Document:

Exhibit 4.10

 

STAG
INDUSTRIAL OPERATING PARTNERSHIP, L.P.

 

INDENTURE

 

Dated as of [                ],
[        ]

 

[                      ]

 

Trustee

 

     

     

    

  

TABLE
OF CONTENTS

 

Page

 

	ARTICLE I	 
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 
	 	Section 1.1. Definitions	1
	 	Section 1.2. Other Definitions	4
	 	Section 1.3. Incorporation by Reference of Trust Indenture
Act	5
	 	Section 1.4. Rules of Construction	5
	 
	ARTICLE II
	 	THE SECURITIES	6
	 
	 	Section 2.1. Issuable in Series	6
	 	Section 2.2. Establishment of Terms of Series of
Securities	6
	 	Section 2.3. Execution and Authentication	9
	 	Section 2.4. Registrar and Paying Agent	10
	 	Section 2.5. Paying Agent to Hold Money in Trust	10
	 	Section 2.6. Securityholder Lists	10
	 	Section 2.7. Transfer and Exchange	11
	 	Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities	11
	 	Section 2.9. Outstanding Securities	12
	 	Section 2.10. Treasury Securities	12
	 	Section 2.11. Temporary Securities	12
	 	Section 2.12. Cancellation	13
	 	Section 2.13. Defaulted Interest	13
	 	Section 2.14. Global Securities	13
	 	Section 2.15. CUSIP Numbers	14
	 
	ARTICLE III
	 	REDEMPTION	15
	 
	 	Section 3.1. Notice to Trustee	15
	 	Section 3.2. Selection of Securities to be Redeemed	15
	 	Section 3.3. Notice of Redemption	15
	 	Section 3.4. Effect of Notice of Redemption	16
	 	Section 3.5. Deposit of Redemption Price	16
	 	Section 3.6. Securities Redeemed in Part	16
	 
	ARTICLE IV
	 	COVENANTS	17
	 
	 	Section 4.1. Payment of Principal and Interest	17
	 	Section 4.2. SEC Reports	17
	 	Section 4.3. Compliance Certificate	17
	 	Section 4.4. Stay, Extension and Usury Laws	18

 

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	ARTICLE V
	 	SUCCESSORS	18
	 	Section 5.1. When Company May Merge, Etc.	18
	 	Section 5.2. Successor Entity Substituted	18
	 	Section 5.3. STAG Industrial, Inc. May Consolidate on Certain Terms	18
	 	Section 5.4. STAG Industrial, Inc. Successor to Be Substituted	19
	 
	ARTICLE VI
	 	DEFAULTS AND REMEDIES	19
	 
	 	Section 6.1. Events of Default	19
	 	Section 6.2. Acceleration of Maturity; Rescission and Annulment	20
	 	Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee	21
	 	Section 6.4. Trustee May File Proofs of Claim	22
	 	Section 6.5. Trustee May Enforce Claims Without Possession of Securities	22
	 	Section 6.6. Application of Money Collected	22
	 	Section 6.7. Limitation on Suits	23
	 	Section 6.8. Unconditional Right of Holders to Receive Principal and Interest	23
	 	Section 6.9. Restoration of Rights and Remedies	24
	 	Section 6.10. Rights and Remedies Cumulative	24
	 	Section 6.11. Delay or Omission Not Waiver	24
	 	Section 6.12. Control by Holders	24
	 	Section 6.13. Waiver of Past Defaults	25
	 	Section 6.14. Undertaking for Costs	25
	 
	ARTICLE VII
	 	TRUSTEE	25
	 
	 	Section 7.1. Duties of Trustee	25
	 	Section 7.2. Rights of Trustee	27
	 	Section 7.3. Individual Rights of Trustee	28
	 	Section 7.4. Trustee’s Disclaimer	28
	 	Section 7.5. Notice of Defaults	29
	 	Section 7.6. Reports by Trustee to Holders	29
	 	Section 7.7. Compensation and Indemnity	29
	 	Section 7.8. Replacement of Trustee	30
	 	Section 7.9. Successor Trustee by Merger, Etc.	31
	 	Section 7.10. Eligibility; Disqualification	31
	 	Section 7.11. Preferential Collection of Claims Against Company	31
	 
	ARTICLE VIII
	 	SATISFACTION AND DISCHARGE; DEFEASANCE	31
	 
	 	Section 8.1. Satisfaction and Discharge of Indenture	31
	 	Section 8.2. Application of Trust Funds; Indemnification	32
	 	Section 8.3. Legal Defeasance of Securities of any Series	33
	 	Section 8.4. Covenant Defeasance	34
	 	Section 8.5. Repayment to Company	35
	 	Section 8.6. Reinstatement	36

 

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	ARTICLE IX
	 	AMENDMENTS AND WAIVERS	36
	 
	 	Section 9.1. Without Consent of Holders	36
	 	Section 9.2. With Consent of Holders	37
	 	Section 9.3. Limitations	37
	 	Section 9.4. Compliance with Trust Indenture Act	38
	 	Section 9.5. Revocation and Effect of Consents	38
	 	Section 9.6. Notation on or Exchange of Securities	38
	 	Section 9.7. Trustee Protected	38
	 
	ARTICLE X
	 	MISCELLANEOUS	39
	 
	 	Section 10.1. Trust Indenture Act Controls	39
	 	Section 10.2. Notices	39
	 	Section 10.3. Communication by Holders with Other Holders	40
	 	Section 10.4. Certificate and Opinion as to Conditions
Precedent	40
	 	Section 10.5. Statements Required in Certificate or Opinion	41
	 	Section 10.6. Rules by Trustee and Agents	41
	 	Section 10.7. Legal Holidays	41
	 	Section 10.8. No Recourse Against Others	41
	 	Section 10.9. Counterparts	42
	 	Section 10.10. Governing Law; Waiver of Jury Trial; Consent
to Jurisdiction	42
	 	Section 10.11. No Adverse Interpretation of Other Agreements	43
	 	Section 10.12. Successors	43
	 	Section 10.13. Severability	43
	 	Section 10.14. Table of Contents, Headings, Etc.	43
	 	Section 10.15. Securities in a Foreign Currency	43
	 	Section 10.16. Judgment Currency	44
	 	Section 10.17. USA Patriot Act	44
	 	Section 10.18. Force Majeure	44
	 
	ARTICLE XI
	 	SINKING FUNDS	45
	 
	 	Section 11.1. Applicability of Article	45
	 	Section 11.2. Satisfaction of Sinking Fund Payments with
Securities	45
	 	Section 11.3. Redemption of Securities for Sinking Fund	45
	 
	ARTICLE XII
	 	GUARANTEE	46
	 
	 	Section 12.1. Unconditional Guarantee	46
	 	Section 12.2. Execution and Delivery of Notation of Guarantee	47
	 	Section 12.3. Limitation on Guarantors’ Liability	47
	 	Section 12.4. Release of Guarantors from Guarantee	48

  

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EXHIBITS

  

Exhibit A Form of Notation of Guarantee

 

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stag
industrial OPERATING PARTNERSHIP, L.P.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of [                 ], [     ]

 

	§ 310(a)(1)     	7.10
	(a)(2)     	7.10
	(a)(3)    	Not Applicable
	(a)(4)     	Not Applicable
	(a)(5)     	7.10
	(b)            	7.10
	§ 311(a)     	7.11
	(b)            	7.11
	(c)            	Not Applicable
	§ 312(a)     	2.6
	(b)            	10.3
	(c)            	10.3
	§ 313(a)     	7.6
	(b)(1)     	7.6
	(b)(2)     	7.6
	(c)(1)     	7.6
	(c)(2)     	7.6
	(c)(3)     	7.6
	(d)            	7.6
	§ 314(a)     	4.2, 10.5
	(b)           	 Not Applicable
	(c)(1)     	10.4
	(c)(2)     	10.4
	(c)(3)     	Not Applicable
	(d)            	Not Applicable
	(e)            	10.5
	(f)            	Not Applicable
	§ 315(a)     	7.1
	(b)            	7.5
	(c)            	7.1
	(d)            	7.1
	(e)            	6.14
	§ 316(a)     	2.10
	(a)(1)(A)     	6.12
	(a)(1)(B)     	6.13
	(b)            	6.8
	(c)            	9.5
	§ 317(a)(1)     	6.3
	 
	(a)(2)    	 6.4
	(b)            	2.5
	§ 318(a)     	10.1

  

Note: This reconciliation and tie shall not, for
any purpose, be deemed to be part of the Indenture.

 

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Indenture, dated as of [              ],
[     ], among STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Company”),
the Guarantors (as defined herein) party hereto and [                          ],
a [                             ],
as trustee (the “Trustee”).

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.
Definitions.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to
such Holders.

 

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

 

“Agent”
means any Registrar, Paying Agent or Notice Agent.

 

“Board
of Directors” means the board of directors of STAG Industrial, Inc. or any duly authorized committee thereof.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the sole member of the
General Partner to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full
force and effect on the date of the certificate and delivered to the Trustee.

 

“Business Day”
means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series,
any day except a Saturday, Sunday, a day on which banking institutions in the state in which the Corporate Trust Office is located or
a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions are authorized
or required by law, regulation or executive order to close.

 

“Capital
Stock” means (a) in the case of a corporation, corporate stock; (b) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of corporate
stock, including each class of common stock and preferred stock of such person; and (c) in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by an Officer of the General Partner or the sole member
of the General Partner.

 

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“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business related to
this Indenture shall be principally administered, which office at the date of the Indenture is located at the address set forth in Section 10.2,
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company.

 

“CUSIP”
means the Committee on Uniform Security Identification Procedures and will be used pursuant to Section 2.15.

 

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

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more
Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency
registered under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with
respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of The United States of America.

 

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

 

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

 

“Foreign
Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency,
direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of
which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of
the accounting profession, which are in effect as of the date of determination.

 

“General
Partner” means STAG Industrial GP, LLC, a Delaware limited liability company, in its capacity as general partner of the
Company, and, subject to the provision in Article V, its successors and assigns.

 

“Global
Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or
its nominee, and registered in the name of such Depositary or nominee.

 

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“Guarantor”
means each person that executes this Indenture as a guarantor and its respective successors and assigns, in each case until
the Guarantee of such person has been released in accordance with the provisions of this Indenture; provided, however, that such
person shall be a Guarantor only with respect to a Series of Securities for which such person has executed a Notation of Guarantee
with respect to such Series.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of
Securities established as contemplated hereunder.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

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

 

“Notation
of Guarantee” means a notation, substantially in the form of Exhibit A, executed by a Guarantor and affixed
to each Security of any Series to which the Guarantee of such Guarantor under Article XII of this Indenture applies.

 

“Officer”
means the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Assistant General
Counsel, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the General Partner,
the sole member of the General Partner or any Guarantor, as the case may be.

 

“Officer’s
Certificate” means a certificate signed by any Officer which complies with Section 10.4.

 

“Opinion
of Counsel” means a written opinion of legal counsel. The counsel may be an employee of or counsel to the Company, the
General Partner or the sole member of the General Partner. The opinion may contain customary limitations, conditions and exceptions.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts
in respect of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this
Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter relating
to this Indenture is referred because of his or her knowledge of and familiarity with a particular subject.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this
Indenture; provided, however, that, if at any time there is more than one person acting as Trustee under this Indenture, “Securities,”
with respect to any such person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities
of any Series as to which such person is not Trustee.

 

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

 

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

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent
required by any such amendment, the Trust Indenture Act as so amended.

 

“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
or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee”
as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S.
Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America
for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof,
and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the
holder of a depositary receipt; provided, that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government
Obligation evidenced by such depositary receipt.

 

Section 1.2.
Other Definitions.

 

	Term	 	Defined in Section	 
	“Bankruptcy Law”	 	 	6.1	 
	“Custodian”	 	 	6.1	 
	“Guarantee”	 	 	12.1	(b)
	“Event of Default”	 	 	6.1	 
	“Judgment Currency”	 	 	10.16	 
	“Legal Holiday”	 	 	10.7	 
	“mandatory sinking fund payment”	 	 	11.1	 
	“New York Banking Day”	 	 	10.16	 
	“Notice Agent”	 	 	2.4	 
	“optional sinking fund payment”	 	 	11.1	 
	“Paying Agent”	 	 	2.4	 
	“Registrar”	 	 	2.4	 
	“Required Currency”	 	 	10.16	 
	“successor person”	 	 	5.1	 
	“USA Patriot Act”	 	 	10.17	 

 

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Section 1.3.
Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture refers
to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

 

		·	“Commission” means the SEC.

 

		·	“indenture securities” means the Securities.

 

		·	“indenture security holder” means a Securityholder.

 

		·	“indenture to be qualified” means this Indenture.

 

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

 

		·	“obligor” on the indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise
defined herein are used herein as so defined.

 

Section 1.4.
Rules of Construction,

 

Unless the context otherwise
requires:

 

		a.	a term has the meaning assigned to it;

 

		b.	an accounting term not
otherwise defined has the meaning assigned to it in accordance with GAAP;

 

		c.	“or” is not
exclusive;

 

		d.	words in the singular
include the plural, and in the plural include the singular; and

 

		e.	provisions apply to successive
events and transactions.

 

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ARTICLE II.

THE SECURITIES

  

Section 2.1.
Issuable in Series

 

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

 

Section 2.2.
Establishment of Terms of Series of Securities.

 

At or prior to the issuance
of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1
and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2
through 2.2.30) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution,
supplemental indenture hereto or Officer’s Certificate:

 

Section 2.2.1.
the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking
(including the terms of any subordination provisions) of the Series;

 

Section 2.2.2.
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

Section 2.2.3.
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6) and whether additional
Securities of that Series may be issued without the consent of Holders of outstanding Securities of that Series or any other
Series; provided, that in the event that additional Securities of such Series may be so issued, the terms thereof shall indicate
whether any such additional Securities shall have the same terms as the prior Securities of such Series or whether the Issuer may
establish additional or different terms with respect to such additional Securities;

 

Section 2.2.4.
the date or dates on which the principal of the Securities of the Series is payable;

 

Section 2.2.5.
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable, any regular record date for the interest payable on any interest payment date and the basis upon which
interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

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Section 2.2.6.
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer,
mail or other means;

 

Section 2.2.7.
if applicable, the period or periods within which the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company;

 

Section 2.2.8.
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

Section 2.2.9.
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the
option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

Section 2.2.10.
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable;

 

Section 2.2.11.
the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

Section 2.2.12.
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

Section 2.2.13.
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination
is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

Section 2.2.14.
the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

Section 2.2.15.
if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

Section 2.2.16.
the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

 

Section 2.2.17.
the provisions, if any, relating to any security provided for the Securities of the Series or the Guarantees;

 

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Section 2.2.18.
any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

  

Section 2.2.19.
any addition to, deletion of or change in the covenants and terms set forth in Articles IV, V or IX which applies
to Securities of the Series;

 

Section 2.2.20.
any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein;

 

Section 2.2.21.
the provisions, if any, relating to conversion or exchange of any Securities of such Series, including, if applicable, the conversion
or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option
of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and
provisions affecting conversion or exchange if such Series of Securities are redeemed;

 

Section 2.2.22.
any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such
Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of
Securities of that Series;

 

Section 2.2.23.
whether the Securities of such Series are entitled to the benefits of the Guarantee of any Guarantor pursuant to this Indenture,
whether any such Guarantee shall be made on a senior or subordinated basis and, if applicable, a description of the subordination terms
of any such Guarantee;

 

Section 2.2.24.
if a person other than [                   ]
is to act as Trustee for the Securities of that Series, the name and location of the designated corporate trust office of such Trustee;

 

Section 2.2.25.
the securities exchanges, if any, on which the Securities of the Series may be listed;

 

Section 2.2.26.
if the Securities of that Series do not bear interest, the applicable dates for purposes of Section 2.6;

 

Section 2.2.27.
if Securities of the Series are to be issuable initially in the form of a temporary Global Security, the circumstances under which
the temporary Global Security can be exchanged for definitive Securities;

 

Section 2.2.28.
whether Securities of that Series are to be issuable in bearer form and any additions or changes to any of the provisions of this
Indenture as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to
principal, and with or without interest coupons;

 

Section 2.2.29.
the applicability, if any, of Sections 8.3 and/or 8.4 to the Securities of the Series and any provisions in modification
of, in addition to or in lieu of any of the provisions of Article VIII; and

 

Section 2.2.30.
any change in the right of the Trustee or the right of the requisite Holders of Securities to declare the principal amount thereof due
and payable.

 

    8

     

    

  

All Securities of any particular
Series shall be substantially identical except as to denomination and the date from which interest, if any, shall accrue, and except
as may otherwise be provided in or pursuant to such Board Resolutions and set forth in such Officer’s Certificate relating thereto
or provided in or pursuant to any supplemental indenture hereto. All Securities of any one Series need not be issued at the same
time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution,
supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section 2.3.
Execution and Authentication.

 

Any
Officer shall sign the Securities for the Company by manual, facsimile or other electronic (including .pdf) signature (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act
or other applicable law, e.g., www.docusign.com).

 

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

 

A Security shall not be valid
until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating agent. The signature shall
be conclusive evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at any time,
and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date
of its authentication.

 

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

 

Prior to the issuance of Securities
of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or
of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an
Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the
right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would expose the
Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

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Section 2.4.
Registrar and Paying Agent.

  

The Company shall maintain,
with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2,
an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and
where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered
(“Notice Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer
and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address,
of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying
Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, 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, surrenders, notices and demands; provided, that the Corporate Trust Office of the Trustee shall
not be a place of service of legal process on the Company.

 

The Company may also from
time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind
such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of
any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and
of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice
Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

The Company hereby appoints
the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice
Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5.
Paying Agent to Hold Money in Trust.

 

The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders
of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the
Series of Securities, and will notify the Trustee in writing of any default by the Company in making any such payment. While any
such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities
all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee
shall serve as Paying Agent for the Securities.

 

Section 2.6.
Securityholder Lists.

 

The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as
the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and
addresses of Securityholders of each Series of Securities.

 

    10

     

    

 

Section 2.7.
Transfer and Exchange.

 

Where Securities of a Series are
presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of
Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions
are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6
or 9.6).

 

Neither the Company nor the
Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning
at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series selected
for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.

 

Section 2.8.
Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered
to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such
security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt
of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security,
a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security following delivery of the documents and security or indemnity required in the preceding paragraph.

 

Upon the issuance of any new
Security under this Section, 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.

 

Every new Security of any
Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly
issued hereunder.

 

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

 

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Section 2.9.
Outstanding Securities.

  

The Securities outstanding
at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding, including those paid in accordance with the third-to-last paragraph of Section 2.8.

 

If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.

 

If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money
sufficient to pay such Securities payable on that date as provided in this Indenture, then on and after that date such Securities of the
Series cease to be outstanding and interest on them ceases to accrue.

 

The Company may purchase or
otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to
be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

In determining whether the
Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration
of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10.
Treasury Securities.

 

In determining whether the
Holders of the requisite principal amount of outstanding Securities of a Series have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Securities of a Series owned by the Company, any Guarantor, or any other obligor upon the Securities
of such Series or any Affiliate of the Company or any Guarantor or any of the other obligors shall be disregarded, except that for
the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded.

 

Section 2.11.
Temporary Securities.

 

Until definitive Securities
are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary
Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate
for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall
authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Any temporary Global Security
and any permanent Global Security shall, unless otherwise provided therein, be delivered to the Depositary designated pursuant to Section 2.2
or shall be held by the Custodian on behalf of such Depositary.

 

    12

     

    

 

Section 2.12.
Cancellation.

  

The Company at any time may
deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered
to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall dispose of such canceled Securities in accordance with its then customary procedures (subject
to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company
upon written request of the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the
Trustee for cancellation.

 

Section 2.13.
Defaulted Interest.

 

If the Company defaults in
a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The
Company shall fix the record date and payment date. At least ten days before the special record date, the Company shall send to the Trustee
and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest
to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14.
Global Securities.

 

Section 2.14.1.
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether
the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for
such Global Security or Securities.

 

Section 2.14.2.
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and
in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered
in the names of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing
agency under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an Officer’s
Certificate stating that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal
amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided
in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such
Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

Section 2.14.3.
Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR
ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

 

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In addition, so
long as The Depository Trust Company (“DTC”) is the Depositary, each Global Note registered in the name of DTC or its
nominee shall bear a legend in substantially the following form:

 

“UNLESS THIS
GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

Section 2.14.4.
Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

Section 2.14.5.
Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

Section 2.14.6.
Consents, Declaration and Directions. The Company, the Trustee and any Agent shall be entitled to conclusively treat a person as
the absolute owner of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be
specified in a written statement of the Depositary or by the applicable procedures of the Depositary with respect to such Global Security,
for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15.
CUSIP Numbers.

 

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

 

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ARTICLE III.

REDEMPTION

 

Section 3.1.
Notice to Trustee.

 

The Company may, with respect
to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay
the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for
in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity
thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing
of the redemption date and the principal amount of the Series of Securities to be redeemed. The Company shall give the notice at
least 15 days before the redemption date (or such shorter period as may be acceptable to the Trustee).

 

Section 3.2.
Selection of Securities to be Redeemed.

 

Unless otherwise indicated
for a particular Series by a Board Resolution, supplemental indenture hereto or Officer’s Certificate, if less than all the
Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner
that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange
requirements (as certified by the Company to the Trustee), subject, in the case of Global Securities, to the applicable rules and
procedures of the Depositary. The Trustee shall make the selection from Securities of the Series outstanding not previously called
for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations
larger than $1,000. Securities of the Series and portions of them it selects shall be in minimum amounts of $1,000 or whole multiples
of $1,000 thereof or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that
apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

Section 3.3.
Notice of Redemption.

 

Unless otherwise indicated
for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days
but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first class mail or electronically,
in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed, with a
copy to the Trustee.

 

The notice shall identify
the Securities of the Series to be redeemed and shall state:

 

		a.	the redemption date;

 

		b.	the redemption price;

 

		c.	the name and address of the Paying Agent;

 

		d.	if any Securities are being redeemed in part, the portion of the principal amount of such Securities to
be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount
equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original
Security;

 

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		e.	that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

 

		f.	that interest on Securities of the Series called for redemption ceases to accrue on and after the
redemption date;

 

		g.	the CUSIP number, if any; and

 

		h.	any other information as may be required by the terms of the particular Series or the Securities
of a Series being redeemed.

 

At the Company’s
written request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided,
however, that the Company has delivered to the Trustee, at least five days (unless a shorter time shall be acceptable to the
Trustee) prior to the notice date, such notice and an Officer’s Certificate requesting that the Trustee give such notice and
setting forth the information to be stated in such notice in the form of such notice.

 

Section 3.4.
Effect of Notice of Redemption.

 

Once notice of redemption
is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption
date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the
redemption price plus accrued interest, if any, to the redemption date.

 

Section 3.5.
Deposit of Redemption Price.

 

On or before 11:00 a.m.,
New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price
of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6.
Securities Redeemed in Part.

 

In connection with any Security
held in physical form, upon surrender of a Security that is redeemed in part, the Company shall execute and, upon receipt of a Company
Order in accordance with Section 2.3 and the other deliverables required hereunder from the Company, the Trustee shall authenticate
for the Holder at the expense of the Company a new Security of the same Series and the same Maturity equal in principal amount to
the unredeemed portion of the Security surrendered; provided, that each new Security will be issued in a minimum principal amount
of $1,000 or an integral multiple of $1,000 in excess thereof. In the case of any Security held in global form, the records of the Trustee
and/or Registrar shall reflect that the Security has been redeemed in part.

 

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ARTICLE IV.

COVENANTS

  

Section 4.1.
Payment of Principal and Interest.

 

The Company covenants and
agrees for the benefit of the Holders of each Series of Securities that it shall duly and punctually pay or cause to be paid when
due the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this
Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying
Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms
of such Securities and this Indenture.

 

Section 4.2.
SEC Reports.

 

STAG Industrial, Inc.
shall, so long as any Securities are outstanding, deliver to the Trustee within 15 days after it files them with the SEC 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 SEC
may by rules and regulations prescribe) which STAG Industrial, Inc. is required to file with the SEC pursuant to Section 13
or 15(d) of the Exchange Act. STAG Industrial, Inc. shall also comply with the other provisions of TIA Section 314(a).
Reports, information and documents filed with the SEC via the EDGAR system (or its successor) will be deemed to be delivered to the Trustee
as of the time of such filing for purposes of this Section 4.2; provided, however, that the Trustee shall have no obligation
whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR.

 

Delivery of reports,
information and documents to the Trustee under this Section 4.2 is for informational purposes only and the
Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall have no responsibility for the
filing, timeliness or content of any reports, information or documents. The Trustee shall have no obligation to determine whether or
not such reports, information or documents have been filed pursuant to the SEC’s EDGAR filing system (or its successor) or
postings to any website have occurred, and the Trustee shall have no duty to participate in or monitor any conference calls.

 

Section 4.3.
Compliance Certificate.

 

The Company and each Guarantor
(to the extent that such Guarantor is so required under the TIA) shall, so long as any Securities are outstanding, deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that a review of the activities
of STAG Industrial, Inc., the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of
the signing Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of such Officer’s knowledge
the Company and any Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not
in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default
shall have occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge and the nature and status
thereof).

 

The Company will, so long
as any of the Securities are outstanding, deliver to the Trustee, promptly upon becoming aware of any Default or Event of Default, an
Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with
respect thereto.

 

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Section 4.4.
Stay, Extension and Usury Laws.

  

The Company and the Guarantors
covenant (to the extent that they may lawfully do so) that they will not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture or the Securities and the Company and the Guarantors (to the extent they may
lawfully do so) hereby expressly waive all benefit or advantage of any such law and covenants that they will not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law has been enacted.

 

ARTICLE V.

SUCCESSORS

 

Section 5.1.
When Company May Merge, Etc.

 

The Company shall not consolidate
with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) unless:

 

		a.	the Company is the surviving entity or the successor person (if other than the Company) is a corporation,
partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes
the Company’s obligations on the Securities and under this Indenture; and

 

		b.	immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred
and be continuing.

 

The Company shall deliver
to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion
of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above,
any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s
Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2.
Successor Entity Substituted.

 

Upon any consolidation or
merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with
Section 5.1, the successor entity formed by such consolidation or into or with which the Company is merged or to which such
sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor entity had has been named as the Company herein; provided,
however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released
from all obligations and covenants under this Indenture and the Securities.

 

Section 5.3.
STAG Industrial, Inc. May Consolidate on Certain Terms.

 

Nothing contained in this
Indenture or in the Securities shall prevent any consolidation or merger of STAG Industrial, Inc. with or into any other person or
persons (whether or not affiliated with STAG Industrial, Inc.), or successive consolidations or mergers in which either STAG Industrial, Inc.
will be the continuing entity or STAG Industrial, Inc. or its successor or successors shall be a party or parties, or shall prevent
any sale, conveyance, transfer or lease of all or substantially all of the property of STAG Industrial, Inc., to any other person
(whether or not affiliated with STAG Industrial, Inc.); provided, however, that the following conditions are met:

  

		a.	STAG Industrial, Inc. shall be the continuing entity, or the successor entity (if other than STAG
Industrial, Inc.) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall
expressly assume the obligations of STAG Industrial, Inc. under the Guarantee and the due and punctual performance and observance
of all of the covenants and conditions in this Indenture; and

 

		b.	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred
and be continuing.

 

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STAG Industrial, Inc.
shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect
and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above,
any Subsidiary of STAG Industrial, Inc. may consolidate with, merge into or transfer all or part of its properties to STAG Industrial, Inc.
Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.4.
STAG Industrial, Inc. Successor to Be Substituted.

 

Upon any consolidation
or merger or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of STAG
Industrial, Inc. to any person in accordance with Section 5.3, the successor person formed by such consolidation or
into which STAG Industrial, Inc. is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and
be substituted for, and may exercise every right and power of, STAG Industrial, Inc. under this Indenture with the same effect
as if such successor person had been named as STAG Industrial, Inc. herein, and thereafter, the predecessor person shall be
released from all obligations and covenants under this Indenture; provided, however, that the predecessor Guarantor shall not
be relieved from the obligation, if any, to guarantee the payment of the principal of and interest on the Securities except in the
case of a sale of all or substantially all of STAG Industrial, Inc.’s assets in a transaction that is subject to, and
that complies with the provisions of, Section 5.3 hereof.

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1.
Events of Default.

 

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

 

		a.	default in the payment of any interest upon any Security of that Series when it becomes due and payable,
and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with
the Trustee or with a Paying Agent prior to the expiration of the 30-day period); or

 

		b.	default in the payment of principal of any Security of that Series at its Maturity; or

 

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		c.	default in the performance or breach of any covenant or warranty of the Company in the Securities of that
Series or this Indenture (other than defaults pursuant to paragraph (a) or (b) above or pursuant to
a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities other than that
Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to
the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in principal amount of the outstanding
Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder; or

 

		d.	the Company or any Guarantor 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,

 

		iv.	makes a general assignment for the benefit of its creditors, or

 

		v.	generally is unable to pay its debts as the same become due; or

 

		e.	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

		i.	is for relief against the Company or any Guarantor in an involuntary case,

 

		ii.	appoints a Custodian of the Company, any Guarantor or for all or substantially all of its property, or

 

		iii.	orders the liquidation of the Company or any Guarantor, and the order or decree remains unstayed and in
effect for 60 days; or

 

		f.	any other Event of Default provided with respect to Securities of that Series, which is specified in a
Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

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

 

Section 6.2.
Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default with
respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to
in Section 6.1(d) or (e)), then in every such case the Trustee or the Holders of not less than 25% in principal
amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are
Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid
interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal amount (or such specified amount) and accrued and
unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or
(e), shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities
shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

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At any time after such a declaration
of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities
of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences, including
any related payment default that resulted from such acceleration, if all Events of Default with respect to Securities of that Series,
other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 6.13.

 

No such rescission shall affect
any subsequent Default or impair any right consequent thereon.

 

Section 6.3.
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that
if:

 

		a.	default is made in the payment of any interest on any Security when such interest becomes due and payable
and such default continues for a period of 30 days, or

 

		b.	default is made in the payment of principal of any Security at the Maturity thereof, or

 

		c.	default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

 

then, the Company and the Guarantors shall,
upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on
such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest
on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If the Company or the Guarantors
fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company, any Guarantor or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company, any Guarantor or any other obligor upon such Securities,
wherever situated.

 

If an Event of Default with
respect to any Securities of any Series occurs and is continuing, the Trustee may proceed to protect and enforce its rights and
the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein, or to enforce any other proper remedy.

 

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Section 6.4.
Trustee May File Proofs of Claim.

 

In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

		a.	to file and prove a claim for the whole amount of principal or, if the Securities of such Series are
Discount Securities, such amounts as may be due and payable with respect to such Securities pursuant to an acceleration in accordance
with Section 6.2, and interest owing and unpaid in respect of the Securities and to file such other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

		b.	to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute
the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that such payments shall be made directly to
the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

Section 6.5.
Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any such 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 the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 6.6.
Application of Money Collected.

 

Any money or property collected
by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

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First: To the payment of all
amounts due the Trustee (acting in any capacity hereunder) under Section 7.7; and

 

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

 

Third: To the Company or the
Guarantors, as applicable.

 

Section 6.7.
Limitation on Suits.

 

No Holder of any Security
of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any remedy hereunder, unless

 

		a.	such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect
to the Securities of that Series;

 

		b.	the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

		c.	such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the
Trustee against the costs, claims, expenses and liabilities which might be incurred by the Trustee in compliance with such request;

 

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

 

		e.	no direction inconsistent with such written request has been given to the Trustee during such 60-day period
by the Holders of a majority in principal amount of the outstanding Securities of that Series;

 

it being understood, intended and expressly covenanted
by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series (it
being expressly understood that the Trustee shall not have an affirmative duty to ascertain whether such action is prejudicial).

  

Section 6.8.
Unconditional Right of Holders to Receive Principal and Interest.

 

Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in
such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and
such rights shall not be impaired without the consent of such Holder.

 

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Section 6.9.
Restoration of Rights and Remedies.

 

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

 

Section 6.10.
Rights and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11.
Delay or Omission Not Waiver.

 

No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or
by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or
by the Holders, as the case may be.

 

Section 6.12.
Control by Holders.

 

The Holders of a majority
in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
Securities of such Series; provided, that:

 

		a.	such direction shall not be in conflict with any rule of law or with this Indenture;

 

		b.	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction;

 

		c.	the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability,
the direction is in conflict with any law or this Indenture, or the direction would be unduly prejudicial to the Holders of such Series not
joining therein provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction (it being expressly understood that the Trustee shall not
have an affirmative duty to ascertain whether such action is prejudicial); and

 

		d.	prior to taking any action as directed under this Section 6.12, the Trustee shall receive
indemnity or security satisfactory to it against the costs, claims, expenses and liabilities which might be incurred by it in compliance
with such request or direction.

 

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Section 6.13.
Waiver of Past Defaults.

 

The Holders of not less than
a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of
such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its
consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however,
that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and
its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.14.
Undertaking for Costs.

 

All parties to this Indenture
agree, and each Holder of any Security by his 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, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding
Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption,
on the redemption date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1.
Duties of Trustee.

 

		a.	If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 person would exercise or use
under the circumstances in the conduct of such person’s own affairs.

 

		b.	Except during the continuance of an Event of Default:

 

		i.	The Trustee need perform only those duties that are specifically set forth in this Indenture and no others,
and no implied covenants or obligations shall be read into this Indenture against the Trustee.

 

		ii.	In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee
and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee,
the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).
Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee may require and conclusively rely upon an Officer’s Certificate and/or an
Opinion of Counsel.

 

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

 

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

 

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

 

		iii.	The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it
with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series 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 such Series in accordance with Section 6.12.

 

		d.	Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a),
(b) and (c) of this Section.

 

		e.	The Trustee may refuse to perform any duty or exercise any right or power unless it receives security
or indemnity satisfactory to it against the losses, costs, claims, expenses and liabilities which might be incurred by it in performing
such duty or exercising such right or power (including, but in no way limited to, the fees and disbursements of agents and attorneys).

 

		f.	The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree
in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required
by law.

 

		g.	No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers. The Trustee
shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder.

 

		h.	The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and
immunities as are set forth in paragraphs (e), (f) and (g) of this Section, each with respect to the
Trustee.

 

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Section 7.2.
Rights of Trustee.

 

		a.	The Trustee shall be entitled to conclusively rely on and shall be protected in acting or refraining from
acting upon any document (whether in its original, facsimile or electronic (including .pdf) form) reasonably believed by it to be genuine
and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

 

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

 

		c.	The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any
agent appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any
act or omission by any Depositary.

 

		d.	The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers; provided, that the Trustee’s conduct does not constitute willful misconduct
or negligence.

 

		e.	The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by
it hereunder without willful misconduct or negligence, and in reliance on the advice or opinion of such counsel.

 

		f.	The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be compensated, reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder (including, but not limited to, as Registrar and Paying Agent), each Agent, and each agent, custodian and
other person employed to act hereunder.

 

		g.	The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered, and, if requested, provided
to the Trustee security or indemnity satisfactory to it against the losses, costs, claims, expenses and liabilities which might be incurred
by it in compliance with such request or direction.

 

		h.	The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document, but the Trustee may make such further inquiry or investigation into such facts or matters
as it may see fit.

 

		i.	The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is actually
received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities
of a particular Series and this Indenture.

 

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		j.	Any permissive right or authority granted to the Trustee shall not be construed as a mandatory duty.

 

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

 

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

 

		m.	The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts
and powers or otherwise in respect of the Indenture.

 

		n.	Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced
by the Securities.

 

		o.	The Trustee is not responsible for monitoring the performance by any third party of their duties or for
their failure to perform.

 

		p.	Nothing herein shall be construed to impose an obligation on the part of the Trustee to monitor, recalculate,
evaluate or verify any report, certificate or information received from the Company or any other person (unless and except to the extent
expressly set forth herein), or to monitor, verify or independently determine compliance by the Company with the terms hereof.

 

Section 7.3.
Individual Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to
Sections 7.10 and 7.11.

 

Section 7.4.
Trustee’s Disclaimer.

 

The Trustee makes no representation
as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

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Section 7.5.
Notice of Defaults.

 

If a Default or Event of Default
occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the
Trustee, the Trustee shall deliver to each Securityholder of the Securities of that Series, in the manner set forth in Section 10.2,
notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has
knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest
on any Security of any Series, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding
the notice is in the interests of Securityholders of that Series.

 

Section 7.6.
Reports by Trustee to Holders.

 

Within 60 days after
May 15 of each year, the Trustee shall transmit to all Securityholders, as their names and addresses appear on the register kept
by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA Section 313.

 

A copy of each report at the
time of its delivery to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which
the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are
listed or de-listed on any national securities exchange and of any delisting thereof.

 

Section 7.7.
Compensation and Indemnity.

 

The Company shall pay to the
Trustee (acting in any capacity hereunder) from time to time compensation for its services as the Company and the Trustee shall from time
to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee and Agents upon request for all reasonable disbursements, out-of-pocket expenses and advances
incurred or made by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel.

 

The Company shall indemnify
each of the Trustee (acting in any capacity hereunder) and any predecessor Trustee (including the cost of defending itself) against any
cost, claim, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company
shall not relieve the Company of its obligations under this Section 7.7. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have separate counsel of its selection and the Company shall pay the reasonable fees and
expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably
withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee (acting in any capacity
hereunder).

 

The Company need not reimburse
any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent
of the Trustee through willful misconduct or negligence, as determined by a final non-appealable order of a court of competent jurisdiction.

 

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

 

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

 

The provisions of this Section shall
survive the termination of this Indenture and the earlier resignation or removal of the Trustee.

 

Section 7.8.
Replacement of Trustee.

 

A resignation or removal of
the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section.

 

The Trustee may resign with
respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed
resignation and the retiring or resigning Trustee shall have no liability or responsibility for the action or inaction of any successor
Trustee. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that
Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more
Series if:

 

		a.	the Trustee fails to comply with Section 7.10;

 

		b.	the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law;

 

		c.	a Custodian or public officer takes charge of the Trustee or its property; or

 

		d.	the Trustee becomes incapable of acting.

 

If the Trustee resigns or
is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within
one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may
appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with
respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable
Series may, at the Company’s sole cost and expense, petition any court of competent jurisdiction for the appointment of a successor
Trustee. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately
after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided
for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee
under this Indenture. A successor Trustee shall deliver a notice of its succession to each Securityholder of each such Series. Notwithstanding
replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof
shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted
to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement.

 

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Section 7.9.
Successor Trustee by Merger, Etc.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or banking
association, the successor corporation or banking association without any further act shall be the successor Trustee, subject to Section 7.10.

 

Section 7.10.
Eligibility; Disqualification.

 

This Indenture shall always
have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined
capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA Section 310(b). In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of
the TIA with respect to the Securities of any Series, there shall be excluded Securities of any particular Series of Securities other
than that Series.

 

Section 7.11.
Preferential Collection of Claims Against Company.

 

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

 

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1.
Satisfaction and Discharge of Indenture.

 

This Indenture shall upon
Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities of
such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when

 

		a.	either

 

		i.	all Securities of such Series theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

		ii.	all such Securities of such Series not theretofore delivered to the Trustee for cancellation:

 

		1.	have become due and payable by reason of sending a notice of redemption or otherwise, or

 

		2.	will become due and payable at their Stated Maturity within one year, or

 

		3.	have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

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		4.	are deemed paid and discharged pursuant to Section 8.3, as applicable

 

	 	and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with
the Trustee as trust funds in trust an amount of money or U.S. Government Obligations sufficient for the purpose of paying and discharging
the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the
date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the
Stated Maturity or redemption date, as the case may be;

 

		b.	the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

		c.	the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied
with.

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have
been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7,
2.8, 8.2 and 8.5 shall survive.

 

If the Company exercises the
satisfaction and discharge provisions in compliance with this Indenture with respect to Securities of a particular Series that are
entitled to the benefit of the Guarantee of any Guarantor, the Guarantee will terminate with respect to that Series of Securities.

 

Section 8.2.
Application of Trust Funds; Indemnification.

 

		a.	Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited
with the Trustee pursuant to Section 8 1 all money and U.S. Government Obligations or Foreign Government Obligations deposited
with the Trustee pursuant to Sections 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Sections 8.3 or 8.4, shall be
held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled
thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory
sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

		b.	The Company shall pay and shall indemnify the Trustee (and any Agent as applicable) against any tax, fee
or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3
or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 

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		c.	The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government
Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the
opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification
thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision
shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3.
Legal Defeasance of Securities of any Series.

 

Unless this Section 8.3
is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date
of the deposit referred to in subparagraph (c) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect and any Guarantee will terminate with respect to that Series of Securities
(and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments reasonably requested by the
Company acknowledging the same), except as to:

 

		a.	the rights of Holders of Securities of such Series to receive, from the trust funds described in
subparagraph (c) hereof, (i) payment of the principal of and each installment of principal of and interest on the
outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the
benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the
terms of this Indenture and the Securities of such Series;

 

		b.	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5;
and

 

		c.	the rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations
in connection therewith; provided, that the following conditions shall have been satisfied:

 

		i.	the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated
solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments
in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments
are due;

 

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		ii.	such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness
of the Company or any Subsidiary) and the granting of liens to secure such borrowings);

 

		iii.	no Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 91st day after such date;

 

		iv.	the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel
stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since
the date of execution of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case stating
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit,
defeasance and discharge had not occurred;

 

		v.	the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

		vi.	the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied
with.

 

Section 8.4.
Covenant Defeasance.

 

Unless this Section 8.4
is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply
with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3,
4.4, 4.5 and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply
with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1)
and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event
of Default hereunder, with respect to the Securities of such Series; provided, that the following conditions shall have been satisfied:

 

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		a.	With reference to this Section 8.4, the Company has deposited or caused to be irrevocably
deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following
payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the
case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the
case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants
or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal
of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such
installments of interest or principal and such sinking fund payments are due;

 

		b.	Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness
of the Company or any Subsidiary) and the granting of liens to secure such borrowings);

 

		c.	No Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit;

 

		d.	The Company shall have delivered to the Trustee an Opinion of Counsel stating that the
                                                                                                   Holders of the Securities of such Series will not recognize income, gain or loss for U.S. federal income tax purposes as a
                                                                                                   result of such deposit and covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same
                                                                                                   manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred;

 

		e.	The Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

		f.	The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have
been complied with.

 

Section 8.5.
Repayment to Company.

 

Subject to applicable abandoned
property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal
and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment
as general creditors unless an applicable abandoned property law designates another person.

 

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Section 8.6 Reinstatement.

 

If the Trustee or the Paying
Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such
Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1;
provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect
to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in
full to the Holders.

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1.
Without Consent of Holders.

 

The Company, any Guarantors
and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

		a.	to cure any ambiguity, defect or inconsistency;

 

		b.	to comply with Article V;

 

		c.	to provide for uncertificated Securities in addition to or in place of certificated Securities; provided,
that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code;

 

		d.	to surrender any of the Company’s rights or powers under this Indenture;

 

		e.	to add covenants or events of default for the benefit of the holders of Securities of any Series;

 

		f.	to comply with the applicable procedures of the applicable Depositary;

 

		g.	to make any change that does not adversely affect the rights of any Securityholder;

 

		h.	to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as
permitted by this Indenture;

 

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

 

		j.	to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture
under the TIA;

 

		k.	to reflect the release of any Guarantor in accordance with Article XII; or

 

		l.	to add Guarantors with respect to any or all of the Securities or to secure any or all of the Securities
or the Guarantees.

 

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Section 9.2.
With Consent of Holders.

 

The Company, any Guarantors
and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount
of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with
a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the
Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount
of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer
or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities
with respect to such Series.

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby (with a copy to the Trustee),
a notice briefly describing the supplemental indenture or waiver.

 

Any failure by the Company
to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture
or waiver.

 

Section 9.3.
Limitations.

 

Without the consent of each
Securityholder affected, an amendment or waiver may not:

 

		a.	reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

		b.	reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

 

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

 

		d.	reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

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

 

		f.	make the principal of or interest, if any, on any Security payable in any currency other than that stated
in the Security;

 

		g.	make any change in Section 6.8, 6.13 or 9.3 (this sentence);

 

		h.	waive a redemption payment with respect to any Security; provided, that such redemption is made
at the Company’s option; or

 

		i.	if the Securities of that Series are entitled to the benefit of the Guarantee, release any Guarantor
of such Series other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders.

 

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Section 9.4.
Compliance with Trust Indenture Act.

 

Every amendment to this Indenture
or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then
in effect.

 

Section 9.5.
Revocation and Effect of Consents.

 

Until an amendment is set
forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by
the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture
or the date the waiver becomes effective.

 

Any amendment or waiver once
effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (h) of Section 9.3 or requires the consent of each Security Holder
affected, as set forth in a supplemental indenture or Officer’s Certificate in respect to a particular Series of Securities.
In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s Security.

 

The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall
be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

 

Section 9.6.
Notation on or Exchange of Securities.

 

The Company or the Trustee
may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company
in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that
reflect the amendment or waiver.

 

Section 9.7.
Trustee Protected.

 

The Trustee will execute and
deliver any amendment or supplemental indenture authorized pursuant to this Article IX; provided, however, that the
Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the
Trustee reasonably concludes adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in relying upon,
an Officer’s Certificate or an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion
of Counsel, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

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ARTICLE X.

MISCELLANEOUS

 

Section 10.1.
Trust Indenture Act Controls.

 

If any provision of this Indenture
limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required
or deemed provision shall control.

 

Section 10.2.
Notices.

 

Any notice or communication
by the Company, any Guarantor or the Trustee to the other, or by a Holder to the Company, any Guarantor or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail:

 

if to the Company or any Guarantor:

 

STAG Industrial Operating Partnership, L.P.

c/o STAG Industrial, Inc.

One Federal Street, 23rd
Floor

Boston, MA 02110

Attention: General Counsel

 

with a copy to:

 

DLA Piper LLP (US)

444 West Lake Street, Suite 900

Chicago, IL 60606

Attention: Kerry E. Johnson

 

if to the Trustee:

 

[                            ]

[                            ]

[                            ]

Attention: [                ]

 

The Company, any Guarantor
or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown on the register kept by the Registrar,
in accordance with the procedures of the Depositary.

 

    39

     

    

 

Failure to send a notice or
communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders
of that or any other Series.

 

If a notice or communication
is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives
it.

 

If the Company or any Guarantor
mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other
provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice
of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary
for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Section 10.3.
Communication by Holders with Other Holders.

 

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

 

Section 10.4.
Certificate and Opinion as to Conditions Precedent.

 

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

 

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

 

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

 

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Section 10.5.
Statements Required in Certificate or Opinion.

 

Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to
TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

		a.	a statement that the person making such certificate
                                            or opinion has read such covenant or condition;

 

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

 

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

 

		d.	a statement as to whether or not, in the
                                            opinion of such person, such condition or covenant has been complied with.

 

Section 10.6.
Rules by Trustee and Agents.

 

The Trustee may make reasonable
rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section 10.7.
Legal Holidays.

 

Unless otherwise provided
by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8.
No Recourse Against Others.

 

A director, officer, employee
or stockholder (past or present), as such, of the Company or any Guarantor shall not have any liability for any obligations of the Company
under the Securities, the Guarantee or this Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities.

 

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Section 10.9.
Counterparts.

 

This Indenture may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. The words
 “execution,” “signed,” “signature,” and words of like import in this Indenture shall include
images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation,
 “pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation, DocuSign
and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform
Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in this Indenture to
the contrary notwithstanding, (a) any Officer’s Certificate, Company Order, Opinion of Counsel, Security, Guarantee
endorsed on any Security, opinion of counsel, instrument, agreement or other document delivered pursuant to this Indenture may be
executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.3 or
elsewhere in this Indenture to the execution, attestation or authentication of any Security, any Guarantee endorsed on any Security,
or any certificate of authentication appearing on or attached to any Security by means of a manual or facsimile signature shall be
deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any
requirement in this Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to
the Securities or any Guarantees endorsed on any Securities. The Company agrees to assume all risks arising out of the use of using
digital signatures, including without limitation the risk of the Trustee acting on unauthorized instructions. The Trustee shall not
have any duty to confirm that the person sending any notice, instruction or other communication (a “Notice”) by
electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person
authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law
(including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other
digital signature provider acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party assumes
all risks arising out of the use of electronic signatures and electronic methods to send Notices to the Trustee, including without
limitation the risk of the Trustee acting on an unauthorized Notice, and the risk of interception or misuse by third parties.

 

Section 10.10.
Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).

 

THE COMPANY, THE GUARANTORS,
THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts
of the United States of America located in the Borough of Manhattan, the City of New York or the courts of the State of New York in each
case located in the Borough of Manhattan, the City of New York (collectively, the “Specified Courts”), and each party
irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process,
summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s
address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The
Company, the Guarantors, the Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally
waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally
waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.

 

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Section 10.11.
No Adverse Interpretation of Other Agreements.

 

This Indenture may not be
used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or
debt agreement may not be used to interpret this Indenture.

 

Section 10.12.
Successors.

 

All agreements of the Company
and the Guarantors in this Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this
Indenture shall bind its successor.

 

Section 10.13.
Severability.

 

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

 

Section 10.14.
Table of Contents, Headings, Etc.

 

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

 

Section 10.15.
Securities in a Foreign Currency.

 

Unless otherwise specified
in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2
of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken
by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by
a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated
in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance
of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of
Securities, such conversion shall be made by the Company at the spot rate for the purchase of the designated currency as published in
The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information
is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination.
The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated
in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations
provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all
purposes and irrevocably binding upon the Trustee and all Holders.

 

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Section 10.16.
Judgment Currency.

 

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

 

Section 10.17.
USA Patriot Act.

 

The parties hereto acknowledge
that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions,
is required to obtain, verify, and record information that identifies each person or legal entity that opens an account. The parties
to this Indenture agree that they will provide the Trustee with such information as the Trustee may reasonably request in order for the
Trustee to satisfy the requirements of the USA Patriot Act.

 

Section 10.18.
Force Majeure.

 

In no event shall the Trustee
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
pandemics, epidemics, recognized public emergencies, quarantine restrictions, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services, hacking, cyber-attacks, or other use
or infiltration of the Trustee’s technological infrastructure exceeding authorized access; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

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ARTICLE XI.

SINKING FUNDS

 

Section 11.1.
Applicability of Article.

 

The provisions of this Article shall
be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities
pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series issued pursuant
to this Indenture.

 

The minimum amount of any
sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking
fund payment” and any other amount provided for by the terms of Securities of such 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 11.2. Each sinking fund payment shall be applied to the redemption of Securities
of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2.
Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to
the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is
applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit
Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or
redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any
mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions
pursuant to the terms of such Securities; provided, that such Securities have not been previously so credited. Such
Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than
15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited
for such purpose by the Trustee at the 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. If as a result of the delivery or credit of Securities in lieu
of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in
order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such
Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by
the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment; provided, however, that the Trustee or
such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so
being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that
Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the
Company.

 

Section 11.3.
Redemption of Securities for Sinking Fund.

 

Not less than 45 days
(unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular
Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the
Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant
to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the
optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate
or supplemental indenture in respect of a particular Series of Securities) 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 3.2 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 3.3.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4,
3.5 and 3.6.

 

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ARTICLE XII.

GUARANTEE

 

Section 12.1.
Unconditional Guarantee.

 

		a.	Notwithstanding any provision of this Article XII
                                            to the contrary, the provisions of this Article XII shall be applicable only
                                            to, and inure solely to the benefit of, the Securities of any Series designated, pursuant
                                            to Section 2.2.23, as entitled to the benefits of the Guarantee of each Guarantor
                                            identified in such designation and that has executed a Notation of Guarantee with respect
                                            to such Series.

 

		b.	For value received, each Guarantor hereby jointly and severally, fully, unconditionally and
                                                            absolutely guarantees (the “Guarantee”) to the Holders and to the Trustee the due and punctual payment of the
                                                            principal of, premium, if any, and interest on each Series of Securities for which such Guarantor has executed a Notation of
                                                            Guarantee with respect to such Series and all other amounts due and payable under this Indenture and the Securities of such
                                                            Series by the Company, when and as such principal, premium, if any, interest, and such other amounts as shall become due and
                                                            payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms
                                                            of such Securities and this Indenture, subject to the limitations set forth in Section 12.3. 

 

		c.	Failing payment when due of any amount guaranteed
                                            pursuant to the Guarantee, for whatever reason, each of the Guarantors will be jointly and
                                            severally obligated to pay the same immediately. Each of the Guarantors hereby agrees that
                                            its obligations hereunder shall be full, unconditional and absolute, irrespective of the
                                            validity, regularity or enforceability of the Securities, the Guarantee (including the Guarantee
                                            of any other Guarantor) or this Indenture, the absence of any action to enforce the same,
                                            any waiver or consent by any Holder of the Securities with respect to any provisions hereof
                                            or thereof, the recovery of any judgment against the Company or any other Guarantor, or any
                                            action to enforce the same or any other circumstances which might otherwise constitute a
                                            legal or equitable discharge or defense of any of the Guarantors. Each Guarantor hereby agrees
                                            that in the event of a default in payment of the principal of or interest on the Securities
                                            entitled to the Guarantee of such Guarantor, whether at the Stated Maturity or by declaration
                                            of acceleration, call for redemption or otherwise, legal proceedings may be instituted by
                                            the Trustee on behalf of the Holders or, subject to Section 6.7 by the Holders,
                                            on the terms and conditions set forth in this Indenture, directly against such Guarantor
                                            to enforce the Guarantee without first proceeding against the Company or any other Guarantor.

 

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		d.	Each Guarantor hereby (i) waives diligence,
                                            presentment, demand of payment, filing of claims with a court in the event of the merger,
                                            insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever
                                            and (ii) acknowledges that any agreement, instrument or document evidencing the Guarantee
                                            may be transferred and that the benefit of its obligations hereunder shall extend to each
                                            holder of any agreement, instrument or document evidencing the Guarantee without notice to
                                            it. Each Guarantor further agrees that if at any time all or any part of any payment theretofore
                                            applied by any person to the Guarantee is, or must be, rescinded or returned for any reason
                                            whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of
                                            the Company or any of the Guarantors, the Guarantee shall, to the extent that such payment
                                            is or must be rescinded or returned, be deemed to have continued in existence notwithstanding
                                            such application, and the Guarantee shall continue to be effective or be reinstated, as the
                                            case may be, as though such application had not been made.

 

		e.	Each Guarantor shall be subrogated to all
                                            rights of the Holders and the Trustee against the Company in respect of any amounts paid
                                            by such Guarantor pursuant to the provisions of this Indenture; provided, however, that
                                            such Guarantor shall not be entitled to enforce or to receive any payments arising out of,
                                            or based upon, such right of subrogation until all of the Securities entitled to the Guarantee
                                            of such Guarantor and the Guarantee shall have been paid in full or discharged.

 

Section 12.2.
Execution and Delivery of Notation of Guarantee.

 

To evidence the Guarantee
of a Guarantor of a Series of Securities, a Notation of Guarantee, executed by either manual or facsimile signature of an Officer
of such Guarantor, shall be affixed on each Security entitled to the benefits of the Guarantee of such Guarantor. If any Officer of any
Guarantor whose signature is on a Notation of Guarantee no longer holds that office at the time the Trustee authenticates a Security
to which such Notation of Guarantee is affixed or at any time thereafter, the Guarantee of such Security shall be valid nevertheless.
The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee
relating to such Security set forth in the Indenture on behalf of the Guarantor. Notwithstanding the foregoing, each Guarantor hereby
agrees that its Guarantee shall remain in full force and effect notwithstanding the absence of a Notation of Guarantee being affixed
to such Security.

 

Section 12.3.
Limitation on Guarantors’ Liability.

 

Each Guarantor by its acceptance
hereof and each Holder of Security and the Trustee entitled to the benefits of the Guarantee hereby confirms that it is the intention
of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance
for purposes of any federal or state law. To effectuate the foregoing intention, each Holder of a Security and the Trustee entitled to
the benefits of the Guarantee and each Guarantor hereby irrevocably agrees that the obligations of each Guarantor under the Guarantee
shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and
to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor
under the Guarantee, not result in the obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent
transfer under federal or state law.

 

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Section 12.4.
Release of Guarantors from Guarantee.

 

		a.	Notwithstanding any other provisions of this
                                            Indenture, the Guarantee of any Guarantor may be released upon the terms and subject to the
                                            conditions set forth in Section 8.1, Section 8.3 and this Section 12.4.
                                            Provided that no Default shall have occurred and shall be continuing under this Indenture,
                                            the Guarantee incurred by a Guarantor pursuant to this Article XII shall be unconditionally
                                            released and discharged (i) automatically upon (A) any sale, exchange or transfer,
                                            whether by way of merger or otherwise, to any person that is not an Affiliate of the Company,
                                            of all of the Company’s direct or indirect equity interests in such Guarantor (provided,
                                            such sale, exchange or transfer is not prohibited by this Indenture) or (B) the merger
                                            of such Guarantor into the Company or any other Guarantor or the liquidation and dissolution
                                            of such Guarantor (in each case to the extent not prohibited by this Indenture) or (ii) with
                                            respect to any Series of Securities, upon the occurrence of any other condition set
                                            forth in the Board Resolution, supplemental indenture or Officer’s Certificate establishing
                                            the terms of such Series.

 

		b.	Upon receipt of a written request of the
                                            Company accompanied by an Officer’s Certificate or Opinion of Counsel stating that
                                            any Guarantor is entitled to be released from the Guarantee in accordance with the provisions
                                            of this Indenture, the Trustee shall deliver instruments reasonably requested by the Company
                                            or such Guarantor evidencing the release of such Guarantor from the Guarantee, such instruments
                                            to be prepared by the Company or such Guarantor and delivered to the Trustee. Any Guarantor
                                            not so released shall remain liable for the full amount of principal of and interest on the
                                            Securities entitled to the benefits of the Guarantee as provided in this Indenture, subject
                                            to the limitations of Section 12.3.

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., as the Company

 

		By:	STAG Industrial GP, LLC, as its sole general partner

 

		By:	STAG Industrial, Inc., as its sole member

 

	 	By: 	 
	 	Name: 
	 	Title:
	 	 
	 	STAG
    INDUSTRIAL, INC., as Guarantor
	 	 
	 	By: 	 
	 	Name: 
	 	Title:
	 	 
	 	[                              ],
    as the Trustee
	 	 
	 	By: 	 
	 	Name: 
	 	Title:

 

[Signature Page for Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF]

 

NOTATION OF GUARANTEE

 

Each Guarantor signing below
has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture,
the due and punctual payment of the principal of, premium, if any, and interest on the Securities to which this notation is affixed and
all other amounts due and payable under the Indenture and the Securities to which this notation is affixed by the Company.

 

The obligations of such Guarantor
to the Holders of Securities to which this notation is affixed and to the Trustee pursuant to the Guarantee and the Indenture are expressly
set forth in Article XII of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee.

 

	 	[NAME
    OF GUARANTOR(S)]
	 	 
	 	By: 	 
	 	Name: 
	 	Title:Live Current Media Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

    

    NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 

    Original Issue Date: _________________, 2022

    $_____________ Original Principal Amount

    $_____________ Purchase Price

    $_____________ Original Issue Discount

    ORIGINAL ISSUE DISCOUNT

    SENIOR CONVERTIBLE PROMISSORY NOTE

    THIS ORIGINAL ISSUE DISCOUNT SENIOR CONVERTIBLE PROMISSORY NOTE is duly authorized and validly issued at an original issue discount by Live Current Media, Inc., a Nevada corporation (the "Company") (the "Note").

    FOR VALUE RECEIVED, the Company promises to pay to Mercer Street Global Opportunity Fund, LLC, a Delaware limited liability company, or its permitted assigns (the "Holder"), the principal sum of $_____________ on the date that is the 24 month anniversary of the Original Issue Date, or _____________, 2024 (the "Maturity Date") or such earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Note in accordance with the provisions hereof.  This Note is subject to the following additional provisions:

    Section 1. Definitions. For the purposes hereof, (a) capitalized terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement and (b) the following words and phrases shall have the following meanings:

    "Alternate Consideration" shall have the meaning set forth in Section 5(e).

    "Base Conversion Price" shall have the meaning set forth in Section 5(b).

    "Beneficial Ownership Limitation" shall have the meaning set forth in Section 4(d).

    "Black Scholes Value" means the value of the outstanding principal amount of this Note, plus all accrued and unpaid interest hereon based on the Black and Scholes Option Pricing Model obtained from the "OV" function on Bloomberg L.P. ("Bloomberg") determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Maturity Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Maturity Date.

    "Buy-In" shall have the meaning set forth in Section 4(c)(v).

    
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    "Change of Control Transaction" means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of 50% of the voting securities of the Company (other than by means of conversion, exercise or exchange of this Note or the Warrants issued together with this Note), (b) the Company merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (c) the Company sells or transfers all or substantially all of its assets to another Person, (d) a replacement at one time or within a three year period of more than one-half of the members of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (d) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth in clauses (a) through (d) above.

    "Common Stock Equivalents" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

    "Conversion" shall have the meaning ascribed to such term in Section 4.

    "Conversion Date" shall have the meaning set forth in Section 4(a).

    "Conversion Price" shall have the meaning set forth in Section 4(b).

    "Conversion Shares" means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the terms hereof.

    "Default Interest Rate" shall have the meaning set forth in Section 2(a).

    "Dilutive Issuance" shall have the meaning set forth in Section 5(b).

    "Dilutive Issuance Notice" shall have the meaning set forth in Section 5(b).

    "DWAC" means the Deposit or Withdrawal at Custodian system at The Depository Trust Company.

    "Event of Default" shall have the meaning set forth in Section 7(a).

    "Exchange Act" means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder.

    "Exempt Issuance" shall have the meaning set forth in the Purchase Agreement.

    "Fundamental Transaction" shall have the meaning set forth in Section 5(e).

    "Indebtedness" shall have the meaning set forth in the Purchase Agreement. 

    "Liens" shall have the meaning set forth in the Purchase Agreement.

    "Mandatory Default Amount" means the sum of 110% of the aggregate of (i) the outstanding principal amount of this Note and the accrued and unpaid interest thereon, including default interest, and (b) all other amounts, costs, expenses and liquidated damages due in respect of this Note.

    "Note Register" shall have the meaning set forth in Section 3(c).

    
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    "Notice of Conversion" shall have the meaning set forth in Section 4(a).

    "Option Value" means the value of a Common Stock Equivalent based on the Black Scholes Option Pricing model obtained from the "OV" function on Bloomberg determined as of (A) the Trading Day prior to the public announcement of the issuance of the applicable Common Stock Equivalent, if the issuance of such Common Stock Equivalent is publicly announced or (B) the Trading Day immediately following the issuance of the applicable Common Stock Equivalent if the issuance of such Common Stock Equivalent is not publicly announced, for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of the applicable Common Stock Equivalent as of the applicable date of determination, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of (A) the Trading Day immediately following the public announcement of the applicable Common Stock Equivalent if the issuance of such Common Stock Equivalent is publicly announced or (B) the Trading Day immediately following the issuance of the applicable Common Stock Equivalent if the issuance of such Common Stock Equivalent is not publicly announced, (iii) the underlying price per share used in such calculation shall be the highest VWAP of the Common Stock during the period beginning on the Trading Day prior to the execution of definitive documentation relating to the issuance of the applicable Common Stock Equivalent and ending on (A) the Trading Day immediately following the public announcement of such issuance, if the issuance of such Common Stock Equivalent is publicly announced or (B) the Trading Day immediately following the issuance of the applicable Common Stock Equivalent if the issuance of such Common Stock Equivalent is not publicly announced, (iv) a zero cost of borrow and (v) a 360 day annualization factor.

    "Original Issue Date" means the date of the first issuance of this Note, regardless of any transfers of this Note and regardless of the number of instruments which may be issued to evidence this Note.

    "Permitted Indebtedness" means (a) the indebtedness evidenced by the Notes sold to purchasers on the date hereof, (b) capital lease obligations and purchase money indebtedness incurred in connection with the acquisition of machinery and equipment as long as such capital leases and indebtedness, (c) the Indebtedness set forth on Schedule 3.1(aa) to the Purchase Agreement), and (d) all other indebtedness entered into after the Original Issue Date, so long as such indebtedness (i) is not convertible into Common Stock at any time, (ii) is not secured by any assets of the Company, and (iii) the payment obligations under such other indebtedness are junior to the Company's payment obligations under the Notes.

    "Permitted Lien" means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established in accordance with GAAP, (b) Liens imposed for debts which were incurred in the ordinary course of the Company's business, such as carriers', warehousemen's and mechanics' Liens, statutory landlords' Liens, purchase-money security interests and other similar Liens arising in the ordinary course of the Company's business, and which (x) do not individually or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Company and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien, (c) Liens incurred in connection with Permitted Indebtedness under clauses (a) through (b) thereunder, and Liens set forth on Schedule 3.1(o) to the Purchase Agreement.

    "Person" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

    "Prepayment Amount" means (i) the sum of the outstanding principal amount of this Note, plus accrued and unpaid interest hereon, if the Company prepays this Note within 90 calendar days of the Original Issue Date, (ii) the sum of 110% of the outstanding principal amount of this Note, plus 110% of the accrued and unpaid interest hereon, if the Company prepays this Note between 91 calendar days and 180 calendar days after the Original Issue Date, or (iii) the sum of 120% of the outstanding principal amount of this Note, plus 120% of the accrued and unpaid interest hereon, if the Company prepays this Note between 181 calendar days and the day immediately preceding the Maturity Date.

    
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    "Purchase Agreement" means the Securities Purchase Agreement, dated as of February 15, 2022, among the Company and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

    "SEC" means the Securities and Exchange Commission.

    "Securities Act" means the Securities Act of 1933, and the rules and regulations promulgated thereunder.

    "Share Delivery Date" shall have the meaning set forth in Section 4(c)(ii).

    "Successor Entity" shall have the meaning set forth in Section 5(e).

    "Trading Day" means a day on which the principal Trading Market is open for trading.

    "Trading Market" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the NYSE American, or any market of the OTC Markets, Inc. (or any successors to any of the foregoing).

    "Transaction Documents" has the meaning ascribed to it in the Purchase Agreement.

    "VWAP" has the meaning ascribed to it in the Purchase Agreement.

    Section 2. Interest/Repayment.

    (a) Interest shall accrue to the Holder on the aggregate unconverted and then outstanding principal amount of this Note at the rate of 4% per annum, calculated on the basis of a 360-day year and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal (or conversion to the extent applicable), together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made.  During the existence of an Event of Default, interest shall accrue at the lesser of (i) the rate of 12% per annum, or (ii) the maximum amount permitted by law (the lesser of clause (i) or (ii), the "Default Interest Rate").  Interest shall be due on the first Trading Day of each calendar month during the existence of an Event of Default.  Once an Event of Default is cured, the interest rate shall return to 4%.

    (b) Prepayment.  The Company shall have the option to prepay this Note in full (including all unpaid interest, liquidated damages and any other amounts then owing to the Holder) at any time after the Original Issue Date and prior to the Maturity Date at an amount equal to the Prepayment Amount; provided, however, that the Company shall provide written notice to the Holder at least 5 Trading Days prior to the date on which the Note shall be prepaid (such payment date, the "Prepayment Date"). The Holder may convert, pursuant to Section 4(a), any amounts due under this Note subject to a prepayment notice at any time prior to the date that the Prepayment Amount (for the avoidance of doubt, inclusive of all accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder) is paid in full. 

    Section 3. Registration of Transfers and Exchanges.

    (a)  Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations equal to the lesser of (i) $100,000 or any integral multiple thereof and (ii) the principal amount outstanding under the Note, as requested by the Holder surrendering the same. No service charge or other fees will be payable for such registration of transfer or exchange.

    (b)  Investor Representations. This Note has been issued subject to certain investment representations of the original Holder set forth in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal and state securities laws and regulations and applicable Canadian securities laws, and by acceptance of this Note, the Holder shall be deemed to have agreed to such restrictions on transfer as set forth in the Purchase Agreement.  Notwithstanding the generality of the forgoing, by acceptance of this Note the Holder is deemed to have acknowledged and agreed that the this Note and the securities issuable upon exercise of the conversion rights hereunder have not been registered under the Securities Act or any applicable state securities laws, and may not be offered, sold or otherwise transferred or disposed of except pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in each case in compliance with applicable state securities laws.  (See also Section 8.)

    
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    (c)  Reliance on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent shall be affected by notice to the contrary.

    Section 4. Conversion.

    (a)  Conversion. Beginning on the six-month anniversary of the Original Issuance Date until this Note is no longer outstanding, this Note shall be convertible, in whole or in part, at any time, and from time to time, into Conversion Shares at the option of the Holder. The Holder shall effect conversions by delivering to the Company a Notice of Conversion, the form of which is attached hereto as Annex A (each, a "Notice of Conversion"), specifying therein the principal amount of this Note to be converted and the date on which such conversion shall be effected (such date, the "Conversion Date"). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion is deemed delivered hereunder. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be required. To effect conversions hereunder, the Holder shall not be required to physically surrender this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon and other charges, has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount equal to the applicable conversion. Upon exercise of the conversion rights set forth herein, the Company shall deliver to the Holder a conversion exercise grid in the form attached hereto as Annex B (the "Conversion Grid") with notations as to the amount of this Note so converted, the Shares so issued and the principal amount still outstanding under this Note.  The Holder and the Company shall maintain records showing the principal amount(s) converted in each conversion, the date of each conversion, and the Conversion Price in effect at the time of each conversion. The Company may deliver an objection to any Notice of Conversion within two Trading Days of delivery of such Notice of Conversion. In the event of any dispute or discrepancy, the Conversion Grid shall be controlling and determinative in the absence of manifest error. The Holder, and any assignee by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note may be less than the amount stated on the face hereof. 

    (b)  Conversion Price. The "Conversion Price" shall be $0.34 per share, subject to any adjustments contained in this Note.  All such Conversion Price determinations are to be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction that proportionately decreases or increases the Common Stock.

    (c)  Mechanics of Conversion or Repayment.

    (i)  Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note to be converted by (y) the Conversion Price in effect at the time of such conversion.

    (ii)  Delivery of Certificate Upon Conversion. Not later than three Trading Days after each Conversion Date (the "Share Delivery Date"), the Company shall deliver, or cause to be delivered, to the Holder (A) the Conversion Shares which, on or after the earlier of (i) the Conversion Shares being resalable by the Holder pursuant to the provisions of Rule 144 or (ii) the effective date of the Registration Statement, shall be free of restrictive legends and trading restrictions (other than those which may then be required by the Purchase Agreement or those required by Rule 144(i), and provided that, in the case of 4(c)(ii)(A)(i), the Holder has delivered to the Company and its legal counsel such customary declarations as the Company's legal counsel may reasonably require to ensure compliance with Rule 144, as then in effect) representing the number of Conversion Shares being acquired upon the conversion of this Note and (B) a bank check or wire transfer in the amount of accrued and unpaid interest on the principal amount so converted.  On or after the earlier of (i) the date that such Conversion Shares are resalable by the Holder pursuant to the provisions of Rule 144 or (ii) the effective date of the Registration Statement, the Company shall deliver any Conversion Shares required to be delivered by the Company under this Section 4(c) electronically through the Depository Trust Company or another established clearing corporation performing similar functions. 

    
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    (iii)  Failure to Deliver Conversion Shares. If, in the case of any Notice of Conversion, such Conversion Shares are not delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Company at any time on or before its receipt of such Conversion Shares, to rescind such conversion, in which event the Company shall promptly return to the Holder any original Note delivered to the Company.

    (iv)  Obligation Absolute; Partial Liquidated Damages. The Company's obligations to issue and deliver the Conversion Shares upon conversion of this Note in accordance with the terms hereof, are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of such Conversion Shares. In the event the Holder of this Note shall elect to convert any or all of the outstanding principal amount hereof, the Company may not refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and or enjoining conversion of all or part of this Note shall have been sought and obtained, and the Company posts a surety bond for the benefit of the Holder in accordance with Section 4.1(f) of the Purchase Agreement. The exercise of any such rights shall not prohibit the Holder from seeking to collect damages under this Note, the Purchase Agreement or under applicable law.

    (v)  Compensation for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion. In addition to any other rights available to the Holder, (a) if the Company fails for any reason to deliver to the Holder such Conversion Shares on or before the date that is seven (7) Trading Days after the respective Share Delivery Date, and (b) if after the respective Share Delivery Date, (i) the Holder was required by its brokerage firm to purchase (in an open market transaction or otherwise) or (ii) the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion relating to such Share Delivery Date (a "Buy-In"), then, the Company shall pay to such Holder, in cash, an amount equal to the excess of such Holder's total purchase price (including brokerage commissions and other reasonable out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and other reasonable out-of-pocket expenses, if any) (the "Buy-In Price") over the product of (A) such number of shares of Common Stock that the Company was required to deliver to such Holder by the Share Delivery Date multiplied by (B) the highest volume weighted average price of the Common Stock on any Trading Day during the period commencing on the respective Share Delivery Date and ending on the date of the Company's actual delivery of the shares of Common Stock that Holder was entitled to receive upon conversion relating to such Share Delivery Date. Nothing herein or therein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver Conversion Shares upon conversion of this Note as required pursuant to the terms hereof.

    (vi)  Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Note. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price or round up the fraction to the next whole share as long as it does not violate the Beneficial Ownership Limitation in which case the fractional share shall be disregarded.to the next whole share.

    
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    (vii)  Transfer Taxes and Expenses. The issuance of Conversion Shares on conversion of this Note shall be made without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates. The Company shall pay all Transfer Agent fees required for processing of any Notice of Conversion in accordance with the terms of the Note and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for electronic delivery of the Conversion Shares in accordance with the terms of the Note.

    (viii)  Attorneys' Fees etc. In connection with the conversion of the Note, the Company shall, if the Conversion Shares are eligible for resale without any restrictive legends, cause the Company's attorneys to, at the Company's cost, provide any reliance opinion to the Transfer Agent, provided that the Holder may, at the Holder's option and the Holder's cost, arrange for an opinion from the law firm of the Holder's choice.

    (d)  Holder's Conversion Limitations. The Company shall not effect any conversion of this Note, and a Holder shall not have the right to convert any portion of this Note, to the extent that after giving effect to the conversion set forth on the applicable Notice of Conversion, the Holder (together with the Holder's Affiliates, and any Persons acting as a group together with the Holder or any of the Holder's Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of this Note with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount of this Note beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company, where for (i) and (ii), such conversion or exercise is subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, any other Notes or the Warrants) beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 4(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 4(d) applies, the determination of whether this Note is convertible (in relation to other securities owned by the Holder together with any Affiliates) and of which principal amount of this Note is convertible shall be in the sole discretion of the Holder, and the submission of a Notice of Conversion shall be deemed to be the Holder's determination of whether this Note may be converted (in relation to other securities owned by the Holder together with any Affiliates) and which principal amount of this Note is convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this Section 4(d) and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 4(d), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company's Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Note, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The "Beneficial Ownership Limitation" shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Note held by the Holder. The Holder, upon not less than 61 days' prior notice to the Company, may increase the Beneficial Ownership Limitation provisions of this Section 4(d) to 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of this Note held by the Holder. In all events, the provisions of this Section 4(d) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The Holder may also decrease the Beneficial Ownership Limitation provisions of this Section 4(d) solely with respect to the Holder's Note at any time, which decrease shall be effectively immediately upon delivery of notice to the Company. The Beneficial Ownership Limitation provisions of this Section 4(d) shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d) to correct any portion which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this Section 4(d) shall apply to a successor holder of this Note.

    
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    (e) Mandatory Conversion.  Subject to the Beneficial Ownership Limitation and if there has been no Event of Default, this Note (and any accrued or unpaid interest) shall convert into the Company's Common Stock at the Conversion Price, as adjusted hereunder, if beginning on the six-month anniversary of this Note, the closing price of the Company's Common Stock is equal or greater to $1.19 for 10 consecutive Trading Days (such conversion, the "Mandatory Conversion").  The Mandatory Conversion will occur no less than 10 Trading Days after the Holder receives notice of the event requiring the Mandatory Conversion. 

    Section 5. Certain Adjustments.

    (a)  Stock Dividends and Stock Splits. If the Company, at any time while this Note is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 5(a) shall, in the case of as dividend or distribution, become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

    (b)  Subsequent Equity Sales.

    (1) If at any time this Note or any amounts accrued and payable thereunder remain outstanding, the Company or any Subsidiary, as applicable, sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock at an effective price per share that is lower than the Conversion Price then in effect (such lower price, the "Base Conversion Price" and each such issuance or announcement a "Dilutive Issuance"), then the Conversion Price shall be immediately reduced to equal the Base Conversion Price. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. 

    (2) If any Common Stock Equivalent is amended or adjusted, and such price as so amended shall be less than the Conversion Price in effect at the time of such amendment or adjustment, then the Conversion Price shall be adjusted upon each such issuance or amendment as provided in this Section 5(b). In case any Common Stock Equivalent is issued in connection with the issue or sale of other securities of the Company, together comprising one integrated transaction, (x) the Common Stock Equivalents will be deemed to have been issued for the Option Value of such Common Stock Equivalents and (y) the other securities issued or sold in such integrated transaction shall be deemed to have been issued or sold for the difference of (I) the aggregate consideration received by the Company less any consideration paid or payable by the Company pursuant to the terms of such other securities of the Company, less (II) the Option Value. If any shares of Common Stock or Common Stock Equivalents are issued or sold or deemed to have been issued or sold for cash, the amount of such consideration received by the Company will be deemed to be the gross amount received by the Company therefor. If any shares of Common Stock or Common Stock Equivalents are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company will be the average VWAP of such public traded securities for the ten days prior to the date of receipt. If any shares of Common Stock or Common Stock Equivalents are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock or Common Stock Equivalents, as the case may be.

    
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    (3) If the holder of Common Stock or Common Stock Equivalents outstanding on the Original Issue Date or issued after the Original Issuance Date (including but not limited to any Variable Rate Transaction) shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is lower than the Conversion Price then in effect, such issuance shall be deemed to have occurred for less than the Conversion Price on such date that the holder of Common Stock or Common Stock Equivalents is entitled to receive shares of Common Stock at an effective price per share that is lower than the Conversion Price then in effect, and such issuance shall be deemed to be a Dilutive Issuance.

    (4) [Intentionally Omitted].

    (5) The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 5(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the "Dilutive Issuance Notice"). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 5(b), upon the occurrence of any Dilutive Issuance, upon exercise of the conversion rights set forth in this Note, the Holder is entitled to receive a number of Conversion Shares based upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether the Holder accurately refers to the Base Conversion Price in the Notice of Conversion.

    (6) The provisions of this Section 5(b) shall apply each time a Dilutive Issuance occurs after the Original Issue Date for so long as the Note or any amounts accrued and payable thereunder remain outstanding, but any adjustment of the Conversion Price pursuant to this Section 5(b) shall be downward only.

    (7) The provisions of this Section 5(b) shall not apply to Exempt Issuances or issuances made in connection with the Kast Transaction. 

    (c)  Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time the Company grants, issues or sells any Common Stock, Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the "Purchase Rights"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Note (without regard to any limitations on conversion hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

    (d)  Pro Rata Distributions. During such time as this Note is outstanding, if the Company shall declare or make any dividend or other distribution of its assets or rights or warrants to acquire its assets, or subscribe for or purchase any security other than Common Stock, to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"), at any time after the issuance of this Note, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Note (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation with respect to the Company or any other publicly-traded corporation subject to Section 13(d) of the Exchange Act, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation with respect to the Company or any other publicly-traded corporation subject to Section 13(d) of the Exchange Act).

    
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    (e)  Fundamental Transaction. (1) If, at any time while this Note is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), but not including the Kast Transaction (each a "Fundamental Transaction"), then, upon any subsequent conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation on the conversion of this Note), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "Alternate Consideration") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Note is convertible immediately prior to such Fundamental Transaction (without regard to any limitation on the conversion of this Note). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note following such Fundamental Transaction. The Company shall not effect a Fundamental Transaction unless it gives the Holder at least 10 Trading Days prior notice together with sufficient details so the Holder can make an informed decision as to whether it elects to accept the Alternative Consideration. If a public announcement of the Fundamental Transaction has not been made, the notice to the Holder may not be given until the Company files a Form 8-K or other report disclosing the Fundamental Transaction. (2) Notwithstanding anything to the contrary, provided that the Conversion Shares are not registered under an effective registration statement in accordance with the Registration Rights Agreement, in the event of a Fundamental Transaction that is (x) an all cash transaction, (y) a "Rule 13e-3 transaction" as defined in Rule 13e-3 under the Exchange Act, or (z) a Fundamental Transaction involving a person or entity not traded on a national securities exchange or trading market (with such exchange or market including, without limitation, the Nasdaq Global Select Trading Market, the Nasdaq Global Market, or the Nasdaq Capital Market, the New York Stock Exchange, Inc., the NYSE American or any market operated by the OTC Markets, Inc.), the Company or any Successor Entity (as defined below) shall, at the Holder's option, concurrently with the consummation of the Fundamental Transaction, purchase this Note from the Holder by paying to the Holder the higher of (i) an amount of cash equal to the Black Scholes Value of the outstanding principal of this Note on the date of the consummation of such Fundamental Transaction, or (ii) the product of (a) the number of Conversion Shares issuable upon full conversion of this Note (without regard to any limitation on conversion of this Note) and (b) the positive difference between the cash per share paid in such Fundamental Transaction minus the then in effect Conversion Price. (3) If Section 5(e)(1) and (2) are not applicable, the Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "Successor Entity") to assume in writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance with the provisions of this Section 5(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Note a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Note which is convertible for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of this Note (without regard to any limitations on the conversion of this Note) prior to such Fundamental Transaction, and with a conversion price which applies the Conversion Price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of this Note immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Note and the other Transaction Documents referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Note and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. Notwithstanding anything in this Section 5(e), an Exempt Issuance (as defined in the Purchase Agreement) any issuances related to the acquisition of Kast shall not be deemed a Fundamental Transaction.

    
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    (f)  Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued and outstanding.

    (g)  Notice to the Holder.

    (i) Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5, the Company shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

    (ii) Notice to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on its Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of its Common Stock, (C) the Company shall authorize the granting to all holders of its Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of its Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby its Common Stock is converted into other securities, cash or property or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of this Note, and shall cause to be delivered to the Holder at its last address as it shall appear upon the Note Register, at least 5 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of its Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of its Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries (as determined in good faith by the Company), the Company or its successor shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 8-K. If the Company does not simultaneously file the required Form 8-K, the Holder shall be entitled penalties in accordance with Section 4.6 of the Purchase Agreement. The Holder shall remain entitled to convert this Note during the period commencing on the date of such notice through the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

    
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    Section 6. Negative Covenants. As long as at least 20% of the principal amount of all Notes issued by the Company pursuant to the Purchase Agreement remains outstanding, unless the holders of at least 75% in principal amount of the then outstanding Notes shall have otherwise given prior written consent, the Company shall not, and shall not permit any of the Subsidiaries to, directly or indirectly:

    (a)  other than Permitted Indebtedness and trade accounts payable incurred in the ordinary course of business, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money of any kind, including, but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

    (b)  other than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

    (c)  amend its charter documents, including, without limitation, its articles of incorporation and bylaws, in any manner that materially and adversely affects any rights of the Holder.  Stock splits shall not be deemed to materially and adversely affects any rights of the Holder;

    (d)  purchase or otherwise acquire more than a de minimis number of shares of its Common Stock or Common Stock Equivalents;

    (e)  repay, or offer to repay, any Indebtedness other than the Note as provided in Section 2(b) or Permitted Indebtedness, as such terms Indebtedness and Permitted Indebtedness are in effect as of the Original Issue Date or in effect as of the issue date of the respective Indebtedness or Permitted Indebtedness if entered into in accordance with the Transaction Documents after the Original Issue Date, provided that such payments other than on the Notes shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exists or occurs;

    (f)  pay cash dividends or distributions on any equity securities of the Company;

    (g)  enter into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with the SEC assuming that the Company is subject to the Securities Act or the Exchange Act, unless such transaction is made on an arm's-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval);

    (h) enter into any agreement with respect to any of the foregoing.

    Section 7. Events of Default.

    (a)  "Event of Default" means, wherever used herein, any of the following events (whatever the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

    (i)  any default in the payment of (A) principal and interest payment under this Note or any other Indebtedness, or (B) liquidated damages and other amounts owing to the Holder of this Note, as and when the same shall become due and payable (whether on a Conversion Date, or the Maturity Date, or by acceleration or otherwise), which default, solely in the case of a default under clause (B) above, is not cured within five Trading Days;

    
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    (ii)  the Company shall fail to observe or perform any other covenant or agreement contained in this Note (other than a breach by the Company of its obligations to deliver Conversion Shares, which breach is addressed in clause (xvi) below) or any Transaction Document which failure is not cured, if possible to cure, within the earlier to occur of 10 Trading Days after (A) notice of such failure is sent by the Holder or by any other Holder to the Company and (B) the Company has become aware of such failure;

    (iii)  except for payment defaults covered under Section 7(a)(i), the Company shall breach, or a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument) shall occur under, (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which the Company or any Subsidiary is obligated (and not covered by any other clause of this Section 7) which default or event of default if not cured, if possible to cure, within the earlier to occur of (i) five Trading Days after notice of such default sent by the Holder or by any other holder to the Company and (ii) the Company has become aware of such default;

    (iv)  any representation or warranty made in this Note, any other Transaction Document, any written statement pursuant hereto or thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or incorrect in any material respect as of the date when made or deemed made, which failure is not cured, if possible to cure, within the earlier to occur of 10 Trading Days after (A) notice of such failure is sent by the Holder or (B) by any other Holder to the Company;

    (v)  [intentionally omitted]

    (vi)  the Company or any Subsidiary shall: (A) apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of it or any of its properties; (B) admit in writing its inability to pay its debts as they mature; (C) make a general assignment for the benefit of creditors; (D) be adjudicated as bankrupt or insolvent or be the subject of an order for relief under Title 11 of the United States Code or any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute of any other jurisdiction or foreign country; or (E) file a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with creditors or to take advantage or any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it in any proceeding under any such law, or (F) take or permit to be taken any action in furtherance of or for the purpose of effecting any of the foregoing including a composition with  creditors or similar action;

    (vii)  if any order, judgment or decree shall be entered, without the application, approval or consent of the Company or any Subsidiary, by any court of competent jurisdiction, approving a petition seeking liquidation or reorganization of the Company or any Subsidiary, or appointing a receiver, trustee, custodian or liquidator of the Company or any Subsidiary, or of all or any substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for any period of 10 days;

    (viii)  the occurrence of any levy upon or seizure or attachment of, or any uninsured loss of or damage to, any property of the Company or any Subsidiary having an aggregate fair value or repair cost (as the case may be) in excess of $100,000 individually or in the aggregate, and any such levy, seizure or attachment shall not be set aside, bonded or discharged within 10 days after the date thereof;

    (ix)  any monetary judgment, writ or similar final process shall be entered or filed against the Company, any Subsidiary or any of their respective property or other assets for more than $100,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of 10 days;

    (x)  any Material Adverse Effect on the Company or any Subsidiary occurs or any other circumstance or event that could, with or without the passage of time or the giving of notice, result in a default or event of default under any agreement binding upon the Company or any Subsidiary, which default or event of default could or is reasonably likely to have a Material Adverse Effect on the Company or any Subsidiary;

    (xi)  any provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be valid and binding on or enforceable against the parties thereto, or the validity or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by the Company or any Subsidiary or any governmental authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Transaction Document;

    
        13

    

    

    (xii)  the Company fails to use the proceeds in the manner as described in Section 4.7 of the Purchase Agreement;

    (xiii)  the SEC suspends the Common Stock from trading  or the Company's Common Stock is not listed or quoted for trading on a Trading Market (OTCPink is not considered a Trading Market for the purposes of this provision) which failure is not cured, if possible to cure, within the earlier to occur of 10 Trading Days after notice of such failure is sent by the Holder or by any other Holder to the Company or the transfer of shares of Common Stock through the Depository Trust Company System is no longer available or is subject to a "chill" by the Depository Trust Company or any successor;

    (xiv)  other than the Kast Transaction, the Company shall be a party to any Change of Control Transaction or shall agree to sell or dispose of all or in excess of 50% of its assets in one transaction or a series of related transactions (whether or not such sale would constitute a Change of Control Transaction);

    (xv)  the Company fails to have authorized and reserved the amount of shares designated in Section 4.9 of the Purchase Agreement (without regard to any limitations on conversion hereof, including without limitation, the Beneficial Ownership Limitation); 

    (xvi)  the Company shall fail for any reason, except if caused by the action or inaction of the Holder to deliver Conversion Shares or the Warrant Shares to the Holder by the third Trading Day after a Conversion Date pursuant to Section 4(c) or receipt of an exercise notice,  or the Company shall provide at any time notice to the Holder, including by way of public announcement, of the Company's intention to not honor requests for conversions of this Note or exercise of Warrants in accordance with the terms hereof and thereof;

    (xvii)  the Company fails to comply in any material respect with the reporting requirements of the Exchange Act (including but not limited to becoming delinquent in the filing of any report required to be filed under the Exchange Act, with the understanding that the Company shall not be delinquent if it files within any extension permitted by Rule 12b-25 under the Exchange Act) or ceases to be subject to the reporting requirements of the Exchange Act. For avoidance of doubt, a failure to file an Exchange Act report within such time shall be deemed to be a failure to comply in a material respect;

    (xviii) the Transfer Agent is terminated without consent of the Holder, such consent not to be unreasonably withheld (for the absence of doubt, it shall not be considered unreasonable for the Holder to refuse to consent to such termination if the proposed replacement transfer agent has not delivered a reservation letter identical to the form attached as Exhibit D to the Purchase Agreement);

    (xix)  the Company incurs any Indebtedness other than Permitted Indebtedness;

    (xxx) a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company as to whether any Event of Default has occurred;

    (xxi) [Intentionally Omitted];

    (xxii)  a Lien other than a Permitted Lien is imposed on the assets of the Company or any subsidiary and such Lien is not dissolved within 10 calendar days;

    (xxiii) the Company fails to deliver the original Note and Warrants to the Holder within five Trading Days as of each Closing;

    (xxiv) the Company provides the Holder with material non-public information concerning the Company without the Holder's prior written consent;

    
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    (xxv) the Company restates any year-end audited financial statements included in its reports or registration statements filed pursuant to the Securities Act or the Exchange Act for any date or period from two years prior to the Original Issue Date of this Note and until this Note is or the Warrants issued to the Holder are no longer outstanding, if following first public announcement or disclosure that such a restatement will occur the VWAP on the next Trading Day is 20% less than the VWAP during the prior 5 Trading Days. For the purposes of this clause (xxv) the next Trading Day if an announcement is made before 4:00 pm New York, NY time is either the day of the announcement or the following Trading Day;

    (xxvi) the Company or a Subsidiary enters into a Variable Rate Transaction or Fixed Priced Debt Securities prohibited under the Purchase Agreement, without the prior written consent of the Lead Investor.

    (b)  Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Note, plus liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the Holder's election, immediately due and payable in cash at the Mandatory Default Amount.  Upon the payment in full of the Mandatory Default Amount, the Holder shall promptly surrender this Note to or as directed by the Company. In connection with such acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant to this Section 7(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

    (c)  Interest Rate Upon Event of Default. Commencing on the occurrence of any Event of Default and until such Event of Default is cured, this Note shall accrue interest at an interest rate equal to the Default Interest Rate.

    (d)  Notice of an Event of Default.  Upon learning of an Event of Default with respect to this Note, the Company shall within two Trading Days deliver written notice thereof via facsimile or electronic mail and overnight courier (with next day delivery specified) to the Holder

    Section 8. Canadian OTC Reporting Issuer Provisions.  The Holder acknowledges that the Company is an "OTC Reporting Issuer" as that term is defined in Canadian Multilateral Instrument 51-105, Issuers Quoted in the U.S. Over-the-Counter Markets ("MI 51-105").  The Holder agrees not to Trade any of the Note or the Conversion Shares from or into any jurisdiction in Canada.  Notwithstanding the forgoing, if the Holder Trades any of the Note or Conversion Shares from or into any jurisdiction in Canada: (i) the Holder will comply with the requirements of applicable Canadian securities laws in completing such Trade, including, as applicable, the requirements set out in Section 13 if MI 51-105; (ii) if any of the Note or Conversion Shares are to be dealt with in a manner other than as set forth in Section 13 of MI 51-105, the Holder will return such securities and any certificates representing such Securities for endorsement of restrictive legends as set forth in MI 51-105; and (iii) the Company may refuse to register any transfer or Trade of the Note or Conversion Shares not made in compliance with applicable Canadian securities laws.

    Section 9. Miscellaneous.

    (a)  No Rights as Stockholder Until Conversion. This Note does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the conversion hereof.

    (b)  Notices. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, email, followed by FedEx or similar receipted next day delivery, as follows:

    
        	If to the Company:	Live Current Media, Inc.
	 	
                    1130 Pender Street, Suite 820

                    Vancouver, BC V6E 4A4

                    Canada

                    Attention: David M. Jeffs

                    Email:

                

    

     

     

    
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        	with a copy to:	 
	(which shall not constitute notice)	O'Neill Law LLP
	 	
                    595 Howe Street, Suite 704

                    Vancouver, BC V6C 2T5

                    Canada

                    Attention: Christian Cu

                    Email:

                

    

     

    If to the Purchaser: To the address listed on the Purchaser Signature Page to

    the Securities Purchase Agreement.

    or to such other address as any of them, by notice to the other may designate from time to time. Time shall be counted to, or from, as the case may be, the date of delivery.

    (c)  Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

    (d)  Lost or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of this Note, and of the ownership hereof, reasonably satisfactory to the Company.

    (e)  Exclusive Jurisdiction; Governing Law; Prevailing Party Attorneys' Fees. All questions concerning the construction, validity, enforcement and interpretation of this Note and venue shall be governed by and construed and enforced in accordance with Section 5.8 of the Purchase Agreement. If any party shall commence an Action or Proceeding to enforce or otherwise relating to this Note, then, in addition to the other obligations of the Company elsewhere in this Note, the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

    (f)  Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion. Any waiver by the Company or the Holder must be in writing.

    (g)  Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

    
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    (h)  Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder's right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note.  The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach would be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company's compliance with the terms and conditions of this Note.

    (i) Senior Obligation.  The obligations of the Company under this Note are secured by all assets of the Company and each Subsidiary pursuant to the Security Agreement, dated as of February 15, 2022 between the Company, the Subsidiaries of the Company, the Collateral Agent and the Secured Parties (as defined therein).  Until such time as: (i) 50% or more of the principal and interest of the Notes and (ii) provided that there have been no Event of Default under the Notes, the Company shall not incur or suffer to exist or guarantee any Indebtedness that is senior to or pari passu with (in priority of payment and performance) the Company's obligations under this Note.

    (i)  Next Trading Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Trading Day, such payment shall be made on the next succeeding Trading Day.

    (j)  Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect any of the provisions hereof.

    ---THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK ---

    
        17

    

    

    IN WITNESS WHEREOF, the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

    	 	LIVE CURRENT MEDIA, INC. 
	 	 
	 	 	 
	 	By:	 
	 	Name:	David M. Jeffs
	 	Title:	Chief Executive Officer

     

    
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    ANNEX A

    NOTICE OF CONVERSION

    The undersigned hereby elects to convert principal under the Original Issue Discount Convertible Note due _______ ______________, 2024 of Live Current Media, Inc., a Nevada corporation (the "Company"), into shares of common stock (the "Common Stock"), of the Company according to the conditions hereof, as of the date written below.

    By the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock does not exceed the amounts specified under Section 4(e) of this Note, as determined in accordance with Section 13(d) of the Exchange Act.

    The undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer of the aforesaid shares of Common Stock.

    Conversion calculations:

    	
                 

            	
                Date to Effect Conversion:

            
	
                 

            	
                 

            
	
                 

            	
                Principal Amount of Note to be Converted:

            
	
                 

            	
                 

            
	
                 

            	
                Number of shares of Common Stock to be issued:

            
	
                 

            	
                 

            
	
                 

            	
                Signature:

            
	
                 

            	
                 

            
	
                 

            	
                Name:

            
	
                 

            	
                 

            
	
                 

            	
                DWAC Instructions:

            
	
                 

            	
                 

            
	
                 

            	
                Broker No:

            	 	 
	
                 

            	
                Account No:

            	 	 

    

    
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    ANNEX B

    CONVERSION GRID

    Name of Holder of Note:  Mercer Street Global Opportunity Fund, LLC

    Original Principal Amount of Note:  $________________

    	
                Conversion Date

            	
                Principal Amount
Converted

            	
                Number of Conversion
Shares Issued

            	
                Principal Amount
Remaining

            	
                Initials of
Authorized
Officer

            
	
                 

                 

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

                 

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

                 

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

                 

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

                 

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

                 

            	
                 

            	
                 

            	
                 

            	
                 

            
	
                 

                 

            	
                 

            	
                 

            	
                 

            	
                 

            

    

    
        20

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