manner
in which the Simulated Basis of such property is allocated between the Members pursuant to ‎Section 4.3(d),
provided, however, if the percentage depletion method is used, any excess percentage depletion shall be allocated
in accordance with Treasury Regulation Section 1.704-1(b)(4)(iii). Simulated Gain shall be included in Net Income or Net Loss and
allocated pursuant to ‎Section 5.1.

 

(j) For
purposes of Treasury Regulations Sections 1.704-1(b)(2)(iv)(k)(2) and 1.704-1(b)(4)(v), the amount realized on the disposition
of any Oil and Gas Property shall be allocated (i) first to the Members in an amount equal to the remaining Simulated Basis of
such property in the same proportions as the Simulated Basis of such property was allocated to the Members pursuant to ‎Section
4.3(d), and (ii) any remaining amount realized shall be allocated to the Members in the same ratio as the Simulated Gain.

 

    	 	- 19 -	 

     

    

 

Section 5.3.Allocations of Taxable Income or Loss.

 

(a) Except
as provided in ‎Section 5.3(b) or ‎(c) or as otherwise required by the Code or
Treasury Regulations, solely for federal income tax purposes, items of Company taxable income, gain, loss and deduction for each
fiscal year or other relevant period shall be allocated among the Members in the same manner as each correlative item of income,
gain, loss and deduction, as determined for Capital Account purposes, is allocated pursuant to ‎Section 5.1
and ‎Section 5.2.

 

(b) If
property contributed to the Company by a Member has an adjusted tax basis that differs from its initial Book Basis on the date
of contribution or if the Book Basis of property is adjusted upon the occurrence of a Revaluation Event, income, gain, loss and
deductions with respect to such property will, solely for tax purposes, be allocated among the Members so as to take account of
such difference. Such allocations will be made among the Members in the manner provided in Section 704(c) of the Code, pursuant
to the remedial method described in Treasury Regulation Section 1.704-3(d).

 

(c) Depreciation,
depletion, intangible drilling cost, and amortization recapture amounts under Sections 1245, 1250 or 1254 of the Code, if any,
resulting from any sale or disposition of tangible or intangible depreciable, depletable or amortizable property shall be allocated
to the Members in the same proportions that the depreciation, depletion, intangible drilling cost or amortization being recaptured
was allocated.

 

Section 5.4.Distributions. Except
as otherwise provided in ‎Section 5.5, any Available Cash or other property shall be distributed to the Members solely
at such times and in such amounts as the Board of Directors shall determine by Unanimous Approval of the Board of Directors in
accordance with Section 2.4(b). Each such Distribution shall be made in cash in accordance with their then existing Sharing
Percentages. Notwithstanding the foregoing, if any portion of the distribution that would otherwise be made to a Class B Member
under this Section 5.4 would cause such Class B Member to have a deficit balance in its Adjusted Capital Account at the
end of the taxable year (determined after taking into account allocations of Net Income that are expected to be made to such Member
during such taxable year), such portion of such distribution shall be withheld by the Company and shall not be distributed to such
Class B Member until the first time (if any) that such distribution can be made without causing such Member to have a deficit balance
in its Adjusted Capital Account at the end of the taxable year.

 

Section 5.5.Tax Distributions.
To the extent there is Available Cash therefor, as determined by the Board of Directors, the Company shall make aggregate distributions
of cash (“Minimum Tax Distributions”) to each Member for the period covering the fiscal year then ended
in an amount, which when added to prior distributions made to such Member during such prior fiscal year (excluding therefrom Minimum
Tax Distributions received by such Member allocable to the prior taxable year), will equal or exceed the amount of federal, state
and local income tax payable solely by reason of such Member’s distributive share, within the meaning of Section 704(b) of
the Code, of the income, gain, loss and deductions of the Company, assuming for such purposes that (i) any such income and gain
reduced by losses and deductions attributable to the Member by reason of its interest in the Company is subject to federal, state
and local income tax at the maximum rate applicable to any person for the applicable year without reduction for deductions or credits
not related to the activities of the Company and (ii) the distributive share of any unused deductions and losses of the Company
allocated to a Member in prior taxable years are carried forward. The Board of Directors shall also cause the Company to make distributions
from time to time during a fiscal year of the Company (which shall be treated as an advance of the amounts distributable pursuant
to the preceding sentence with respect to the fiscal year) of amounts required by each Member to make payments of estimated taxes
for federal, state or local income tax purposes. Any amount distributed to a Member pursuant to this ‎Section 5.5 shall
be treated as an advance against and, thus, shall reduce the amount which such Member is otherwise entitled to receive thereafter
pursuant to ‎Section 5.4 and ‎Section 7.3. If upon termination of a Member’s Interest in the Company
or upon the winding up and liquidation of the Company, a Member shall have received cumulative distributions pursuant to Section
5.4, Section 7.3 and this ‎Section 5.5 in excess of the amount of cumulative distributions to which such
Member would be entitled under ‎Section 5.4 and ‎Section 7.3 (ignoring this ‎Section 5.5), such
Member shall promptly repay such excess to the Company.

 

    	 	- 20 -	 

     

    

 

ARTICLE VI

TRANSFER; WITHDRAWAL; SALE RIGHTS; EXIT EVENTS

 

Section 6.1.Restrictions on Transfer.

 

(a) No
Member shall Transfer any Units owned or held by it unless approved by the affirmative vote of a majority of the Directors designated
by the Members which are not seeking to Transfer their Units.

 

(b) If
a Transfer is Approved pursuant to ‎Section 6.1(a), the Transferee or Transferor shall pay to the Company
all costs and expenses, including attorneys’ fees, incurred by the Company in connection with the Transfer.

 

(c) Any
Transfer or attempted Transfer of Units in violation of any provision of this Agreement shall be void ab initio. In the
case of any Transfer made in contravention of this ‎ARTICLE VI that cannot be treated as void under applicable
Law, the Transferee shall have only such rights as it is required to have under applicable Law, but shall not be admitted as a
Member.

 

(d) The
Members agree that a breach of the provisions of the restrictions on Transfers set forth in this ‎ARTICLE
VI may cause irreparable injury to the Company and the Members for which monetary damages (or other remedy at law) are inadequate
in view of (i) the complexities and uncertainties in measuring the actual damages that would be sustained by reason of the failure
of a person to comply with such provisions, and (ii) the uniqueness of the Company’s business and the relationship among
the Members. Accordingly, the Members agree that the restrictions on Transfers may be enforced by specific performance.

 

(e) Notwithstanding
anything to the contrary in this ‎Section 6.1, a Transfer of an Interest shall be null and void ab
initio (i) if, following the proposed Transfer, the Company would constitute a “publicly traded partnership” for
purposes of Section 7704 of the Internal Revenue Code, or (ii) such Transfer would result in the violation of any applicable federal
or state securities laws. Any costs incurred by the Company in connection with any proposed or actual Transfer by a Member of all
or a part of its Interest shall be borne by such Member.

 

Section 6.2.Permitted Transfers.
Notwithstanding the provisions of Section 6.1(a) but subject to ‎Section 6.1(e), (i) a Member may Transfer its
Interests pursuant to an Excluded Affiliate Transfer at any time and (ii) Yorktown may transfer its Interests to Carbon in a Yorktown-Carbon
Transfer.

 

Section 6.3.Admission of Successor
or Additional Members. Any Person acquiring an Interest upon the consummation of a Transfer permitted pursuant to this ‎ARTICLE
VI shall be admitted to the Company as a Member when such Person shall have furnished to the Board of Directors (i) acceptance
by such Person in form satisfactory to the Board of Directors of all the terms and conditions of this Agreement and (ii) such other
documents or instruments as may be required under the Act in order to effect the admission of such Person as a Member of the Company.

 

    	 	- 21 -	 

     

    

 

Section 6.4.Involuntary Transfer.
To the fullest extent permitted by Law, any Transfer of Interests in connection with any bankruptcy, insolvency or similar proceedings
involving a Member or pursuant to any judicial order, legal process, execution or attachment and any other involuntary Transfer
not otherwise expressly provided for in this Agreement shall be subject to the restrictions set forth in this Agreement.

 

Section 6.5.Withdrawal. No Member may withdraw from
the Company, other than as a result of a Transfer of its entire Interest as permitted pursuant to this ‎ARTICLE VI.

 

Section 6.6.Substitution.

 

(a) Unless
a Transferee of an Interest becomes a Member in accordance with the provisions set forth below, such Transferee shall not be entitled
to any of the rights granted to a Member hereunder in respect of such Interest, other than the right to receive allocations of
income, gain, loss, deduction, credit and similar items and distributions to which the Transferor would otherwise be entitled,
to the extent such items are Transferred.

 

(b) A
Transferee of the Interest of a Member, or any portion thereof, may become a Member entitled to all of the rights of a Member in
respect of such Interest if (i) the Transferor gives the Transferee such right, (ii) the Board of Directors (or the Members, as
the case may be) consents in writing to such substitution if required pursuant to the terms of ‎Section 6.1;
and (iii) the Transferee executes and delivers such instruments, in form and substance reasonably satisfactory to the Board of
Directors, as the Board of Directors may deem reasonably necessary to effect such substitution and to confirm the agreement of
the Transferee (and such Transferee’s spouse if the Transferee is an individual residing in a community property state) to
be bound by all of the terms and provisions of this Agreement.

 

Section 6.7.Drag-Along Right.

 

(a) In
the event (i) one or more Members holding more than 60% of the Units then outstanding (the “Majority Unit Owners”)
propose to Transfer all of their Interests, or (ii) the Board of Directors approves a sale of the Company that will be a Final
Exit Event and such sale is structured as a sale of all the Interests of the Company (either (i) or (ii), a “Drag-Along
Sale”), at their sole option, in the case of (i) above, the Majority Unit Owners, and in the case of (ii) above,
the Members who are Affiliates of the members of the Board of Directors who voted in favor of the Drag-Along Sale (either such
persons, the “Dragging Members”) shall have the right to require all (but not less than all) of the other
Members (each, a “Drag-Along Member”) to sell their Interests in such Drag-Along Sale.

 

(b) The
Dragging Members shall provide each Drag-Along Member notice of the terms and conditions of such proposed Transfer (the “Drag-Along
Notice”) not later than 15 Business Days prior to the closing of the proposed Drag-Along Sale. The Drag-Along Notice
shall contain a true and complete copy of any and all available documents constituting the agreement to transfer and, to the extent
not set forth in the accompanying documents, the price offered for the Interests, all information reasonably available to the Dragging
Members regarding the acquirer, all other material terms and conditions of the proposed Drag-Along Sale and, in the case of a proposed
Drag-Along Sale in which the consideration payable for the Interests consists in whole or in part of consideration other than cash,
such information relating to such other consideration as is reasonably available to the Dragging Members. Each Drag-Along Member
shall be required to participate in the Drag-Along Sale on the terms and conditions set forth in the Drag-Along Notice and this
‎Section 6.7. No Member shall have any dissenters’ or appraisal rights in connection with the Drag-Along
Sale, and each Member hereby releases, and will execute such further instrument as the Company reasonably requests to further evidence
the waiver of, such rights.

 

    	 	- 22 -	 

     

    

 

(c) Within
10 Business Days following receipt of the Drag-Along Notice (the “Drag-Along Notice Period”), each Drag-Along
Member must deliver to such Dragging Members (i) wire transfer instructions for payment of the purchase price for the Interests
to be sold in such Drag-Along Sale, and (ii) all other documents required to be executed in connection with such Drag-Along Sale.
Each Member makes, constitutes, and appoints the Manager (or its chief executive officer, in his official corporate capacity) as
its true and lawful attorney-in-fact for such person and in its name, place, and stead and for its use and benefit, to sign, execute,
certify, acknowledge, swear to, file, and record any instrument that is now or may hereafter be deemed necessary by the Company
in its reasonable discretion to carry out fully the provisions and the agreement, obligations, and covenants of such Member in
this ‎Section 6.7 in the event that such Member is or becomes a Drag-Along Member pursuant to this ‎Section
6.7. Each Member hereby gives such attorney-in-fact full power and authority to do and perform each and every act or thing
whatsoever requisite or advisable to be done in connection with such Member’s obligations and agreements as a Drag-Along
Member pursuant to this ‎Section 6.7 as fully as such Member might or could do personally, and hereby
ratifies and confirms all that any such attorney-in-fact shall lawfully do or cause to be done by virtue of the power of attorney
granted hereby. The power of attorney granted pursuant hereto is a special power of attorney, coupled with an interest, and is
irrevocable, and shall survive the bankruptcy, insolvency, dissolution or cessation of existence of the applicable Member.

 

(d) If,
at the end of the 90-day period after the date on which the Dragging Members give the Drag-Along Notice (which 90-day period shall
be extended if any of the transactions contemplated by the Drag-Along Sale are subject to regulatory approval until the expiration
of five Business Days after all such approvals have been received, but in no event later than 120 days following the delivery of
the Drag-Along Notice), the Drag-Along Sale has not been completed on substantially the same terms and conditions set forth in
the Drag-Along Notice, the Drag-Along Members shall no longer be obligated to sell their Interests pursuant to such Drag-Along
Notice and the Dragging Members shall return to each Drag-Along Member any documents in the possession of the Dragging Members
executed by or on behalf of such Drag-Along Member in connection with the proposed Drag-Along Sale.

 

(e) Concurrently
with the consummation of the Drag-Along Sale, Dragging Members shall (i) notify the Drag-Along Members thereof, (ii) remit to the
Drag-Along Members the total consideration for the Interests of the Drag-Along Members Transferred pursuant thereto, and (iii)
promptly after the consummation of the Drag-Along Sale, furnish such other evidence of the completion and the date of completion
of such Transfer and the terms thereof as may be reasonably requested by the Drag-Along Members.

 

(f) Notwithstanding
anything contained in this ‎Section 6.7, there shall be no liability on the part of the Dragging Members
to the Drag-Along Members if the Transfer of the Membership Interests pursuant to this ‎Section 6.7 is
not consummated for whatever reason.

 

(g) Notwithstanding
anything contained in this ‎Section 6.7, the obligations of the Drag-Along Members to participate in a
Drag-Along Sale are subject to the following conditions:

 

(i) upon
consummation of such Drag-Along Sale, (A) all of the Members participating therein will receive the same form of consideration,
and (B) the aggregate consideration received by the Members will be paid to the Members subject to the allocation provisions set
forth in ‎Section 5.4;

 

    	 	- 23 -	 

     

    

 

(ii) no
Drag-Along Member participating therein shall be obligated to pay any expenses incurred in connection with any unconsummated Drag-Along
Sale, and each Drag-Along Member shall be obligated to pay only its pro rata share (based on the amount of the purchase price received)
of expenses incurred in connection with a consummated Drag-Along Sale to the extent such expenses are incurred for the benefit
of all Members and are not otherwise paid by the Company or another person;

 

(iii) without
the written consent of a Drag-Along Member, such Drag-Along Member shall not be obligated with respect to (A) any representation
or warranty other than a representation and warranty that relates solely to such Drag-Along Member’s title to its Interest,
and its authority and capacity to execute and deliver the subject purchase and sale agreement, or (B) any indemnity obligation
beyond a pro rata portion (based on and limited to the value of consideration received by such Drag-Along Member in the Drag-Along
Sale) of the indemnity obligations which obligate the Dragging Members and all Drag-Along Members and then, such indemnity obligations
shall be several and not joint, or (C) any other continuing obligation on such Drag-Along Member in favor of any other person following
the Disposition of such Drag-Along Member’s Interests (other than obligations relating to representations and warranties
that relate solely to such Drag-Along Member and not to any other Member or the indemnification obligation provided for in clause
(B) above);

 

(iv) no
Drag-Along Member shall be obligated to consummate such Drag-Along Sale contemplated by the Drag-Along Notice with respect to its
Interests unless the Dragging Members consummate such Drag-Along Sale with respect to all (but not less than all) of their Interests
on the terms and conditions contemplated by the Drag-Along Notice; and

 

(v) no
Drag-Along Member shall be obligated to participate in a Drag-Along Sale that is an Excluded Affiliate Transfer.

 

Section 6.8.Tag-Along
Rights.

 

(a) In
the event that (i) the Majority Unit Owners propose to Transfer all of their Interests, or (ii) the Board of Directors approves
a sale of the Company that will be a Final Exit Event and such sale is structured as a sale of all the Interests of the Company
(either (i) or (ii), a “Tag-Along Sale”), and in the case of (i) above, the Majority
Unit Owners, and in the case of (ii) above, the Members who are Affiliates of the Members who designated the members of
the Board of Directors who voted in favor of the Tag-Along Sale (either such persons, the “Tag-Along Sellers”)
do not exercise their rights under ‎Section 6.7, (x) the Tag-Along Seller shall provide to each other
Member (each such Member, an “Eligible Member”) notice of the terms and conditions of such proposed Transfer
(the “Tag-Along Notice”) and offer each Eligible Member the opportunity to participate in such Transfer
in accordance with this ‎Section 6.8 and (y) each Eligible Member may elect, at its option, to participate
in the proposed Transfer in accordance with this ‎Section 6.8.

 

    	 	- 24 -	 

     

    

 

(b) The
Tag-Along Notice shall contain a true and complete copy of any and all available documents constituting the agreement to Transfer
and, to the extent not set forth in the accompanying documents, shall identify the Interests proposed to be Transferred, the price
offered for such Interests, all information reasonably available to the Tag-Along Seller regarding the person to whom such Interests
are proposed to be Transferred, all other material terms and conditions of the proposed Transfer and, in the case of an proposed
Transfer in which the consideration payable for such Interests consists in whole or in part of consideration other than cash, such
information relating to such other consideration as is reasonably available to the Tag-Along Seller.

 

(c) From
the date of its receipt of the Tag-Along Notice, each Eligible Member shall have the right (a “Tag-Along Right”),
exercisable by notice (the “Tag-Along Response Notice”) given to the Tag-Along Seller within 15 Business
Days after its receipt of the Tag-Along Notice (the “Tag-Along Notice Period”), to request that the Tag-Along
Sellers include in the proposed Transfer the Interests held by such Eligible Member (each such requesting Eligible Member, a “Tagging
Member”).

 

(d) Each
Tag-Along Response Notice shall include wire Transfer instructions for payment of the purchase price for the Interests to be sold
in such Tag-Along Sale. Each Tagging Member shall deliver to the Tag-Along Sellers, with its Tag-Along Response Notice, all documents
required to be executed in connection with such Tag-Along Sale. Each Tagging Member hereby makes, constitutes and appoints the
Manager (or its chief executive officer, in his official corporate capacity) as its true and lawful attorney-in-fact for it and
in its name, place, and stead and for its use and benefit, to sign, execute, certify, acknowledge, swear to, file and record any
instrument that is now or may hereafter be deemed necessary by the Company in its reasonable discretion to carry out fully the
provisions and the agreements, obligations and covenants of such Tagging Member in this ‎Section 6.8.
Each Tagging Member hereby gives such attorney-in-fact full power and authority to do and perform each and every act or thing whatsoever
requisite or advisable to be done in connection with such Member's obligations and agreements as a Tagging Member as fully as such
Member might or could do personally, and hereby ratifies and confirms all that any such attorney-in-fact shall lawfully do or cause
to be done by virtue of the power of attorney granted hereby. The power of attorney granted pursuant hereto is a special power
of attorney, coupled with an interest, and is irrevocable, and shall survive the bankruptcy, insolvency, dissolution or cessation
of existence of the applicable Member.

 

(e) If,
at the end of the 90-day period after delivery of the Tag-Along Response Notice (which 90-day period shall be extended if any of
the transactions contemplated by the Tag-Along Sale are subject to regulatory approval until the expiration of five Business Days
after all such approvals have been received, but in no event later than 120 days following receipt by the Tag-Along Sellers of
the Tag-Along Response Notice), the Tag-Along Sellers have not completed the Transfer of their Interests on substantially the same
terms and conditions set forth in the Tag-Along Notice, the Tag-Along Seller shall (i) return to each Tagging Member all documents
in the possession of the Tag-Along Seller executed by the Tagging Members in connection with the proposed Tag-Along Sale, and (ii)
not conduct any Transfer of their Interests without again complying with this ‎Section 6.8.

 

(f) Concurrently
with the consummation of the Tag-Along Sale, the Tag-Along Seller shall (i) notify the Tagging Members thereof, (ii) remit to the
Tagging Members the total consideration for the Interests of the Tagging Members Transferred pursuant thereto, and (iii) promptly
after the consummation of the Tag-Along Sale, furnish such other evidence of the completion and the date of completion of such
Transfer and the terms thereof as may be reasonably requested by the Tagging Members.

 

    	 	- 25 -	 

     

    

 

(g) If
at the termination of the Tag-Along Notice Period any other Member shall not have elected to participate in the Tag-Along Sale,
such other Member shall be deemed to have waived its rights under this ‎Section 6.8 with respect to the
Transfer of its Interests pursuant to such Tag-Along Sale.

 

(h) Notwithstanding
anything contained in this ‎Section 6.8, there shall be no liability on the part of the Tag-Along Seller
to the Tagging Members if the Tag-Along Sale pursuant to this ‎Section 6.8 is not consummated for whatever
reason. Whether to effect a Transfer of Interests by the Tag-Along Seller is in the sole and absolute discretion of the Tag-Along
Seller.

 

(i) Notwithstanding
anything contained in this ‎Section 6.8, the rights and obligations of the Eligible Members to participate
in a Tag-Along Sale are subject to the following conditions:

 

(i) upon
consummation of such Tag-Along Sale, (A) all of the Members participating therein will receive the same form of consideration,
and (B) the aggregate consideration received by the Members will be paid to the Members subject to the allocation provisions set
forth in ‎Section 5.4;

 

(ii) no
Member participating therein shall be obligated to pay any expenses incurred in connection with any unconsummated Tag-Along Sale,
and each such Member shall be obligated to pay only its pro rata share (based on the amount of the purchase price received) of
expenses incurred in connection with a consummated Tag-Along Sale to the extent such expenses are incurred for the benefit of all
such Members and are not otherwise paid by the Company or another person;

 

(iii) a
Tagging Member may not, without the written consent of such Tagging Member, be obligated with respect to (A) any representation
or warranty other than a representation and warranty that relates solely to such Tagging Member's title to its Interest and its
authority and capacity to execute and deliver the subject purchase and sale agreement, or (B) any indemnity obligation beyond a
pro rata portion (based on and limited to the value of consideration received by such Tagging Member in the Tag-Along Sale) of
the indemnity obligations which obligate the Tag-Along Seller and all Tagging Members and then, such indemnity obligations shall
be several and not joint or (C) any other continuing obligation on such Tagging Member in favor of any other person following the
Transfer of such Tagging Member's Interests (other than obligations relating to representations and warranties that relate solely
to such Tagging Member and not to any other Member or the indemnification obligation provided for in clause (B) above);
and

 

(iv) no
Tagging Member shall be obligated to consummate such Tag-Along Sale contemplated by the Tag-Along Notice with respect to its Interests
unless the Tag-Along Sellers consummate such Tag-Along Sale with respect to their Interests on the terms and conditions contemplated
by the Tag-Along Notice.

 

    	 	- 26 -	 

     

    

 

Section 6.9.Internal Restructure.

 

(a) Subject
to the consent of the Board of Directors in accordance with ‎ARTICLE II, the Company may effect an Internal
Restructure on such terms as the Board of Directors in the exercise of its reasonable discretion deems advisable. Each Member agrees
that it will consent to and raise no objections to an Internal Restructure; provided that (i) the Internal Restructure is undertaken
in a manner that results in the Members continuing to have substantially the same direct or indirect ownership of the Company’s
assets in place prior to the Internal Restructure, (ii) the Internal Restructure preserves the relative economic interests, preferences,
priorities and designations of the Members in the Company or any entity that succeeds to the Company in such Internal Restructure
transaction, and (iii) such Member does not determine, based on written advice of counsel, that the Internal Restructure has a
reasonable risk of having a material adverse legal, regulatory, tax or accounting effect on such Member. Each Member hereby agrees
that it will execute and deliver all agreements, instruments and documents as are required, in the reasonable judgment of the Board
of Directors to be executed by such Member in order to consummate the Internal Restructure while continuing in effect, to the extent
consistent with such Internal Restructure, the terms and provisions of this Agreement, including those provisions granting the
Board authority to manage the affairs of the Company, granting certain persons the right to nominate and cause the election of
Directors, governing Transfers of Interests in the Company or other equity securities and indemnification.

 

(b) The
Members acknowledge that an Internal Restructure may be undertaken in connection with other events, such as a public offering of
the Company or an acquisition of another business or entity and, if so determined by the Board of Directors, such Internal Restructure
shall be deemed completed immediately before any such event.

 

(c) The
Members acknowledge that, to engage in an initial public offering, it may be necessary or advisable for the Company to merge or
convert into a Delaware corporation (a “Conversion”). Accordingly, if the Board of Directors determines
it to be in the best interests of the Company to engage in an initial public offering and to effect a Conversion, the Members agree
that the Company’s capital structure shall be restructured in the manner described in this ‎Section
6.9 and the Members shall vote and take all other action necessary in order to effect such Conversion. In connection with a
Conversion, all Interests in the Company (the “Old Interests”) will be exchanged for common stock of
the surviving corporation (the “Conversion Consideration”). In determining the portion of the Conversion
Consideration to be exchanged for the Old Interests, the Company shall determine what portion of the Conversion Consideration would
have been distributed among all of the holders of the Old Interests if the Company’s sole asset consisted of the Conversion
Consideration and the Company distributed the Conversion Consideration in the same manner distributions would have been made in
a complete liquidation of the Company taking into account the various rights, preferences and designations governing the Old Interests
(which rights, preferences and designations are set forth in this Agreement, each as they may exist before the Conversion). Once
the Company determines the portion of the Conversion Consideration that would have been distributed to each class or series of
Old Interests if the Company had been liquidated immediately before the Conversion, the Board of Directors will then determine
the exchange ratio of the Old Interest into common shares of the surviving corporation.

 

(d) Upon
the consummation of an Internal Restructure, the surviving entity or entities shall assume or succeed to all of the outstanding
debt and other liabilities and obligations of the Company. To the extent practicable, the governing instruments of the surviving
entity shall incorporate the governance provisions of this Agreement. All Members shall take such actions as may be reasonably
required and otherwise cooperate in good faith with the Company in connection with consummating an Internal Restructure including
a Conversion including voting for or consenting thereto.

 

    	 	- 27 -	 

     

    

 

Section 6.10.Final Exit Event.
Upon the consummation of a Final Exit Event, each holder of Interests shall receive the same proportion of the aggregate consideration
from such Final Exit Event that such holder would have received if such aggregate consideration had been distributed by the Company
in complete liquidation pursuant to the rights and preferences set forth in ‎Section 5.4 as in effect immediately prior
to such Final Exit Event. If a holder of Interests receives consideration from such Final Exit Event in a manner other than pursuant
to the rights and preferences set forth in ‎Section 5.4, or in excess of the amount to which such holder is entitled
in accordance with such rights and preferences, then such holder shall take all necessary action so that such consideration shall
be immediately reallocated among and distributed to the holders of Interests in accordance with ‎Section 5.4.

 

Section 6.11.Yorktown-Carbon
Transfer.

 

(a) Yorktown
may assign all or any portion of its Interests to Carbon in exchange for shares of common stock of Carbon, subject to ‎Section
6.1(e) and ‎Section 6.6 (such assignment, a “Yorktown-Carbon Transfer“).
Effective upon any Yorktown-Carbon Transfer, Carbon shall succeed to the rights of Yorktown with respect to the Interests assigned
by Yorktown to Carbon. In the event that Yorktown assigns all of its Interests to Carbon pursuant to a Yorktown-Carbon Transfer,
Yorktown shall be deemed withdrawn as a Member of the Company and Carbon shall succeed to the rights of Yorktown with respect to
the Interests assigned by Yorktown to Carbon (including the right to appoint Board designees).

 

(b) If
a Yorktown-Carbon Transfer occurs, the terms agreed to by Yorktown and Carbon with respect to such Yorktown-Carbon Transfer shall
not be taken into account with respect to the value of the Company or its assets.

 

(c) If
a Yorktown-Carbon Transfer occurs, the Members will act in good faith to amend and restate the Agreement to give effect to such
Yorktown-Carbon Transfer and the purpose and intent of this ‎Section 6.11.

 

ARTICLE VII

DISSOLUTION; WINDING UP

 

Section 7.1.Dissolution. The Company shall be dissolved
only upon the first to occur of any of the following events (“Dissolution Events”):

 

(a) the
Unanimous Approval of the Board of Directors in accordance with Section 2.4(b);

 

(b) the
election to dissolve the Company at any time after the occurrence of a Termination Event by the Members not causing the Termination
Event;

 

(c) the
election to dissolve the Company upon a Majority Vote following a sale of substantially all of the Company’s assets;

 

(d) the
seventh anniversary of the date hereof, unless extended by Unanimous Approval of the Board of Directors for up to two successive
one year terms; or

 

(e) the
entry of a decree of judicial dissolution under Section 18-802 of the Act.

 

    	 	- 28 -	 

     

    

 

Section 7.2.Winding Up. Upon
the occurrence of a Dissolution Event, the business of the Company shall be wound up and shall, except to the extent consistent
with such winding up, cease. The Board of Directors shall act as liquidator unless it elects to appoint one or more other Persons,
who may or may not be Members, to act as liquidator. The liquidator shall proceed diligently to wind up the business and affairs
of the Company and may determine all matters in connection with the winding up of the Company, including any arrangements to be
made with creditors, the amount or necessity of reserves to cover contingent or unforeseen liabilities, and whether, to what extent,
for what consideration, and on what terms any or all of the assets of the Company are to be sold. The liquidator may in its discretion
retain any obligations due to the Company and distribute (or apply in satisfaction of Company obligations) the proceeds thereof
as collected. The costs and expenses of the winding up and liquidation of the Company shall be borne by the Company. Until final
distribution, the liquidator shall continue to manage the Company’s affairs and, if the liquidator is a Person other than
the Board of Directors, shall, to the extent consistent with the liquidator’s obligations, have all of the power and authority
of the Board of Directors and be entitled to indemnification and advance payment of expenses in accordance with the provisions
of this Agreement as if the liquidator were the Board of Directors. The liquidator shall give or cause to be given all notices
to creditors required by applicable Law and, in addition to any reports otherwise required by this Agreement to be given to the
Members, shall cause a proper accounting of the Company’s assets, liabilities and operations to be made and furnished to
the Members as of the date all assets of the Company are finally distributed to the Members or applied in payment of Company liabilities.

 

Section 7.3.Application and Distribution
of Proceeds of Liquidation. During or upon completion of the winding up of the Company, the assets of the Company shall be
applied and distributed by the liquidator, in one or more installments, in the following order and priority:

 

(a) to
the payment, or provision for payment, of the costs and expenses of the winding up;

 

(b) to
the payment, or provision for payment, of creditors of the Company (including Members, other than in respect of Distributions)
in the order of priority provided by Law;

 

(c) to
the establishment of any Reserves deemed necessary or appropriate by the liquidator to provide for contingent or unforeseen liabilities
of the Company; and

 

(d) subject
to the following sentence, the balance shall be distributed to the Members in accordance with Section 5.4.

 

Notwithstanding Section 7.3(d),
in no case shall the amount distributed to a Class B Member exceed such Member’s positive Capital Account balance with respect
to its Class B Units (determined after giving effect to all contributions, distributions and allocations and adjustments for the
Company’s taxable year during which the liquidation occurs), and any amount that is not distributed to a Class B Member because
of the application of this sentence shall instead be distributed to the Class A Members in proportion to their respective Class
A Sharing Percentages.

 

All Distributions to the Members pursuant
to Section 7.3(d) above shall be in the form of cash, unless the Board of Directors otherwise determines. 

 

Section 7.4.Certificate of Cancellation.
On completion of the distribution of Company assets as provided herein, the liquidator (or such other Person or Persons as the
Act may require or permit) shall file a Certificate of Cancellation with the Secretary of State of the State of Delaware, cancel
any other filings as necessary and take such other actions as may be necessary to terminate the existence of the Company.

 

    	 	- 29 -	 

     

    

 

ARTICLE VIII

LIABILITY AND INDEMNIFICATION

 

Section 8.1.No
Liability for Company Debts. The debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise,
shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be liable for any such debts,
obligations or liabilities. Additionally, except as otherwise expressly required by Law, no Member, in its capacity as a Member,
shall have any liability in excess of (a) the amount of its Capital Contributions, (b) its share of any assets and undistributed
profits of the Company, (c) its obligation to make other payments expressly provided for in this Agreement and (d) the amount of
any Distributions wrongfully distributed to it.

 

Section 8.2.Indemnification.
To the fullest extent permitted by Law, the Company shall indemnify each Covered Person from and against any and all Covered Losses
arising from any and all claims, demands, causes of action, actions, suits or proceedings, whether civil, criminal, administrative
or investigative, in which such Covered Person may be involved, or is threatened to be involved, as a party or otherwise, by reason
of its status as such, regardless of whether any of the foregoing arise from the sole, partial or concurrent negligence of such
Covered Person; provided, that such Covered Person was acting in good faith and in a manner it reasonably believed to be
in the best interest of the Company; provided, further, that the Company shall not indemnify a Covered Person for Covered
Losses arising directly from fraud, intentional or willful misconduct, gross negligence or a knowing violation of the Law. The
termination of any action, suit or proceeding by judgment, order, settlement or upon a plea of nolo contendere, or its equivalent
shall not, of itself, create a presumption that the Covered Person failed to meet the standards for indemnification set forth in
the immediately preceding sentence. Any indemnification hereunder shall be satisfied solely out of the assets of the Company. In
no event may a Covered Person subject the Members to personal liability by reason of these indemnification provisions. The indemnification
provided by this ‎Section 8.2 shall be in addition to, but not duplicative of, any other rights to which a Covered Person
or any other Person may be entitled under any agreement to which the Company is a party, pursuant to any vote of the Members, as
a matter of Law or otherwise, and shall continue as to a Covered Person who has ceased to serve in such capacity and shall inure
to the benefit of the heirs, successors, assigns and administrators of the Covered Person.

 

Section 8.3.Advance
Payment and Appearance as a Witness. To the fullest extent permitted by applicable Law, expenses (including legal fees) incurred
by a Covered Person in defending any claim, demand, cause of action, action, suit or proceeding shall, from time to time, be advanced
by the Company prior to the final disposition of such claim, demand, cause of action, action, suit or proceeding upon receipt by
the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered
Person is not entitled to be indemnified as authorized in ‎Section 8.2. The Company shall pay or reimburse expenses
incurred by a Person who is or was a Member, Manager, officer or employee of the Company in connection with their appearance as
a witness or other participant in a proceeding at a time when they are not a named defendant or respondent in the proceeding.

 

Section 8.4.Insurance.
The Company shall procure and maintain insurance, to the extent and in such amounts as Approved by the Board of Directors, in its
sole discretion, on behalf of Covered Persons and such other Persons as the Board of Directors shall determine, against any liability
that may be asserted against or expenses that may be incurred by any such Person in connection with the activities of the Company
or such indemnities, regardless of whether the Company would have the power to indemnify such Person against such liability under
the provisions of this Agreement. Subject to Section 2.4(a), the Company may enter into indemnity contracts with Covered
Persons and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding of
obligations under ‎Section 8.3 and containing such other procedures regarding indemnification as are appropriate.

 

    	 	- 30 -	 

     

    

 

Section 8.5.Non-exclusivity
of Rights.

 

(a) The
indemnification and advancement of expenses provided by, or granted pursuant to, this ‎ARTICLE VIII shall
not be deemed exclusive of, and shall not limit, any other rights or remedies to which any Covered Person may be entitled or which
may otherwise be available to any Covered Person at Law or in equity.

 

(b) The
Members hereby acknowledge that the Yorktown Designees and the Prudential Designees may have certain rights to indemnification,
advancement of expenses and/or insurance provided by Yorktown and/or certain of its Affiliates or Prudential and/or certain of
its Affiliates, respectively . The Members hereby agree that (i) the Company is the indemnitor of first resort (i.e., its
obligations to any Yorktown Designee or Prudential Designee are primary and any obligation of Yorktown and/or any of its Affiliates
or Prudential and/or its Affiliates, respectively, to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by a particular Yorktown Designee or Prudential Designee, respectively, are secondary), (ii) the Company shall be required
to advance the full amount of expenses incurred by a Yorktown Designee or Prudential Designee and shall be liable for the full
amount of all expenses, judgments, fines and amounts paid in settlement to the extent legally permitted and as required by the
terms of this Agreement (or any other applicable agreement between the Company and a Yorktown Designee or the Company and a Prudential
Designee), without regard to any rights Yorktown and their respective Affiliates and the Yorktown Designees may have against Yorktown
and/or any of its Affiliates or any rights Prudential and their respective Affiliates and the Prudential Designees may have against
Prudential and/or any of its Affiliates, as applicable, and (iii) the Company irrevocably waives, relinquishes and releases Yorktown
and its Affiliates and Prudential and its Affiliates from any and all claims against them for contribution, subrogation or any
other recovery of any kind in respect of claims against the Company under this Article VIII. The Members further agree that
no advancement or payment by Yorktown and/or any of its Affiliates on behalf of a Yorktown Designee or by Prudential and/or any
of its Affiliates on behalf of a Prudential Designee with respect to any claim for which such Yorktown Designee or Prudential Designee,
respectively, has sought indemnification from the Company shall affect the foregoing and Yorktown and its Affiliates and Prudential
and its Affiliates shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all
of the rights of recovery of such Yorktown Designee or Prudential Designee, respectively, against the Company. Yorktown and its
Affiliates and Prudential and its Affiliates are express third party beneficiaries of the terms of this Section 8.5.

 

Section 8.6.Savings
Clause. If all or any part of this ‎ARTICLE VIII shall be invalidated for any reason by any court of competent jurisdiction,
the Company shall nevertheless indemnify and hold harmless each Covered Person, and may indemnify and hold harmless any other Person,
for costs, charges, expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement, in connection
with any claim, to the fullest extent permitted by any portion of this ‎ARTICLE VIII not invalidated and to the fullest
extent otherwise permitted by applicable Law.

 

    	 	- 31 -	 

     

    

 

ARTICLE IX

CERTAIN TAX MATTERS

 

Section 9.1.Partnership
Classification. The Company will be taxed as a partnership and, except (a) with the prior written consent of all Members, or
(b) in connection with an Internal Restructure in accordance with ‎Section 6.9, the Company shall not thereafter (i)
convert or reorganize into any other legal form or take any action that would result in the Company no longer being taxed as a
partnership for federal income tax purposes, (ii) elect under Treasury Regulation § 301.7701-3 or otherwise to be taxed other
than as a partnership, and (iii) elect to exclude the Company from the application of the provisions of subchapter K of chapter
1 of subtitle A of the Code or any similar provisions of applicable state law and no Member shall take any action inconsistent
with such limitations.

 

Section 9.2.Tax
Returns and Tax Information. The Manager shall cause all required federal, state, local and foreign tax returns of the Company
to be prepared and timely filed. Each Member shall furnish to the Company all pertinent information in its possession relating
to the Company, its assets and operations necessary to enable the Company’s tax returns to be prepared and timely filed.

 

Section 9.3.Tax
Elections. Except as provided otherwise in this Agreement, the Board of Directors shall have the authority to make all tax
elections required or permitted to be made by the Company; provided, however, that no election shall be made to classify
the Company as an association taxable as a corporation without the consent of all the Members or in connection with an Internal
Restructure in accordance with ‎Section 6.9. The Board of Directors shall, at the request of any Member, cause the Company
to make an election under Section 754 of the Code.

 

Section 9.4.Tax
Matters Partner; Partnership Representative.

 

(a) The
tax matters partner of the Company pursuant to Code Section 6231(a)(7) (the “Tax Matters Partner”) and
the Partnership Representative of the Company for purposes of the Partnership Tax Audit Rules (the “Partnership Representative”)
shall be the Manager. The Tax Matters Partner and the Partnership Representative shall not have the authority without first obtaining
the consent of a Majority of the Class A Members to do any of the following:

 

(i) enter
into a settlement agreement with the Internal Revenue Service that purports to bind the Members;

 

(ii) file
a petition in U.S. Tax Court, U.S. District Court or the U.S. Court of Federal Claims;

 

(iii) intervene
in any action in U.S. Tax Court, U.S. District Court or the U.S. Court of Federal Claims;

 

(iv) file
any request for administrative adjustment; or

 

(v) enter
into an agreement extending the period of limitations for assessment or collection.

 

For purposes hereof, the term “Partnership
Tax Audit Rules” means sections 6221 through 6241 of the Code, as amended by the Bipartisan Budget Act of 2015 and
the Protecting Americans from Tax Hikes Act of 2015, together with any guidance issued thereunder or successor provisions and any
similar provision of state or local tax laws.

 

    	 	- 32 -	 

     

    

 

(b) For
Tax periods prior to the time the Partnership Tax Audit Rules become effective with respect to the Company, the Tax Matters Partner
shall take such action as may be necessary to cause to the extent possible each other Member to become a notice partner within
the meaning of Code Section 6231(a)(8). The Tax Matters Partner shall inform each other Member of all significant matters that
may affect such Member that come to its attention in its capacity as Tax Matters Partner by giving notice thereof on or before
the twentieth (20th) day after (or if applicable, such shorter period as may be required by the appropriate statutory or regulation
provisions) becoming aware thereof and, within that time, shall forward to each such other Member copies of all significant written
communications it may receive in that capacity. Any cost or expense incurred by the Tax Matters Partner in connection with its
duties, including the preparation for or pursuance of administrative or judicial proceedings, shall be paid by the Company.

 

(c) No
Person, including the Tax Matters Member or Partnership Representative, shall make (or cause the Company to make) the election
contemplated by Section 1101(g)(4) of the Bipartisan Budget Act of 2015.

 

(d) For
Tax periods for which the Partnership Tax Audit Rules become effective with respect to the Company, to the maximum extent possible
under the Partnership Tax Audit Rules, the Members intend to preserve and maintain the relative analogous rights, duties, responsibilities,
indemnities, and obligations of the Members as those provided in Section 9.4(a) and ‎Section 9.4(b).
Without limiting the foregoing, the Members intend that:

 

(i) If
the Internal Revenue Service, in connection with an audit governed by the Partnership Tax Audit Rules, proposes an adjustment in
the amount of any item of income, gain, loss, deduction, or credit of the Company, or any Member’s distributive share thereof,
and such adjustment results in an “imputed underpayment” as described in Code Section 6225(b) of the Partnership Tax
Audit Rules (a “Covered Audit Adjustment”), the Partnership Representative shall elect, to the extent
that such election is available under the Partnership Tax Audit Rules (taking into account whether the Partnership Representative
has received any needed information on a timely basis from the Members), to apply the alternative method provided by Code Section
6226 of the Partnership Tax Audit Rules (the “Alternative Method”). To the extent the Alternative Method
is not available to be elected with respect to a Covered Audit Adjustment, the Partnership Representative shall use commercially
reasonable efforts to (A) make any modifications available under Code Section 6225(c)(3) and (4) of the Partnership Tax Audit Rules
to the extent that such modifications are available (taking into account whether the Partnership Representative has received any
needed information on a timely basis from the Members) and would reduce any Company Level Taxes payable by the Company with respect
to the Covered Audit Adjustment, and (B) if requested by a Member, provide to such Member information allowing such Member to file
an amended U.S. federal income Tax Return, as described in Code Section 6225(c)(2) of the Partnership Tax Audit Rules, to the extent
such amended return and payment of any related federal income Taxes would reduce any Company Level Taxes payable by the Company
with respect to the Covered Audit Adjustment (after taking into account any modifications described in clause (A) of this
‎Section 9.4(d)(i)). Similar procedures shall be followed in connection with any state or local income
tax audit that incorporates rules similar to the Partnership Tax Audit Rules.

 

    	 	- 33 -	 

     

    

 

(ii) Notwithstanding
any provision of this Agreement to the contrary, any taxes, penalties, and interest payable under the Partnership Tax Audit Rules
by the Company (“Company Level Taxes”) shall be treated as attributable to the Members (or former Members,
as applicable), and the Partnership Representative shall allocate the burden of any such Company Level Taxes to those Members (or
former Members, as applicable) to whom such amounts are reasonably attributable (whether as a result of their status, actions,
inactions, or otherwise), taking into account the effect of any modifications described in ‎Section 9.4(d)(i)
that reduce the amount of Company Level Taxes. Any Company Level Taxes shall be allocated among the Members in a manner consistent
with the manner in which income, gain, loss, deduction and credit is allocated among the Members pursuant to this Agreement, as
modified by adjustments arising from the tax audit that resulted in such Company Level Taxes. All Company Level Taxes allocated
to a Member (or former Member), at the option of the Partnership Representative, shall (A) be promptly paid to the Company by such
Member (or former Member) (“Option A”) or (B) be paid by reducing the amount of the current or next succeeding
distribution or distributions which would otherwise have been made to such Member pursuant to Section 5.4, and, if such
distributions are not sufficient for that purpose, by reducing the proceeds of liquidation otherwise payable to such Member pursuant
to ‎Section 7.3 (“Option B”). If the Partnership Representative selects Option A, the
Company’s payment of the Company Level Taxes allocated to the applicable Member (or former Member, as applicable) shall be
characterized in a manner as if the payment by the Company were a distribution to such Member (or former Member, as applicable)
and as if the payment by such Member (or former Member, as applicable) to the Company were a return of such distribution for tax
purposes; provided, however, that such payments shall not affect the Capital Accounts of, or any other contributions
to be made by, or the distributions and allocations to be made to, the applicable Members (or former Members, as applicable) under
this Agreement. If the Partnership Representative selects Option B, the applicable Member shall for all purposes of this Agreement
be treated as having received a distribution of the amount of its allocable share of the Company Level Taxes at the time such Company
Level Taxes are paid by the Company. To the fullest extent permitted by Law, each Member (whether or not such Member becomes a
former Member after the date of this Agreement) hereby agrees to indemnify and hold harmless the Company and the other Members
(including other former Members, as applicable) from and against any liability for Company Level Taxes allocated to such Member
(including, without limitation, with respect to any former Member, any Company Level Taxes allocated to such former Member that
are attributable to taxable periods (or portions thereof) during which such former Member held an interest in the Company). Notwithstanding
anything to the contrary in this Agreement, the liabilities and obligations of each Member under this ‎Section
9.4(d)(ii) shall survive any Transfer of Interests in the Company by such Member or such Member ceasing to be a Member under
this Agreement.

 

Section 9.5.Withholding.

 

(a) Subject
to subsection (b), the Company may withhold and pay to any applicable tax authority all amounts required by any Law to be withheld
by the Company from or with respect to Distributions to a Member or from or with respect to a Member’s distributive share
of Company taxable income or loss (or item thereof). Each Member shall timely provide to the Company all information, forms and
certifications necessary or appropriate to enable the Company to comply with any such withholding obligation and covenants to the
Company that the information, forms and certifications furnished by it shall be true and accurate in all respects. Each Member
shall, upon demand by the Company, indemnify the Company for any such withholding required with respect to the indemnifying Member’s
share of any such withholding and all related costs and expenses of the Company. Any amounts so withheld in respect of a Member
which are not indemnified as described in the preceding sentence shall be treated as a distribution to such Member for all purposes
of this Agreement.

 

    	 	- 34 -	 

     

    

 

(b) Notwithstanding
subsection (a), Prudential represents that it is fund, a substantial portion of the interests of which are owned by an affiliate
that is a life insurance company and as such, such affiliate generally (i) it is not subject in the U.S. to state tax based on
income, but is subject to state tax based on the insurance premiums that it receives, and (ii) it is not likely to be subject to
any tax withholding requirements under state or local tax laws. Based on the foregoing, before withholding and paying over to any
U.S. federal, state or local taxing authority any amount purportedly representing a tax liability of Prudential, the Company will
provide Prudential with written notice of the claim of any such taxing authority that such withholding and payment is required
by law and provide Prudential with the opportunity to contest such claim during any period, provided that such contest does not
subject the Company or its other Members to any potential liability to such taxing authority for any such claimed withholding and
payment or other adverse consequences.

 

ARTICLE X

BOOKS AND RECORDS; REPORTS

 

Section 10.1.Maintenance
of and Access to Books and Records. At all times until the dissolution and termination of the Company, the Company shall maintain
separate books of account that show a true and accurate record of all costs and expenses incurred, all charges made, all credits
made and received and all income derived in connection with the conduct of the business of the Company in accordance with this
Agreement. In addition, the Company shall keep and maintain at its principal office all Records and information required to be
kept and maintained in accordance with the Act and shall make such information available to any Member or representative requesting
the same within five (5) days after receipt of a written request by the Company. The Board of Directors shall permit each of the
Members, from time to time and at reasonable intervals, (i) to examine, audit and make copies of the Records of the Company as
well as all such other data and information in the possession or control of the Board of Directors concerning the Company, Company
properties and the ownership and operation thereof, which Records shall be available to the Members or their representatives at
all reasonable times at the principal office of the Company, or at such other office where such information is maintained, upon
the written request of any Member, and (ii) to discuss the business, financial condition and results of operations of the Company
with officers, accountants, auditors and other representatives of the Company.

 

Section 10.2.Bank
Accounts. The Board of Directors shall cause to be established and maintained for and in the name of the Company one or more
bank or investment accounts or arrangements. All Company funds shall be deposited in such account(s) and shall not be commingled
with funds of any other Person. All deposits to and disbursements from such account(s) shall be made only for proper Company purposes
and shall be signed by one or more authorized signatories designated by the Board of Directors.

 

Section 10.3.Reports.
The Company shall furnish the following to the Members:

 

(a) Within
45 days after the end of each calendar month: (i) an unaudited consolidated balance sheet as of the end of such month and unaudited
related statement of operations and statement of cash flows for such month including any footnotes thereto (if any) prepared in
accordance with GAAP, consistently applied and (ii) a written report by the Company’s management summarizing the results
of operations of the Company (including estimated production volumes, revenue, lease operating expenses and capital expenditures),
including any applicable qualitative analysis comparing the Company’s performance with prior periods, for such calendar month;

 

(b) Within
60 days after the end of each Fiscal Quarter: (i) an unaudited consolidated balance sheet as of the end of such Fiscal Quarter
and unaudited related statement of operations and statement of cash flows for such Fiscal Quarter including any footnotes thereto
(if any) prepared in accordance with GAAP, consistently applied and (ii) a written report by the Company’s management describing
the results of operations of the Company, including any applicable qualitative analysis comparing the Company’s performance
with prior periods, for such Fiscal Quarter;

 

    	 	- 35 -	 

     

    

 

(c) (i)
Within 60 days after the end of each Fiscal Year, an estimated Schedule K-1, and (ii) within 90 days after the end of each Fiscal
Year, a complete copy (including a final Schedule K-1) of the Company’s U.S. federal and state income tax income returns;

 

(d) Within
90 days after the end of each Fiscal Year (beginning with the 2017 Fiscal Year) (i) an audited consolidated balance sheet as of
the end of such Fiscal Year and the related consolidated statement of operations, statement of members’ equity and statement
of cash flows for such Fiscal Year prepared in accordance with GAAP and (ii) a written report by the Company’s management
describing the results of operations of the Company, including any applicable qualitative analysis comparing the Company’s
performance with prior periods, for such Fiscal Year;

 

(e) At
least 30 days prior to the commencement of each Fiscal Year (beginning with the 2018 Fiscal Year), the Manager shall cause to be
prepared and submitted to the Board of Directors a proposed operations plan and budget (the “Annual Operational Plan
and Budget”) for the development of the Company’s oil and gas properties during such Fiscal Year. The Annual
Operational Plan and Budget shall set forth the Company’s recoverable reserves, development well pattern, master design,
production profile, economic analysis and time schedule. The Annual Operational Plan and Budget shall also include a good faith
estimate of the projected revenues expected to be received by the Company during such Fiscal Year, a statement of the costs and
expenses proposed to be incurred, any debt service payments required or proposed to be made, any capital expenditures proposed
to be made, any federal and state taxes expected to be paid, and other cash outlays proposed to be made in connection with the
business activities of the Company during such Fiscal Year. All such estimates of projected revenues and statements of proposed
expenditures will be made in reasonable detail and will be allocated among the four Fiscal Quarters of the applicable Fiscal Year.
The Manager, officers and employees of the Company shall cooperate with the Board of Directors in connection with its review of
the proposed Annual Development Plan and Budget, and will use commercially reasonable efforts to cause the Annual Development Plan
and Budget (as revised after review by the Board of Directors) to be approved prior to the start of each Fiscal Year.

 

(f) Upon
the written request of a Member and at such Member’s expense and provided it can be furnished upon exercise of reasonable
commercial efforts, such additional information necessary for the preparation of any state, local and foreign income tax return
that must be filed by such Member;

 

(g) Promptly
after the occurrence of any event that has, or could reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the business, results of operations, condition, assets, liabilities, employees, prospects, financial condition
or capitalization of the Company, notice of such event together with a summary describing the nature of the event and its impact
on the Company;

 

(h) Within
90 days after the end of each Fiscal Year, the Company shall furnish to the Members an engineering report prepared by the independent
petroleum engineers of the Company, which report will set forth estimates of the proved, probable and possible oil and gas reserves
of the Company as of the preceding January 1 of such Fiscal Year and net revenues expected to be derived therefrom; and

 

    	 	- 36 -	 

     

    

 

(i) With
reasonable promptness, the Board of Directors shall cause the Company to furnish to each of the Members such other information
and financial data concerning the Company and its business, operations, assets, liabilities, financial condition and results of
operations as any such Member may reasonably request.

 

Section 10.4.Fiscal Year. The
fiscal year of the Company shall be the calendar year (“Fiscal Year”).

 

ARTICLE XI

DEFINITIONS

 

Section 11.1.Definitions.
Except as otherwise required by the context, the following terms shall have the following meanings:

 

“Act”
means the Delaware Limited Liability Company Act, as amended from time to time, or any successor statute thereto.

 

“Adjusted
Capital Account” means, as of the end of each Fiscal Year or other relevant period, the balance in a Member’s
Capital Account (i) increased by (A) any additional Capital Contributions the Member makes or is obligated to make, or is treated
as obligated to make pursuant to the provisions of Treasury Regulations § 1.704-1(b)(2)(ii)(c), (B) the amount of the Member’s
share of any “partnership minimum gain” (as defined in Treasury Regulations § 1.704-2(b)(2)), and (C) the amount
of the Member’s share of any “partner nonrecourse debt minimum gain” (as defined in Treasury Regulations §
1.704-2(i)(2)), and (ii) decreased by any adjustments, allocations or distributions described in Treasury Regulations §§
1.704-1(b)(2)(ii)(d)(4), (5) and (6). This definition shall be interpreted and applied consistently with the provisions of Treasury
Regulations § 1.704-1(b)(2)(ii)(d).

 

“Affiliate”
means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such Person.

 

“Approval
of the Board of Directors” means the approval or consent of Directors representing a majority vote, and the phrase
“Approved by the Board of Directors” has a correlative meaning.

 

“Available
Cash” means the amount of cash on hand (including cash equivalents and temporary investments of Company cash) from
time to time in excess of amounts required, in the sole determination of the Board of Directors, to pay or provide for payment
of existing and projected obligations, capital expenditures and acquisitions, and to provide a reasonable reserve for working capital
and contingencies.

 

“Area of
Mutual Interest” means any lands depicted in Exhibit __ attached hereto, provided, that if the Board of Directors
elects for the Company to conduct business outside of these lands pursuant to ‎Section 2.4(a)(ix), the Area of Mutual
Interest shall be automatically revised to include the lands underlying the area or areas reasonably encompassed by the Board's
election.

 

“Bankruptcy
Event” means the occurrence of any of the following events with respect to a Member: (i) voluntarily filing a petition
in bankruptcy, making an assignment for the benefit of the creditors of the Member, (ii) filing a petition or answer seeking, consenting
to or acquiescing in any reorganization, arrangement, readjustment, liquidation, dissolution or similar relief with respect to
the Member under any statute, law or regulation, or (iii) taking any action seeking, consenting to or acquiescing in the appointment
of a trustee, receiver or liquidator of the Member or any substantial part of the properties and assets of the Member.

 

    	 	- 37 -	 

     

    

 

“Book Basis”
means, with respect to each Company asset, the adjusted basis of the asset for federal income tax purposes, except that (i) the
initial Book Basis of an asset other than money contributed by a Member to the Company shall be the fair market value of the asset
on the date of contribution, as agreed by the contributor and the Board of Directors, (ii) upon the occurrence of a Revaluation
Event, the Book Basis of all Company assets (including intangibles) shall be adjusted to their respective fair market values on
such date, as determined by the Board of Directors, (iii) the Book Basis of any Company asset distributed to any Member will be
adjusted to equal the fair market value of such asset on the date of distribution as agreed by the Board of Directors and the recipient,
(iv) the Book Basis of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
assets pursuant to Code § 734(b) or Code § 743(b), but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and ‎Section 5.2(f); provided,
however, that Book Basis shall not be adjusted to the extent the Board of Directors determines that an adjustment pursuant
to clause (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment
pursuant to this clause (iv), and (v) if the Book Basis of any Company asset has been determined pursuant to the preceding subsections
(i), (ii) or (iv), the Book Basis of the asset shall thereafter be adjusted by Simulated Depletion Deductions or Book Depreciation
in lieu of any depletion, depreciation, amortization or other cost recovery deductions otherwise allowable for federal income tax
purposes.

 

“Book Depreciation”
means, with respect to any depreciable or amortizable Company asset, an amount that bears the same ratio to the Book Basis of such
asset as the amount of depreciation, amortization or other cost recovery deductions with respect to such asset, computed for federal
income tax purposes, bears to the adjusted tax basis of such asset; provided, however, that, if the adjusted tax
basis of the asset is zero, Book Depreciation shall be determined under any reasonable method selected by the Board of Directors,
and; provided, further, if such asset is subject to adjustments under the remedial allocation method of Treasury Regulations
Section 1.704-3(d), Book Depreciation shall be determined under Treasury Regulation Section 1.704-3(d)(2).

 

“Business
Day” means a day, other than Saturday, Sunday or any other day on which commercial banks in Denver, Colorado are
authorized or required by Law to close.

 

“Capital
Account” means the account established for each Member pursuant to ‎Section 4.3.

 

“Capital
Contribution” means the amount of money and the initial Book Basis of any asset other than money (net of liabilities
secured thereby that the Company is treated as having assumed or taken subject to pursuant to Code § 752) contributed by a
Member or a Member’s predecessors in interest to the capital of the Company.

 

“Class
A Member” means a Member holding Class A Units.

 

“Class
B Member” means a Member holding Class B Units.

 

“Class
A Sharing Percentage”, with respect to each Member, shall equal the aggregate Class A Units held by such Member through
the date of determination, divided by the aggregate Class A Units held by all Members of the Company through the date of determination.

 

“Class
B Sharing Percentage”, with respect to each Member, shall equal the aggregate Class B Units held by such Member through
the date of determination, divided by the aggregate Class B Units held by all Members of the Company through the date of determination.

 

    	 	- 38 -	 

     

    

 

“Code”
means the Internal Revenue Code of 1986, as amended (including any corresponding provisions of succeeding law).

 

“Control,”
“Controlling” and “Controlled by” mean the ability (directly or indirectly
through one or more intermediaries) to direct or cause the direction of the management or affairs of a Person, whether through
the ownership of voting interests, by contract or otherwise.

 

“Covered
Losses” means any and all losses, assessments, fines, penalties, administrative orders, obligations, judgments, amounts
paid in settlement, costs, expenses, liabilities and damages (whether actual, consequential or punitive), including interest, penalties,
reasonable court costs and attorneys’ fees, disbursements and costs of investigations, deficiencies, levies, duties and imposts.

 

“Covered
Person” means (i) any Member, any Affiliate of a Member or any shareholder, partner, member, manager, director, officer,
employee, representative or agent of a Member or any of its Affiliates, (ii) any officer of the Company, (iii) the Manager, and
(iv) any member of the Board of Directors, in each case to the extent any such Person is acting in such capacity in connection
with the business of the Company.

 

“Distributions”
means any distributions paid pursuant to ‎Section 5.4, Section 5.5 or Section 7.3(d), whether from operations
or a sale or other disposition of assets and whether prior to or in connection with a liquidation of the Company.

 

“Electronic
Transmission” means a form of communication that (i) does not directly involve the physical transmission of paper,
(ii) creates a record that may be retained, retrieved, and reviewed by the recipient, and (iii) may be directly reproduced in paper
form by the recipient through an automated process.

 

“Excluded
Affiliate Transfer” means (i) any Transfer of Units by a Member who is an individual to a member of such Member’s
family or to a trust or similar entity for estate planning purposes, but only if the Member retains the right to vote such Interest
following such Transfer; (ii) any Transfer occurring by operation of law upon the death or mental incapacity of a Member who is
an individual; (iii) any Transfer of Units by a Member which is a trust to the principal beneficiary of that trust; or (iv) any
Transfer of Units by a Member which is a partnership, limited partnership, limited liability company, corporation or other entity
organized, formed or incorporated to an Affiliate; provided that, in the case of any Transfer described in clauses (i)-(iv),
such Transferee agrees to be bound by the terms of this Agreement and evidences same by executing a copy of this Agreement prior
to receiving the assignment of such Units.

 

“Final
Exit Event” means the earlier to occur of a Dissolution Event, merger, consolidation, sale of all or substantially
all of the assets of the Company or sale of all the Interests in the Company to a Third-Party Purchaser.

 

“Fiscal
Quarter” means any three-month period commencing on January 1, April 1, July 1 and October 1 and ending on the last
date before the next such date.

 

“GAAP”
means United States generally accepted accounting principles.

 

“Governmental
Authority” means any nation or government, any state, city, municipality or political subdivision thereof, any federal
or state court and any other agency, body, authority or entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

 

    	 	- 39 -	 

     

    

 

“Indebtedness”
means (without duplication), with respect to any Person, any indebtedness of such Person in respect of borrowed money or evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreement in respect thereof) or representing
capital lease obligations or the balance deferred and unpaid of the purchase price of any property (except any such balance that
constitutes an accrued expense or trade payable arising in the ordinary course of business), if and to the extent any of the foregoing
indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, as well as all indebtedness
of others secured by a lien, security interest or other encumbrance on any asset of such Person (whether or not such indebtedness
is assumed by such Person) and, to the extent not otherwise included, the guarantee by such Person of any indebtedness of any other
Person.

 

“Internal
Restructure” means any re-formation, Conversion, transfer of assets, transfer of membership interests or other securities,
merger, incorporation, liquidation or other transaction of, or relating to, or affecting the Company, completed in compliance with
‎Section 6.9.

 

“Interest”
means, with respect to any Member, the entire interest of such Member in the Company, including (i) the right of such Member to
share in the profits of the Company, (ii) the right of such Member to Distributions and (iii) the right of such Member, if any,
to participate in the management of the affairs of the Company.

 

“Law”
means any applicable constitutional provision, statute, act, code, law, regulation, rule, ordinance, order, decree, ruling, proclamation,
resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a Governmental Authority having
valid jurisdiction.

 

“Majority
Vote” means the affirmative vote of Members whose aggregate Sharing Percentages exceed 50%.

 

“Members”
means any Person admitted as a member of the Company as of the date hereof or at any time hereafter in accordance with this Agreement
(but such term does not include any Person who has ceased to be a member of the Company).

 

“Net Income”
and “Net Loss” means, the taxable income or loss of the Company, as the case may be, as determined in
accordance with Code Section 703(a) for federal income tax purposes as of the close of each of the Fiscal Years or other relevant
periods of the Company, computed with the following adjustments:

 

(a) Tax-exempt
income received by the Company will be included in gross income;

 

(b) Expenditures
described in Section 705(a)(2)(B) of the Code will be treated as deductible expenses;

 

(c) In
lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Book Depreciation for such Fiscal Year or other period;

 

(d) Gain
or loss from the disposition of any Company asset that, because of the application of the provisions of Treasury Regulations Sections
1.704-1(b)(2)(iv)(d) or (f), has a Book Basis that differs from the asset’s adjusted tax basis, will be computed
based upon the Book Basis (rather than the adjusted tax basis) of such asset in accordance with the provisions of Treasury Regulations
Sections 1.704(b)(2)(iv)(g) and 1.704-1(b)(4)(i);

 

    	 	- 40 -	 

     

    

 

(e) Any
increase or decrease to Book Basis resulting from a Revaluation Event or from the distribution of any Company asset to a Member
shall be included in the computation of Net Income or Net Loss; and

 

(f) Any
items of income, gain, loss, or deduction allocated pursuant to any provision of ‎Section 5.2 will be
excluded from the computation of Net Income and Net Loss for purposes of applying ‎Section 5.1; provided,
however, that the determination/calculation of items of income, gain, loss and deduction to be allocated pursuant to Section 5.2
shall made by applying the rules set forth in paragraphs (a)-(e) above.

 

“Oil and Gas
Property” means each separate oil and gas property (as defined in Section 614 of the Code and the applicable Treasury
Regulations) held by the Company.

 

“Person”
has the meaning given to such term in the Act.

 

“Project”
means such projects as may be selected by the Manager for the acquisition, ownership, management, maintenance and operation of
oil and gas leases, lease options or other interests in oil and gas properties and seismic data and other rights of entitlement
that are acquired by the Company.

 

“Records”
means all books, records and other documentation, both written and electronic, customarily used to conduct an oil and gas exploration
and development business.

 

“Revaluation
Event” means, except as otherwise agreed by the Board of Directors, (i) the acquisition of an additional Interest
in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution, (ii) the Distribution
by the Company to a Member of more than a de minimis amount of money or other property as consideration for an Interest
in the Company, (iii) the liquidation of the Company within the meaning of Treasury Regulations § 1.704-1(b)(2)(ii)(g) and
(iv) the grant of an Interest as consideration for the provision of services to or for the benefit of the Company by an existing
Member or by a new Member in anticipation of becoming a Member.

 

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

 

“Senior
Subordinated Notes” means those certain senior subordinated term notes to be issued by the Company to Prudential
(or one or more of its Affiliates) on or about the date of this Agreement.

 

“Simulated
Basis” means the Book Basis of any Oil and Gas Property.

 

“Simulated
Depletion Deductions” means the simulated depletion allowance computed by the Company with respect to its Oil and
Gas Properties pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). For purposes of computing Simulated Deductions,
the Company will apply on a property by property basis the simulated cost depletion method or the simulated percentage depletion
method under Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2), as determined by the Manager.

 

“Simulated
Gain” or “Simulated Loss” means the simulated gain or simulated loss computed by the Company
with respect to its Oil and Gas Properties pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(k)(2).

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership or other entity (i) of which equity
securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other similar
managing body of such corporation, limited liability company, partnership or other entity or having the right to more than 50%
of the distributions to be made by such corporation, limited liability company, partnership or other entity (either generally or
upon liquidation of such corporation, limited liability company, partnership or other entity) are at the time owned by such Person
or (ii) the management of which is otherwise Controlled by such Person.

 

    	 	- 41 -	 

     

    

 

“Supermajority
Vote” means the affirmative vote of Members whose aggregate Sharing Percentages exceed 75%.

 

“Termination
Event” means either of the following events: (i) the good faith determination by the Board of Directors that a material
breach or violation by a Member of its obligations under this Agreement has occurred, which breach or violation shall not have
been cured within 30 days or waived by the Non-Defaulting Member(s) after notice thereof shall have been given to the Defaulting
Member or (ii) the occurrence of a Bankruptcy Event.

 

“Third-Party
Purchaser” means a purchaser that is not an Affiliate of Carbon, Prudential or Yorktown.

 

“Transfer”
means to sell, or in any other way directly or indirectly transfer, assign, distribute, convey, gift, abandon, hypothecate, encumber,
pledge, mortgage or otherwise dispose of, either voluntarily or involuntarily or by operation of law; and “Transferring”
means the act of making a Transfer; and “Transferred” means the condition of a Transfer having occurred.

 

“Treasury
Regulations” means temporary and final regulations promulgated under the Code by the United States Department of
the Treasury, as amended (including any corresponding provisions of succeeding regulations).

 

“Unanimous
Approval of the Board of Directors” means the approval or consent of all Directors of the Company (including the
affirmative approval of each Prudential Designee and each Yorktown Designee).

 

“Units”
mean the Class A Units and the Class B Units.

 

    	 	- 42 -	 

     

    

 

Section 11.2.Other
Defined Terms. Each of the terms is defined in the provision of the Agreement identified opposite such term in the following
table:

 

	Term	Provision
	Agreement	Preamble
	Alternative Method	‎Section 9.4(d)(i)
	Annual Operating Plan and Budget	Section 10.3(e)
	Board of Directors or Board	‎Section 2.1(a)
	Board of Directors Designee	‎Section 2.2(d)
	Capital Calls	‎Section 4.2(b)(ii)
	Carbon	Preamble
	Carbon Designee	‎Section 2.2(c)(iii)
	Certificate of Formation	‎Section 1.1
	Class A Units	‎Section 3.1(a)
	Class B Units	‎Section 3.1(a)
	Company	Preamble
	Company Level Taxes	‎Section 9.4(d)(ii)
	Confidential Information	Section 12.2(a)
	Conversion	‎Section 6.9(c)
	Conversion Consideration	‎Section 6.9(c)
	Covered Audit Adjustment	‎Section 9.4(d)(i)
	Defaulting Member	‎Section 4.2(d)
	Designating Party	‎Section 2.2(d)
	Directors	‎Section 2.1(a)
	Dissolution Events	‎Section 7.1
	Drag-Along Member	‎Section 6.7(a)
	Drag-Along Notice	‎Section 6.7(b)
	Drag-Along Notice Period	‎Section 6.7(c)
	Drag-Along Sale	‎Section 6.7
	Dragging Members	‎Section 6.7(a)
	Excluded Business Opportunity	Section 3.4(a)
	Fiscal Year	‎Section 10.4
	Initial Capital Contributions	‎Section 4.2(a)
	Law Firm	‎Section 12.13
	Majority Unit Owners	‎Section 6.7(a)
	Manager	‎Section 2.6(a)
	Member Related Party	Section 3.4(c)(i)
	Minimum Tax Distributions	‎Section 5.5
	Non-Defaulting Member	‎Section 4.2(d)
	Old Interests	‎Section 6.9(c)
	Option A	‎Section 9.4(d)(ii)
	Option B	‎Section 9.4(d)(ii)
	Partnership Representative	‎Section 9.4(a)
	Partnership Tax Audit Rules	‎Section 9.4(a)
	Payment Default	‎Section 4.2(d)
	Portfolio Companies	Section 3.4(a)
	Prudential	Preamble
	Prudential Designee	‎Section 2.2(c)(i)
	Regulatory Allocations	‎Section 5.2(g)
	Sharing Percentage	‎Section 4.1
	Tagging Member	‎Section 6.8(a)
	Tag-Along Notice	‎Section 6.8(a)
	Tag-Along Notice Period	‎Section 6.8(c)
	Tag-Along Response Notice	‎Section 6.8(c)
	Tag-Along Right	‎Section 6.8(c)
	Tag-Along Sale	‎Section 6.8(a)
	Tag-Along Sellers	‎Section 6.8(a)
	Tax Matters Partner	‎Section 9.4(a)
	Transaction Expenses	‎Section 12.3
	Yorktown	Preamble
	Yorktown-Carbon Transfer	‎Section 6.11(a)
	Yorktown Designee	‎Section 2.2(c)(ii)

 

    	 	- 43 -	 

     

    

 

Section 11.3.Construction.
When required by the context, the gender of words in this Agreement includes the masculine, feminine and neuter genders, and the
singular includes the plural (and vice versa). Unless otherwise specified, references in this Agreement to (a) Articles and Sections
are to Articles and Sections of this Agreement, (b) Schedules, Exhibits or Annexes are to those attached hereto, each of which
is incorporated herein and made a part hereof for all purposes, (c) Article and Section headings are for convenience only and shall
not affect the interpretation of this Agreement, (d) the terms “herein,” “hereof,” “hereinafter”
or similar derivations are to this Agreement as a whole and not to any particular Article or Section, and (e) the terms “include,”
“including” or similar derivations are without limitation.

 

ARTICLE XII

MISCELLANEOUS

 

Section 12.1.Notices.
All notices and other communications under this Agreement or in connection herewith shall be in writing and shall be given by delivery
in person or by overnight courier, by registered or certified mail (return receipt requested and with postage prepaid thereon)
or by facsimile or Electronic Transmission to the parties at the respective addresses set forth in Exhibit A (or at such
other address as any party shall have furnished to the others in accordance with the terms of this ‎Section 12.1). All
notices and other communications that are addressed as provided in or pursuant to this ‎Section 12.1 shall be deemed
duly and validly given (a) if delivered in person or by overnight courier, upon delivery, (b) if delivered by registered or certified
mail (return receipt requested and with postage paid thereon), 72 hours after being placed in a depository of the United States
mails and (c) if delivered by facsimile or Electronic Transmission, upon transmission thereof and receipt of the appropriate answerback.

 

Section 12.2.Confidentiality.

 

(a) For
the purposes of this Agreement, “Confidential Information” means information delivered to any Member
by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this
Agreement that is proprietary in nature, provided that such term does not include information that (i) was publicly known or otherwise
known to such Member prior to the time of such disclosure, (ii) subsequently becomes publicly known through no act or omission
by such Member or any Person acting on such Member’s behalf, (iii) otherwise becomes known to such Member other than through
disclosure by the Company or any Subsidiary or (iv) constitutes financial statements delivered to such Member that are otherwise
publicly available. Each Member will maintain the confidentiality of such Confidential Information in accordance with procedures
adopted by such Member in good faith to protect confidential information of third parties delivered to such Member, provided that
such Member may deliver or disclose Confidential Information to (A) its directors, officers, employees, agents, attorneys, trustees
and affiliates (to the extent such disclosure reasonably relates to the administration of the investment in the Company), (B) its
auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially
in accordance with this Section 12.2 or other confidentiality agreement that includes confidentiality and use provisions
at least as restrictive as the provisions herein, (C) any other Member, (D) any Person (1) to which it sells or offers to sell
its Units or any part thereof or any participation therein, if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by this Section 12.2, or (2) that is an investor in any fund formed or a potential investor in any
fund formed or to be formed by such Member or its Affiliates (if such Person has agreed in writing prior to its receipt of such
Confidential Information to be bound by this Section 12.2 or other confidentiality agreement that includes confidentiality
and use provisions at least as restrictive as the provisions herein, (E) any Person from which it offers to purchase any security
of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this
Section 12.2), (F) any federal or state regulatory authority having jurisdiction over such Member, (G) the NAIC or the SVO
or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about
such Member’s investment portfolio, or (H) any other Person to which such delivery or disclosure may be necessary or appropriate
(1) to effect compliance with any law, rule, regulation or order applicable to such Member, (2) in response to any subpoena or
other legal process, (3) in connection with any litigation to which such Member is a party or (4) to the extent such Member may
reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the
rights and remedies under this Agreement. Each Member, by its execution of this Agreement, will be deemed to have agreed to be
bound by and to be entitled to the benefits of this Section 12.2.

 

    	 	- 44 -	 

     

    

 

(b) In
the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with
the transactions contemplated by or otherwise pursuant to this Agreement, any Member is required to agree to a confidentiality
undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from
this Section 12.2, this Section 12.2 shall not be amended thereby and, as between such Member and the Company, this
Section 12.2 shall supersede any such other confidentiality undertaking.

 

(c) The
agreements contained in this ‎Section 12.2 shall survive the withdrawal of any Member and the termination
of the Company.

 

Section 12.3.Expenses.
Except for (i) $500,000 to cover Carbon’s expenditures of time, effort and money incurred in connection with its diligence
review of the proposed initial acquisitions made by the Company, (ii) the Transaction Expenses incurred by Carbon in connection
with (A) the negotiation and preparation of this Agreement and all agreements and documents ancillary thereto and (B) the negotiation
and preparation of the Purchase and Sale Agreements with CRC and Mirada (such amounts to be paid to Carbon within 30 days following
the date hereof) and (iii) the Transaction Expenses incurred by Prudential, Yorktown and their respective Affiliates in connection
with the preparation and negotiation of this Agreement (as well as expenses incurred in connection with the private placement of
the Senior Subordinated Notes) as provided in that certain letter agreement between the Company and PGIM, Inc. dated December 29,
2016 with respect to Prudential, unless Approved by the Board of Directors as a Company expense, each Member shall be responsible
for the payment of all reasonable fees and expenses incurred by such Member in connection with the negotiation and preparation
of this Agreement and all agreements and documents ancillary thereto (“Transaction Expenses”). Transaction
Expenses shall include all fees, costs, and expenses of legal counsel, accountants and all other third party consultants and advisors
engaged by such Member to assist with the due diligence reviews conducted by it or the negotiation or preparation of this Agreement
or other agreements and all direct out-of-pocket expenses for travel and similar matters.

 

Section 12.4.Entire
Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and
supersedes all prior written or oral agreements and understandings and all contemporaneous oral agreements and understandings among
the parties or any of them with respect to the subject matter hereof. All Exhibits and Schedules hereto are expressly made a part
of this Agreement.

 

Section 12.5.Waiver
or Consent. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance of its
obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that
Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain
of any act or omission of any Person or to declare any Person in breach or default with respect to an obligation, irrespective
of how long that failure continues, shall not be construed as a waiver of the breach or default until the applicable statute of
limitations has run. No waiver of any obligation under this Agreement or the Act shall be effective unless in writing signed by
or on behalf of the Person or Persons to whom the obligation is owed.

 

    	 	- 45 -	 

     

    

 

Section 12.6.Amendment.
Except as otherwise expressly provided herein, any amendment to this Agreement shall become effective only upon the execution of
a written instrument executed by Supermajority Vote, provided, however, that, except as expressly provided herein,
any amendment to any of the economic terms or provisions applicable to a Member or other rights adversely affecting a Member, including,
but not limited to, (a) decreasing a Member’s rights to receive distributions (including rights under ‎Section 7.3)
or (b) removing or reducing a Member’s right to be indemnified by the Company, shall be effective only upon the execution
of a written instrument by such Member.

 

Section 12.7.Choice
of Law. This Agreement shall be constructed, interpreted and enforced in accordance with, and the respective rights and obligations
of the parties shall be governed by, the laws of the State of Delaware without regard to principles of conflicts of law.

 

Section 12.8.Public
Announcement. Except as otherwise required by applicable Law, no Member or its Affiliates shall make any public announcement
or filing with respect to the Company or its affairs or the transactions provided for herein without the prior written consent
of the other Member(s), which shall not be withheld unreasonably, except as may be required by law.

 

Section 12.9.Availability
of Equitable Relief. Each of the parties hereto recognizes that irreparable injury may result from a breach of any provision
of this Agreement and that money damages may be inadequate to fully remedy the injury. In order to prevent such irreparable injury,
a party hereto may seek temporary injunctive relief from any court of competent jurisdiction.

 

Section 12.10.Binding
Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns (it being understood and agreed that, except as expressly provided herein, nothing contained in this Agreement is intended
to confer any rights, benefits or remedies of any kind or character on any other Person under or by reason of this Agreement).
It is expressly understood and agreed that any attempted or purported Transfer by any party of this Agreement in violation of the
provisions of this ‎Section 12.10 shall be null and void.

 

Section 12.11.Benefit
of Agreement. Nothing in this Agreement expressed or implied, shall be construed to give to any creditor of the Company or
of any Member any legal or equitable right, remedy or claim under or in respect of this Agreement.

 

Section 12.12.Further
Assurances. In connection with this Agreement and the transactions contemplated hereby, each Member agrees to execute and deliver
any additional documents and instruments and to perform any additional acts necessary or appropriate to effectuate the provisions
of this Agreement and those transactions.

 

Section 12.13.Legal
Counsel. The Members acknowledge and agree that Welborn Sullivan Meck & Tooley, P.C. (the “Law Firm”)
(i) has represented Carbon and certain of its Affiliates in connection with the execution and delivery of this Agreement and all
other agreements contemplated by this Agreement, (ii) has not represented the Company or any Member other than Carbon, and (iii)
in no event shall an attorney-client relationship be deemed to exist between the Law Firm, on the one hand, and the Members (other
than Carbon) or any of their respective Affiliates, or the Company, on the other hand, in respect of the Law Firm’s representation
as described in clauses (i) and (ii) above.

 

Section 12.14.Counterparts.
This Agreement may be executed in any number of counterparts or counterpart signature pages, each of which shall constitute an
original and all of which shall constitute one and the same instrument.

 

[Remainder of page intentionally left
blank; Signature page follows]

 

    	 	- 46 -	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.

 

	 	CLASS
    A MEMBERS: 
	 	 
	 	PRUDENTIAL
    CAPITAL ENERGY PARTNERS, L.P.
	 	 	 	 
	 	By:	Prudential
    Capital Energy Opportunity Fund, L.P., 
	 	 	its
    general partner 
	 	 	 	 
	 	 	By:	             
	 	 	 	Vice President
	 	 	 	 
	 	YORKTOWN
    ENERGY PARTNERS XI, L.P.
	 	 
	 	By:
    Yorktown XI Company LP, its general partner
	 	 
	 	By:
    Yorktown XI Associates LLC, its general partner
	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	CLASS
    B MEMBERS:
	 	 
	 	CARBON
    NATURAL GAS COMPANY
	 	 	 	 
	 	By:	 
	 	 	Patrick
    R. McDonald,
	 	 	Chief
    Executive Officer

 

    	 	- 47 -	 

     

    

 

EXHIBIT A

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT

OF

CARBON CALIFORNIA COMPANY, LLC

This Exhibit is dated as of February
15, 2017

 

	Members and Addresses	 	Initial

Capital

Contribution	 	 	Initial

Class
A

Units
	 	 	Class
A

Sharing

Percentage
	 	 	Class B

Units	 	 	Class B

Sharing

Percentage	 	 	Aggregate

                                                                                                             Sharing

                                                                                                             Percentage
	 
	Yorktown
Energy Partners XI, L.P.
 410 Park Avenue,
 19th
Floor
 New York, NY 10022
	 	$	11,000,000	 	 	 	11,000	 	 	 	46.959	%	 	 	—	 	 	 	—	 	 	 	38.594	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Prudential Capital Energy Partners, L.P. 		$	12,424,922	 	 	 	12,425	*	 	 	53.041	%	 	 	—	 	 	 	—	 	 	 	43.593	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Carbon Natural Gas Company  
1700 Broadway, Suite 1170  
Denver, CO 80290	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5,077	 	 	 	100	%	 	 	17.813	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	$	23,424,922	 	 	 	23,425	 	 	 	100.00	%	 	 	5,077	 	 	 	100	%	 	 	100	%

 

* Includes 5% equity issued in connection
with Subordinated Notes.

 

    	 	A-1 	 

     

    

 

EXHIBIT B

 

Members of the Board of Directors

 

	 	Prudential Designees:	Brian Lemons	 
	 	 	Randall Kob	 
	 	 	 	 
	 	Yorktown Designees:	Bryan H. Lawrence	 
	 	 	Peter A. Leidel	 
	 	 	 	 
	 	Carbon Designee:	Patrick R. McDonald	 

 

 

 

 

B-1

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