Document:

Exhibit 4.1

 

ELEPHANT TALK
COMMUNCATIONS CORP.

 

and

 

                       
                                         
                    , as Trustee

 

FORM OF INDENTURE

 

Dated as of             ,
            

 

TABLE OF CONTENTS

 

	 	 	PAGE
	ARTICLE 1        DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	1.1.	DEFINITIONS	1
	 	 	 
	1.2.	OTHER DEFINITIONS	4
	 	 	 
	1.3.	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	5
	 	 	 
	1.4.	RULES OF CONSTRUCTION	5
	 	 	 
	ARTICLE 2        THE SECURITIES	5
	 	 
	2.1.	ISSUABLE IN SERIES	5
	 	 	 
	2.2.	ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES	6
	 	 	 
	2.3.	EXECUTION AND AUTHENTICATION	7
	 	 	 
	2.4.	REGISTRAR AND PAYING AGENT	8
	 	 	 
	2.5.	PAYING AGENT TO HOLD ASSETS IN TRUST	9
	 	 	 
	2.6.	SECURITYHOLDER LISTS	9
	 	 	 
	2.7.	TRANSFER AND EXCHANGE	9
	 	 	 
	2.8.	REPLACEMENT SECURITIES	10
	 	 	 
	2.9.	OUTSTANDING SECURITIES	10
	 	 	 
	2.10.	WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION	10
	 	 	 
	2.11.	TEMPORARY SECURITIES	11
	 	 	 
	2.12.	CANCELLATION	11
	 	 	 
	2.13.	PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST	11

 

    	 

    	 

    

 

	2.14.	CUSIP NUMBER	11
	 	 	 
	2.15.	PROVISIONS FOR GLOBAL SECURITIES	12
	 	 	 
	2.16.	PERSONS DEEMED OWNERS	12
	 	 	 
	ARTICLE 3        REDEMPTION	13
	 	 
	3.1.	NOTICES TO TRUSTEE	13
	 	 	 
	 3.2.	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED	13
	 	 	 
	 3.3.	NOTICE OF REDEMPTION	13
	 	 	 
	3.4.	EFFECT OF NOTICE OF REDEMPTION	14
	 	 	 
	3.5.	DEPOSIT OF REDEMPTION PRICE	14
	 	 	 
	3.6.	SECURITIES REDEEMED IN PART	14
	 	 	 
	ARTICLE 4        COVENANTS	15
	 	 
	4.1.	PAYMENT OF SECURITIES	15
	 	 	 
	4.2.	SEC REPORTS	15
	 	 	 
	4.3.	COMPLIANCE CERTIFICATE	15
	 	 	 
	4.4.	CORPORATE EXISTENCE	15
	 	 	 
	ARTICLE 5        SUCCESSOR CORPORATION	16
	 	 
	5.1. 	LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS	16
	 	 	 
	5.2. 	SUCCESSOR PERSON SUBSTITUTED	16
	 	 	 
	ARTICLE 6        DEFAULTS AND REMEDIES	16
	 	 
	6.1.	EVENTS OF DEFAULT	16
	 	 	 
	6.2.	ACCELERATION	17
	 	 	 
	6.3.	REMEDIES	18
	 	 	 
	6.4.	WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT	18
	 	 	 
	6.5.	CONTROL BY MAJORITY	18
	 	 	 
	6.6.	LIMITATION ON SUITS	18
	 	 	 
	6.7.	RIGHTS OF HOLDERS TO RECEIVE PAYMENT	19
	 	 	 
	6.8.	COLLECTION SUIT BY TRUSTEE	19
	 	 	 
	6.9.	TRUSTEE MAY FILE PROOFS OF CLAIM	19

 

    	 

    	 

    

 

	6.10.	PRIORITIES	19
	 	 	 
	6.11.	UNDERTAKING FOR COSTS	20
	 	 	 
	ARTICLE 7        TRUSTEE	20
	 	 
	7.1.	DUTIES OF TRUSTEE	20
	 	 	 
	7.2.	RIGHTS OF TRUSTEE	21
	 	 	 
	7.3.	INDIVIDUAL RIGHTS OF TRUSTEE	22
	 	 	 
	7.4.	TRUSTEE’S DISCLAIMER	22
	 	 	 
	7.5.	NOTICE OF DEFAULT	22
	 	 	 
	7.6.	REPORTS BY TRUSTEE TO HOLDERS	22
	 	 	 
	7.7.	COMPENSATION AND INDEMNITY	22
	 	 	 
	7.8.	REPLACEMENT OF TRUSTEE	23
	 	 	 
	7.9.	SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION	23
	 	 	 
	7.10.	ELIGIBILITY; DISQUALIFICATION	24
	 	 	 
	7.11.	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	24
	 	 	 
	7.12.	PAYING AGENTS	24
	 	 	 
	ARTICLE 8        AMENDMENTS, SUPPLEMENTS AND WAIVERS	24
	 	 
	8.1.	WITHOUT CONSENT OF HOLDERS	24
	 	 	 
	8.2.	WITH CONSENT OF HOLDERS	25
	 	 	 
	8.3.	COMPLIANCE WITH TRUST INDENTURE ACT	26
	 	 	 
	8.4.	REVOCATION AND EFFECT OF CONSENTS	26
	 	 	 
	8.5.	NOTATION ON OR EXCHANGE OF SECURITIES	26
	 	 	 
	8.6.	TRUSTEE TO SIGN AMENDMENTS, ETC.	26
	 	 	 
	ARTICLE 9        DISCHARGE OF INDENTURE; DEFEASANCE	27
	 	 
	9.1.	DISCHARGE OF INDENTURE	27
	 	 	 
	9.1.	LEGAL DEFEASANCE	27
	 	 	 
	9.3.	COVENANT DEFEASANCE	27
	 	 	 
	9.4.	CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE	28
	 	 	 
	
        9.5.
	DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS	29

 

    	 

    	 

    

 

	9.6.	REINSTATEMENT	29
	 	 	 
	9.7.	MONEYS HELD BY PAYING AGENT	29
	 	 	 
	9.8.	MONEYS HELD BY TRUSTEE	29
	 	 	 
	ARTICLE 10        MISCELLANEOUS	30
	 	 
	10.1.	TRUST INDENTURE ACT CONTROLS	30
	 	 	 
	10.2.	NOTICES	30
	 	 	 
	10.3.	COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS	31
	 	 	 
	10.4.	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	31
	 	 	 
	10.5.	STATEMENT REQUIRED IN CERTIFICATE AND OPINION	31
	 	 	 
	10.6.	RULES BY TRUSTEE AND AGENTS	32
	 	 	 
	10.7.	BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT	32
	 	 	 
	10.8.	GOVERNING LAW	32
	 	 	 
	10.9.	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	32
	 	 	 
	10.10.	NO RECOURSE AGAINST OTHERS	32
	 	 	 
	10.11.	SUCCESSORS	32
	 	 	 
	10.12.	MULTIPLE COUNTERPARTS	32
	 	 	 
	10.13.	TABLE OF CONTENTS, HEADINGS, ETC.	32
	 	 	 
	10.14.	SEVERABILITY	33
	 	 	 
	10.15.	SECURITIES IN A FOREIGN CURRENCY OR IN EUROS	33
	 	 	 
	10.16.	JUDGMENT CURRENCY	33

 

    	 

    	 

    

 

CROSS-REFERENCE
TABLE

 

	TIA SECTION	 	INDENTURE SECTION
	310(a)(1)(2)(5)	 	7.10
	310(a)(3)(4)	 	Inapplicable
	310(b)	 	7.8; 7.10
	310©	 	Inapplicable
	 	 	 
	311(a)(b)	 	7.11
	311©	 	Inapplicable
	 	 	 
	312(a)	 	2.6
	312(b)(c)	 	10.3
	 	 	 
	313(a)(b)	 	7.6
	313©	 	7.6; 10.2
	313(d)	 	7.6
	 	 	 
	314(a)	 	4.2; 4.4; 10.2
	314(b)	 	N/A
	314©(1)(2)	 	10.4; 10.5
	314©(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.5
	314(f)	 	Inapplicable
	 	 	 
	315(a)	 	7.1, 7.2
	315(b)	 	7.5; 10.2
	315©	 	7.1
	315(d)	 	7.1; 7.2
	315(e)	 	6.11
	 	 	 
	316(a)(last sentence)	 	2.10
	316(a)(1)(A)	 	6.5
	316(a)(1)(B)	 	6.4
	316(a)(2)	 	8.2
	316(b)	 	6.7
	316©	 	8.4
	 	 	 
	317(a)(1)	 	6.8
	317(a)(2)	 	6.9
	317(b)	 	2.5; 7.12
	 	 	 
	318(a)	 	10.1

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

 

    	 

    	 

    

 

FORM OF INDENTURE

 

INDENTURE, dated
as of                     ,
        , by and between Elephant Talk Communcations Corp., a Delaware corporation, as
Issuer (the “Company”) and                                         ,
a                                         organized
under the laws of                                         ,
as Trustee (the “Trustee”).

 

RECITALS OF
THE COMPANY

 

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

 

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

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE 1

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

	1.1.	DEFINITIONS.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	1

    	 

    

 

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

 

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

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the corporate trust department or division of the
Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers, and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

 

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

 

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

 

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

 

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

 

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

 

    	3

    	 

    

 

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

 

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

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except
as provided in Section 8.3).

 

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

 

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

 

	1.2.	OTHER DEFINITIONS.

 

The definitions
of the following terms may be found in the sections indicated as follows:

 

	TERM	 	DEFINED IN SECTION
	 	 	 
	“Bankruptcy Law”	 	6.1
	 	 	 
	“Business Day”	 	10.7
	 	 	 
	“Covenant Defeasance”	 	9.3
	 	 	 
	“Custodian”	 	6.1
	 	 	 
	“Event of Default”	 	6.1
	 	 	 
	“Journal”	 	10.15
	 	 	 
	“Judgment Currency”	 	10.16
	 	 	 
	“Legal Defeasance”	 	9.2
	 	 	 
	“Legal Holiday”	 	10.7
	 	 	 
	“Market Exchange Rate”	 	10.15
	 	 	 
	“Paying Agent”	 	2.4
	 	 	 
	“Place of Payment”	 	10.7
	 	 	 
	“Registrar”	 	2.4
	 	 	 
	“Required Currency”	 	10.16
	 	 	 
	“Service Agent”	 	2.4

 

    	4

    	 

    

  

	1.3.	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 

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

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
securityholder” means a Holder or Securityholder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

“obligor
on the indenture securities” means the Company.

 

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

 

	1.4.	RULES OF CONSTRUCTION.

 

Unless the context
otherwise requires:

 

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

 

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

 

(3) “or”
is not exclusive;

 

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

 

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

 

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

 

ARTICLE 2

 

THE SECURITIES

 

	2.1.	ISSUABLE IN SERIES.

 

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

 

    	5

    	 

    

 

	2.2.	ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	6

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	2.3.	EXECUTION AND AUTHENTICATION.

 

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

 

    	7

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

	2.4.	REGISTRAR AND PAYING AGENT.

 

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

 

    	8

    	 

    

 

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

 

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

 

	2.5.	PAYING AGENT TO HOLD ASSETS IN TRUST.

 

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

 

	2.6.	SECURITYHOLDER LISTS.

 

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

 

	2.7.	TRANSFER AND EXCHANGE.

 

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

 

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

 

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

 

    	9

    	 

    

 

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

 

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

 

	2.8.	REPLACEMENT SECURITIES.

 

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

 

	2.9.	OUTSTANDING SECURITIES.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	10

    	 

    

 

	2.11.	TEMPORARY SECURITIES.

 

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

 

	2.12.	CANCELLATION.

 

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

 

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

 

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

 

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

 

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

  

	2.14.	CUSIP NUMBER.

 

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

 

    	11

    	 

    

 

	2.15.	PROVISIONS FOR GLOBAL SECURITIES.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	2.16.	PERSONS DEEMED OWNERS.

 

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

 

    	12

    	 

    

 

ARTICLE 3

 

REDEMPTION

 

	3.1.	NOTICES TO TRUSTEE.

 

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

 

	3.2.	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

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

 

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

 

	3.3.	NOTICE OF REDEMPTION.

 

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

 

(1) the Redemption
Date;

 

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

 

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

 

    	13

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense.

 

	3.4.	EFFECT OF NOTICE OF REDEMPTION.

 

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

 

	3.5.	DEPOSIT OF REDEMPTION PRICE.

 

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

 

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

 

	3.6.	SECURITIES REDEEMED IN PART.

 

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

 

    	14

    	 

    

 

ARTICLE 4

 

COVENANTS

 

	4.1.	PAYMENT OF SECURITIES.

 

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

 

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

 

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

 

	4.2.	SEC REPORTS.

 

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

   

	4.3.	COMPLIANCE CERTIFICATE.

 

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

 

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

 

	4.4.	CORPORATE EXISTENCE.

 

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

 

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ARTICLE 5

 

SUCCESSOR CORPORATION

 

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

 

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

 

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

 

	5.2.	SUCCESSOR PERSON SUBSTITUTED.

 

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

 

ARTICLE 6

 

DEFAULTS AND
REMEDIES

 

	6.1.	EVENTS OF DEFAULT.

 

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

 

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

 

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

 

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

 

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

 

(A)
commences a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	6.2.	ACCELERATION.

 

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

 

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	6.3.	REMEDIES.

 

If an Event of
Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of the principal of, or interest and premium, if any, on, the Securities
of that Series, or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 

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

 

	6.4.	WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT.

 

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

 

	6.5.	CONTROL BY MAJORITY.

 

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

 

	6.6.	LIMITATION ON SUITS.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	6.7.	RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

 

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

 

	6.8.	COLLECTION SUIT BY TRUSTEE.

 

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

 

	6.9.	TRUSTEE MAY FILE PROOFS OF CLAIM.

 

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

 

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

 

	6.10.	PRIORITIES.

 

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

 

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

 

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

 

THIRD: to the Company.

 

The Trustee may
fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. At least [  ]
days before such record date, the Trustee shall mail to each Securityholder a notice that states the record date, the payment date
and amount to be paid.

 

	6.11.	UNDERTAKING FOR COSTS.

 

In any suit for
the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted
by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the
costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders
of more than [  ]% in principal amount of the Securities of a Series then outstanding.

 

ARTICLE 7

 

TRUSTEE

 

	7.1.	DUTIES OF TRUSTEE.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(d) 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 rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

 

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

 

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

 

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

 

	7.2.	RIGHTS OF TRUSTEE.

 

(a) Subject to
Section 7.1:

 

(1) The Trustee
may rely on, and shall be protected in acting or refraining from acting upon, any document 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.

 

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

 

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

 

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

 

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

 

(6) The Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby.

 

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

 

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

 

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	7.3.	INDIVIDUAL RIGHTS OF TRUSTEE.

 

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

 

	7.4.	TRUSTEE’S DISCLAIMER.

 

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

 

	7.5.	NOTICE OF DEFAULT.

 

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

 

	7.6.	REPORTS BY TRUSTEE TO HOLDERS.

 

If and to the
extent required by the TIA, within 60 days after April 1 of each year, commencing the April 1 following the date of this
Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such April 1 that complies with TIA Section 313(a).
The Trustee also shall comply with TIA Sections 313(b) and 313(c).

 

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

 

	7.7.	COMPENSATION AND INDEMNITY.

 

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

 

The Company shall
indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance
or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against any claim
or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify
the Company promptly of any claim asserted against the Trustee for which it may seek indemnity.

 

The failure by
the Trustee to so notify the Company shall not however relieve the Company of its obligations. Notwithstanding the foregoing, the
Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through
its negligence or bad faith. To secure the payment obligations of the Company in this Section 7.7, the Trustee shall have
a lien prior to the Securities of any Series on all money or property held or collected by the Trustee except such money or property
held in trust to pay the principal of, interest and premium, if any, on particular Securities of that Series.

 

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

 

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

 

	7.8.	REPLACEMENT OF TRUSTEE.

 

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

 

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

 

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

 

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

 

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

 

(4) the Trustee
otherwise becomes incapable of acting.

 

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

 

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

 

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

 

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

 

	7.9.	SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION.

 

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

 

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	7.10.	ELIGIBILITY; DISQUALIFICATION.

 

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

 

	7.11.	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

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

 

	7.12.	PAYING AGENTS.

 

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

 

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

 

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

 

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

 

ARTICLE 8

 

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

	8.1.	WITHOUT CONSENT OF HOLDERS.

 

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

 

(1) to comply
with Section 5.1;

 

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

 

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

 

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

 

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

 

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

 

    	24

    	 

    

 

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

 

	8.2.	WITH CONSENT OF HOLDERS.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b) Upon the request
of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the receipt
by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and of the
documents described in Section 8.6, the Trustee shall join with the Company in the execution of such supplemental indenture,
unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which
case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

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

 

    	25

    	 

    

 

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

 

	8.3.	COMPLIANCE WITH TRUST INDENTURE ACT.

 

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

 

	8.4.	REVOCATION AND EFFECT OF CONSENTS.

 

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

 

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

 

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

 

	8.5.	NOTATION ON OR EXCHANGE OF SECURITIES.

 

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

 

	8.6.	TRUSTEE TO SIGN AMENDMENTS, ETC.

 

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

 

    	26

    	 

    

 

ARTICLE 9

 

DISCHARGE OF
INDENTURE; DEFEASANCE

 

	9.1.	DISCHARGE OF INDENTURE.

 

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

 

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

 

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

 

	9.2.	LEGAL DEFEASANCE.

 

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

 

	9.3.	COVENANT DEFEASANCE.

 

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

 

    	27

    	 

    

 

	9.4.	CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

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

 

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

 

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

 

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

 

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

 

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

 

(6) in the case
of an election under Section 9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there
has been a change in any applicable Federal income tax law with the effect that, and such opinion shall confirm that, the Holders
of the outstanding Securities of such Series or Persons in their positions will not recognize income, gain or loss for Federal
income tax purposes solely as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts,
in the same manner, including as a result of prepayment, and at the same times as would have been the case if such Legal Defeasance
had not occurred;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	9.6.	REINSTATEMENT.

 

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

 

	9.7.	MONEYS HELD BY PAYING AGENT.

 

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

 

	9.8.	MONEYS HELD BY TRUSTEE.

 

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

 

    	29

    	 

    

 

ARTICLE 10

 

MISCELLANEOUS

 

	10.1.	TRUST INDENTURE ACT CONTROLS.

 

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

 

	10.2.	NOTICES.

 

Any notice or
communication shall be given in writing and delivered in Person, sent by facsimile (and receipt confirmed by telephone or electronic
transmission report), delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

If to the Company:

 

Elephant Talk Communcations
Corp.

801 Corporate Center Drive,
Suite 210

Raleigh, North Carolina
27607

Fax: (919) 582-9051

Attention: Chief Executive
Officer

 

Copy to:

 

Ellenoff Grossman &
Schole LLP

150 East 42nd
Street

New York, New York 10017

Fax: (212) 370-7889

Attention: Barry Grossman,
Esq.

 

If to the Trustee:

 

[

 

]

 

    	30

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

	10.3.	COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS.

 

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

  

	10.4.	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

 

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

 

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

 

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

 

	10.5.	STATEMENT REQUIRED IN CERTIFICATE AND OPINION.

 

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

 

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

 

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

 

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

 

    	31

    	 

    

 

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

 

	10.6.	RULES BY TRUSTEE AND AGENTS.

 

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

 

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

 

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

 

If a payment date
is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. “Place of Payment” means the place or places where the principal
of, and interest and premium, if any, on, the Securities of a Series are payable as specified as contemplated by Section 2.2.
If the regular record date is a Legal Holiday, the record date shall not be affected.

 

	10.8.	GOVERNING LAW.

 

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

 

	 10.9.	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 

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

 

	10.10.	NO RECOURSE AGAINST OTHERS.

 

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

 

	10.11.	SUCCESSORS.

 

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

 

	10.12.	MULTIPLE COUNTERPARTS.

 

The parties may
sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent
one and the same agreement.

 

	10.13.	TABLE OF CONTENTS, HEADINGS, ETC.

 

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

 

    	32

    	 

    

 

	10.14.	SEVERABILITY.

 

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

 

	10.15.	SECURITIES IN A FOREIGN CURRENCY OR IN EUROS.

 

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

 

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

 

	10.16.	JUDGMENT CURRENCY.

 

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

 

    	33

    	 

    

 

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

 

	 	ELEPHANT TALK COMMUNCATIONS CORP.
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	[Name of Trustee]
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	By:
	 	Name:
	 	Title:

 

    	34EXHIBIT 10.1

 

SERIES A PREFERRED STOCK PURCHASE AGREEMENT

 

THIS SERIES A
PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of the 23rd day of May, 2012, by and between
Frederick’s of Hollywood Group Inc., a New York corporation (the “Company”), and TTG Apparel, LLC,
a Delaware limited liability company (the “Purchaser”).

 

The parties hereby
agree as follows:

 

1.           Purchase
and Sale of Preferred Stock.

 

1.1.          Sale
and Issuance of Series A Preferred Stock; Closing; Disclosure. 

 

(a)          The
Company shall adopt the Certificate of Amendment in the form of Exhibit A attached to this Agreement (the “Certificate
of Amendment”) and, after the close of trading of the Company’s common stock, $0.01 par value per share (the “Common
Stock”) on the date hereof, file the Certificate of Amendment with the Secretary of State of the State of New York.

 

(b)          Subject
to the terms and conditions of this Agreement, the Purchaser agrees to purchase and the Company agrees to sell and issue to the
Purchaser 50,000 shares of Series A Convertible Preferred Stock, $0.01 par value per share, of the Company (the “Series
A Preferred Stock”), at a purchase price of $100.00 per share. The shares of Series A Preferred Stock issued to
the Purchaser pursuant to this Agreement shall be referred to in this Agreement as the “Shares.”

 

(c)          The
closing of the purchase and sale of the Shares provided for hereunder (the “Closing”) shall occur remotely via
the exchange of documents and signatures on the date hereof but after the close of trading of the Company’s Common Stock
and after the filing of the Certificate of Amendment as provided in subsection (b) above. Except as required by applicable law,
regulation or stock exchange rule, the Company shall not, prior to the Closing, disclose to any third parties other than its advisors
the existence of, or any information concerning, this Agreement or the transactions contemplated by this Agreement. Prior to making
any public disclosure of this Agreement or the transactions contemplated by this Agreement, the Company shall provide the Purchaser
and its counsel with a draft of the disclosure and provide them with the opportunity to provide the Company with comments on the
disclosure.

 

1.2.          Defined
Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed
to have the meanings set forth or referenced below.

 

(a)          “Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including, without limitation, any general partner, managing member, officer or director of such
Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members
of, or shares the same management company with, such Person.

 

    	 

    	 

    

  

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

 

(c)          “Commission”
means the United States Securities and Exchange Commission.

 

(d)          “Company
Intellectual Property” means all patents, patent applications, trademarks, trademark applications, service marks, service
mark applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary rights and processes,
similar or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing,
licenses in to and under any of the foregoing, and any and all such cases that are owned or used by the Company in the conduct
of the Company’s business as now conducted and as presently proposed to be conducted.

 

(e)          “Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

(f)          “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

(g)          “ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, is treated as a
single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the
Code, is treated as a single employer under Section 414 of the Code.

 

(h)          “ERISA
Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the 30 day notice period is waived), (b) the existence with respect to any
Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether
or not waived, (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver
of the minimum funding standard with respect to any Plan, (d) the incurrence by the Company or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by the Company or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan, (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal
or partial withdrawal from any Plan or Multiemployer Plan, or (g) the receipt by the Company or any ERISA Affiliate of any notice,
or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal
Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA.

  

    	2

    	 

    

  

(i)           “GAAP”
means generally accepted accounting principles in the United States of America.

 

(j)           “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

(k)          “Material
Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial
condition, property or results of operations of the Company.

 

(l)          “Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

(m)          “PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

(n)          “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

(o)          “Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

(p)          “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(q)          “subsidiary”
means with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled,
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

 

(r)          “Subsidiary”
means any subsidiary of the Company.

 

(s)          “Tax”
means any present or future tax, levy, impost, duty, deduction, withholding, assessment, fee or other charge imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

 

    	3

    	 

    

  

2.           Representations
and Warranties of the Company. The Company hereby represents and warrants to the Purchaser that, except as set forth on the
Disclosure Schedule attached as Exhibit B to this Agreement, which exceptions shall be deemed to be part of the representations
and warranties made hereunder, the following representations are true and complete as of the date hereof. The Disclosure Schedule
shall be arranged in sections corresponding to the numbered and lettered sections and subsections contained in this Section
2, and the disclosures in any section or subsection of the Disclosure Schedule shall qualify other sections and subsections
in this Section 2 only to the extent it is readily apparent from a reading of the disclosure that such disclosure is intended
to be applicable to such other sections and subsections.

 

For purposes of these representations and
warranties (other than those in Subsections 2.2, 2.3, 2.4, 2.5, and 2.6), the term “the
Company” shall include any subsidiaries of the Company, unless otherwise noted herein.

 

2.1.          Organization,
Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of New York and has all requisite corporate power and authority to carry on its business as
presently conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing
in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect.

 

2.2.          Capitalization.

 

(a)          The
authorized capital of the Company consists, as of the date hereof, of:

 

(i)          200,000,000
shares of Common Stock, 38,964,891 shares of which are issued and outstanding. All of the outstanding shares of Common Stock have
been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities
laws.

 

(ii)         10,000,000
shares of Preferred Stock, of which 125,000 shares have been designated as Series A Preferred Stock. The rights, privileges
and preferences of the Preferred Stock are as stated in the Certificate of Amendment and as provided by the New York Business Corporation
Law. There are no shares of Preferred Stock outstanding.

 

(b)          The
Company has reserved 6,717,260 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company
and their respective affiliates pursuant to outstanding options and warrants.

 

(c)          Other
than as set forth in this Section above, there are no shares of capital stock of the Company or securities convertible into capital
stock of the Company outstanding.

 

2.3.          Subsidiaries.
Except as set forth in Section 2.3 of the Disclosure Schedule, the Company does not currently own or control, directly or indirectly,
any interest in any other corporation, partnership, trust, joint venture, limited liability company, association, or other business
entity. The Company owns all of the stock in its subsidiaries. The Company is not a participant in any joint venture, partnership
or similar arrangement.

 

    	4

    	 

    

  

2.4.          Authorization.
All corporate action required to be taken by the Company in order to authorize the Company to enter into this Agreement, issue
the Warrants (as hereinafter defined), file the Certificate of Amendment and issue the Shares and Warrants (as hereinafter defined)
and the Common Stock issuable upon conversion of the Shares or exercise of the Warrants, has been taken. All action on the part
of the officers of the Company necessary for the execution and delivery of this Agreement and the other documents referenced above,
the performance of all obligations of the Company under this Agreement to be performed, and the issuance and delivery of the Shares
has been taken. The Agreement, the Warrants and the Certificate of Amendment , when executed and delivered by the Company, shall
constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective
terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other
laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent
indemnification provisions may be limited by applicable federal or state securities laws.

 

2.5.          Valid
Issuance of Shares. The Shares and Warrants, when issued, sold and delivered in accordance with the terms and for the consideration
set forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than
restrictions on transfer under applicable state and federal securities laws and liens or encumbrances created by or imposed by
the Purchaser. Assuming the accuracy of the representations of the Purchaser in Section 3 of this Agreement and subject
to the filings described in Subsection 2.6 below, the Shares will be issued, in compliance with all applicable federal
and state securities laws. The shares of Series A Preferred Stock that will be issued as dividends on the Shares and on other shares
of Series A Preferred Stock that will have been issued as dividends, when issued and delivered in accordance with the terms of
the Certificate of Amendment, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than
restrictions on transfer under applicable state and federal securities laws and liens or encumbrances created by or imposed by
the Purchaser. The Common Stock issuable upon conversion of the Shares and exercise of the Warrants has been duly reserved for
issuance, and upon issuance in accordance with the terms of the Certificate of Amendment or the Warrants, as the case may be, will
be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under
applicable federal and state securities laws and liens or encumbrances created by or imposed by the Purchaser. Based in part upon
the representations of the Purchaser in Section 3 of this Agreement, and subject to Subsection 2.6 below, the Common
Stock issuable upon conversion of the Shares and exercise of the Warrants will be issued in compliance with all applicable federal
and state securities laws.

 

2.6.          Consents
and Filings. Assuming the accuracy of the representations made by the Purchaser in Section 3 of this Agreement, no consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental
Authority or any other Person is required on the part of the Company in connection with the consummation of the transactions contemplated
by this Agreement, except for (i) the filing of the Certificate of Amendment, which will have been filed as of the date hereof,
(ii) filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, which have been made or
will be made in a timely manner and (iii) approval by the NYSE MKT of the issuance of the Common Stock issuable upon conversion
of the Shares and exercise of the Warrants.

 

    	5

    	 

    

  

2.7.          Compliance
with Other Instruments. The Company is not in violation or default (i) of any provisions of its Restated Certificate of Incorporation
or Bylaws, (ii) of any instrument, judgment, order, writ or decree, (iii) under any credit agreement or facility, note, indenture
or mortgage, or (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound,
or of any provision of federal or state statute, rule or regulation applicable to the Company, the violation of any of which
would have a Material Adverse Effect. The execution, delivery and performance of the Agreement and the consummation of the transactions
contemplated by the Agreement will not result in any such violation or be in conflict with or constitute, with or without the passage
of time and giving of notice, either (i) a default under any such provision, instrument, judgment, order, writ, decree, contract
or agreement or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or
the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.

 

2.8.          Rights
of Registration. The Company is not under any obligation to register under the Securities Act any of its currently outstanding
securities or any securities issuable upon exercise or conversion of its currently outstanding securities.

 

2.9.          Property.
Except as set forth in Section 2.9 of the Disclosure Schedule, the property and assets that the Company owns are free and clear
of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment of current taxes that
are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do not materially impair the Company’s
ownership or use of such property or assets. With respect to the property and assets it leases, the Company is in compliance with
such leases and, to its knowledge, holds a valid leasehold interest free of any liens, claims or encumbrances other than those
of the lessors of such property or assets. The Company does not own any real property.

 

2.10.         SEC
Filings; Financial Statements. The Company has delivered or made available to the Purchaser prior to the execution of this
Agreement, true and complete copies of all periodic reports, registration statements and proxy statements filed by it with the
Commission since July 27, 2008. Each of such filings with the Commission (collectively, the “SEC Filings”),
as of its filing date, complied in all material respects with the requirements of the rules and regulations promulgated by the
Commission with respect thereto and did not contain any untrue statement of a material fact or omit a material fact necessary in
order to make the statements contained therein not misleading in light of the circumstances in which such statements were made.
The financial statements included in the SEC Filings (the “Financial Statements”) have been prepared in accordance
with GAAP applied on a consistent basis throughout the periods indicated, except that the unaudited Financial Statements may not
contain all footnotes required by GAAP. The Financial Statements fairly present in all material respects the financial condition
and operating results of the Company as of the dates, and for the periods, indicated therein, subject in the case of the unaudited
Financial Statements to normal year-end audit adjustments. Except as set forth in the Financial Statements, the Company has no
material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of
business subsequent to January 28, 2012, (ii) obligations under contracts and commitments incurred in the ordinary course
of business and (iii) liabilities and obligations of a type or nature not required under GAAP to be reflected in the Financial
Statements, which, in all such cases, individually and in the aggregate would not have a Material Adverse Effect. The Company maintains
and will continue to maintain a standard system of accounting established and administered in accordance with GAAP.

 

    	6

    	 

    

  

2.11.         Changes.
Since January 28, 2012, the Company and its subsidiaries, taken as a whole, has not suffered any Material Adverse Effect, except
for those occurring as a result of general economic or financial conditions affecting the United States as a whole or the region
in which the Company conducts its business or developments that are not unique to the Company but also affect other entities engaged
or participating in the women’s intimate apparel industry generally in a manner not materially less severely. For purposes
of this section, revenues and operating results materially consistent with the Company’s revenues and operating results for
the quarter ended January 28, 2012, as reflected in the Company’s Quarterly Report on Form 10-Q for the quarter ended January
28, 2012, shall not be deemed a Material Adverse Effect.

 

2.12.         Insurance.
The Company has in full force and effect fire and casualty insurance policies with extended coverage, sufficient in amount (subject
to reasonable deductions) to allow it to replace any of its properties that might be damaged or destroyed.

 

2.13.         Permits.
The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack
of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect
under any of such franchises, permits, licenses or other similar authority.

 

2.14.         Compliance
with Laws. Since January 28, 2012, the Company has conducted its business in compliance with all applicable laws, rules, regulations,
court or administrative orders and processes and rules, directives and orders of regulatory and self-regulatory agencies and bodies,
except as would not reasonably be expected, singly or in the aggregate, to have a Material Adverse Effect.

 

2.15.         Labor
Relations. Neither the Company nor any of its Subsidiaries is engaged in any unfair labor practice that could reasonably be
expected to have a Material Adverse Effect. There is (a) no significant unfair labor practice complaint pending against the Company
or any of its Subsidiaries or, to the best knowledge of the Company, threatened in writing against any of them before the National
Labor Relations Board or any similar governmental authority in any jurisdiction, and no significant grievance or significant arbitration
proceeding arising out of or under any collective bargaining agreement is so pending against the Company or any of its Subsidiaries
or, to the best knowledge of the Company, threatened in writing against any of them, (b) no significant strike, labor dispute,
slowdown or stoppage is pending against the Company or any of its Subsidiaries or, to the best knowledge of the Company, threatened
in writing against the Company or any of its Subsidiaries and (c) to the best knowledge of the Company, no question concerning
union representation exists with respect to the employees of the Company or any of its Subsidiaries, except (with respect to any
matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as could not reasonably be expected
to have a Material Adverse Effect.

 

    	7

    	 

    

  

2.16.         Intellectual
Property. Each of the Company and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual property material to its business, and the use thereof by the Company and its Subsidiaries does not infringe
upon the rights of any other person or entity, except for any such infringements that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect.

 

2.17.         Litigation.
Except as set forth in Section 2.17 of the Disclosure Schedule, there are no actions, suits or proceedings by or before any arbitrator
or Governmental Authority pending against the Company or any of its Subsidiaries or, to the knowledge of the Company, threatened
against or affecting the Company or any of its Subsidiaries, that would result in a judgment or judgments against the Company or
any of its Subsidiaries in an amount in excess of $200,000 or that could reasonably be expected to have a Material Adverse Effect
or, to the knowledge of the Company, that involve this Agreement or the transactions contemplated hereby.

 

2.18.         Taxes.
Each of the Company and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in
good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate
reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

2.19.         ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value
of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting
Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market
value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based
on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans.

 

2.20.         Solvency.
Immediately after the consummation of the transactions contemplated by this Agreement (i) the fair value of the assets of each
of the Company and Subsidiaries at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise;
(ii) the present fair saleable value of the property of each of the Company and its Subsidiaries will be greater than the amount
that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise,
as such debts and other liabilities become absolute and matured; (iii) each of the Company and its Subsidiaries will be able to
pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (iv) each of the Company and its Subsidiaries will not have unreasonably small capital with which to conduct the business in
which it is engaged as such business is now conducted and is proposed to be conducted after the date hereof.

 

    	8

    	 

    

  

2.21.         Disclosure.
The Company has disclosed to the Purchaser all agreements, instruments and corporate or other restrictions to which it or any of
its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished
by or on behalf of the Company or any of its Subsidiaries to the Purchaser in connection with the negotiation of this Agreement
or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial information, the Company represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

3.          Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company that:

 

3.1.          Authorization.
The Purchaser has full power and authority to enter into this Agreement. The Agreement, when executed and delivered by the Purchaser,
will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general
application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of
specific performance, injunctive relief, or other equitable remedies, or (b) to the extent indemnification provisions may
be limited by applicable federal or state securities laws.

 

3.2.          Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to
the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired
by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with
a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same in violation of the securities laws of the United States. By executing
this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement
or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to
any of the Shares. The Purchaser has not been formed for the specific purpose of acquiring the Shares.

 

3.3.          Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs
and the terms and conditions of the offering of the Shares with the Company’s management and has had an opportunity to review
the Company’s facilities. The foregoing, however, does not limit or modify the representations and warranties of the Company
in Section 2 of this Agreement or the right of the Purchaser to rely thereon.

 

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3.4.          Restricted
Securities. The Purchaser understands that the Shares have not been, and will not be, registered under the Securities Act,
by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The
Purchaser understands that the Shares are “restricted securities” under applicable U.S. federal and state securities
laws and that, pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are registered with the
Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification
requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Shares or Warrants,
or the Common Stock into which it may be converted or exercised, as applicable, for resale except as set forth in this Agreement.
The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements
relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and
may not be able to satisfy.

 

3.5.          No
Public Market. The Purchaser understands that no public market now exists for the Shares, and that the Company has made no
assurances that a public market will ever exist for the Shares.

 

3.6.          Legends.
The Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, will bear the following
legend:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933.”

 

3.7.          Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

3.8.          Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser
hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any
invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction
for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental
or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant
to the purchase, holding, redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for and continued
beneficial ownership of the Shares will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.

 

    	10

    	 

    

  

3.9.          No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners
has either directly or indirectly, including through a broker or finder (a) engaged in any general solicitation, or (b) published
any advertisement in connection with the offer and sale of the Shares.

 

3.10.         Exculpation
Among Purchasers. The Purchaser acknowledges that it is not relying upon any Person, other than the Company and its officers
and directors, in making its investment or decision to invest in the Company.

 

3.11.         Residence.
The principal place of business of the Purchaser is identified in the address of the Purchaser set forth on the signature page
hereof.

 

4.          Deliveries
by the Company. On or before the date hereof, the Company shall deliver the following to Purchaser:

 

4.1.          Company
Compliance Certificate. The Chief Executive Officer of the Company shall deliver to the Purchaser a certificate certifying
that (i) the representations and warranties of the Company contained in Section 2 that are (A) qualified as to materiality are
true and correct and (B) not qualified as to materiality are true and correct in all material respects and (ii) the Company shall
have performed and complied with all covenants, agreements, obligations and conditions in this Agreement that are required to be
performed or complied with by the Company on or before the date hereof.

 

4.2.          Opinion
of Company Counsel. The Purchaser shall have received from Graubard Miller, counsel for the Company, an opinion in substantially
the form of Exhibit C attached to this Agreement.

 

4.3.          Certificate
of Amendment. The Company shall have filed the Certificate of Amendment with the Secretary of State of New York.

 

4.4.          Secretary’s
Certificate. The Secretary of the Company shall have delivered to the Purchaser a certificate certifying (i) the Restated Certificate
of Incorporation and Bylaws of the Company and (ii) resolutions of the Board of Directors of the Company approving the Agreement,
the transactions contemplated under the Agreement and the Certificate of Amendment.

 

4.5.          Expenses.
The Company shall pay, or reimburse the Purchaser for, the Purchaser’s reasonable out-of-pocket expenses (including but not
limited to reasonable attorneys’ fees and disbursements), in an amount not to exceed $50,000, related to the negotiation
and documentation of this Agreement and the ancillary documents hereto and the issuance of the Shares to it hereunder and thereafter.

 

4.6.          Shares.
The Company shall deliver to the Purchaser a certificate representing the Shares.

 

    	11

    	 

    

 

 

4.7.          Warrants.
The Company shall have issued to the Purchaser three (3) warrants, each to purchase 500,000 shares of Common Stock, having terms
of three (3), five (5) and seven (7) years, at exercise prices of $0.45, $0.53 and $0.60 per share, respectively, substantially
in the form of the Common Stock Purchase Warrant attached to this Agreement as Exhibit D (the “Warrants”).

 

5.          Deliveries
by the Purchaser.

 

5.1.          Purchase
Price. The Purchaser shall pay the purchase price for the Shares by wire transfer to a bank account designated by the Company.

 

5.2.          Purchaser
Compliance Certificate. The Purchaser shall deliver to the Company a certificate certifying that (i) the representations and
warranties of the Purchaser contained in Section 3 that are (A) qualified as to materiality are true and correct and (B) not qualified
as to materiality are true and correct in all material respects and (ii) the Purchaser shall have performed and complied with
all covenants, agreements, obligations and conditions in this Agreement that are required to be performed or complied with by
the Purchaser on or before the date hereof.

 

6.          Additional
Obligations.

 

6.1.          Registration
Rights. Within 60 days after the Closing, the Company shall (i) file a registration
statement (“Registration Statement”) with the Commission covering the resale by the Purchaser of the shares
of Common Stock underlying the Shares, the shares of Common Stock underlying any shares of Series A Preferred Stock issued as dividends
on the Shares, and the shares of Common Stock underlying the Warrants (“Registrable Securities”), (ii) use its
best efforts to have such Registration Statement declared effective as promptly as practicable thereafter, and (iii) keep the Registration
Statement effective until (1) the date on which the Registrable Securities may be resold by the Purchaser without registration
under the Securities Act and without regard to any volume limitations by reason of Rule 144 under the Securities Act or any other
rule of similar effect or (2) all of the Registrable Securities have been sold pursuant to the Registration Statement or Rule 144
under the Securities Act or any other rule of similar effect. The Purchaser understands, however, that notwithstanding this obligation
on the part of the Company to register the resale of the Registrable Securities and to keep the Registration Statement effective,
there is no assurance that the Company will be able to have the Registration Statement declared effective and keep the Registration
Statement effective until the Purchaser has sold all the Registrable Securities owned by the Purchaser registered thereon. The
Company’s obligation to register the Registrable Securities pursuant to the Registration Statement shall be subject to the
Purchaser’s delivery to the Company of such information regarding the Purchaser, the securities of the Company held by the
Purchaser, and the intended method of disposition of the Registrable Securities as reasonably required by the Company to effect
the registration of such Registrable Securities. The Company shall, promptly upon receipt of notice of a transfer by the
Purchaser, add to the Registration Statement any transferee of the Shares, any transferee of any shares of Series A Preferred Stock
issued as dividends on the Shares, and any transferee of the Warrants.

 

    	12

    	 

    

 

 

6.2.          Use
of Proceeds. The Company shall use the proceeds of the sale of Shares hereunder solely
for paying, settling or discharging accounts payable of the Company.

 

6.3.          NYSE
MKT Additional Listing Application Approval. The Company shall promptly after the
date hereof use its best efforts to obtain approval from the NYSE MKT to list the shares of Common Stock issuable upon conversion
of the Shares (including dividends) and exercise of the Warrants, and shall not issue any such shares of Common Stock unless and
until such approval is obtained.

 

6.4.          Shareholder
Approval. The Purchaser and its affiliates currently own an aggregate of 10,153,299
shares of Common Stock, or approximately 26.1% of the outstanding shares.  Fursa Alternative Strategies LLC (“Fursa”),
on behalf of certain funds and accounts affiliated with or managed by it or its affiliates, together with William F. Harley, Chief
Investment Officer of Fursa, currently own an aggregate of 17,287,335 shares of Common Stock, or approximately 44.4% of the outstanding
shares.  In accordance with NYSE MKT interpretations and guidelines relating to obtaining shareholder approval upon a change
of control, the Company shall not issue to the Purchaser shares of Common Stock upon conversion of the Series A Preferred Stock
and exercise of Warrants in excess of 7,134,036, unless and until the Company obtains shareholder approval in connection with such
issuance. If, at any time, the number of shares of Common Stock that would be issuable upon conversion of the Series A Preferred
Stock and the Warrants exceeds 7,134,036, the Company shall immediately thereupon use its best efforts to obtain shareholder approval
of the issuance of all shares of Common Stock then and at any time thereafter issuable upon conversion of the Series A Preferred
Stock and exercise of the Warrants in accordance with the terms of the Certificate of Amendment and the Warrants.

 

6.5.          Actions
Required With Respect to Dividends. The Corporation shall take all actions required
or permitted under the Business Corporation Law of the State of New York (the “BCL”) (a) to permit the payment
of the Series A Preferred Dividend (as defined in the Certificate of Amendment), including through the revaluation of its assets
in accordance with the BCL, to make or keep funds legally available for the payment of dividends and (b) to declare and pay such
dividends.

 

7.          Miscellaneous.

 

7.1.          Survival
of Warranties and Covenants. Unless otherwise set forth in this Agreement, the representations and warranties of the Company
and the Purchaser contained in or made pursuant to this Agreement shall survive for twelve (12) months from the date hereof (the
date that is twelve (12) months from the date hereof, the “Survival Date”) regardless of any investigation made
by the Purchaser or on its behalf. Notwithstanding any provision to the contrary contained in this Agreement, with respect to claims
for breaches of representations and warranties contained in this Agreement, no party will be liable with respect thereto unless
written notice of a possible claim with respect to such breach is given by the party making such claim on or prior to the Survival
Date, it being understood that so long as such written notice is given on or prior to the Survival Date, such representations and
warranties shall continue to survive until such matter is resolved. All covenants and agreements contained herein shall survive
until they are completed or no longer applicable in accordance with the terms of this Agreement.

 

    	13

    	 

    

  

7.2.          Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. The Purchaser shall be permitted to assign its rights under this Agreement with the prior written consent
of the Company, which shall not be unreasonably withheld. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 

 

7.3.          Indemnification.

 

(a)          The
Company shall defend, protect, indemnify and hold harmless the Purchaser, and all of its officers, directors, employees and agents
(including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the “Purchaser Indemnitees”) from and against any and all actions, causes of action, suits, claims, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Purchaser Indemnitee is a
party to the action for which indemnification hereunder is sought), including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by the Purchaser Indemnitees or any of them as a result of, or arising
out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by the Company in this Agreement
or any of the agreements contemplated hereby, (b) any breach of any covenant, agreement or obligation of the Company contained
in this Agreement or any of the agreements contemplated hereby, or (c) the execution, delivery or performance of this Agreement,
any Agreements contemplated hereby including the Certificate of Amendment or the transactions contemplated hereby or thereby. To
the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The
indemnification provided for under this Section 7.3(a) shall not apply to any Indemnified Liabilities arising out of the gross
negligence or intentional misconduct of any Purchaser Indemnitee.

 

(b)          The
Purchaser shall defend, protect, indemnify and hold harmless the Company and all of its officers, directors, employees and agents
(including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the “Company Indemnitees”) from and against any and all Indemnified Liabilities incurred by the Company Indemnitees
or any of them as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty
made by the Purchaser in this Agreement or any of the agreements contemplate hereby, or (b) any breach of any covenant, agreement
or obligation of the Purchaser contained in this Agreement or any of the agreements contemplated thereby. To the extent that the
foregoing undertaking by the Purchaser may be unenforceable for any reason, the Purchaser shall make the maximum contribution to
the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The indemnification
provided for under this Section 7.3(b) shall not apply to any Indemnified Liabilities arising out of the gross negligence or intentional
misconduct of any Company Indemnitee.

 

    	14

    	 

    

  

(c)          No
amount shall be payable under this Section 7.3 unless the aggregate amount of all Indemnified Liabilities otherwise payable by
a party exceeds $50,000, in which event the entire amount of such Indemnified Liabilities shall be payable from the first dollar.

 

7.4.          Governing
Law. This Agreement shall be governed by the internal law of the State of New York.

 

7.5.          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes.

 

7.6.          Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

7.7.          Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at
their address as set forth on the signature page, or to such e-mail address, facsimile number or address as subsequently modified
by written notice given in accordance with this Subsection 7.6. If notice is given to the Company, a copy shall also be
sent to Graubard Miller, 405 Lexington Avenue, New York, New York 10174, Attn: David Alan Miller, Esq. and if notice is given
to the Purchaser, a copy shall also be given to Edwards Wildman Palmer LLP, 225 West Wacker Drive, Suite 2800, Chicago, Illinois
60606, Attn: Adam S. Calisoff, Esq.

 

7.8.          No
Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees,
or representatives is responsible. The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and
expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or
representatives is responsible.

 

    	15

    	 

    

 

 

7.9.          Amendments
and Waivers. Any term of this Agreement may be amended, terminated or waived only with the written consent of the Company and
(i) the holders of at least 50% of the then-outstanding Shares. Any amendment or waiver effected in accordance with this Subsection 7.9
shall be binding upon the Purchaser and each transferee of the Shares (or the Common Stock issuable upon conversion thereof), each
future holder of all such securities, and the Company.

 

7.10.         Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

7.11.         Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character
on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

7.12.         Entire
Agreement. This Agreement (including the Exhibits hereto) and the Certificate of Amendment constitute the full and entire understanding
and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to
the subject matter hereof existing between the parties are expressly canceled.

 

7.13.         Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York
and to the jurisdiction of the United States District Court for the District of Southern New York for the purpose of any suit,
action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding
arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for
the District of Southern New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not
be enforced in or by such court.

 

[Signature Page Follows]

 

    	16

    	 

    

  

IN WITNESS WHEREOF,
the parties have executed this Series A Preferred Stock Purchase Agreement as of the date first written above.

 

	 	COMPANY:	 
	 	 	 
	 	FREDERICK’S OF HOLLYWOOD GROUP INC.
	 	 	 
	 	By:	/s/ Thomas J. Lynch
	 	 	 
	 	Name:	Thomas J. Lynch
	 	 	 
	 	Title:	Chief Executive Officer
	 	 	 
	 	Address:	6255 Sunset Blvd., 6th Floor
	 	 	Hollywood, CA 90028
	 	 	 
	 	 	 
	 	PURCHASER:
	 	 	 
	 	TTG APPAREL, LLC
	 	 	 
	 	By:	/s/ Michael T. Tokarz
	 	 	 
	 	Name:	Michael T. Tokarz
	 	 	 
	 	Title:	Manager
	 	 	 
	 	Address: 	287 Bowman Avenue, 2nd Floor
	 	 	Purchase, New York  10577

  

    	 

    	 

    

  

EXHIBIT A

 

FORM OF CERTIFICATE OF AMENDMENT

 

See Exhibit 3.1 to Form 8-K

 

    	 

    	 

    

 

EXHIBIT B

 

DISCLOSURE SCHEDULE

 

Schedule 2.3

Subsidiaries

 

	FOH Holdings, Inc.	 	Incorporated:	 	Delaware, May 9, 1997
	 	 	Authorized Stock:	 	100 Common Shares, $.01 par value
	 	 	Issued Stock:	 	100 Common Shares*
	 	 	Sole Shareholder:	 	Frederick’s of Hollywood Group Inc.
	 	 	 	 	 
	Frederick’s of Hollywood, Inc.	 	Incorporated:	 	Delaware, March 1, 1962
	 	 	Authorized Stock:	 	3,000 Common Shares, $0.01 par value
	 	 	Issued Stock	 	1,000 Common Shares*
	 	 	Sole Shareholder:	 	FOH Holdings, Inc.
	 	 	 	 	 
	Frederick’s of Hollywood Stores, Inc.	 	Incorporated:	 	Nevada, July 8, 1998
	 	 	Authorized Stock:	 	1,000 common shares, $0.01 par value
	 	 	Issued Stock	 	100 common shares*
	 	 	Sole Shareholder:	 	Frederick’s of Hollywood, Inc.
	 	 	 	 	 
	Hollywood Mail Order, LLC	 	Formation:	 	Nevada, July 20, 1999
	 	 	Manager:	 	FOH Holdings, Inc.
	 	 	Sole Member:	 	Frederick’s of Hollywood, Inc.

 

 

		*	Securities pledged to Wells Fargo Retail Finance II, LLC (“Senior Lender”) in accordance with the terms of that
certain Pledge and Security Agreement, dated as of January 28, 2008, by the Company for the benefit of the Senior Lender.

 

Schedules to Series A Preferred Stock Purchase Agreement

 

    	 

    	 

    

 

Schedule 2.9

Liens

 

	DEBTOR	 	SECURED

        PARTY/creditor
	 	STATE	 	UCC or

        filing

        NUMBEr
	 	FILING 

        DATE
	 	collateral
	TANGIBLE ASSETS	 	 	 	 	 	 	 	 	 	 
	Frederick’s of Hollywood Group Inc.	 	Wells Fargo Retail Finance II, LLC, as agent	 	NY	 	200801290081909	 	1/29/08	 	All assets.
	Frederick’s of Hollywood Group Inc.	 	 	 	 	 	201011290646852	 	11/29/10	 	UCC-3 Amendment to filing no.  200801290081909 deleting from the collateral all assets
    relating to Debtor’s wholesale division.
	Frederick’s of Hollywood Group Inc.	 	 	 	 	 	201109230511864	 	9/23/11	 	UCC-3Assignment to filing no. 200801290081909 to Wells Fargo Bank, National Association,
    as agent.
	Frederick’s of Hollywood Group Inc.	 	Hilco Brands, LLC	 	NY	 	201008030422883	 	8/3/2010	 	All assets.
	Frederick’s of Hollywood Group Inc.	 	Hilco Brands, LLC	 	NY	 	201011290646876	 	11/29/10	 	UCC-3 Amendment to filing no 201008030422883 deleting from the collateral all assets relating
    to Debtor’s wholesale division.
	FOH Holdings, Inc.	 	Wells Fargo Retail Finance II, LLC, as agent	 	DE	 	30029085	 	1/6/03	 	All assets.
	FOH Holdings, Inc.	 	 	 	DE	 	31309767	 	5/23/03	 	UCC-3 Assignment of filing no. 30029085 to Wells Fargo Retail Finance II, as agent.
	FOH Holdings, Inc.	 	 	 	DE	 	20073004263	 	8/8/07	 	UCC-3 Continuation of filing no. 30029085
	FOH Holdings, Inc.	 	 	 	DE	 	20104356675	 	12/9/10	 	UCC-3 Amendment to filing no. 30029085 changing Secured Party’s name to Wells Fargo
    Bank, National Association
	FOH Holdings, Inc.	 	 	 	DE	 	20113665752	 	9/22/11	 	UCC-3 Assignment of filing no. 30029085 to Wells Fargo Bank, National Association, as agent.
	FOH Holdings, Inc.	 	Hilco Brands, LLC	 	DE	 	20102690166	 	8/3/10	 	All assets.
	FOH Holdings, Inc.	 	Wells Fargo Bank, National Association, as agent	 	DE	 	20113665836	 	9/22/11	 	All assets.
	Frederick’s of Hollywood, Inc.	 	Wells Fargo Retail Finance II, LLC, as agent	 	DE	 	30029051	 	1/6/03	 	All assets.
	Frederick’s of Hollywood, Inc.	 	 	 	DE	 	31309866	 	5/22/03	 	UCC-3 Assignment of filing no. 30029051 to Wells Fargo Retail Finance II, LLC, as agent.
	Frederick’s of Hollywood, Inc.	 	 	 	DE	 	20073004289	 	8/8/07	 	UCC-3 Continuation of filing no. 30029051.

  

Schedules to Series A Preferred Stock Purchase Agreement

 

    	 

    	 

    

 

	DEBTOR	 	SECURED

        PARTY/creditor
	 	STATE	 	UCC or

        filing

        NUMBEr
	 	FILING

        DATE
	 	collateral
	Frederick’s of Hollywood, Inc.	 	 	 	DE	 	20104354126	 	12/9/10	 	UCC-3 Amendment to filing no. 30029051 changing Secured Party’s name to Wells Fargo
    Bank, National Association
	Frederick’s of Hollywood, Inc.	 	 	 	DE	 	20113665786	 	9/22/11	 	UCC-3 Assignment of filing no. 30029051 to Wells Fargo Bank, National Association, as agent
	Frederick’s of Hollywood, Inc.	 	Hilco Brands, LLC	 	DE	 	20102690232	 	8/3/2010	 	All assets.
	Frederick’s of Hollywood, Inc.	 	Wells Fargo Bank, National Association, as agent	 	DE	 	20113665869	 	9/22/11	 	All assets.
	Frederick’s of Hollywood Stores, Inc.	 	Wells Fargo Retail Finance II, LLC, as agent	 	NV	 	2003000343-4	 	1/6/03	 	All assets
	Frederick’s of Hollywood Stores, Inc.	 	 	 	NV	 	2003017174-4	 	6/25/03	 	UCC-3 Assignment of filing no 2003000343-4 to Wells Fargo Retail Finance II, LLC as agent.
	Frederick’s of Hollywood Stores, Inc.	 	 	 	NV	 	2007037405-7	 	11/9/07	 	UCC-3 Continuation of filing no. 2003000343-4
	Frederick’s of Hollywood Stores, Inc.	 	 	 	NV	 	2010030873-8	 	12/9/10	 	UCC-3 Amendment to filing no. 2003000343-4 to change the Secured Party’s name to Wells
    Fargo Bank, National Association.
	Frederick’s of Hollywood Stores, Inc.	 	 	 	NV	 	2008034177-1	 	11/6/08	 	All assets.
	Frederick’s of Hollywood Stores, Inc.	 	 	 	NV	 	2010030860-1	 	12/9/10	 	UCC-3 Amendment to filing no. 2008034177-1 changing the Secured Party’s name to Wells
    Fargo Bank, National Association.
	Frederick’s of Hollywood Stores, Inc.	 	 	 	NV	 	2011025414-1	 	9/23/11	 	UCC-3 Assignment of filing no. 2008034177-1 to Wells Fargo Bank, National Association, as
    agent.
	Frederick’s of Hollywood Stores, Inc.	 	Hilco Brands, LLC	 	NV	 	20100195452-1	 	8/3/10	 	All assets.
	Frederick’s of Hollywood Stores, Inc.	 	Hilco Brands, LLC	 	NV	 	2010029817-7	 	11/29/10	 	UCC-3 Amendment to filing no. 2010019452-1 deleting from the collateral all assets relating
    to the Debtor’s wholesale division.
	Frederick’s of Hollywood Stores, Inc.	 	Wells Fargo Bank, National Association, as agent	 	NV	 	2011025411-5	 	9/23/11	 	All assets.
	Hollywood Mail Order, LLC	 	Wells Fargo Retail Finance II, LLC, as agent	 	NV	 	2003000345-8	 	1/6/03	 	All assets.
	Hollywood Mail Order, LLC	 	 	 	NV	 	2003013915-2	 	6/21/03	 	UCC-3 Assignment of filing no. 2003000345-8 to Wells Fargo Retail Finance II, LLC as agent.
	Hollywood Mail Order, LLC	 	 	 	NV	 	2007038811-9	 	11/21/07	 	UCC-3 Continuation of filing no. 2003000345-8

 

Schedules to Series A Preferred Stock Purchase Agreement

 

    	 

    	 

    

 

	DEBTOR	 	SECURED

        PARTY/creditor
	 	STATE	 	UCC or

        filing

        NUMBEr
	 	FILING

        DATE
	 	collateral
	Hollywood Mail Order, LLC	 	 	 	NV	 	2010030876-4	 	12/9/10	 	UCC-3 Amendment to filing no. 2003000345-8 changing Secured Party’s name to Wells Fargo
    Bank, National Association.
	Hollywood Mail Order, LLC	 	 	 	NV	 	2008034176-9	 	11/6/08	 	All assets.
	Hollywood Mail Order, LLC	 	 	 	NV	 	2010030872-6	 	12/9/10	 	UCC-3 Amendment to filing no. 2008034176-9 changing Secured Party’s name to Wells Fargo
    Bank, National Association.
	Hollywood Mail Order, LLC	 	 	 	NV	 	2011025413-9	 	9/23/11	 	UCC-3 Assignment of filing no. 2008034176-9 to Wells Fargo Bank, National Association, as
    agent.
	Hollywood Mail Order, LLC	 	Hilco Brands, LLC	 	NV	 	2010019451-9	 	8/3/10	 	All assets
	Hollywood Mail Order, LLC	 	Hilco Brands, LLC	 	NV	 	2010029818-9	 	11/29/10	 	UCC-3 Amendment to filing no. 2010019451-9 deleting from the collateral assets relating to
    Debtor’s wholesale division.
	Hollywood Mail Order, LLC	 	Wells Fargo Bank, National Association, as agent	 	NV	 	2011025412-7	 	9/23/11	 	All assets.

 

Schedules to Series A Preferred Stock Purchase Agreement

 

    	 

    	 

    

 

Schedule 2.17

Litigation Matters

 

 

Michelle Weber, on behalf of herself and all others similarly
situated v. Frederick’s of Hollywood, Inc., Case No. CGC-12-517909. On February 2, 2012, a former California store
employee filed a purported class action lawsuit in the California Superior Court, County of San Francisco, naming Frederick’s
of Hollywood, Inc. (“Frederick’s) as a defendant. The complaint alleges, among other things, violations of the California
Labor Code, failure to pay overtime, failure to provide meal and rest periods and termination compensation and violations of California’s
Unfair Competition Law. The complaint seeks, among other relief, collective and class certification of the lawsuit (the class being
defined as all California retail store hourly employees), unspecified damages, costs and expenses, including attorneys’ fees,
and such other relief as the Court might find just and proper. An answer to the Plaintiff’s first amended complaint was filed
on April 5, 2012. The case is in the discovery phase.

 

Schedules to Series A Preferred Stock Purchase Agreement

 

    	 

    	 

    

  

EXHIBIT C

 

FORM OF OPINION

 

GRAUBARD MILLER

The Chrysler Building

405 Lexington Avenue

New York, NY 10174-1901

 

                      May 23, 2012

 

TTG Apparel, LLC

287 Bowman Avenue

Purchase, New York 10577

Attention: Mike Tokarz

 

		Re:	Frederick’s of Hollywood Group Inc.

 

Ladies and Gentlemen:

 

This opinion is being furnished pursuant
to Section 4.2 of the Series A Preferred Stock Purchase Agreement (the “Agreement”), by and between Frederick’s
of Hollywood Group Inc., a New York corporation (the “Company”), and TTG Apparel, LLC (the “Purchaser”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed to them in the Agreement.

 

We have acted as counsel to the Company
in connection with the preparation, execution and delivery of the Agreement. As such counsel, we have examined and are familiar
with and have relied upon the following documents:

 

		(a)	the Restated Certificate of Incorporation and by-laws, each as amended to date, of the Company;

 

 

		(b)	a copy of the Agreement, the Warrants and the Certificate of Amendment (collectively, the “Transaction
Documents”); and

 

 

		(c)	such other records of meetings, documents, instruments and certificates (including but not limited
to certificates of public officials and officers of the Company) as we have considered necessary for purposes of this opinion.

 

In connection with the above listed
items, we have assumed the genuineness of all signatures and the authenticity of all documents submitted to us as originals, the
conformity to original documents of the documents submitted to us as certified, fax or photostatic copies and the authenticity
of the originals of such latter documents. As to all questions of fact material to this opinion that have not been independently
established, we have relied upon the certificates of officers of the Company and upon the representations and warranties of the
Company contained in the Agreement.

 

Based on the foregoing and upon such
investigation as we have deemed necessary, we give you our opinion as follows:

  

    	 

    	 

    

  

1.             The Company is
a corporation duly organized under the laws of the State of New York. The Company is validly existing in the State of New York

 

2.             The Company has
the corporate power and authority to enter into and perform its obligations under each of the Transaction Documents to which it
is a party. The Company has the corporate power and authority to own, lease and operate its properties and to carry on its business
as it is now conducted.

 

3.             Each of the Transaction
Documents to which the Company is a party have been duly authorized, executed and delivered by the Company.

 

4.             Each of the Transaction
Documents to which the Company is a party is a legally valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or
(iii) to the extent indemnification provisions may be limited by applicable federal or state securities laws.

 

5.             The shares of
Series A Preferred Equity being purchased under the Purchase Agreement are duly authorized and will be validly issued, fully paid
and nonassessable when paid for in accordance with the Purchase Agreement.

 

7.             The execution
and delivery by the Company of each of the Transaction Documents to which it is a party, and the performance by the Company of
its obligations thereunder, will not (a) violate the Restated Certificate or by-laws of the Company, (b), to our knowledge, violate
any federal or New York law or governmental rule or regulation applicable to the Company, except as would not have a Material Adverse
Effect on the Company, or (c), to our knowledge, require any consents, approvals or authorizations to be obtained by the Company
from, or any registrations, declarations or filings to be made by the Company with, any Governmental Authority under any federal
or New York statute or regulation or the Business Corporation Law of the State of New York, applicable to the Company on or prior
to the date hereof, that have not been obtained or made, except for filings pursuant to Regulation D of the Securities Act,
and applicable state securities laws.

 

9.             To our knowledge,
the Company is not a party to, or expressly bound by, any judgment, injunction or decree of any court or governmental authority
which would restrict or interfere with the performance by it of its obligations under the Transaction Documents to which it is
a party.

 

10.           Assuming the
accuracy of the representations and warranties of the Purchasers set forth in the Purchase Agreement, the offer and sale of the
shares of the Series A Preferred Equity under the terms and conditions set forth in the Purchase Agreement, is exempt from the
registration requirements of the Securities Act of 1933, as amended.

 

No opinion is expressed herein other
than as to the laws of the State of New York and the federal securities laws of the United States of America. Specifically, we
express no opinion with respect to (i) the law of any other state of the United States, and (ii) the law of any foreign country,
including any such law governing the issuance of securities in any such country.

 

    	 

    	 

    

 

Where an opinion is qualified by
our knowledge as to a certain matter relating to the Company, knowledge is deemed to be based on the actual knowledge of those
attorneys that are currently employed by this firm as of the date of this opinion who have been actively engaged on matters for
which we have been employed by the Company.

 

This opinion is addressed solely
to the Purchaser, and is being delivered to it. This opinion is solely for the benefit of the Purchaser and may not be relied upon
in any manner by any other person.

 

Very truly yours,

 

/s/ GRAUBARD MILLER

  

    	 

    	 

    
 

EXHIBIT D

 

FORM OF WARRANT

  

See Exhibit 10.2 to Form 8-K

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