Document:

Exhibit 10.14

 

INDEMNIFICATION
AND ADVANCEMENT AGREEMENT

 

This
Indemnification and Advancement Agreement (“Agreement”) is made as of [●], 2022, by and between PishPosh,
Inc., a Delaware corporation (the “Company”), and [name of indemnitee],[ a member of the Board of Directors
and/ an officer] of the Company (“Indemnitee”). This Agreement supersedes and replaces any and all previous
agreements between the Company and Indemnitee covering indemnification and advancement.

 

RECITALS

 

WHEREAS,
the Board of Directors of the Company (the “Board”) believes that highly competent persons have become more
reluctant to serve as directors, officers, or in other capacities unless they are provided with adequate protection through insurance
or adequate indemnification and advancement of expenses against inordinate risks of claims and actions against them arising out
of their service to and activities on behalf of the corporation;

 

WHEREAS,
the Board has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an
ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain
liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations
and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available
to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons
in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation
relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. The Company’s bylaws (as currently in effect and as may be amended from time to time, the “Bylaws”)
require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant
to the General Corporation Law of the State of Delaware (the “DGCL”). The Bylaws and the DGCL expressly provide
that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the board of directors, officers and other persons with respect to indemnification and
advancement of expenses;

 

WHEREAS,
the uncertainties relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of
attracting and retaining such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Bylaws and any resolutions adopted pursuant thereto, and is not a substitute
therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and

 

WHEREAS,
Indemnitee does not regard the protection available under the Bylaws, DGCL and insurance as adequate in the present circumstances,
and may not be willing to serve or continue to serve as an officer or director without adequate additional protection, and the
Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and
to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced
expenses.

 

    	 	 	 

     

    

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows:

 

Section
1.  Services to the Company. Indemnitee agrees to serve as a [director]/[officer] of the Company. Indemnitee may at
any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by
operation of law). This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is
not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2.            Definitions.
As used in this Agreement:

 

(a)       
“Agent” means any person who is authorized by the Company or an Enterprise to act for or represent the interests
of the Company or an Enterprise, respectively.

 

(b)          A
“Change in Control” occurs upon the earliest to occur after the date of this Agreement of any of the following
events:

 

(i)       Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly
or indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the
Company’s then outstanding securities unless the change in relative beneficial ownership of the Company’s securities
by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally
in the election of directors;

 

(ii)       Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution
of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i),
2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two- thirds of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority
of the members of the Board;

 

(iii)       Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such
merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity;

 

    	 	 	 

     

    

 

(iv)       Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

(v)       Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as
defined below), whether or not the Company is then subject to such reporting requirement.

 

(vi)       For
purposes of this Section 2(b), the following terms have the following meaning:

 

1.         
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

2.         
“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that
Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company,
and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

3.         
“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however,
that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving
a merger of the Company with another entity.

 

(vii)      “Expenses”
includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in,
or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas
bond or other appeal bond or its equivalent and, (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection
with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise.
The parties hereto agree that, for the purposes of any advancement of Expenses for which Indemnitee has made written demand to
the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s
counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively to be reasonable. Expenses,
however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(viii)      
“Corporate Status” describes the status of a person who is or was acting as a director, officer, employee, fiduciary,
or Agent of the Company or an Enterprise.

 

(ix)      “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

    	 	 	 

     

    

 

(x)      
“Enterprise” means any other corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee,
or Agent.

 

(xi)      
“Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of
experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or
preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection
with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating
to any cost bond, supersedeas bond or other appeal bond or its equivalent and, (ii) for purposes of Section 14(d) only, Expenses
incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement,
by litigation or otherwise. The parties hereto agree that, for the purposes of any advancement of Expenses for which Indemnitee
has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified
by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively
to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines
against Indemnitee.

 

(xii)      
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in
any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or
of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” does not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(xiii)      
“Potential Change in Control” means the occurrence of any of the following events: (i) the Company enters into
any written or oral agreement, undertaking or arrangement, the consummation of which would result in the occurrence of a Change
in Control; (ii) any Person or the Company publicly announces an intention to take or consider taking actions which if consummated
would constitute a Change in Control; (iii) any Person who becomes the Beneficial Owner, directly or indirectly, of securities
of the Company representing 5% or more of the combined voting power of the Company’s then outstanding securities entitled
to vote generally in the election of directors increases his beneficial ownership of such securities by 5% or more over the percentage
so owned by such Person on the date hereof; or (iv) the Board adopts a resolution to the effect that, for purposes of this Agreement,
a Potential Change in Control has occurred.

 

(xiv)      The
term “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim,
arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual,
threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee
was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate
Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure
to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving
in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses
can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to
or culminate in the institution of a Proceeding.

 

Section
3.         Indemnity in Third-Party Proceedings. The Company will indemnify
Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant
in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments,
fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in
the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

Section
4.          Indemnity in Proceedings by or in the Right of the Company. The
Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be
made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant
to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 4 related to any
claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless,
and only to the extent that, the Delaware Court of Chancery or any court in which the Proceeding was brought determines upon application
by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnification.

 

Section
5.         Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, the Company will indemnify
Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding the extent that
Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will
indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this
Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, will be deemed to be a successful result as to such claim, issue or matter.

 

Section
6.          Indemnification For Expenses of a Witness. Notwithstanding any
other provision of this Agreement, and to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding
to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate.

 

    	 	 	 

     

    

 

Section
7.          Partial Indemnification. If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of Expenses but not, however, for the total amount thereof,
the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

Section
8.          Additional Indemnification. Notwithstanding any limitation in Sections
3, 4, or 5, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law (including but not limited
to, the DGCL and any amendments to or replacements of the DGCL adopted after the date of this Agreement that expand the Company’s
ability to indemnify its officers and directors) if Indemnitee is a party to or threatened to be made a party to any Proceeding
(including a Proceeding by or in the right of the Company to procure a judgment in its favor).

 

Section
9.          Exclusions. Notwithstanding any provision in this Agreement, the
Company is not obligated under this Agreement to make any indemnification payment to Indemnitee in connection with any Proceeding:

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
to the extent provided in Section 16(b) and except with respect to any excess beyond the amount paid under any insurance policy
or other indemnity provision; or

(b)          for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory
law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case
under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii)
any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted
by the Board or a committee thereof, including but not limited to any such policy adopted to comply with stock exchange listing
requirements implementing Section 10D of the Exchange Act; or

 

(c)          initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s
rights to indemnification or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant
to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation
or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable
law.

 

Section
10.          Advances of Expenses.

 

(a)          The
Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding
(or any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee
if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to obtain indemnification or advancement
of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation. The Company will advance the Expenses within thirty (30)
calendar days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether
prior to or after final disposition of any Proceeding.

 

    	 	 	 

     

    

 

(b)          Advances
will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that
it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances
upon the execution of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution
of this Agreement. The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without
regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.

 

Section
11.          Procedure for Notification of Claim for Indemnification or Advancement.

 

(a)          Indemnitee
will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee
will include in the written notification to the Company a description of the nature of the Proceeding and the facts underlying
the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding.
Indemnitee’s failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under
this Agreement, and any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement.
The secretary of the Company will, promptly upon receipt of such a request for indemnification, advise the Board in writing that
Indemnitee has requested indemnification or advancement.

 

(b)          The
Company will be entitled to participate in the Proceeding at its own expense.

 

Section
12.          Procedure Upon Application for Indemnification.

 

(a)          Unless
a Change of Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made:

 

(i)         by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

(ii)         by
a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum
of the Board;

 

(iii)         if
there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent
Counsel selected by the Board; or

 

(iv)         if
so directed by the Board, by the stockholders of the Company.

 

    	 	 	 

     

    

 

(b)          If
a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made by written
opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board)

 

(c)          The
party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice of the
selection to the other party. The notified party may, within ten (10) calendar days after receiving written notice of the selection
of Independent Counsel, deliver to the selecting party a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection will set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel.
If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel
unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within
thirty (30) calendar days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section
11(a) hereof and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection
to has not been resolved, either the Company or Indemnitee may petition the Delaware Court for the appointment as Independent Counsel
of a person selected by such court or by such other person as such court designates. Upon the due commencement of any judicial
proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any
further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(d)          Indemnitee
will cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person,
persons or entity making the indemnification determination irrespective of the determination as to Indemnitee’s entitlement
to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will
advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification, including a description
of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided to the Board
by Independent Counsel.

 

(e)          If
it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within ten (10) calendar
days after such determination.

 

Section
13.          Presumptions and Effect of Certain Proceedings.

 

(a)          In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the fullest
extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including
by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard
of conduct.

 

    	 	 	 

     

    

 

(b)          If
the determination of the Indemnitee’s entitlement to indemnification has not made pursuant to Section 12 within sixty (60)
calendar days after the latter of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section
11(a) and (ii) the final disposition of the Proceeding for which Indemnitee requested Indemnification (the “Determination
Period”), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law,
be deemed to have been made and Indemnitee will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of
a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. The Determination
Period may be extended for a reasonable time, not to exceed an additional thirty (30) calendar days, if the person, persons or
entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for
the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period
may be extended an additional fifteen (15) calendar days if the determination of entitlement to indemnification is to be made by
the stockholders pursuant to Section 12(a)(iv) of this Agreement.

 

(c)          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d)          For
purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on
the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information
supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties,
or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports
made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other
expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will
be deemed to have acted in a manner “not opposed to the best interests of the Company,” as referred to in this Agreement
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants
and beneficiaries of an employee benefit plan. The provisions of this Section 13(d) is not exclusive and does not limit in any
way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this
Agreement.

 

(e)          The
knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under
this Agreement.

 

    	 	 	 

     

    

 

Section
14.          Remedies of Indemnitee.

 

(a)          Indemnitee
may commence litigation against the Company in the Delaware Court of Chancery to obtain indemnification or advancement of Expenses
provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) the Company does not advance Expenses pursuant to Section 10 of this
Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within
the Determination Period, (iv) the Company does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence
of Section 12(d) of this Agreement within ten (10) calendar days after receipt by the Company of a written request therefor, (v)
the Company does not indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within ten (10) calendar days after
a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other
person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other
action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the
Indemnitee hereunder. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted
by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee must commence
such Proceeding seeking an adjudication or an award in arbitration within 180 calendar days following the date on which Indemnitee
first has the right to commence such Proceeding pursuant to this Section 14(a); provided, however, that
the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee’s rights under
Section 5 of this Agreement. The Company will not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)          If
a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding or arbitration commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial,
or arbitration, on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding
or arbitration commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to
indemnification or advancement of Expenses, as the case may be and will not introduce evidence of the determination made pursuant
to Section 12 of this Agreement.

 

(c)          If
a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will
be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

(d)          The
Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will
stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e)          It
is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or
other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by
litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended
to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within ten (10) calendar days after receipt
by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection
with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the Company,
or concerning any directors’ and officers’ liability insurance policies maintained by the Company. and will indemnify
Indemnitee against any and all such Expenses unless the court determines that each of the Indemnitee’s claims in such Proceeding
were made in bad faith or were frivolous or are prohibited by law.

 

    	 	 	 

     

    

 

Section
15.          Establishment of Trust.

 

(a)          In
the event of a Potential Change in Control or a Change in Control, the Company will, upon written request by Indemnitee, create
a trust for the benefit of Indemnitee (the “Trust”) and from time to time upon written request of Indemnitee
will fund such Trust in an amount sufficient to satisfy the reasonably anticipated indemnification and advancement obligations
of the Company to the Indemnitee in connection with any Proceeding for which Indemnitee has demanded indemnification and/or advancement
prior to the Potential Change in Control or Change in Control (the “Funding Obligation”). The trustee of the
Trust (the “Trustee”) will be a bank or trust company or other individual or entity chosen by the Indemnitee
and reasonably acceptable to the Company. Nothing in this Section 15 relieves the Company of any of its obligations under this
Agreement.

 

(b)          The
amount or amounts to be deposited in the Trust pursuant to the Funding Obligation will be determined by mutual agreement of the
Indemnitee and the Company or, if the Company and the Indemnitee are unable to reach such an agreement, by Independent Counsel
selected in accordance with Section 12(b) of this Agreement. The terms of the Trust will provide that, except upon the consent
of both the Indemnitee and the Company, upon a Change in Control: (i) the Trust may not be revoked, or the principal thereof invaded,
without the written consent of the Indemnitee; (ii) the Trustee will advance, to the fullest extent permitted by applicable law,
within two (2) business days of a request by the Indemnitee; (iii) the Company will continue to fund the Trust in accordance with
the Funding Obligation; (iv) the Trustee will promptly pay to the Indemnitee all amounts for which the Indemnitee is entitled to
indemnification pursuant to this Agreement or otherwise; and (v) all unexpended funds in such Trust revert to the Company upon
mutual agreement by the Indemnitee and the Company or, if the Indemnitee and the Company are unable to reach such an agreement,
by Independent Counsel selected in accordance with Section 12(b) of this Agreement, that the Indemnitee has been fully indemnified
under the terms of this Agreement. New York law (without regard to its conflicts of laws rules) governs the Trust and the Trustee
will consent to the exclusive jurisdiction of Delaware Court of Chancery, in accordance with Section 25 of this Agreement.

 

Section
16.          Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)          The
indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders
or a resolution of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not
be limited or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or
omitted by Indemnitee in Indemnitee’s Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement.
To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee
enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy is 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, will not prevent the concurrent assertion or employment of any other right or remedy.

 

    	 	 	 

     

    

 

(b)          The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance
provided by one or more Persons with whom or which Indemnitee may be associated.

 

(i)
         The Company hereby acknowledges and agrees:

 

1.
         the Company is the indemnitor of first resort with respect to any request
for indemnification or advancement of Expenses made pursuant to this Agreement concerning any Proceeding arising from or related
to Indemnitee’s Corporate Status with the Company;

 

2.
          the Company is primarily liable for all indemnification and indemnification
or advancement of Expenses obligations for any Proceeding arising from or related to Indemnitee’s Corporate Status, whether
created by law, organizational or constituent documents, contract (including this Agreement) or otherwise;

 

3.
         any obligation of any other Persons with whom or which Indemnitee may be
associated to indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations
of the Company’s obligations;

 

4.
         the Company will indemnify Indemnitee and advance Expenses to Indemnitee
hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with
whom or which Indemnitee may be associated or insurer of any such Person; and

 

(ii)         the
Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated from any
claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect
of amounts paid by the Company to Indemnitee pursuant to this Agreement.

 

(iii)         
In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability
or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which
would otherwise be payable by the Company or its insurers under this Agreement. In no event will payment by any other Person with
whom or which Indemnitee may be associated (or their insurers affect the obligations of the Company hereunder or shift primary
liability for the Company’s obligation to indemnify or advance of Expenses to any other Person with whom or which Indemnitee
may be associated.

 

(iv)         Any
indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically
in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including
but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

 

    	 	 	 

     

    

 

(c)          To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Enterprise, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage
available for any such director, officer, employee or agent under such policy or policies, including coverage in the event the
Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the
time of the receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance
in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the
insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding
in accordance with the terms of such policies. Indemnitee agrees to assist the Company efforts to cause the insurers to pay such
amounts and will comply with the terms of such policies, including selection of approved panel counsel, if required.

 

(d)          The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee’s
Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement
of Expenses from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor
of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s
Corporate Status with such Enterprise. The Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary
to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable
action to obtain from an Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s
Corporate Status with such Enterprise.

 

(e)          In
the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will execute all papers required
and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company
to bring suit to enforce such rights.

 

Section
17.          Duration of Agreement. This Agreement continues until and terminates
upon the later of: (a) ten (10) years after the date that Indemnitee ceases to serve as a [director]/[officer] of the Company or
(b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of
indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14 of this
Agreement relating thereto. The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement
are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the
Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other
Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

Section
18.          Severability. If any provision or provisions of this Agreement
is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the
remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not
in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by law; (b) such provision or
provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent
of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.

 

    	 	 	 

     

    

 

Section
19.          Interpretation. Any ambiguity in the terms of this Agreement will
be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted
by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for indemnification
in excess of that expressly provided, without limitation, by the Certificate of Incorporation, the Bylaws, vote of the Company
stockholders or disinterested directors, or applicable law.

 

Section
20.          Enforcement.

 

(a)          The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving or continuing to serve as a director or officer of the Company.

 

(b)          This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws
and applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section
21.          Modification and Waiver. No supplement, modification or amendment
of this Agreement is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement
will be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing waiver.

 

Section
22.          Notice by Indemnitee. Indemnitee agrees promptly to notify the
Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The
failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee
under this Agreement or otherwise.

 

Section
23.          Notices. All notices, requests, demands and other communications
under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered by hand to the other party,
(b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt
of oral confirmation that such communication has been received:

 

(a)          If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to
the Company.

 

(b)          If
to the Company to:

 PishPosh, Inc.

 915 Swarthmore Avenue,

 Lakewood, New Jersey 08701.

 

    	 	 	 

     

    

 

or to any other
address as may have been furnished to Indemnitee by the Company.

 

Section
24.          Contribution. To the fullest extent permissible under applicable
law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company,
in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties,
excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable
event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding
in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s)
giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents)
and Indemnitee in connection with such event(s) and/or transaction(s).

 

Section
25.          Applicable Law and Consent to Jurisdiction. This Agreement and
the legal relations among the parties are governed by, and construed and enforced in accordance with, the laws of the State of
Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant
to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action
or Proceeding arising out of or in connection with this Agreement may be brought only in the Delaware Court of Chancery and not
in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to
the exclusive jurisdiction of the Delaware Court for purposes of any action or Proceeding arising out of or in connection with
this Agreement, (iii) waive any objection to the laying of venue of any such action or Proceeding in the Delaware Court, and (iv)
waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the Delaware Court has been brought
in an improper or inconvenient forum.

 

Section
26.          Identical Counterparts. This Agreement may be executed in one
or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitutes one
and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced
to evidence the existence of this Agreement.

 

Section
27.          Headings. The headings of this Agreement are inserted for convenience
only and do not constitute part of this Agreement or affect the construction thereof.

 

[Signature Page
to Follow]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

	PISHPOSH, INC.	 	 INDEMNITEE	 
	 	 	 	 	 	 
	By	 	 	By:	 	 
	Name:	 	 	Name:	 	 
	Title:	 	 	Address:Exhibit 4.4

 

NYXOAH SA

 

Issuer

 

AND

 

[ ]

 

Trustee

 

INDENTURE

 

Dated as of [   ]

 

Senior Debt Securities

 

     

     

    

 

CROSS-REFERENCE TABLE (1)

 

	Section of	 	 
	Trust Indenture Act	 	Section of
	of 1939, as Amended	 	Indenture
	310(a).	 	7.09
	310(b).	 	7.08
	 	 	7.10
	310(c).	 	Inapplicable
	311(a).	 	7.13(a)
	311(b).	 	7.13(b)
	311(c).	 	Inapplicable
	312(a)	 	5.02(a)
	312(b).	 	5.02(b)
	312(c).	 	5.02(c)
	313(a).	 	5.04(a)
	313(b).	 	5.04(a)
	313(c).	 	5.04(a)
	 	 	5.04(b)
	313(d).	 	5.04(b)
	314(a).	 	5.03
	314(b).	 	Inapplicable
	314(c).	 	13.06
	314(d).	 	Inapplicable
	314(e).	 	13.06
	314(f).	 	Inapplicable
	315(a).	 	7.01(a)
	 	 	7.02
	315(b).	 	6.07
	315(c).	 	7.01
	315(d).	 	7.01(b)
	 	 	7.01(c)
	315(e).	 	6.07
	316(a).	 	6.06
	 	 	8.04
	316(b).	 	6.04
	316(c).	 	8.01
	317(a).	 	6.02
	317(b).	 	4.03
	318(a).	 	13.08

 

 

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

 

    i

     

    

 

TABLE OF CONTENTS (2)

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 	 
	SECTION 1.01	Definitions of Terms	1
	 	 	 
	ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
	 	 	 
	SECTION 2.01	Designation and Terms of Securities	4
	 	 	 
	SECTION 2.02	Form of Securities and Trustee’s Certificate	5
	 	 	 
	SECTION 2.03	Denominations: Provisions for Payment	6
	 	 	 
	SECTION 2.04	Execution and Authentications	7
	 	 	 
	SECTION 2.05	Registration of Transfer and Exchange	7
	 	 	 
	SECTION 2.06	Temporary Securities	8
	 	 	 
	SECTION 2.07	Mutilated, Destroyed, Lost or Stolen Securities	9
	 	 	 
	SECTION 2.08	Cancellation	9
	 	 	 
	SECTION 2.09	Benefits of Indenture	9
	 	 	 
	SECTION 2.10	Authenticating Agent	9
	 	 	 
	SECTION 2.11	Global Securities	10
	 	 	 
	ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	11
	 	 	 
	SECTION 3.01	Redemption	11
	 	 	 
	SECTION 3.02	Notice of Redemption	11
	 	 	 
	SECTION 3.03	Payment Upon Redemption	12
	 	 	 
	SECTION 3.04	Sinking Fund	12
	 	 	 
	SECTION 3.05	Satisfaction of Sinking Fund Payments with Securities	12
	 	 	 
	SECTION 3.06	Redemption of Securities for Sinking Fund	12
	 	 	 
	ARTICLE IV COVENANTS	13
	 	 	 
	SECTION 4.01	Payment of Principal, Premium and Interest	13
	 	 	 
	SECTION 4.02	Maintenance of Office or Agency	13
	 	 	 
	SECTION 4.03	Paying Agents	13
	 	 	 
	SECTION 4.04	Appointment to Fill Vacancy in Office of Trustee	14
	 	 	 
	SECTION 4.05	Compliance with Consolidation Provisions	14

 

    ii

     

    

 

	ARTICLE V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	14
	 	 	 
	SECTION 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	14
	 	 	 
	SECTION 5.02	Preservation of Information; Communications with Securityholders	14
	 	 	 
	SECTION 5.03	Reports by the Company	15
	 	 	 
	SECTION 5.04	Reports by the Trustee	15
	 	 	 
	ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	16
	 	 	 
	SECTION 6.01	Events of Default	16
	 	 	 
	SECTION 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	17
	 	 	 
	SECTION 6.03	Application of Moneys Collected	18
	 	 	 
	SECTION 6.04	Limitation on Suits	18
	 	 	 
	SECTION 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	19
	 	 	 
	SECTION 6.06	Control by Securityholders	19
	 	 	 
	SECTION 6.07	Undertaking to Pay Costs	20
	 	 	 
	ARTICLE VII CONCERNING THE TRUSTEE	20
	 	 	 
	SECTION 7.01	Certain Duties and Responsibilities of Trustee	20
	 	 	 
	SECTION 7.02	Certain Rights of Trustee	21
	 	 	 
	SECTION 7.03	Trustee Not Responsible for Recitals or Issuance of Securities	22
	 	 	 
	SECTION 7.04	May Hold Securities	22
	 	 	 
	SECTION 7.05	Moneys Held in Trust	22
	 	 	 
	SECTION 7.06	Compensation and Reimbursement	22
	 	 	 
	SECTION 7.07	Reliance on Officers’ Certificate	23
	 	 	 
	SECTION 7.08	Disqualification; Conflicting Interests	23
	 	 	 
	SECTION 7.09	Corporate Trustee Required; Eligibility	23
	 	 	 
	SECTION 7.10	Resignation and Removal; Appointment of Successor	23
	 	 	 
	SECTION 7.11	Acceptance of Appointment By Successor	24
	 	 	 
	SECTION 7.12	Merger, Conversion, Consolidation or Succession to Business	25
	 	 	 
	SECTION 7.13	Preferential Collection of Claims Against the Company	26
	 	 	 
	ARTICLE VIII CONCERNING THE SECURITYHOLDERS	26
	 	 	 
	SECTION 8.01	Evidence of Action by Securityholders	26
	 	 	 
	SECTION 8.02	Proof of Execution by Securityholders	26
	 	 	 
	SECTION 8.03	Who May be Deemed Owners	26

 

    iii

     

    

 

	SECTION 8.04	Certain Securities Owned by Company Disregarded	27
	 	 	 
	SECTION 8.05	Actions Binding on Future Securityholders	27
	 	 	 
	SECTION 8.06	Purposes for Which Meetings May Be Called	27
	 	 	 
	SECTION 8.07	Call Notice and Place of Meetings	27
	 	 	 
	SECTION 8.08	Persons Entitled To Vote at Meetings	28
	 	 	 
	SECTION 8.09	Quorum; Action	28
	 	 	 
	SECTION 8.10	Determination of Voting Rights; Conduct and Adjournment of Meetings	28
	 	 	 
	SECTION 8.11	Counting Votes and Recording Action of Meetings	29
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	29
	 	 	 
	SECTION 9.01	Supplemental Indentures Without the Consent of Securityholders	29
	 	 	 
	SECTION 9.02	Supplemental Indentures With Consent of Securityholders	30
	 	 	 
	SECTION 9.03	Effect of Supplemental Indentures	30
	 	 	 
	SECTION 9.04	Securities Affected by Supplemental Indentures	31
	 	 	 
	SECTION 9.05	Execution of Supplemental Indentures	31
	 	 	 
	ARTICLE X SUCCESSOR ENTITY	31
	 	 	 
	SECTION 10.01	Company May Consolidate, Etc.	31
	 	 	 
	SECTION 10.02	Successor Entity Substituted	32
	 	 	 
	SECTION 10.03	Evidence of Consolidation, Etc. to Trustee	32
	 	 	 
	ARTICLE XI SATISFACTION AND DISCHARGE	32
	 	 	 
	SECTION 11.01	Satisfaction and Discharge of Indenture	32
	 	 	 
	SECTION 11.02	Discharge of Obligations	33
	 	 	 
	SECTION 11.03	Deposited Moneys to be Held in Trust	33
	 	 	 
	SECTION 11.04	Payment of Moneys Held by Paying Agents	33
	 	 	 
	SECTION 11.05	Repayment to Company	33
	 	 	 
	ARTICLE XII IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS	33
	 	 	 
	SECTION 12.01	No Recourse	33

 

    iv

     

    

 

	ARTICLE XIII MISCELLANEOUS PROVISIONS	34
	 	 	 
	SECTION 13.01	Effect on Successors and Assigns	34
	 	 	 
	SECTION 13.02	Actions by Successor	34
	 	 	 
	SECTION 13.03	Surrender of Company Powers	34
	 	 	 
	SECTION 13.04	Notices	34
	 	 	 
	SECTION 13.05	Governing Law	34
	 	 	 
	SECTION 13.06	Treatment of Securities as Debt	35
	 	 	 
	SECTION 13.07	Compliance Certificates and Opinions	35
	 	 	 
	SECTION 13.08	Payments on Business Days	35
	 	 	 
	SECTION 13.09	Conflict with Trust Indenture Act	35
	 	 	 
	SECTION 13.10	Counterparts	35
	 	 	 
	SECTION 13.11	Separability	35
	 	 	 
	SECTION 13.12	Assignment	36

 

 

(2) This Table of Contents does not constitute part of the Indenture
and shall not have any bearing on the interpretation of any of its terms and provisions.

 

    v

     

    

 

INDENTURE, dated as of [  ], by and between Nyxoah SA, a limited
liability company incorporated under the laws of Belgium (the “Company”), and [   ], as trustee (the “Trustee”):

 

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

 

WHEREAS, to provide the terms and conditions upon which the Securities
are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and

 

WHEREAS, all things necessary to make this Indenture a valid agreement
of the Company, in accordance with its terms, have been done.

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01Definitions of Terms.

 

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

 

“Authenticating Agent” means an authenticating agent with
respect to all or any of the series of Securities appointed with respect to all or any series of the Securities by the Trustee pursuant
to Section 2.10.

 

“Bankruptcy Law” means Title 11, U.S. Code, or any similar
federal or state law for the relief of debtors.

 

“Board of Directors” means the Board of Directors of the
Company or any duly authorized committee of such Board.

 

“Board Resolution” means a copy of a resolution certified
by the Company Secretary or an Assistant Company Secretary of the Company to have been duly adopted by the Board of Directors and to be
in full force and effect on the date of such certification.

 

“Business Day” means, with respect to any series of Securities,
any day other than a day on which Federal or State banking institutions in the Borough of Manhattan, the City and State of New York, are
authorized or obligated by law, executive order or regulation to close.

 

“Certificate” means a certificate signed by the chief executive
officer, the chief financial officer or the chief accounting officer of the Company.  The Certificate need not comply with the provisions
of Section 13.07.

 

“Commission” means the Securities and Exchange Commission.

 

“Company” means the corporation named as the “Company”
in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Company” shall mean such successor Person.

 

    1

     

    

 

“Corporate Trust Office” means the office of the Trustee
at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located
at [ ], except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, the City and
State of New York, such office is located, at the date hereof, at [ ].

 

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

 

“Default” means an event which is, or after notice or lapse
of time, or both, would constitute an Event of Default.

 

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

 

“Event of Default” means, with respect to Securities of
a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.

 

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

 

“Global Security” means, with respect to any series of
Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with this Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Governmental Obligations” means securities that are (i) direct
obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are non-callable
at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act of 1933, as amended) as custodian with respect to any such Governmental Obligation or a specific payment of principal
of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided,
however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment
of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

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

 

“Indenture” means this instrument as originally executed
or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with
the terms hereof.

 

“Interest Payment Date,” when used with respect to any
installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in
an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities
of that series is due and payable.

 

“Officers’ Certificate” means a certificate signed
by the Chief Executive Officer, President or a Vice President and by the Chief Financial Officer, Vice President of Finance, the Treasurer
or an Assistant Treasurer or the Controller or an Assistant Controller or the Company Secretary or an Assistant Company Secretary of the
Company that is delivered to the Trustee in accordance with the terms hereof.  Certificate shall include the statements provided
for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion of Counsel” means a written opinion of counsel,
who may be counsel to the Company (and may include directors or employees of the Company) and which opinion is acceptable to the Trustee
which acceptance shall not be unreasonably withheld.

 

    2

     

    

 

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

 

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

 

“Predecessor Security” of any particular Security means
every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

 

“Responsible Officer,” when used with respect to the Trustee,
means any officer of the Trustee, including any vice president, assistant vice president, company secretary, assistant company secretary,
the treasurer, any assistant treasurer, the managing director or any other officer of the Trustee customarily performing functions similar
to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Securities” means the debt Securities authenticated and
delivered under this Indenture.

 

“Security Register” has the meaning specified in Section 2.05.

 

“Security Registrar” has the meaning specified in Section 2.05.

 

“Securityholder,” “holder of Securities,” “registered
holder,” or other similar term, means the Person or Persons in whose name or names a particular Security shall be registered in
the Security Register.

 

“Subsidiary” means, with respect to any Person, (i) any
corporation or limited company at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly,
by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership,
joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned
by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trustee” means the Person named as the “Trustee”
in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean such successor Trustee.  The term “Trustee” as used with respect
to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means the Trust Indenture Act of
1939, as amended, subject to the provisions of Sections 9.01, 9.02, and 10.01, as in effect at the date of execution of this instrument;
provided, however, that in the event the Trust Indenture Act is amended after such date, Trust Indenture Act means, to the extent required
by such amendment, the Trust Indenture Act of 1939, as so amended, or any successor statute.

 

    3

     

    

 

“Voting Stock,” as applied to any Person, means shares,
interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power
for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other
equivalents having such power only by reason of the occurrence of a contingency.

 

ARTICLE II

 

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

 

SECTION 2.01Designation and Terms of Securities.

 

(a) The aggregate principal amount
of Securities that may be authenticated and delivered under this Indenture is unlimited, subject at all times to compliance by the Company
with any requirements under its articles of association.  The Securities may be issued in one or more series up to the aggregate
principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution of the Company or pursuant
to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of a given series, there shall be established
in or pursuant to a Board Resolution of the Company, and set forth in an Officers’ Certificate of the Company, or established in
one or more indentures supplemental hereto:

 

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

 

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

 

(3) the currency or units based
on or relating to currencies in which debt securities of such series are denominated and the currency or units in which principal or interest
or both will or may be payable;

 

(4) the date or dates on which
the principal of the Securities of the series is payable and the place(s) of payment;

 

(5) the rate or rates at which
the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(6) the date or dates from which
such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest
Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such
Interest Payment Dates or the method for determining such dates;

 

(7) the right, if any, to extend
the interest payment periods or to defer the payment of interest and the duration of such extension;

 

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

 

(9) the obligation, if any, of
the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions (including payments made
in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which,
the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole
or in part, pursuant to such obligation;

 

    4

     

    

 

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

 

(11) the form of the Securities of the
series including the form of the Certificate of Authentication for such series;

 

(12) if other than denominations of
one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be
issuable;

 

(13) any and all other terms with respect
to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including
any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing
of Securities of that series;

 

(14) whether the Securities are issuable
as a Global Security and, in such case, the identity of the Depositary for such series;

 

(15) whether the Securities will be
convertible into ordinary shares or other securities of the Company and, if so, the terms and conditions upon which such Securities will
be so convertible, including the conversion price and the conversion period;

 

(16) if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.01; and

 

(17) any additional or different Events
of Default or restrictive covenants provided for with respect to the Securities of the series.

 

All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental
hereto.

 

If any of the terms of the series are established by action taken pursuant
to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the Company Secretary or an
Assistant Company Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate
of the Company setting forth the terms of the series.

 

Securities of any particular series may be issued at various times,
with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different
methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption
dates.

 

SECTION 2.02Form of Securities and Trustee’s Certificate.

 

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

 

    5

     

    

 

SECTION 2.03Denominations:  Provisions for Payment.

 

The Securities shall be issuable as registered Securities and in the
denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(12).  The Securities
of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.  The principal
of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall
be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the
office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York.  Each Security
shall be dated the date of its authentication.  Interest on the Securities shall be computed on the basis of a 360-day year composed
of twelve 30-day months.

 

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

 

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

 

(1) The Company may make payment
of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are
registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner:  the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security
and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a special record date for the payment of
such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than
10 days after the receipt by the Trustee of the notice of the proposed payment.  The Trustee shall promptly notify the Company of
such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her 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 shall be paid
to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date.

 

(2) The Company may make payment
of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange
on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Unless otherwise set forth in a Board Resolution of the Company or
one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the
term “regular record date” as used in this Section with respect to a series of Securities with respect to any Interest
Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment
Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a
month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant
to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a
Business Day.

 

    6

     

    

 

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

 

SECTION 2.04Execution and Authentications.

 

The Securities shall be signed on behalf of the Company by its Chief
Executive Officer, or its Chief Financial Officer, or its President, or one of its Vice Presidents, or its Treasurer, or one of its Assistant
Treasurers, or its Company Secretary, or one of its Assistant Company Secretaries, under its corporate seal attested by its Company Secretary
or one of its Assistant Company Secretaries.  Signatures may be in the form of a manual or facsimile signature.  The Company
may use the facsimile signature of any Person who shall have been a Chief Executive Officer thereof, a Chief Financial Officer thereof,
a President or Vice President thereof, or of any Person who shall have been a Treasurer or Assistant Treasurer thereof, or of any Person
who shall have been a Company Secretary or Assistant Company Secretary thereof, notwithstanding the fact that at the time the Securities
shall be authenticated and delivered or disposed of such Person shall have ceased to be the Chief Executive Officer or the Chief Financial
Officer, President or a Vice President, the Treasurer or an Assistant Treasurer or the Company Secretary or an Assistant Company Secretary,
of the Company.  The seal of the Company may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted
or otherwise reproduced on the Securities.  The Securities may contain such notations, legends or endorsements required by law, stock
exchange rule or usage.  Each Security shall be dated the date of its authentication.

 

A Security shall not be valid or obligatory for any purpose and shall
not be entitled to any benefit under this Indenture, in each case, until authenticated with a certificate of authentication manually signed
by an authorized signatory of the Trustee, or by an Authenticating Agent.  Such certificate shall be conclusive evidence, and the
only evidence, that the Security so authenticated has been duly authenticated and delivered hereunder and that the Security is entitled
to the benefits of this Indenture.  At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company
for the authentication and delivery of such Securities, signed by its Chief Executive Officer, or its Chief Financial Officer, or its
President or any Vice President and its Company Secretary or any Assistant Company Secretary, and the Trustee in accordance with such
written order shall authenticate and deliver such Securities.

 

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 7.01) shall
be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity
with the provisions of this Indenture.

 

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

 

SECTION 2.05Registration of Transfer and Exchange.

 

(a) Securities of any series may
be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in the Borough of Manhattan,
the City and State of New York, for other Securities of such series of authorized denominations, and for a like aggregate principal amount,
upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. 
In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or
agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall
be entitled to receive, bearing numbers not contemporaneously outstanding.

 

    7

     

    

 

(b) The Company shall keep, or cause
to be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City and State of New York, or such other
location designated by the Company a register or registers (herein referred to as the “Security Register”) in which, subject
to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this
Article provided and which at all reasonable times shall be open for inspection by the Trustee.  The registrar for the purpose
of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security
Registrar”).

 

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

 

All Securities presented or surrendered for exchange or registration
of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered
holder or by such holder’s duly authorized attorney in writing.

 

(c) No service charge shall be made
for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges
pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.

 

(d) The Company shall not be required
(i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before
the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close
of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions
thereof called for redemption.  The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11
hereof.

 

SECTION 2.06Temporary Securities.

 

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

 

    8

     

    

 

SECTION 2.07Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated
or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request
the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen.  In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security
or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s
Security and of the ownership thereof.  The Trustee may authenticate any such substituted Security and deliver the same upon the
written request or authorization of any officer of the Company.  Upon the issuance of any substituted Security, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.  In case any Security that has matured or is about to mature
shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the
payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish
to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss
or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership
thereof.

 

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

 

SECTION 2.08Cancellation.

 

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

 

SECTION 2.09Benefits of Indenture.

 

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

 

SECTION 2.10Authenticating Agent.

 

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

 

    9

     

    

 

Any Authenticating Agent may at any time resign by giving written notice
of resignation to the Trustee and to the Company.  The Trustee may at any time (and upon request by the Company shall) terminate
the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. 
Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating
Agent acceptable to the Company.  Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant
hereto.

 

SECTION 2.11Global Securities

 

(a) If the Company shall establish
pursuant to Section 2.01 that some or all of the Securities of a particular series are to be issued as a Global Security, then the
Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall
represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series
which are to be issued as a Global Security, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall
be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially
to the following effect:  “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred,
in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) Notwithstanding the provisions
of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05,
only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company
or to a nominee of such successor Depositary.

 

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

 

    10

     

    

 

ARTICLE III

 

REDEMPTION OF SECURITIES AND SINKING

FUND PROVISIONS

 

SECTION 3.01Redemption.

 

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

 

SECTION 3.02Notice of Redemption.

 

(a) In case the Company shall desire
to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with the right reserved
so to do, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series
to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before
the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register unless
a shorter period is specified in the Securities to be redeemed.  Any notice that is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the registered holder receives the notice.  In any case, failure duly
to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice,
shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. 
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with any such restriction.

 

Each such notice of redemption shall specify the date fixed for redemption
and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of
such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan, the City and State of
New York, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified
in said notice, that from and after said date interest will cease to accrue and that the redemption is for a sinking fund, if such is
the case.  If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series
to be redeemed in whole or in part shall specify the particular Securities to be so redeemed.  In case any Security is to be redeemed
in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall
state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal
amount equal to the unredeemed portion thereof will be issued.

 

(b) If less than all the Securities
of a series are to be redeemed, the Company shall give the Trustee at least 30 days’ notice in advance of the date fixed for redemption
as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in
such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions
(equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities
to be redeemed, in whole or in part.  The Company may, if and whenever it shall so elect, by delivery of instructions signed on its
behalf by its Chief Executive Officer, or its Chief Financial Officer, or its President or any Vice President, instruct the Trustee or
any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the
manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may
deem advisable.  In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall
deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register,
transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give
any notice by mail that may be required under the provisions of this Section.

 

    11

     

    

 

SECTION 3.03Payment Upon Redemption.

 

(a) If the giving of notice of redemption
shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice
shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest
accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after
the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect
to any such Security or portion thereof.  On presentation and surrender of such Securities on or after the date fixed for redemption
at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such
series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment
date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable
record date pursuant to Section 2.03).

 

(b) Upon presentation of any Security
of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency
where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series
of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

SECTION 3.04Sinking Fund.

 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable
to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for
Securities of such series.

 

The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” 
If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 3.05.  Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by
the terms of Securities of such series.

 

SECTION 3.05Satisfaction of Sinking Fund Payments with Securities.

 

The Company (i) may deliver Outstanding Securities of a series
(other than any Securities previously called for redemption) and (ii) may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment
with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms
of such series, provided that such Securities have not been previously so credited.  Such Securities shall be received and credited
for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly.

 

SECTION 3.06Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officers’
Certificate, deliver to the Trustee any Securities to be so delivered.  Not less than 30 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. 
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

    12

     

    

 

ARTICLE IV

 

COVENANTS

 

SECTION 4.01Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause to be paid the principal
of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established
with respect to such Securities.

 

SECTION 4.02Maintenance of Office or Agency.

 

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

 

SECTION 4.03Paying Agents.

 

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

 

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

 

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

 

(3) that it will, at any time during
the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith
pay to the Trustee all sums so held in trust by such paying agent; and

 

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

 

(b) If the Company shall act as its
own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if
any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum sufficient with monies held by all other paying agents to pay such principal (and premium, if any) or interest so becoming due on
Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.  Whenever
the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and
premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (an
premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure
so to act.

 

    13

     

    

 

(c) Notwithstanding anything in this
Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions
of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such
paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company
or such paying agent; and, upon such payment by any paying agent to the Trustee, such paying agent shall be released from all further
liability with respect to such money.

 

SECTION 4.04Appointment to Fill Vacancy in Office of Trustee.

 

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

 

SECTION 4.05Compliance with Consolidation Provisions.

 

The Company will not, while any of the Securities remain Outstanding,
consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or
convey all or substantially all of its property to any other company unless the provisions of Article X hereof are complied with.

 

ARTICLE V

 

SECURITYHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

 

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

 

If the Company is not the Security Register, the Company will furnish
or use reasonable efforts to cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.03)
a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as
of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that
the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other
times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such
list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

SECTION 5.02Preservation of Information; Communications with Securityholders.

 

(a) The Trustee shall preserve, in
as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in
the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received
by the Trustee in its capacity as Security Registrar (if acting in such capacity) and shall otherwise comply with Section 312(a) of
the Trust Indenture Act.

 

    14

     

    

 

(b) The Trustee may destroy any list
furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c) Securityholders may communicate
as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this
Indenture or under the Securities.

 

SECTION 5.03Reports by the Company.

 

(a) The Company covenants and agrees
to file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant to Section 13
or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant
to either of such sections, then to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required pursuant
to Section 13 of the Exchange Act, 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; provided, however, the Company shall not be required to deliver to the Trustee any
materials for which the Company has sought and received confidential treatment by the Commission.  The Company also shall comply
with the other provisions of Section 314(a) of the Trust Indenture Act.

 

(b) The Company covenants and agrees
to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from 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.

 

(c) The Company covenants and agrees
to transmit by mail, first class postage prepaid, or reputable over-night delivery service that provides for evidence of receipt, to the
Securityholders, as their names and addresses appear upon the Security Register, 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 (a) and (b) of
this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

SECTION 5.04Reports by the Trustee.

 

(a) The Trustee shall transmit to
holders as provided in Section 313 of the Trust Indenture Act such reports concerning the Trustee and its actions under this Indenture
as may be required by Section 313 of the Trust Indenture Act at the times and in the manner provided by the Trust Indenture Act.

 

(b) A copy of each such report shall,
at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each stock exchange upon which any
Securities are listed (if so listed) and, if required by Section 313 of the Trust Indenture Act, also with the Commission. 
The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.

 

    15

     

    

 

ARTICLE VI

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

 

SECTION 6.01Events of Default.

 

(a) Whenever used herein with respect
to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and
is continuing:

 

(1) the Company defaults in the
payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and
continuance of such default for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company
in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;

 

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

 

(3) the Company fails to observe
or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with
respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly
included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days
after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice
of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and
the Trustee by the holders of not less than a majority in principal amount of the Securities of that series at the time Outstanding;

 

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

 

(5) a court of competent jurisdiction
enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a
Custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation of the Company, and the order
or decree remains unstayed and in effect for 90 consecutive days.

 

(b) In each and every such case,
unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders
of not less than a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing
to the Company (and to the Trustee if given by such Securityholders), may declare the principal (or, if any Securities of that series
are discount securities, that portion of the principal amount as may be specified in the terms of that series pursuant to Section 2.01(a)(16))
of (and premium, if any, on) and accrued and unpaid interest, if any, on all the Securities of that series to be due and payable immediately,
and upon any such declaration the same shall become and shall be immediately due and payable.

 

    16

     

    

 

(c) At any time after the principal
of the Securities of that series shall have been so declared due and payable, and before a judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities
of that series then Outstanding hereunder (or, by action at a meeting of holders of the Securities of such series in accordance with Section 8.09,
the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting),
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:  (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
and (ii) any and all Events of Default under this Indenture with respect to such series, other than the nonpayment of principal of
(and premium, if any, on) and accrued and unpaid interest, if any, on Securities of that series that shall have become due solely because
of such acceleration, shall have been remedied, cured or waived as provided in Section 6.06.  No such rescission and annulment
shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

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

 

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

 

(a) The Company covenants that (1) in
case it shall default in the payment of any installment of interest on any of the Securities of a series, or any payment required by any
sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default
shall have continued for a period of 90 Business Days, or (2) in case it shall default in the payment of the principal of (or premium,
if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities
of a series or upon redemption or upon declaration or otherwise, then, upon demand of the Trustee, the Company will pay to the Trustee,
for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on
all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal
(and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments
of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b) If the Company shall fail to
pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered
to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such
action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor
upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property
of the Company or other obligor upon the Securities of that series, wherever situated.

 

(c) In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affected the Company,
or its creditors or property, or any other analogous proceedings in a relevant jurisdiction, the Trustee shall have power to intervene
in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law)
be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of
the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under this Indenture
at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such
date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after
the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization
is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that
the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under
Section 7.06.

 

    17

     

    

 

(d) All rights of action and of asserting
claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee
without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the
holders of the Securities of such series.

 

In case of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in 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.

 

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

 

SECTION 6.03Application of Moneys Collected.

 

Any moneys collected by the Trustee pursuant to this Article with
respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities
of that series, and notation thereon the payment, if only partially paid, and upon surrender thereof if fully paid:

 

FIRST:  To the payment of costs and expenses of collection and
of all amounts payable to the Trustee under Section 7.06; and

 

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

 

SECTION 6.04Limitation on Suits.

 

No holder of any Security of any series shall have any right by virtue
or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with
respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder
previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities
of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 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, suit or proceeding in its own name as trustee hereunder; (iii) 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; and (iv) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action,
suit or proceeding and (v) during such 60 day period, the holders of a majority in principal amount of the Securities of that series
(or such amount as shall have acted at a meeting of the holders of Securities of such series pursuant to the provisions of this Indenture)
do not give the Trustee a direction inconsistent with the request; provided, however, that no one or more of such holders may use this
Indenture to prejudice the rights of another holder or to obtain preference or priority over another holder.

 

    18

     

    

 

Notwithstanding anything contained herein to the contrary, any other
provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and
interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption,
on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption
date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood,
intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee,
that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or
seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner
herein provided and for the equal, ratable and common benefit of all holders of Securities of such series.  For the protection and
enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

 

SECTION 6.05Rights and Remedies Cumulative; Delay or Omission
Not Waiver.

 

(a) Except as otherwise provided
in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent
permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the
Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in
this Indenture or otherwise established with respect to such Securities.

 

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

 

SECTION 6.06Control by Securityholders.

 

The holders of a majority in aggregate principal amount of the Securities
of any series at the time Outstanding, determined in accordance with Section 8.01, shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee
with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture
or be unduly prejudicial to the rights of holders of Securities of any other series at the time Outstanding determined in accordance with
Section 8.01.  Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability.  The holders either (a) through the written consent of not less than a majority
in aggregate principal amount of the Securities of any series at the time Outstanding or (b) by action at a meeting of holders of
the Securities of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the
Securities of such series then Outstanding represented at such meeting, may on behalf of the holders of all of the Securities of such
series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01
with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest
on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration
(unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has
been deposited with the Trustee (in accordance with Section 6.01(c)) and except in respect a provision hereof which, under Section 9.02,
cannot be modified or amended without the consent of the holders of each Outstanding Security affected; provided however that this Section shall
not limit the right of holders of Securities of a series to rescind and annul any acceleration as set forth in Section 6.01. 
Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the
Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.  The provisions which
otherwise would be automatically deemed to be contained in this Indenture pursuant to Section (316)(a)(1) of the Trust Indenture
Act are hereby expressly excluded from this Indenture, except to the extent such provisions are expressly included herein.

 

    19

     

    

 

SECTION 6.07Undertaking to Pay Costs.

 

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

 

ARTICLE VII

 

CONCERNING THE TRUSTEE

 

SECTION 7.01Certain Duties and Responsibilities of Trustee.

 

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

 

(b) No provision of this Indenture
shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1) prior to the occurrence of
an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect
to that series that may have occurred:

 

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

 

    20

     

    

 

(ii) in the absence of bad faith
on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirement of this Indenture;

 

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

 

(3) the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less
than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this
Indenture with respect to the Securities of that series; and

 

(4) None of the provisions contained
in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment
of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is
not reasonably assured to it.

 

SECTION 7.02Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

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

 

(b) Any request, direction, order
or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of
the Company, by the Chief Executive Officer, or the Chief Financial officer, or the President or any Vice President and by the Company
Secretary or an Assistant Company Secretary or the Treasurer or an Assistant Treasurer thereof (unless other evidence in respect thereof
is specifically prescribed herein);

 

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

 

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

 

    21

     

    

 

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

 

(f) The Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of
not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided
in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee
by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses
or liabilities as a condition to so proceeding.  The reasonable expense of every such examination shall be paid by the Company or,
if paid by the Trustee, shall be repaid by the Company upon demand; and

 

(g) The Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall
not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

SECTION 7.03Trustee Not Responsible for Recitals or Issuance of
Securities.

 

(a) The recitals contained herein
and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of
the same.

 

(b) The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) The Trustee shall not be accountable
for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application
of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01,
or for the use or application of any moneys received by any paying agent other than the Trustee.

 

SECTION 7.04May Hold Securities.

 

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

 

SECTION 7.05Moneys Held in Trust.

 

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

 

SECTION 7.06Compensation and Reimbursement.

 

(a) The Company covenants and agrees
to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust), as the Company, and the Trustee may from time to time agree in
writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the
powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee 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
Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith. 
The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against,
any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection
with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim of liability
in the premises.

 

    22

     

    

 

(b) The obligations of the Company
under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances
shall constitute additional indebtedness hereunder.  Such additional indebtedness shall be secured by a lien prior 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.

 

SECTION 7.07Reliance on Officers’ Certificate.

 

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

 

SECTION 7.08Disqualification; Conflicting Interests.

 

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

 

SECTION 7.09Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee with respect to the Securities
issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America
or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the
Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million
U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial, or District of Columbia authority. 
If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published.  The Company may not, nor may
any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee.  In case
at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately
in the manner and with the effect specified in Section 7.10.

 

SECTION 7.10Resignation and Removal; Appointment of Successor.

 

(a) The Trustee or any successor
hereafter appointed, may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the
Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their
names and addresses appear upon the Security Register.  Upon receiving such notice of resignation, the Company shall promptly appoint
a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.  If no successor
trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities
of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months
may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. 
Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

    23

     

    

 

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

 

(1) the Trustee shall fail to comply
with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide
holder of a Security or Securities for at least six months; or

 

(2) the Trustee shall cease to
be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company
or by any such Securityholder; or

 

(3) the Trustee shall become incapable
of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or
of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee
with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, unless
the Trustee’s duty to resign is stayed as provided herein, any Securityholder who has been a bona fide holder of a Security or Securities
for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee.  Such court may thereupon after such notice, if any, as
it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The holders of a majority in
aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to
such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

 

(d) Any resignation or removal of
the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this
Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

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

 

SECTION 7.11Acceptance of Appointment By Successor.

 

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

 

    24

     

    

 

(b) In case of the appointment hereunder
of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein
each successor trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor trustee relates, (2) shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in
the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for
or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall
be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee
shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under
this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.

 

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

 

(d) No successor trustee shall accept
its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.

 

(e) Upon acceptance of appointment
by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail,
first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register.  If the Company
fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be transmitted at the expense of the Company.

 

SECTION 7.12Merger, Conversion, Consolidation or Succession to
Business.

 

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

 

    25

     

    

 

SECTION 7.13Preferential Collection of Claims Against the Company.

 

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

 

ARTICLE VIII

 

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided that the holders of a majority
or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making
of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of
taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any
instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in Person or by agent or
proxy appointed in writing.

 

If the Company shall solicit from the Securityholders of any series
any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by
an Officers’ Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do
so.  If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may
be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be
deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities
of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other
action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that
no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

SECTION 8.02Proof of Execution by Securityholders.

 

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

 

(a) The fact and date of the execution
by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The ownership of Securities shall
be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

(c) The Trustee may require such
additional proof of any matter referred to in this Section as it shall deem necessary.

 

SECTION 8.03Who May be Deemed Owners.

 

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

 

    26

     

    

 

SECTION 8.04Certain Securities Owned by Company Disregarded.

 

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

 

SECTION 8.05Actions Binding on Future Securityholders.

 

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

 

SECTION 8.06Purposes for Which Meetings May Be Called.

 

A meeting of holders of any series of Securities may be called at any
time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be made, given or taken by holders of such series of Securities.

 

Notwithstanding anything contained in this Article VIII, the Trustee
may, during the pendency of a Default or an Event of Default, call a meeting of holders of any series of Securities in accordance with
its standard practices.

 

SECTION 8.07Call Notice and Place of Meetings.

 

(a) The Trustee may at any time call
a meeting of holders of any series of Securities for any purpose specified in Section 8.06 hereof, to be held at such time and at
such place in The City of New York or Boston, Massachusetts.  Notice of every meeting of holders of any series of Securities, setting
forth the time and the place of such meeting, in general terms the action proposed to be taken at such meeting and the percentage of the
principal amount of the Outstanding Securities of such series which shall constitute a quorum at such meeting, shall be given, in the
manner provided in Section 13.04 hereof, not less than 21 nor more than 180 days prior to the date fixed for the meeting to holders
of Outstanding Securities of such series.

 

    27

     

    

 

(b) In case at any time the Company,
pursuant to a Board Resolution, or the holders of at least 10% in principal amount of the Outstanding Securities of any series shall have
requested the Trustee to call a meeting of the holders of Securities of such series for any purpose specified in Section 8.06 hereof,
by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made
the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause
the meeting to be held as provided herein, then the Company or the holders of Securities of such series in the amount specified, as the
case may be, may determine the time and the place in The City of New York or Boston, Massachusetts for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in paragraph (a) of this Section.

 

SECTION 8.08Persons Entitled To Vote at Meetings.

 

To be entitled to vote at any meeting of holders of Securities of a
given series, a Person shall be (a) a holder of one or more Outstanding Securities of such series or (b) a Person appointed
by an instrument in writing as proxy for a holder or holders of one or more Outstanding Securities of such series by such holder or holders. 
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, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

SECTION 8.09Quorum; Action.

 

The Persons entitled to vote a majority in aggregate principal amount
of the Outstanding Securities of a given series shall constitute a quorum with respect to a meeting of holders of Outstanding Securities
of such series.  In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened
at the request of holders of Securities of such series, be dissolved.  In any other case, the meeting may be adjourned for a period
of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting.  In the absence of
a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such adjourned meeting.  Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 8.07(a) hereof, except that such notice need be given only once and not less than five
days prior to the date on which the meeting is scheduled to be reconvened.

 

At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters (except as limited by the proviso to the first paragraph of Section 9.02
hereof) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than a majority in aggregate
principal amount of Outstanding Securities of a series represented and voting at such meeting with respect to a meeting of holders of
Outstanding Securities of such series.

 

Any resolution passed or decisions taken at any meeting of holders
of Securities duly held in accordance with this Section shall be binding on all the holders of Securities of such series, whether
or not present or represented at the meeting.

 

SECTION 8.10Determination of Voting Rights; Conduct and Adjournment
of Meetings.

 

(a) Notwithstanding any other provisions
of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of holders of Securities
in regard to proof of the holding of Securities 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 deem appropriate.

 

(b) The Trustee shall, by an instrument
in writing, appoint a temporary chairman (which may be the Trustee) of the meeting, unless the meeting shall have been called by the Company
or by holders of Securities of a given series as provided in Section 8.07(b) hereof, in which case the Company or the holders
of Securities of such series 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 vote of the Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series represented at the meeting.

 

    28

     

    

 

(c) At any meeting, each holder of
a Security of the series in respect of which such meeting is being held or proxy shall be entitled to one vote for each $1,000 principal
amount of Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting
in respect of any Security of such series 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, except as a holder of a Security of such series or proxy.

 

(d) Any meeting of holders of Securities
duly called pursuant to Section 8.07 hereof at which a quorum is present may be adjourned from time to time by Persons entitled to
vote a majority in principal amount of the Outstanding Securities of the series in respect of which such meeting is being held represented
at the meeting, and the meeting may be held as so adjourned without further notice.

 

SECTION 8.11Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to any meeting of holders of
Securities of a given series shall be by written ballots on which shall be subscribed the signatures of the holders of Securities of such
series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series
held or represented by them.  The permanent 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, at least in duplicate, of the proceedings of each meeting of holders
of Securities of such series shall be prepared by the secretary of the meeting and there shall be attached to said 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 said notice was given as provided in Section 8.07 hereof and,
if applicable, Section 8.09 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary
of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter
to have attached thereto the ballots voted at the meeting.  Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01Supplemental Indentures Without the Consent of Securityholders.

 

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

 

(a) cure any ambiguity, correct
or supplement any provision herein which may be inconsistent with any other provision herein or which is otherwise defective, or
make any other provisions with respect to matters or questions arising under this Indenture which the Company and the Trustee may
deem necessary or desirable and which shall not be inconsistent with the provisions of this Indenture;

 

(b) to comply with Article X;

 

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

 

(d) to add to the covenants of the
Company for the benefit of the holders of all or any Series of Securities (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender
any right or power herein conferred upon the Company;

 

    29

     

    

 

(e) to add to, delete from, or revise
the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities,
as herein set forth;

 

(f) to make any change that does
not adversely affect the rights of any Securityholder in any material respect;

 

(g) to provide for the issuance of
and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form
of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights
of the holders of any series of Securities; or

 

(h) comply with the requirements
of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act.

 

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

 

Any supplemental indenture authorized by the provisions of this Section may
be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding
any of the provisions of Section 9.02.

 

SECTION 9.02Supplemental Indentures With Consent of Securityholders.

 

With the written consent of the holders of at least a majority in aggregate
principal amount of the Outstanding Securities of any series or by action at a meeting of holders of the Securities of such series in
accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding
represented at such meeting, the Company, when authorized by Board Resolutions, and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in
effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities
of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders
of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series, or reduce
the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon
the redemption thereof, (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such
supplemental indenture, or any consent or waiver, (iii) reduce the principal amount of discount securities payable upon acceleration
of the maturity of any Securities of any series or (iv) make the principal of or premium or interest on any Security of a series
payable in currency or currency units other than that stated in the Securities of such series.

 

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

 

SECTION 9.03Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture pursuant to the provisions
of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and
amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

    30

     

    

 

SECTION 9.04Securities Affected by Supplemental Indentures.

 

Securities of any series affected by a supplemental indenture, authenticated
and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01,
may bear a notation in form approved by the Company, provided such form meets the requirements of any exchange upon which such series
may be listed, as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Securities of
that series so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for
the Securities of that series then Outstanding.

 

SECTION 9.05Execution of Supplemental Indentures.

 

Upon the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders
required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless
such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case
the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture.  The Trustee, subject to
the provisions of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any supplemental indenture executed
pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for
the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such Opinion of Counsel
need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities
pursuant to Section 2.01 hereof.

 

Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage prepaid, a
notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby
as their names and addresses appear upon the Security Register.  Any failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

ARTICLE X

 

SUCCESSOR ENTITY

 

SECTION 10.01Company May Consolidate, Etc.

 

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 Person (whether or not affiliated with the Company) or successive
consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale,
conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially
as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire
and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each
case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual
payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each
series, according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture
with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company
shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect)
satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the
Company shall have been merged, or by the entity which shall have acquired such property.

 

    31

     

    

 

SECTION 10.02Successor Entity Substituted.

 

(a) In case of any such consolidation,
merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, premium, if
any, and interest on all of the Securities of all series Outstanding and the due and punctual performance of all of the covenants and
conditions of this Indenture or established with respect to each series of the Securities pursuant to Section 2.01 to be performed
by the Company with respect to each series, such successor entity shall succeed to and be substituted for the Company with the same effect
as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.

 

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

 

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

 

SECTION 10.03Evidence of Consolidation, Etc. to Trustee.

 

The Trustee, subject to the provisions of Section 7.01, may receive
an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and
any such assumption, comply with the provisions of this Article.

 

ARTICLE XI

 

SATISFACTION AND DISCHARGE

 

SECTION 11.01Satisfaction and Discharge of Indenture.

 

If at any time:  (a) the Company shall have delivered to
the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities that shall have been destroyed,
lost or stolen and that shall have been replaced or paid as provided in Section 2.07) and Securities for whose payment money or Governmental
Obligations have theretofore been deposited in trust or segregated and held in trust by the Company (and thereupon repaid to the Company
or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore
delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one
year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations
sufficient or a combination thereof, sufficient (assuming that no tax liability will be imposed on the Trustee) in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity
or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium,
if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02,
4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that
shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall
execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

 

    32

     

    

 

SECTION 11.02Discharge of Obligations.

 

If at any time all such Securities of a particular series not heretofore
delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid
by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to
pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including
principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may
be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series,
then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the
Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03,
2.05, 2.07, 4,01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid thereafter,
Sections 7.06 and 11.05 shall survive.

 

SECTION 11.03Deposited Moneys to be Held in Trust.

 

Subject to Section 11.05, all moneys or Governmental Obligations
deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either
directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of
Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

SECTION 11.04Payment of Moneys Held by Paying Agents.

 

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

 

SECTION 11.05Repayment to Company.

 

Any moneys or Governmental Obligations deposited with any paying agent
or the Trustee, or then held by the Company, in trust for payment of principal of or premium or interest on the Securities of a particular
series that are not applied but remain unclaimed by the holders of such Securities for two years after the date upon which the principal
of (and premium, if any) or interest on such Securities shall have respectively become due and payable, shall be repaid to the Company
or (if then held by the Company) shall be discharged from such trust in each case, promptly after the end of any such two-year period
or, at the request of the Company, on a later date specified by the Company; and thereupon the paying agent and the Trustee shall be released
from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to
receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof.

 

ARTICLE XII

 

IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS
AND DIRECTORS

 

SECTION 12.01No Recourse.

 

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

 

    33

     

    

 

ARTICLE XIII

 

MISCELLANEOUS PROVISIONS

 

SECTION 13.01Effect on Successors and Assigns.

 

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

 

SECTION 13.02Actions by Successor.

 

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

 

SECTION 13.03Surrender of Company Powers.

 

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

 

SECTION 13.04Notices.

 

Except as otherwise expressly provided herein any notice or demand
that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of Securities
to or on the Company may be given or served by being deposited first class postage prepaid in a post-office letterbox addressed (until
another address is filed in writing by the Company with the Trustee), as follows: Nyxoah SA, Attn: [   ], Rue Edouard Belin
12, 435 Mont-Saint-Guibert, Belgium.  Any notice, election, request or demand by the Company or any Securityholder to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust
Office of the Trustee.  Any notice or communication to a holder shall be mailed by first-class mail to his address shown on the Security
Register kept by the Security Registrar.

 

Failure to mail a notice or communication to a holder or any defect
in such notice or communication shall not affect its sufficiency with respect to other holders.  If a notice or communication is
mailed or sent in the manner provided above within the time prescribed, it is duly given as of the date it is mailed, whether or not the
addressee receives it, except that notice to the Trustee or the Company shall only be effective upon receipt thereof by the Trustee or
the Company, respectively.  If the Company mails a notice or communication to holders of Securities, it shall mail a copy to the
Trustee at the same time.

 

SECTION 13.05Governing Law.

 

This Indenture and each Security shall be deemed to be a contract made
under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State.

 

    34

     

    

 

SECTION 13.06Treatment of Securities as Debt.

 

It is intended that the Securities will be treated as indebtedness
and not as equity for U.S. federal income tax purposes.  The provisions of this Indenture shall be interpreted to further this intention.

 

SECTION 13.07Compliance Certificates and Opinions.

 

(a) Upon any application or demand
by the Company to the Trustee to take any action under any of the provisions of this Indenture,  the Company, shall furnish to the
Trustee an 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.

 

(b) Each certificate or opinion provided
for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include
(1) a statement that the Person making such certificate or opinion has read such covenant or condition; (2) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or
opinion are based; (3) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement
as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

SECTION 13.08Payments on Business Days.

 

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

 

SECTION 13.09Conflict with Trust Indenture Act.

 

If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

SECTION 13.10Counterparts.

 

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 13.11Separability.

 

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

 

    35

     

    

 

SECTION 13.12Assignment.

 

The Company will have the right at all times to assign any of its rights
or obligations under this Indenture to a direct or indirect wholly-owned Subsidiary of the Company, provided that, in the event of any
such assignment, the Company, will remain liable for all such obligations.  Subject to the foregoing, this Indenture is binding upon
and inures to the benefit of the parties thereto and their respective successors and assigns.  This Indenture may not otherwise be
assigned by the parties thereto.

 

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

 

	 	NYXOAH SA
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	[                          ],
	 	As Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]