Document:

Exhibit 4.4

 

 

 

 

 

 

 

FORM OF SUBORDINATED INDENTURE

 

AIR INDUSTRIES GROUP

 

And

 

___________________

 as Trustee

 

SUBORDINATED INDENTURE

 

Dated as of

 

_________________, _______

 

Providing for the Issuance of Subordinated
Debt Securities

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

CROSS-REFERENCE TABLE*

 

	Trust Indenture Act Section	Indenture Section
	310(a)(1)	6.09
	(a)(2)	6.09
	(a)(3)	N.A.
	(a)(4)	N.A.
	(a)(5)	6.08
	(b)	6.08
	311(a)	6.13
	(b)	6.13
	312(a)	7.01; 7.02
	(b)	7.02
	(c)	7.02
	313(a)	7.03
	(b)(2)	7.03
	(c)	7.03
	(d)	7.03
	314(a)	7.04; 1.02
	(c)(1)	1.02
	(c)(2)	1.02
	(c)(3)	N.A.
	(e)	1.02
	(f)	N.A.
	315(a)	6.01
	(b)	6.02; 1.06
	(c)	6.01
	(d)	6.01
	(e)	5.14
	316(a)(last sentence)	1.01
	(a)(1)(A)	5.12
	(a)(1)(B)	5.02; 5.13
	(a)(2)	N.A.
	(b)	5.08
	(c)	3.07; 3.08; 1.04
	317(a)(1)	5.03
	(a)(2)	5.04
	(b)	4.06; 10.03
	318(a)	1.07
	(b)	N.A.
	(c)	1.07

 

N.A means not applicable.

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

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01	Definitions	1
	Section 1.02	Officers’ Certificates and Opinions	6
	Section 1.03	Form and Documents Delivered to Trustee	6
	Section 1.04	Acts of Securityholders	7
	Section 1.05	Notices, etc., to Trustee and Company	8
	Section 1.06	Notice to Securityholders; Waiver	8
	Section 1.07	Conflict with Trust Indenture Act	9
	Section 1.08	Effect of Headings and Table of Contents	9
	Section 1.09	Successors and Assigns	9
	Section 1.10	Separability Clause	9
	Section 1.11	Benefits of Indenture	9
	Section 1.12	Governing Law	9
	Section 1.13	Counterparts	9
	Section 1.14	Judgment Currency	9
	Section 1.15	Legal Holidays	10

 

	
         

        ARTICLE II SECURITY FORMS
	
        

        10

	Section 2.01	Forms Generally	10
	Section 2.02	Forms of Securities	10
	Section 2.03	Securities in Global Form	11
	Section 2.04	Form of Trustee’s Certificate of Authentication	11
	
         

        ARTICLE III THE SECURITIES
	11
	Section 3.01	General Title; General Limitations; Issuable in Series; Terms of Particular Series	11
	Section 3.02	Denominations and Currency	14
	Section 3.03	Execution, Authentication and Delivery, and Dating	14
	Section 3.04	Temporary Securities	15
	Section 3.05	Registration, Transfer and Exchange	16
	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities	18
	Section 3.07	Payment of Interest; Interest Rights Preserved	18
	Section 3.08	Persons Deemed Owners	19
	Section 3.09	Cancellation	20
	Section 3.10	Computation of Interest	20
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	20
	Section 4.01	Satisfaction and Discharge of Indenture	20
	Section 4.02	Discharge and Defeasance	21
	Section 4.03	Covenant Defeasance	22
	Section 4.04	Conditions To Defeasance Or Covenant Defeasance	22
	Section 4.05	Application of Trust Money; Excess Funds	23
	Section 4.06	Paying Agent to Repay Moneys Held	24
	Section 4.07	Return of Unclaimed Amounts	24
	 	 	 
	ARTICLE V REMEDIES	24
	Section 5.01	Events of Default	24
	Section 5.02	Acceleration of Maturity; Rescission, and Annulment	26
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee	26
	Section 5.04	Trustee May File Proofs of Claim	27
	Section 5.05	Trustee May Enforce Claims Without Possession of Securities	28
	Section 5.06	Application of Money Collected	28
	Section 5.07	Limitation on Suits	28
	Section 5.08	Unconditional Right of Securityholders to Receive Principal, Premium, and Interest	28
	Section 5.09	Restoration of Rights and Remedies	29
	Section 5.10	Rights and Remedies Cumulative	29
	Section 5.11	Delay or Omission Not Waiver	29
	Section 5.12	Control by Securityholders	29
	Section 5.13	Waiver of Past Defaults	29

 

     

     

    

 

	Section 5.14	Undertaking for Costs	30
	Section 5.15	Waiver of Stay or Extension Laws	30
	 	 	 
	ARTICLE VI THE TRUSTEE	30
	Section 6.01	Certain Duties and Responsibilities of Trustee	30
	Section 6.02	Notice of Defaults	31
	Section 6.03	Certain Rights of Trustee	31
	Section 6.04	Not Responsible for Recitals or Issuance of Securities	32
	Section 6.05	May Hold Securities	32
	Section 6.06	Money Held in Trust	32
	Section 6.07	Compensation and Reimbursement	32
	Section 6.08	Disqualification; Conflicting Interests	33
	Section 6.09	Corporate Trustee Required; Eligibility	33
	Section 6.10	Resignation and Removal; Appointment of Successor	33
	Section 6.11	Acceptance of Appointment by Successor	35
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business	35
	Section 6.13	Preferential Collection of Claims Against Company	36
	Section 6.14	Appointment of Authenticating Agent	36
	 	 	 
	ARTICLE VII SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	37
	Section 7.01	Company to Furnish Trustee Names and Addresses of Securityholders	37
	Section 7.02	Preservation of Information; Communications to Securityholders	37
	Section 7.03	Reports by Trustee	38
	Section 7.04	Reports by Company	39
	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	39
	Section 8.01	Company May Consolidate, etc., Only on Certain Terms	39
	Section 8.02	Successor Corporation Substituted	39
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	40
	Section 9.01	Supplemental Indentures Without Consent of Securityholders	40
	Section 9.02	Supplemental Indentures With Consent of Securityholders	41
	Section 9.03	Execution of Supplemental Indentures	42
	Section 9.04	Effect of Supplemental Indentures	42
	Section 9.05	Conformity With Trust Indenture Act	42
	Section 9.06	Reference in Securities to Supplemental Indentures	42

 

	 	 	 
	ARTICLE X COVENANTS	42
	Section 10.01	Payment of Principal, Premium and Interest	42
	Section 10.02	Maintenance of Office or Agency	43
	Section 10.03	Money or Security Payments to Be Held in Trust	43
	Section 10.04	Certificate to Trustee	43
	Section 10.05	Corporate Existence	44
	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	44
	Section 11.01	Applicability of Article	44
	Section 11.02	Election to Redeem; Notice to Trustee	44
	Section 11.03	Selection by Trustee of Securities to be Redeemed	44
	Section 11.04	Notice of Redemption	45
	Section 11.05	Deposit of Redemption Price	45
	Section 11.06	Securities Payable on Redemption Date	45
	Section 11.07	Securities Redeemed in Part	46
	Section 11.08	Provisions with Respect to any Sinking Funds	46
	 	 	 
	ARTICLE XII REPAYMENT AT OPTION OF HOLDERS	47
	Section 12.01	Applicability of Article	47
	Section 12.02	Repayment of Securities	47
	Section 12.03	Exercise of Option	47
	Section 12.04	When Securities Presented for Repayment Become Due and Payable	48
	Section 12.05	Securities Repaid in Part	48
	 	 	 
	ARTICLE XIII SUBORDINATION	48
	Section 13.01	Agreement to Subordinate	48
	Section 13.02	Payments to Securityholders	48
	Section 13.03	Subrogation	50
	Section 13.04	Authorization by Securityholders	51
	Section 13.05	Notice to Trustee	51
	Section 13.06	Trustee's Relation to Senior Indebtedness	52
	Section 13.07	No Impairment of Subordination	52

 

 

     

     

    

 

THIS SUBORDINATED INDENTURE, between Air
Industries Group, a Nevada corporation (hereinafter called the “Company”) having its principal office at 1460
Fifth Avenue, Bay Shore, New York 11706 and _________________, a _________________________, as trustee (hereinafter called the
“Trustee”), is made and entered into as of this _____ day of ______________, _________.

 

Recitals of the Company

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance of its subordinated unsecured debentures, notes, bonds, and other evidences
of indebtedness, to be issued in one or more fully registered series.

 

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

 

Agreements of the Parties

 

To set forth or to provide for the establishment
of the terms and conditions upon which the Securities (as hereinafter defined) are and are to be authenticated, issued, and delivered,
and in consideration of the premises thereof, and the purchase of Securities by the Holders (as hereinafter defined) thereof, it
is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders from time to time of the Securities
or of any series thereof, as the case may be:

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01 Definitions.

 

For all purposes of this Indenture and of
any indenture supplemental hereto, except as otherwise expressly provided or unless the context otherwise requires:

 

(a) the terms defined in this Article have
the meanings assigned to them in this Article, and include the plural as well as the singular;

 

(b) all other
terms used herein which are defined in the Trust Indenture Act (as hereinafter defined), either directly or by reference
therein, have the meanings assigned to them therein;

 

(c) all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise
herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required
or permitted hereunder shall mean such accounting principles as are generally accepted in the United States of America at the date
of such computation; and

 

(d) all references in this instrument to
designated “Articles”, “Sections” and other subdivisions are to the designated Articles, Sections and other
subdivisions of this instrument as originally executed. 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.

 

(e) the following terms will have the meanings
set forth below:

 

“Act”, when used with
respect to any Securityholder (as hereinafter defined), has the meaning specified in Section 1.04.

 

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

 

    1

     

    

 

“Authenticating Agent”
means any Person authorized by the Trustee to authenticate Securities of one or more series under Section 6.14.

 

“Authentication Order”
has the meaning specified in Section 3.03.

 

“Board of Directors” means
(i) the board of directors of the Company, (ii) any duly authorized committee of that board, or (iii) any officer, director, or
authorized representative of the Company, in each case duly authorized by such Board to act hereunder.

 

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

 

“Business Day” means (except,
with respect to any particular series of Securities, as may be otherwise provided in the form of such Securities) any day other
than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by
law, regulation, or executive order to be closed in the applicable Place of Payment (if there is no applicable Place of Payment,
then the City of New York in the State of New York shall be applicable for purposes of this definition).

 

“Capital Stock” means,
with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership
interests (however designated) of such Person and any rights (other than debt securities convertible or exchangeable for corporate
stock), warrants or options to purchase any thereof.

 

“Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or, if
at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it
under the Trust Indenture Act, then the body performing such duties on such date.

 

“Company” means Air Industries
Group, unless and until a successor corporation shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Company” shall mean such successor corporation.

 

“Company Request”, “Company
Order”, and “Company Consent” mean, respectively, a written request, order, or consent signed in the
name of the Company by the chairman of the Board of Directors, the chief executive officer, the chief financial officer, the treasurer
or the controller of the Company, or by any other officer or officers of the Company pursuant to an applicable Board Resolution,
and delivered to the Trustee.

 

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

 

“Corporation” means a
corporation, association, company, joint-stock company, limited liability company or business trust.

 

“Covenant Defeasance” has
the meaning specified in Section 4.03.

 

“Defaulted Interest” has
the meaning specified in Section 3.07.

 

“Defeasance” has the meaning
specified in Section 4.02.

 

“Depositary” means with
respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated as Depositary
by the Company pursuant to Section 3.01, unless and until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary
hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the
Securities of any such series shall mean the “Depositary” with respect to the Securities of that series. 

 

“Equivalent Government Securities”
means, in relation to Securities denominated in a currency other than U.S. dollars, securities of the government that issued the
currency in which such Securities are denominated or securities of government agencies backed by the full faith and credit of such
government.

 

“Event of Default” has
the meaning specified in Article 5.

 

“Holder”, “Securityholder”
and “Holder of Securities” means a Person in whose name a Security is registered in the Security Register (as
hereinafter defined).

 

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

 

    2

     

    

 

“Indebtedness” with respect
to any Person means (1) any liability of such Person (a) for borrowed money, or (b) evidenced by a bond, note, debenture or similar
instrument (including purchase money obligations but excluding Trade Payables), or (c) for the payment of money relating to a lease
that is required to be classified as a capitalized lease obligation in accordance with generally accepted accounting principles;
(2) mandatorily redeemable preferred or preference stock of a Subsidiary held by Persons other than the Company or a Subsidiary;
(3) any liability of others described in the preceding clause (1) that such Person has Guaranteed, that is recourse to such Person
or that is otherwise such Person’s legal liability; and (4) any amendment, supplement, modification, deferral, renewal, extension
or refunding of any liability of the types referred to in clauses (1), (2) and (3) above.

 

“Indenture” or “this
Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms
of any particular series of Securities established as contemplated by Section 3.01.

 

“Interest Payment Date”,
when used with respect to any series of Securities, means any date on which an installment of interest on those Securities is scheduled
to be paid.

 

“Maturity”, when used
with respect to any Security, means the date on which the principal amount outstanding under such Security or an installment of
principal amount outstanding under such Security becomes due and payable, as therein or herein provided, whether on the Scheduled
Maturity Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise.

 

“Officers’ Certificate”
means a certificate signed by any two of the chairman of the Board of Directors, the chief executive officer, the president, any
vice president or the treasurer of the Company or by any other officer or officers of the Company pursuant to an applicable Board
Resolution, and delivered to the Trustee.

 

“Opinion of Counsel” means
a written opinion of counsel to the Company, which counsel may be an employee of the Company or other counsel who shall be reasonably
acceptable to the Trustee.

 

“Option to Elect Repayment”
has the meaning specified in Section 12.03.

 

“Original Issue Discount Security”
means any Security which is initially sold at a discount from the principal amount thereof and the terms of which provide that
upon redemption or acceleration of the Maturity thereof, an amount less than the principal amount thereof would become due and
payable.

 

“Outstanding”, when used
with respect to any particular Securities or to the Securities of any particular series means, as of the date of determination,
all such Securities theretofore authenticated and delivered under this Indenture, except:

 

(i) such Securities theretofore canceled
by the Trustee or delivered by the Company to the Trustee for cancellation;

 

(ii) such Securities, or portions thereof,
for whose payment or redemption money in the necessary amount has been theretofore deposited in trust with the Trustee or with
any Paying Agent (as hereinafter defined) other than the Company, or, if the Company shall act as its own Paying Agent, has been
set aside and segregated in trust by the Company; provided, in any case, that if such Securities are to be redeemed prior to their
Scheduled Maturity Date, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory
to the Trustee has been made; and

(iii) such Securities in exchange for or
in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, or which shall have been paid,
in each case, pursuant to the terms of Section 3.06 (except with respect to any such Security as to which proof satisfactory to
the Trustee is presented that such Security is held by a Person in whose hands such Security is a legal, valid, and binding obligation
of the Company).

 

    3

     

    

 

In determining whether the Holders of the
requisite principal amount of such Securities Outstanding have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, the principal amount of any Original Issue Discount Security that shall be deemed to be Outstanding shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of
acceleration of the Maturity thereof. In determining whether the Holders of the requisite principal amount of such Securities Outstanding
have given a direction concerning the time, method, and place of conducting any proceeding for any remedy available to the Trustee,
or concerning the exercise of any trust or power conferred upon the Trustee under this Indenture, or concerning a consent on behalf
of the Holders of any series of Securities to the waiver of any past default and its consequences, Securities owned by the Company,
any other obligor upon the Securities, or any Affiliate of the Company or such other obligor shall be disregarded and deemed not
to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Securities which a Responsible Officer assigned to the corporate trust department of
the Trustee knows to be owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other
obligor shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act as owner with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other
obligor.

 

“Paying Agent” means,
with respect to any Securities, any Person appointed by the Company to distribute amounts payable by the Company on such Securities.
If at any time there shall be more than one such Person, “Paying Agent” as used with respect to the Securities of any
particular series shall mean the Paying Agent with respect to Securities of that series. As of the date of this Indenture, the
Company has appointed __________ as Paying Agent with respect to all Securities issuable hereunder.

 

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

 

“Place of Payment” means
with respect to any series of Securities issued hereunder the city or political subdivision so designated with respect to the series
of Securities in question in accordance with the provisions of Section 3.01.

 

“Predecessor Securities”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in lieu
of a lost, destroyed, mutilated, or stolen Security shall be deemed to evidence the same debt as the lost, destroyed, mutilated,
or stolen Security.

 

“Record Date” means any
date as of which the Holder of a Security will be determined for any purpose described herein, such determination to be made as
of the close of business on such date by reference to the Security Register.

 

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

 

“Redemption Price”, when
used with respect to any Security to be redeemed, means the price specified in the Security at which it is to be redeemed pursuant
to this Indenture.

 

“Repayment Date”, when
used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to such Security.

 

“Repayment Price”, when
used with respect to any Security to be repaid, means the price at which it is to be repaid pursuant to such Security.

 

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

 

“Scheduled Maturity Date”,
when used with respect to any Security, means the date specified in such Security as the date on which all outstanding principal
and interest will be due and payable.

 

    4

     

    

 

“Security” or “Securities”
means any subordinated note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case
may be, of any series authenticated and delivered from time to time under this Indenture.

 

“Security Register” shall
have the meaning specified in Section 3.05.

 

“Security Registrar” means
the Person who maintains the Security Register, which Person shall be the Trustee unless and until a successor Security Registrar
is appointed by the Company.

 

“Senior Indebtedness”
means all Indebtedness of, or Guaranteed or assumed by, the Company, whether or not represented by bonds, debentures notes or similar
instruments, for borrowed money, and any amendments, renewals, extensions, modifications and refundings of any such Indebtedness,
unless in the instrument creating or evidencing any such Indebtedness or pursuant to which the same is outstanding it is specifically
stated, at or prior to the time the Company becomes liable in respect thereof, that any such Indebtedness or such amendment, renewal,
extension, modification and refunding thereof is not Senior Indebtedness.

 

“Significant Subsidiary”
means each Subsidiary which is a “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X, as amended
or modified and in effect from time to time.

 

“Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.     

 

“Specified Currency” has
the meaning specified in Section 3.01.

 

“Subsidiary” means any
corporation, partnership or other entity of which at the time of determination the Company owns or controls directly or indirectly
more than 50% of the shares of Voting Stock or equivalent interest.

 

“Trade Payables” means
accounts payable or any other Indebtedness or monetary obligations to trade creditors created or assumed in the ordinary course
of business in connection with the obtaining of materials, finished products, inventory or services.

 

“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939, as in force as of the date hereof, except as provided in Section
9.05.

 

“Trustee” means the party
named as such above until a successor becomes such pursuant to this Indenture and thereafter means or includes each party who is
then a trustee hereunder, and if at any time there is more than one such party, “Trustee” as used with respect to the
Securities of any series means the Trustee with respect to Securities of that series. If Trustees with respect to different series
of Securities are trustees under this Indenture, nothing herein shall constitute the Trustees co-trustees of the same trust, and
each Trustee shall be the trustee of a trust separate and apart from any trust administered by any other Trustee with respect to
a different series of Securities.

 

“U.S. Government Obligations”
means (i) securities that are direct obligations of the United States of America, the payment of which is unconditionally Guaranteed
by the full faith and credit of the United States of America and (ii) securities that are obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally
Guaranteed by the full faith and credit of the United States of America, and also includes depository receipts issued by a bank
or trust company as custodian with respect to any of the securities described in the preceding clauses (i) and (ii), and any payment
of interest or principal payable under any of the securities described in the preceding clauses (i) and (ii) that is held by such
custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depository receipt, or from any amount received
by the custodian in respect of such securities, or from any specific payment of interest or principal payable under the securities
evidenced by such depository receipt.

 

“Voting Stock”, as applied
to the stock of any corporation, means stock of any class or classes (however designated), the outstanding shares of which have,
by the terms thereof, ordinary voting power to elect a majority of the members of the board of directors (or other governing body)
of such corporation, other than stock having such power only by reason of the happening of a contingency.

 

    5

     

    

 

Section 1.02 Officers’ Certificates
and Opinions.

 

Every Officers’ Certificate, Opinion
of Counsel, and other certificate or opinion to be delivered to the Trustee under this Indenture with respect to any action to
be taken by the Trustee (except for the Officers’ Certificate required by Section 10.04) shall include the following:

 

(a) a statement that each individual signing
such certificate or opinion has read all covenants and conditions of this Indenture relating to such proposed action, including
the definitions herein relating thereto;

 

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

 

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

 

(d) a statement as to whether, in the opinion
of each such individual, such condition or covenant has been complied with.

 

Section 1.03 Form of Documents Delivered
to Trustee.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters,
and any such Person may certify or give an opinion as to such matters in one or several documents.

  

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, legal
counsel, unless such officer knows that any such certificate, opinion, or representation is erroneous. Any opinion of counsel for
the Company may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company, unless such counsel knows that any such certificate, opinion, or representation is erroneous.

 

Where any Person is required to make, give,
or execute two or more applications, requests, consents, certificates, statements, opinions, or other instruments under this Indenture,
such instruments may, but need not, be consolidated and form a single instrument.

 

Section 1.04 Acts of Securityholders.

 

(a) Any request, demand, authorization, direction,
notice, consent, waiver, or other action provided by this Indenture to be given or taken by Securityholders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent
of such Securityholders duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and (if expressly required by the applicable terms of
this Indenture) to the Company. If any Securities are denominated in coin or currency other than that of the United States, then
for the purposes of determining whether the Holders of the requisite principal amount of Securities have taken any action as herein
described, the principal amount of such Securities shall be deemed to be that amount of United States dollars that could be obtained
for such principal amount on the basis of the spot rate of exchange into United States dollars for the currency in which such Securities
are denominated (as evidenced to the Trustee by a certificate provided by a financial institution, selected by the Company, that
maintains an active trade in the currency in question, acting as conversion agent) as of the date the taking of such action by
the Holders of such requisite principal amount is evidenced to the Trustee as provided in the immediately preceding sentence. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Securityholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.

 

(b) The fact and date of the execution by
any Person of any such instrument or writing may be proved by the affidavit of a witness to such execution or by the certificate
of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by an officer of a corporation
or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute
sufficient proof of his or her authority. The fact and date of the execution of any such instrument or writing, or the authority
of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

 

(c) The ownership of Securities shall for
all purposes be determined by reference to the Security Register, as such register shall exist as of the applicable date.

 

    6

     

    

 

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

 

(e) Any request, demand, authorization, direction,
notice, consent, waiver or other action by the Holder of any Security shall bind each subsequent Holder of such Security, and each
Holder of any Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, with respect
to anything done or suffered to be done by the Trustee or the Company in reliance upon such action, whether or not notation of
such action is made upon such Security.

 

Section 1.05 Notices, etc., to Trustee
and Company.

 

Any request, order, authorization, direction,
consent, waiver, or other action to be taken by the Trustee, the Company, or the Securityholders hereunder (including any Authentication
Order), and any notice to be given to the Trustee or the Company with respect to any action taken or to be taken by the Trustee,
the Company, or the Securityholders hereunder, shall be sufficient if made in writing and

 

(a)(if to be furnished or delivered to or
filed with the Trustee by the Company or any Securityholder) delivered to the Trustee at its Corporate Trust Office, Attention:
__________________________; or

 

(b)(if to be furnished or delivered to the
Company by the Trustee or any Securityholder, and except as otherwise provided in Section 5.01(d) and, in the case of a request
for repayment, except as specified in the Security carrying the right to repayment) mailed to the Company, first-class postage
prepaid, at its principal office (as specified in the first paragraph of this instrument), Attention: Chief Financial Officer,
or at any other address hereafter furnished in writing by the Company to the Trustee.

 

Section 1.06 Notice To Securityholders;
Waiver.

 

Where this Indenture or any Security provides
for notice to Securityholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided herein
or in such Security) if in writing and mailed, first-class postage prepaid, to each Securityholder affected by such event, at his
or her address as it appears in the Security Register as of the applicable Record Date, not later than the latest date or earlier
than the earliest date prescribed by this Indenture or such Security for the giving of such notice. In any case where notice to
Securityholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Securityholder shall affect the sufficiency of such notice with respect to other Securityholders. Where this Indenture or any Security
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Securityholders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
waiver.

 

In case, by reason of the suspension of regular
mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to mail notice of any event to any Securityholder
when such notice is required to be given pursuant to any provision of this Indenture or the applicable Security, then any method
of notification as shall be satisfactory to the Trustee and the Company shall be deemed to be sufficient for the giving of such
notice.

 

    7

     

    

 

Section 1.07 Conflict with Trust Indenture
Act.

 

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

 

Section 1.08 Effect of Headings and Table
of Contents.

 

The Article and Section headings herein and
the Table of Contents hereof are for convenience only and shall not affect the construction of any provision of this Indenture.

 

Section 1.09 Successors and Assigns.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10 Separability Clause.

 

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

 

Section 1.11 Benefits Of Indenture.

 

Nothing in this Indenture or in any Securities,
express or implied, shall give to any Person, other than the parties hereto, their successors hereunder, the Authenticating Agent,
the Security Registrar, any Paying Agent, and the Holders of Securities (or such of them as may be affected thereby), any benefit
or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.12 Governing Law.

 

This Indenture shall be governed by and construed
in accordance with the laws of the State of __________.

 

Section 1.13 Counterparts.

 

This instrument may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an original, but all of which shall together constitute but
one and the same instrument.

 

Section 1.14 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 with respect
to the Securities of any series it is necessary to convert the sum due in respect of the principal, premium, if any, or interest,
if any, payable with respect to such Securities into a currency in which a judgment can be rendered (the “Judgment Currency”),
the rate of exchange from the currency in which payments under such Securities is payable (the “Required Currency”)
into the Judgment Currency shall be the highest bid quotation (assuming European-style quotation - i.e., Required Currency
per Judgment Currency) received by the Company from three recognized foreign exchange dealers in the City of _________________
for the purchase of the aggregate amount of the judgment (as denominated in the Judgment Currency) on the Business Day preceding
the date on which a final unappealable judgment is rendered, for settlement on such payment date, and at which the applicable dealer
timely commits to execute a contract, and (b) the Company’s obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, or by any recovery pursuant to any judgment (whether or not entered
in accordance with the preceding clause (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 judgment creditor 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.

 

    8

     

    

 

Section 1.15 Legal Holidays.

 

In any case where any Interest Payment Date,
Redemption Date, Repayment Date or Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be
made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the
same force and effect as if made on the Interest Payment Date, Redemption Date or Repayment Date or at Maturity, provided that
no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date, Repayment Date or Maturity,
as the case may be.

 

 

ARTICLE II

SECURITY FORMS

Section 2.01 Forms Generally.

 

The Securities of each series shall have
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required
to comply with the rules of any securities exchange, or as may, consistently herewith, be determined by the officers executing
such Securities, as evidenced by their execution of the Securities. Any portion of the text of any Security may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the Security.

 

The definitive Securities, if any, shall
be printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders or may be produced
in any other manner permitted by the rules of any securities exchange, all as determined by the officers executing such Securities,
as evidenced by their execution of such Securities.

 

 

Section 2.02 Forms of Securities.

 

Each Security shall be in one of the forms
approved from time to time by or pursuant to any Board Resolution, or established in one or more indentures supplemental hereto.
Prior to the delivery to the Trustee for authentication of any Security in any form approved by or pursuant to a Board Resolution,
the Company shall deliver to the Trustee a copy of such Board Resolution, together with a true and correct copy of the form of
Security which has been approved thereby, or, if a Board Resolution authorizes a specific officer or officers to approve a form
of Security, together with a certificate of such officer or officers approving the form of Security attached thereto, provided,
however, that with respect to all Securities issued pursuant to the same Board Resolution, the required copy of such Board
Resolution, together with the appropriate attachment, need be delivered only once. Any form of Security approved by or pursuant
to a Board Resolution must be acceptable as to form to the Trustee, such acceptance to be evidenced by the Trustee’s authentication
of Securities in that form or by a certificate signed by a Responsible Officer of the Trustee and delivered to the Company.

 

Section 2.03 Securities in Global Form.

 

If Securities of a series are issuable in
whole or in part in global form, the global security representing such Securities may provide that it shall represent the aggregate
amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities represented thereby may from time to time be reduced to reflect exchanges or increased to reflect the issuance of additional
Securities. Any endorsement of a Security in global form to reflect the amount (or any increase or decrease in the amount) of Outstanding
Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the
Authentication Order delivered to the Trustee pursuant to Section 3.03 hereof.

 

Section 2.04 Form of Trustee’s Certificate
of Authentication.

 

The form of Trustee’s Certificate of
Authentication for any Security issued pursuant to this Indenture shall be substantially as follows:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Securities of the series designated therein referred to in the within-mentioned Indenture. ______________________, as
Trustee

 

By: ____________________

Authorized Officer:

 

    9

     

    

 

ARTICLE III

THE SECURITIES

 

Section 3.01 General Title; General Limitations;
Issuable in Series; Terms of Particular Series.

 

(a) The aggregate principal amount of Securities
that may be authenticated, delivered, and Outstanding at any time under this Indenture is not limited.

 

(b) The Securities may be issued in one or
more series in such aggregate principal amount as may from time to time be authorized by the Board of Directors. All Securities
of a series issued under this Indenture shall in all respects be equally and ratably entitled to the benefits hereof, without preference,
priority, or distinction on account of the actual time of the authentication and delivery or Scheduled Maturity Date thereof, but
all Securities issued hereunder shall be subordinate and junior in right and payment, to the extent and in the manner set forth
in Article XIII, to all Senior Indebtedness of the Company.

 

(c) Each series of Securities shall be created
either by or pursuant to one or more Board Resolutions, by an Officers’ Certificate or by one or more indentures supplemental
hereto. Any such Board Resolution or supplemental indenture (or, in the case of a series of Securities created pursuant to a Board
Resolution, any officer or officers authorized by such Board Resolution) shall establish the terms of any such series of Securities,
including the following (as and to such extent as may be applicable):

 

(1) the title of such series;

 

(2) the limit, if any, upon the aggregate
principal amount or issue price of the Securities of such series;     

 

(3) the issue date or issue dates of the Securities
of such series;

 

(4) the Scheduled Maturity Date of the Securities
of such series;

 

(5) the place or places where the principal,
premium, if any, interest, if any, and additional amounts, if any, payable with respect to the Securities of such series shall
be payable; 

 

(6) whether the Securities of such series
will be issued at par or at a premium over or a discount from their face amount;

 

(7) the rate or rates (which may be fixed
or variable) at which the Securities of such series shall bear interest, if any, and, if applicable, the method by which such rate
or rates may be determined;

 

(8) the date or dates (or the method by which
such date or dates may be determined) from which interest, if any, shall accrue, and the Interest Payment Dates on which such interest
shall be payable;

 

    10

     

    

 

(9) the rights, if any, to defer payments
of interest on the Securities by extending the interest payment periods and the duration of such extension;

 

(10) the period or periods within which, the
Redemption Price(s) or Repayment Price(s) at which, and any other terms and conditions upon which the Securities of such series
may be redeemed or repaid, in whole or in part, by the Company;

 

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

 

(12) the issuance of the Securities of such
series in whole or in part in global form and, if so, the identity of the Depositary for such global security and the terms and
conditions, if any, upon which interests in the Securities represented by such global security may be exchanged, in whole or in
part, for the individual Securities represented thereby (if other than as provided in Section 3.05);

 

(13) the denominations in which the Securities
of such series will be issued (which may be any denomination as set forth in the terms of such Securities) if other than U.S. $1,000
or an integral multiple thereof;

 

(14) whether and under what circumstances
additional amounts on the Securities of such series shall be payable in respect of any taxes, assessments, or other governmental
charges withheld or deducted and, if so, whether the Company will have the option to redeem such Securities rather than pay such
additional amounts;

 

(15) the basis upon which interest shall be
calculated;

 

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

 

(17) the exchange or conversion of the Securities
of that series, whether or not at the option of the Holders thereof, for or into new Securities of a different series or for or
into any other securities which may include shares of Capital Stock of the Company or any Subsidiary of the Company or securities
directly or indirectly convertible into or exchangeable for any such shares or securities of entities unaffiliated with the Company
or any Subsidiary of the Company;

 

(18) if other than U.S. dollars, the foreign
or composite currency or currencies (each such currency a “Specified Currency”) in which the Securities of such
series shall be denominated and in which payments of principal, premium, if any, interest, if any, or additional amounts, if any,
payable with respect to such Securities shall or may be payable;

 

(19) if the principal, premium, if any, interest,
if any, or additional amounts, if any, payable with respect to the Securities of such series are to be payable in any currency
other than that in which the Securities are stated to be payable, whether at the election of the Company or of a Holder thereof,
the period or periods within which, and the terms and conditions upon which, such election may be made;

 

(20) if the amount of any payment of principal,
premium, if any, interest, if any, or other sum payable with respect to the Securities of such series may be determined by reference
to the relative value of one or more Specified Currencies, commodities, securities, or instruments, the level of one or more financial
or non-financial indices, or any other designated factors or formulas, the manner in which such amounts shall be determined;

 

(21) the exchange of Securities of such series,
at the option of the Holders thereof, for other Securities of the same series of the same aggregate principal amount of a different
authorized kind or different authorized denomination or denominations, or both;

 

(22) the appointment by the Trustee of an
Authenticating Agent in one or more places other than the Corporate Trust Office of the Trustee, with power to act on behalf of
the Trustee, and subject to its direction, in the authentication and delivery of the Securities of such series;

 

    11

     

    

 

(23) any trustees, depositaries, paying agents,
transfer agents, exchange agents, conversion agents, registrars, or other agents with respect to the Securities of such series
if other than the Trustee, Paying Agent and Security Registrar named herein;

 

(24) the portion of the principal amount of
Securities of such series, if other than the principal amount thereof, that shall be payable upon declaration of acceleration of
the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 5.04;

 

(25) any Event of Default with respect to
the Securities of such series, if not set forth herein, or any modification of any Event of Default set forth herein with respect
to such series;

 

(26) any covenant solely for the benefit of
the Securities of such series;

 

(27) the inapplicability of Section 4.02 and
Section 4.03 of this Indenture to the Securities of such series and if Section 4.03 is applicable, the covenants subject to Covenant
Defeasance under Section 4.03; and

 

(28) any other terms of the securities of
such series (which terms shall not be inconsistent with the provisions of this Indenture, but which may modify or delete any provision
of this Indenture insofar as it applies to such series).

 

If all of the Securities issuable by or pursuant
to any Board Resolution are not to be issued at one time, it shall not be necessary to deliver the Officers’ Certificate
and Opinion of Counsel required by Section 3.03 hereof at the time of issuance of each such Security, but such Officers’
Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the first such Security.

 

If any series of Securities shall be established
by action taken pursuant to any Board Resolution, the execution by the officer or officers authorized by such Board Resolution
of an Authentication Order (as defined in Section 3.03 below) with respect to the first Security of such series to be issued, and
the delivery of such Authentication Order to the Trustee at or before the time of issuance of the first Security of such series,
shall constitute a sufficient record of such action. Except as otherwise permitted by Section 3.03, if all of the Securities of
any such series are not to be issued at one time, the Company shall deliver an Authentication Order with respect to each subsequent
issuance of Securities of such series, but such Authentication Orders may be executed by any authorized officer or officers of
the Company, whether or not such officer or officers would have been authorized to establish such series pursuant to the aforementioned
Board Resolution.

 

Unless otherwise provided by or pursuant
to the Board Resolution or supplemental indenture creating such series (i) a series may be reopened for issuances of additional
Securities of such series, and (ii) all Securities of the same series shall be substantially identical, except for the initial
Interest Payment Date, issue price, initial interest accrual date and the amount of the first interest payment.

 

The form of the Securities of each series
shall be established in a supplemental indenture or by or pursuant to the Board Resolution creating such series. The Securities
of each series shall be distinguished from the Securities of each other series in such manner as the Board of Directors or its
authorized representative or representatives may determine.

 

Unless otherwise provided with respect to
Securities of a particular series, the Securities of any series may only be issuable in registered form, without coupons.

 

Section 3.02 Denominations and Currency.

 

The Securities of each series shall be issuable
in such denominations and currency as shall be provided in the provisions of this Indenture or by or pursuant to the Board Resolution
or supplemental indenture creating such series. In the absence of any such provisions with respect to the Securities of any series,
the Securities of that series shall be issuable only in fully registered form in denominations of U.S. $1,000 and any integral
multiple thereof.

 

Section 3.03 Execution, Authentication
and Delivery, and Dating.

 

The Securities shall be executed on behalf
of the Company by the president, the chief executive officer, the chief financial officer, any vice president, the treasurer or
any assistant treasurer and attested by the secretary or any one of its assistant secretaries, under its corporate seal. The signature
of any of these officers on the Securities may be manual or facsimile. The seal of the Company, if set forth thereon, may be in
the form of a facsimile thereof and may be impressed, affixed, imprinted, or otherwise reproduced on the Securities. Typographical
and other minor errors or defects in any such reproduction of the seal or any such signature shall not affect the validity or enforceability
of any Security that has been duly authenticated and delivered by the Trustee.

 

    12

     

    

 

Unless otherwise provided in the form of
Security for any series, all Securities shall be dated the date of their authentication.

 

Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities to the Trustee for authentication, together with a
Company Order for authentication and delivery (such Order an “Authentication Order”) with respect to such Securities,
and the Trustee shall, upon receipt of such Authentication Order, in accordance with procedures acceptable to the Trustee set forth
in the Authentication Order, and subject to the provisions hereof, authenticate and deliver such Securities to such recipients
as may be specified from time to time pursuant to such Authentication Order. The material terms of such Securities shall be determinable
by reference to such Authentication Order and procedures. If provided for in such procedures, such Authentication Order may authorize
authentication and delivery of such Securities pursuant to oral instructions from the Company or its duly authorized agent, which
instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to the provisions of
Section 6.01 hereof) shall be fully protected in relying upon:

 

(1) an executed supplemental indenture, if
any;

 

(2) an Officers’ Certificate, certifying
as to the authorized form or forms and terms of such Securities; and

 

(3) an Opinion of Counsel, stating that:

 

(a) the form or forms and terms of such Securities
have been established by and in conformity with the provisions of this Indenture; provided that if all such Securities are
not to be issued at the same time, such Opinion of Counsel may state that such terms will be established in conformity with the
provisions of this Indenture, subject to any conditions specified in such Opinion of Counsel; and

 

(b) such Securities, when authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel,
will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, moratorium, reorganization, and other laws of general applicability relating to or affecting the enforcement of creditors’
rights and to general principles of equity;

 

provided, however, that if all Securities issuable by
or pursuant to a Board Resolution or supplemental indenture are not to be originally issued at one time, it shall not be necessary
to deliver the Officers’ Certificate or Opinion of Counsel otherwise required pursuant to this paragraph at or prior to the
time of authentication of each such Security if such documents are delivered at or prior to the time of authentication upon original
issuance of the first such Security to be issued. After the original issuance of the first such Security to be issued, any separate
request by the Company that the Trustee authenticate such Securities for original issuance will be deemed to be a certification
by the Company that it is in compliance with all conditions precedent provided for in this Indenture relating to the authentication
and delivery of such Securities.

 

The Trustee shall not be required to authenticate
such Securities if the issue thereof will adversely affect the Trustee’s own rights, duties, or immunities under the Securities
and this Indenture.

 

If the Company shall establish pursuant to
Section 3.01 that Securities of a series may be issued in whole or in part in global form, then the Company shall execute, and
the Trustee shall (in accordance with this Section 3.03 and the Authentication Order with respect to such series) authenticate
and deliver, one or more Securities in global form that (i) shall represent and shall be denominated in an aggregate amount equal
to the aggregate principal amount of the Outstanding Securities of such series to be represented by such one or more Securities
in global form, (ii) shall be registered, in the name of the Depositary for such Security or Securities in global form, or in the
name of a nominee of such Depositary, (iii) shall be delivered to such Depositary or pursuant to such Depositary’s instruction,
and (iv) shall bear a legend substantially as follows: “Unless and until it is exchanged in whole or in part for Securities
in certificated form, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary.” Each Depositary designated pursuant to Section 3.01
for a Security in global form must, at the time of its designation and at all times while it serves as Depositary, be a clearing
agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation.

 

    13

     

    

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder.

 

Section 3.04 Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and, upon receipt of the documents required by Sections 2.02, 3.01 and 3.03 hereof, together
with an Authentication Order, the Trustee shall authenticate and deliver, temporary Securities of such series that are printed,
lithographed, typewritten, mimeographed, or otherwise produced, in any authorized denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued in registered form, without coupons, and with such appropriate insertions,
omissions, substitutions, and other variations as the officers executing such Securities may determine, as evidenced by their execution
of such Securities. In the case of Securities of any series for which a temporary Security may be issued in global form, such temporary
global security shall represent all of the Outstanding Securities of such series and tenor.

 

Except in the
case of temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary
Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Securities, the temporary Securities of such series shall be
exchangeable, at the Corporate Trust Office of the Trustee, or at such other office or agency as may be maintained by the
Company in a Place of Payment pursuant to Section 10.02 hereof, for definitive Securities of such series having identical
terms and provisions, upon surrender of the temporary Securities of such series, at the Company’s own expense and
without charge to the Holder; and upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of such series in authorized denominations containing identical terms and provisions. Unless otherwise
specified as contemplated by Section 3.01 with respect to a temporary Security in global form, until so exchanged, the
temporary Securities of such series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of such series.

 

Section 3.05 Registration, Transfer and
Exchange.

 

With respect to the Securities of each series,
the Trustee shall keep a register (herein sometimes referred to as the “Security Register”) which shall provide
for the registration of Securities of such series, and for transfers of Securities of such series, in accordance with information
to be provided to the Trustee by the Company, subject to such reasonable regulations as the Trustee may prescribe. Such register
shall be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable
times the information contained in such register or registers shall be available for inspection at the Corporate Trust Office of
the Trustee or at such other office or agency to be maintained by the Company pursuant to Section 10.02 hereof.

 

Upon due presentation for registration of
transfer of any Security of any series at the Corporate Trust Office of the Trustee or at any other office or agency maintained
by the Company with respect to that series pursuant to Section 10.02 hereof, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Securities of such series of any authorized
denominations, of like aggregate principal amount, tenor, terms and Scheduled Maturity Date.

 

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Any other provision of this Section 3.05
notwithstanding, unless and until it is exchanged in whole or in part for the individual Securities represented thereby, in definitive
form, a Security in global form representing all or a portion of the Securities of a series may not be transferred except as a
whole by the Depositary for such series to a nominee of such Depositary, or by a nominee of such Depositary to such Depositary
or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary for such series or a
nominee of such successor Depositary.

 

At the option of the Holder, Securities of
any series may be exchanged for other Securities of such series of any authorized denominations, of like aggregate principal amount,
tenor, terms and Scheduled Maturity Date, upon surrender of the Securities to be exchanged at such office or agency. Whenever any
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Securityholder making the exchange is entitled to receive.

 

If at any time the Depositary for the Securities
of a series represented by one or more Securities in global form notifies the Company that it is unwilling or unable to continue
as Depositary for the Securities of such series, or if at any time the Depositary for the Securities of such series shall no longer
be eligible under Section 3.03 hereof, the Company, by Company Order, shall appoint a successor Depositary with respect to the
Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section
3.01 that such Securities be represented by one or more Securities in global form shall no longer be effective with respect to
the Securities of such series and the Company will execute, and the Trustee, upon receipt of an Authentication Order for the authentication
and delivery of definitive Securities of such series, will authenticate and deliver Securities of such series in definitive form,
in authorized denominations, in an aggregate principal amount, and of like terms and tenor, equal to the principal amount of the
Security or Securities in global form representing such series, in exchange for such Security or Securities in global form.

 

The Company may at any time and in its sole
discretion and subject to the procedures of the Depositary determine that individual Securities of any series issued in global
form shall no longer be represented by such Security or Securities in global form. In such event the Company will execute, and
the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive Securities of such series
and of the same terms and tenor, will authenticate and deliver Securities of such series in definitive form, in authorized denominations,
and in aggregate principal amount equal to the principal amount of the Security or Securities in global form representing such
series in exchange for such Security or Securities in global form.

 

If specified by the Company pursuant to Section
3.01 with respect to a series of Securities issued in global form, the Depositary for such series of Securities may surrender a
Security in global form for such series of Securities in exchange in whole or in part for Securities of such series in definitive
form and of like terms and tenor on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall
execute, and the Trustee upon receipt of an Authentication Order for the authentication and delivery of definitive Securities of
such series, shall authenticate and deliver, without service charge:

 

(a) to each Person specified by such Depositary,
a new definitive Security or Securities of the same series and of the same tenor and terms, in authorized denominations, in aggregate
principal amount equal to and in exchange for such Person’s beneficial interest in the Security in global form; and

 

(b) to such Depositary, a new Security in
global form in a denomination equal to the difference, if any, between the principal amount of the surrendered Security in global
form and the aggregate principal amount of the definitive Securities delivered to Holders pursuant to clause (a) above.

 

Upon the exchange of a Security in global
form for Securities in definitive form, such Security in global form shall be canceled by the Trustee or an agent of the Company
or the Trustee. Securities issued in definitive form in exchange for a Security in global form pursuant to this Section 3.05 shall
be registered in such names and in such authorized denominations as the Depositary for such Security in global form, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent of the Company or the
Trustee in writing. The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such
Securities are so registered or to the Depositary.

 

Whenever any securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

 

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 transfer or exchange.

 

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

 

Unless otherwise provided in the Security
to be transferred or exchanged, no service charge shall be imposed for any registration of transfer or exchange of Securities,
but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges pursuant
to Section 3.04, 3.06, 9.06 and 11.07 hereof not involving any transfer.

 

The Company shall not be required to (i)
issue, register the transfer of, or exchange any Security of any series during a period beginning at the opening of business 15
days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption under Section
11.03 and ending at the close of business on the date of such mailing, or (ii) register the transfer of or exchange any Security
so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof
not to be redeemed.

 

Section 3.06 Mutilated, Destroyed, Lost
and Stolen Securities.

 

If (i) any mutilated Security is surrendered
to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any
Security, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save
each of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona
fide purchaser, the Company may in its discretion execute and upon request of the Company the Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of like tenor, terms, series,
Scheduled Maturity Date, and principal amount, bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

Section 3.07 Payment of Interest; Interest
Rights Preserved.

 

Interest on any Security which is payable
and is punctually paid or duly provided for on any Interest Payment Date shall, if so provided in such Security, be paid to the
Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the applicable
Record Date, notwithstanding any transfer or exchange of such Security subsequent to such Record Date and prior to such Interest
Payment Date (unless such Interest Payment Date is also the date of Maturity of such Security).

 

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Any interest on any Security which is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered Holder on the applicable Record Date by virtue of having been such Holder;
and, except as hereinafter provided, such Defaulted Interest may be paid by the Company, at its election in each case, as provided
in clause (a) or clause (b) below:

 

(a) The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names any such Securities (or their respective Predecessor Securities) are registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security
and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall be not more than 15 nor less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid,
to the Holder of each such Security at his or her address as it appears in the Security Register, not less than 10 days prior to
such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having
been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant
to the following clause (b).

 

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

 

Interest on Securities of any series that
bear interest may be paid by mailing a check to the address of the Person entitled thereto at such address as shall appear in the
Securities Register for such series or by such other means as may be specified in the form of such Security.

 

Subject to the foregoing provisions of this
Section 3.07 and the provisions of Section 3.05 hereof, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which
were carried by such other Security.

 

Section 3.08 Persons Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
any Security is registered on the applicable Record Date(s) as the owner of such Security for the purpose of receiving payment
of principal, premium, if any, interest, if any (subject to Sections 3.05 and 3.07 hereof), and any additional amounts payable
with respect to such Security, and for all other purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

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None of the Company, the Trustee, any Authenticating
Agent, any Paying Agent, the Security Registrar, or any co-Security Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial ownership interests of a Security in global form or
for maintaining, supervising or reviewing any records relating to such beneficial ownership interests and each of them may act
or refrain from acting without liability on any information relating to such records provided by the Depositary.

 

Section 3.09 Cancellation.

 

All Securities surrendered for payment, redemption,
registration of transfer, exchange, or credit against a sinking or analogous fund shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and, if not already canceled, shall be promptly canceled by it. 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 all Securities so delivered shall be promptly canceled by the Trustee. Acquisition
of such Securities by the Company shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities
unless and until the same are delivered to the Trustee for cancellation. No Security shall be authenticated in lieu of or in exchange
for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. The Trustee shall dispose
of all canceled Securities in accordance with its customary procedures and deliver a certificate of such disposition to the Company.

 

Section 3.10 Computation of Interest.

 

Unless otherwise provided as contemplated
in Section 3.01, interest on the Securities shall be calculated on the basis of a 360-day year of twelve 30-day months.

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 4.01 Satisfaction and Discharge
of Indenture.

 

This Indenture shall cease to be of further
effect with respect to any series of Securities (except as to any surviving rights of conversion or transfer or exchange of Securities
of such series expressly provided for herein or in the form of Security for such series and obligations described as surviving
below), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture as to such series, when

 

(a) either

 

(i) all Securities of that series theretofore
authenticated and delivered (other than (A) Securities of such series which have been destroyed, lost, or stolen and which have
been replaced or paid as provided in Section 3.06, and (B) Securities of such series for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 4.07) have been delivered to the Trustee canceled or for cancellation; or

 

(ii) all such Securities of that series not
theretofore delivered to the Trustee canceled or for cancellation

 

(A) have become due and payable, or

 

(B) will, in accordance with their Scheduled
Maturity Date, become due and payable within one year, or

 

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(C) are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and, in any of the cases described in subparagraphs (A), (B),
or (C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for
the purpose, (x) an amount in money sufficient, (y) U.S. Government Obligations or Equivalent Government Securities which
through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment, money sufficient, or (z) a combination of (x) and (y) sufficient, in the opinion
with respect to (y) and (z) of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Securities with respect
to principal, premium, if any, and interest, if any, to the date of such deposit (in the case of Securities which have become
due and payable), or to the Scheduled Maturity Date or Redemption Date, as the case may be; provided, however, that if
such U.S. Government Obligations or Equivalent Government Securities are callable or redeemable at the option of the issuer
thereof, the amount of such money, U.S. Government Obligations, and Equivalent Government Securities deposited with the
Trustee must be sufficient to pay and discharge the entire indebtedness referred to above if such issuer elects to exercise
such call or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date, as the case may be,
and the Company, but not the Trustee, shall be responsible for monitoring any such call or redemption provision; and

 

(b) the Company has paid or caused to be
paid all other sums payable hereunder by the Company with respect to the Securities of such series; and

 

(c) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to any series of Securities, the obligations of the Company under paragraph (a) of this Section
4.01 and its obligations to the Trustee with respect to that series under Section 6.07 shall survive, and the obligations of the
Trustee under Sections 4.05, 4.07 and 10.03 shall survive.

 

Section 4.02 Discharge and Defeasance.

 

The provisions of this Section and Section
4.04 (insofar as relating to this Section) shall apply to the Securities of each series unless specifically otherwise provided
in a Board Resolution or indenture supplemental hereto provided pursuant to Section 3.01. In addition to discharge of this Indenture
pursuant to Section 4.01, in the case of any series of Securities with respect to which the exact amount described in subparagraph
(a) of Section 4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), the Company shall
be deemed to have paid and discharged the entire indebtedness on all the Securities of such a series as provided in this Section
on and after the date the conditions set forth in Section 4.04 are satisfied, and the provisions of this Indenture with respect
to the Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange
of Securities of such series, (ii) substitution of mutilated, destroyed, lost or stolen Securities of such series, (iii) rights
of Holders of Securities of such series to receive, solely from the trust fund described in subparagraph (a) of Section 4.04, payments
of principal thereof, premium, if any, and interest, if any, thereon upon the original stated due dates or upon the Redemption
Dates therefor (but not upon acceleration), and remaining rights of the Holders of Securities of such series to receive mandatory
sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee hereunder, (v) this Section 4.02,
Section 4.07, Section 10.02 and Section 10.03 and (vi) the rights of the Holders of Securities of such series as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all or any of them) (hereinafter called “Defeasance”),
and the Trustee at the cost and expense of the Company, shall execute proper instruments acknowledging the same.

 

Section 4.03 Covenant Defeasance.

 

The provisions of this Section and Section
4.04 (insofar as relating to this Section) shall apply to the Securities of each series unless specifically otherwise provided
in a Board Resolution or indenture supplemental hereto provided pursuant to Section 3.01. In the case of any series of Securities
with respect to which the exact amount described in subparagraph (a) of Section 4.04 can be determined at the time of making the
deposit referred to in such subparagraph (a), (i) the Company shall be released from its obligations under any covenants specified
in or pursuant to Section 3.01 as being subject to Covenant Defeasance with respect to such series (except as to (a) rights of
registration of transfer and exchange of Securities of such series and rights under Section 4.07, Section 10.02 and Section 10.03,
(b) substitution of mutilated, destroyed, lost or stolen Securities of such series, (c) rights of Holders of Securities of such
series to receive, from the Company pursuant to Section 10.01, payments of principal thereof and interest, if any, thereon upon
the original stated due dates or upon the Redemption Dates therefor (but not upon acceleration), and remaining rights of the Holders
of Securities of such series to receive mandatory sinking fund payments, if any, (d) the rights, obligations, duties and immunities
of the Trustee hereunder and (e) the rights of the Holders of Securities of such series as beneficiaries hereof with respect to
the property so deposited with the Trustee payable to all or any of them), and (ii) the occurrence of any event specified in Section
5.01(d) (with respect to any of the covenants specified in or pursuant to Section 3.01 as being subject to Covenant Defeasance
with respect to such series) shall be deemed not to be or result in a default or an Event of Default, in each case with respect
to the Outstanding Securities of such series as provided in this Section on and after the date the conditions set forth in Section
4.04 are satisfied (hereinafter called “Covenant Defeasance”), and the Trustee at the cost and expense of the
Company, shall execute proper instruments acknowledging the same. 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 covenant
(to the extent so specified in the case of Section 5.01(d)), whether directly or indirectly by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document,
but the remainder of this Indenture and the Securities of such series shall be unaffected thereby.

 

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Section 4.04 Conditions To Defeasance
Or Covenant Defeasance.

 

The following shall be the conditions to
application of either Section 4.02 or Section 4.03 to the Outstanding Securities:

 

(a) with reference to Section 4.02 or Section
4.03, the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee as funds in trust, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of Securities of such series (i) money in an amount,
or (ii) U.S. Government Obligations or Equivalent Government Securities which through the payment of interest and principal in
respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in
an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect to (ii) and (iii)) of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each installment of principal (including mandatory sinking fund payments) of, premium, if any, and interest on, the
Outstanding Securities of such series on the dates such installments of interest, premium or principal are due, including upon
redemption; provided, however, that if such U.S. Government Obligations and Equivalent Government Securities are callable
or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations, and/or Equivalent Government
Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness referred to above if the
issuer of any such U.S. Government Obligations or Equivalent Government Securities elects to exercise such call or redemption provisions
at any time prior to the Scheduled Maturity Date or Redemption Date of such Securities, as the case may be. The Company, but not
the Trustee, shall be responsible for monitoring any such call or redemption provision.

 

(b) in the case of Defeasance under Section
4.02, the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (x) the Company has received from,
or there has been published by, the Internal Revenue Service a ruling or (y) since the date hereof, there has been a change in
the applicable United States federal income tax law, in either case to the effect that, and such opinion shall confirm that, the
Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of
such deposit, defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and
at the same times, as would have been the case if such deposit, Defeasance and discharge had not occurred;

 

(c) in the case of Covenant Defeasance under
Section 4.03, the Company has delivered to the Trustee an Opinion of Counsel to the effect that, and such opinion shall confirm
that, the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a
result of such deposit and Covenant Defeasance and will be subject to federal income tax on the same amount and in the same manner
and at the same times, as would have been the case if such deposit and Covenant Defeasance had not occurred;

 

(d) no Event of Default or event which, with
notice or lapse of time or both, would become an Event of Default with respect to the Securities of such series shall have occurred
and be continuing on the date of such deposit, after giving effect to such deposit or, in the case of a Defeasance under Section
4.02, no Event of Default specified in Section 5.01(e) or Section 5.01(f) shall have occurred, 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 applicable to the Company in respect of such deposit (it being understood that this condition shall not be deemed satisfied
until the expiration of such period);

 

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 (e) such Defeasance or Covenant Defeasance
will not cause the Trustee to have a conflicting interest within the meaning of the TIA assuming all Securities of a series were
in default within the meaning of the TIA;

 

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

 

(g) such Defeasance or Covenant Defeasance
will not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment
Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration;

 

(h) if the Securities of such series are
to be redeemed prior to their Stated Maturity Date (other than from mandatory sinking fund payments or analogous payments), notice
of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall
have been made; and

 

(i) the Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for herein
relating to such Defeasance or Covenant Defeasance, as the case may be, have been complied with.

 

Section 4.05 Application of Trust Money;
Excess Funds.

 

All money and U.S. Government Obligations
or Equivalent Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.01 or Section
4.04 hereof shall be held in trust and applied by it, in accordance with the provisions of this Indenture and of the series of
Securities in respect of which it was deposited, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any,
and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

 

The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations or Equivalent Government
Securities deposited pursuant to Section 4.01 or Section 4.04 hereof or the principal and interest received in respect thereof
other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities.

 

Anything in this Article 4 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Governmental
Obligations or Equivalent Government Securities held by it as provided in Section 4.01 or Section 4.04 which, in the opinion of
a nationally recognized investment bank, appraisal firm or firm of independent public accountants, expressed in a written certification
thereof delivered to the Trustee, (which may be the opinion delivered under Section 4.01 or Section 4.04, as applicable), are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent satisfaction and discharge, Covenant
Defeasance or Defeasance of the applicable series.

 

Section 4.06 Paying Agent to Repay Moneys
Held.

 

Upon the satisfaction and discharge of this
Indenture, all moneys then held by any Paying Agent of the Securities (other than the Trustee) shall, upon demand of the Company,
be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect
to such moneys.

 

Section 4.07 Return of Unclaimed Amounts.

 

Any amounts deposited with or paid to the
Trustee or any Paying Agent or then held by the Company, in trust for payment of the principal of, premium, if any, or interest,
if any, on the Securities and not applied but remaining unclaimed by the Holders of such Securities for two years after the date
upon which the principal of, premium, if any, or interest, if any, on such Securities, as the case may be, shall have become due
and payable, shall be repaid to the Company by the Trustee on Company Request or (if then held by the Company) shall be discharged
from such trust; and the Holder of any of such Securities shall thereafter look only to the Company for any payment which such
Holder may be entitled to collect (until such time as such unclaimed amounts shall escheat, if at all, to the State of _________________)
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease. Notwithstanding the foregoing, the Trustee or Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once a week for two successive weeks (in each case on any day
of the week) in a newspaper printed in the English language and customarily published at least once a day at least five days in
each calendar week and of general circulation in the City of ________________and State of _____, a notice that said amounts have
not been so applied and that after a date named therein any unclaimed balance of said amounts then remaining will be promptly returned
to the Company.

 

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ARTICLE V

REMEDIES

 

Section 5.01 Events of Default.

 

“Event of Default”, wherever
used herein, means with respect to any series of Securities any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is either
inapplicable to a particular series or it is specifically deleted or modified in the manner contemplated by Section 3.01:

 

(a) default in the payment of any interest
on any Security of such series when it becomes due and payable, and continuance of such default for a period of 30 days; or

 

(b) default in the payment of the principal
amount of (or premium, if any, on) any Security of such series as and when the same shall become due, either at Maturity, upon
redemption, by declaration, or otherwise; or

 

(c) default in the payment of any sinking
or purchase fund or analogous obligation when the same becomes due by the terms of the Securities of such series and continuance
of such default for a period of 30 days; or

 

(d) default in the performance or breach
of any covenant or warranty of the Company in this Indenture in respect of the Securities of such series (other than a covenant
or warranty in respect of the Securities of such series a default in the performance of which or the breach of which is elsewhere
in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been
given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in the principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(e) the entry of an order for relief against
the Company under the Federal Bankruptcy Act by a court having jurisdiction in the premises or a decree or order by a court having
jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other applicable Federal or State law, or
the entry of a decree or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Company under the Federal Bankruptcy Code or any other applicable Federal or State law, or appointing a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of
its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed
and in effect for a period of 90 consecutive days; or

 

(f) the consent by the Company to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the filing of
any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official)
of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or
the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action
by the Company in furtherance of any such action; or

 

(g) any other Event of Default provided for
with respect to the Securities of such series in accordance with Section 3.01.

 

A default under any indebtedness of the Company
other than the Securities will not constitute an Event of Default under this Indenture, and a default under one series of Securities
will not constitute a default under any other series of Securities. The Trustee shall not be charged with knowledge of an Event
of Default unless a Responsible Officer at the Corporate Trust Office has actual knowledge thereof.

 

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Section 5.02 Acceleration of Maturity;
Rescission, and Annulment.

 

If any Event of Default described in Section
5.01 above (other than Event of Default described in Section 5.01(e) and Section 5.01(f)) shall have occurred and be continuing
with respect to any series, then and in each and every such case, unless the principal of all the Securities of such series shall
have already become due and payable, either the Trustee or the Holders of not less than 51% in aggregate principal amount of the
Securities of such series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by Holders),
may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portion of
the principal amount as may be specified in the terms of that series) of all the Securities of such series and any and all accrued
interest thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately
due and payable, any provision of this Indenture or the Securities of such series to the contrary notwithstanding. If an Event
of Default specified in Section 5.01(e) or Section 5.01(f) occurs, the principal amount of the Securities of such series and any
and all accrued interest thereon shall immediately become and be due and payable without any declaration or other act on the part
of the Trustee or any Holder. No declaration of acceleration by the Trustee with respect to any series of Securities shall constitute
a declaration of acceleration by the Trustee with respect to any other series of Securities, and no declaration of acceleration
by the Holders of at least 51% in aggregate principal amount of the Outstanding Securities of any series shall constitute a declaration
of acceleration or other action by any of the Holders of any other series of Securities, in each case whether or not the Event
of Default on which such declaration is based shall have occurred and be continuing with respect to more than one series of Securities,
and whether or not any Holders of the Securities of any such affected series shall also be Holders of Securities of any other such
affected series.

 

At any time after such a declaration of acceleration
has been made with respect to the Securities of any series and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority of the aggregate principal
amount of the Outstanding Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if all Events of Default with respect to such series of Securities, other than the nonpayment
of the principal of the Securities of such series which have become due solely by such acceleration, have been cured or waived
as provided in Section 5.13, if such cure or waiver does not conflict with any judgment or decree set forth in Section 5.01(e)
and Section 5.01(f) and if all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel have been paid.

 

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

 

Section 5.03 Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

(a) default is made in the payment of any
installment of interest on any Security of any series when such interest becomes due and payable, or

 

(b) default is made in the payment of the
principal of (or premium, if any, on) any Security at the Maturity thereof, or

 

(c) default is made in the payment of any
sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities of any series, and

 

(d) any such default continues for any period
of grace provided in relation to such default pursuant to Section 5.01, then, with respect to the Securities of such series, the
Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder of any such Security (or the Holders of any
such series in the case of clause (c) above), the whole amount then due and payable on any such Security (or on the Securities
of any such series in the case of clause (c) above) for principal (and premium, if any) and interest, if any, with interest (to
the extent that payment of such interest shall be legally enforceable) upon the overdue principal (and premium, if any) and upon
overdue installments of interest, if any, at such rate or rates as may be prescribed therefor by the terms of any such Security
(or of Securities of any such series in the case of clause (c) above); and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.07.

 

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

 

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

 

Section 5.04 Trustee May File Proofs of
Claim.

 

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

 

(a) to file and
prove a claim for the whole amount of principal (or, with respect to Original Discount Securities, such portion of the
principal amount as may be specified in the terms of such Securities), premium, if any, and interest, if any, owing and
unpaid in respect of the Securities, and to file such other papers or documents as may be necessary and 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 all other amounts due the Trustee under Section 6.07) and of the Securityholders
allowed in such judicial proceedings, and

 

(b) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) 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
and its agent and counsel, and any other amounts due the Trustee under Section 6.07 hereof.

 

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 or the rights of any Holder thereof, or to authorize the Trustee
to vote in respect of the claim of any Securityholder in any such proceeding.

 

    24

     

    

 

Section 5.05 Trustee May Enforce Claims
Without Possession of Securities.

 

All rights of action and claims under this
Indenture or the Securities of any series may be prosecuted and enforced by the Trustee without the possession of any of the Securities
of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, be for the ratable
benefit of the Holders of the Securities, of the series in respect of which such judgment has been recovered.

 

Section 5.06 Application of Money Collected.

 

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

 

First: To the payment of all amounts
due the Trustee under Section 6.07 hereof.

 

Second: To the payment of the amounts
then due and unpaid upon the Securities of that series for principal, premium, if any, interest, if any, and additional amounts,
if any, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority
of any kind.

 

Section 5.07 Limitation on Suits.

 

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

 

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

 

(b) the Holders of not less than 51% in principal
amount of the Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;

 

(c) such Holder or Holders have offered to
the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request;

 

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

 

(e) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding
Securities of such series; it being understood and intended that no one or more Holders of Securities of such series shall have
any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holders of Securities of such series, or to obtain or to seek to obtain priority or preference over any
other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate
benefit of all the Holders of all Securities of such series.

 

Section 5.08 Unconditional Right of Securityholders
to Receive Principal, Premium, and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal,
premium, if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if any) on such Security on or after
the respective payment dates expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or
Repayment Date, as the case may be) and to institute suit for the enforcement of any such payment on or after such respective date,
and such right shall not be impaired or affected without the consent of such Holder.

 

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Section 5.09 Restoration of Rights and
Remedies.

 

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

 

Section 5.10 Rights and Remedies Cumulative.

 

No right or remedy herein conferred upon
or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right
or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.11 Delay or Omission Not Waiver.

 

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

 

Section 5.12 Control by Securityholders.

 

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

 

(a) the Trustee shall have the right to decline
to follow any such direction if the Trustee, being advised by counsel, determines that the action so directed may not lawfully
be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible Officer, determine that
the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in
such direction, and

 

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

 

Section 5.13 Waiver of Past Defaults.

 

The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may, on behalf of the Holders of all the Securities of such series,
waive any past default hereunder with respect to such series and its consequences, except a default not theretofore cured:

 

(a) in the payment of principal of, premium,
if any, on or interest, if any, on any Security of such series, or in the payment of any sinking or purchase fund or analogous
obligation with respect to the Securities of such series, or

 

(b) in respect of a covenant or provision
in this Indenture which, under Article Nine hereof, cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series.

 

Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 5.14 Undertaking for Costs.

 

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

 

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Section 5.15 Waiver of Stay or Extension
Laws.

 

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

 

ARTICLE VI

THE TRUSTEE

 

Section 6.01 Certain Duties and Responsibilities
of Trustee.

 

(a) Except during the continuance of an Event
of Default with respect to any series of Securities,

 

(i) the Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture with respect to the Securities of such series, and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii) in the absence of bad faith on its part,
the Trustee may, with respect to Securities of such series, conclusively rely 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 on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy
of calculations or other facts stated therein).

 

(b) If an Event of Default with respect to
any series of Securities actually known to a Responsible Officer of the Trustee has occurred and is continuing, the Trustee shall
exercise, with respect to the Securities of such series, such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs.

 

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

 

(i) this Subsection shall not be construed
to limit the effect of Subsection (a) of this Section;

 

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

 

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

 

(iv) no provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(d) Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section.

 

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Section 6.02 Notice of Defaults.

 

Within 90 days after receipt of notice of
the occurrence of any default hereunder with respect to Securities of any series, the Trustee shall transmit by mail to all Securityholders
of such series, as their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee,
unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment
of the principal of, premium, if any, on or interest, if any, on any Security of such series or in the payment of any sinking or
purchase fund installment or analogous obligation with respect to Securities of such series, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Securityholders
of such series and; provided, further, that, in the case of any default of the character specified in Section 5.01(d) with
respect to Securities of such series, no such notice to Securityholders of such series shall be given until at least 60 days after
the occurrence thereof. For the purpose of this Section, the term “default”, with respect to Securities of any series,
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities
of such series.

 

Section 6.03 Certain Rights of Trustee.

 

Except as otherwise provided in Section 6.01
above:

 

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

 

(b) any request, direction or order of the
Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution;

 

(c) whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its
part, rely upon an Officers’ Certificate or Opinion of Counsel or both, and shall not be liable for any action it takes or
omits to take in good faith reliance on such certificate or opinion;

 

(d) the Trustee may consult with counsel
of its selection 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, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(e) the Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Securityholders
pursuant to this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(f) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney; and

 

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

 

Section 6.04 Not Responsible for Recitals
or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds
thereof.

 

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Section 6.05 May Hold Securities.

 

The Trustee or any Paying Agent, Security
Registrar, or other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 6.08 and 6.13 hereof, may otherwise deal with the Company with the same rights it would have if it were
not Trustee, Paying Agent, Security Registrar, or such other agent.

 

Section 6.06 Money Held in Trust.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.07 Compensation and Reimbursement.

 

The Company covenants and agrees

 

(a) to pay the Trustee from time to time,
and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(b) except as otherwise expressly provided
herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence
or bad faith; and

 

(c) to indemnify the Trustee for, and to
hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of this trust, 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.

 

Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable charges and expenses of its counsel)
and compensation for such services are intended to constitute expenses of administration under any applicable Federal or State
bankruptcy, insolvency, reorganization, or other similar law.

 

The Trustee shall have a lien prior to the
Securities upon all property and funds held or collected by it as such for any amount owing to it or any predecessor Trustee pursuant
to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular Securities.

 

The provisions of this Section shall survive
the satisfaction and discharge of this Indenture.

 

Section 6.08 Disqualification; Conflicting
Interests.

 

If the Trustee has or shall acquire any conflicting
interest within the meaning of the Trust Indenture Act, it shall either eliminate such interest or resign as Trustee with respect
to one or more series of Securities, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting
interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

 

Section 6.09 Corporate Trustee Required;
Eligibility.

 

There shall at all times be a Trustee hereunder
with respect to each series of Securities that shall be a corporation organized and doing business under the laws of the United
States of America or of any State or Territory thereof or of the District of Columbia, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000, and subject to supervision or examination by Federal
or State authority and having its principal office and place of business in the ____________, if there be such a corporation having
its principal office and place of business in said __________________ and willing to act as Trustee on customary and usual terms.
If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee
with respect to any series of Securities shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.

 

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Section 6.10 Resignation and Removal;
Appointment of Successor.

 

(a) No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee under Section 6.11.

 

(b) The Trustee may resign with respect to
any one or more series of Securities at any time by giving at least 60 days’ written notice thereof to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

(c) The Trustee may be removed with respect
to any series of Securities at any time by Act of the Holders of 66 2/3% in principal amount of the Outstanding Securities of that
series, delivered to the Trustee and to the Company.

 

(d) If at any time:

 

(i) the Trustee shall fail to comply with
Section 6.08 above with respect to any series of Securities after written request therefor by the Company or by any Securityholder
who has been a bona fide Holder of a Security of that series for at least six months, or

 

(ii) the Trustee shall cease to be eligible
under Section 6.09 above with respect to any series of Securities and shall fail to resign after written request therefor by the
Company or by any such Securityholder, or

 

(iii) the Trustee shall become incapable
of acting with respect to any series of Securities, or

 

(iv) the Trustee shall be adjudged a bankrupt
or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such
case (A) the Company may remove the Trustee, with respect to the series or, in the case of clause (iv), with respect to all series,
or (B) subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security of such series for at least 6
months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee with respect to the series or, in the case of clause (iv),
with respect to all series.

 

(e) If the Trustee shall resign, be removed
or become incapable of acting with respect to any series of Securities, or if a vacancy shall occur in the office of Trustee with
respect to any series of Securities for any cause, the Company shall promptly appoint a successor Trustee for that series of Securities.
If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with
respect to such series of Securities shall be appointed by Act of the Holders of 66 2/3% in principal amount of the Outstanding
Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment, become the successor Trustee with respect to such series and supersede the successor Trustee
appointed by the Company with respect to such series. If no successor Trustee with respect to such series shall have been so appointed
by the Company or the Securityholders of such series and accepted appointment in the manner hereinafter provided, any Securityholder
who has been a bona fide Holder of a Security of that series for at least six months may, on behalf of himself or herself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect
to such series.

 

(f) The Company shall give notice of each
resignation and each removal of the Trustee with respect to any series and each appointment of a successor Trustee with respect
to any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities of that
series as their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee
and the address of its principal Corporate Trust Office.

 

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Section 6.11 Acceptance of Appointment
by Successor.

 

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

 

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

 

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

 

No successor Trustee with respect to any
series of Securities shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible with respect to that series under this Article.

 

Notwithstanding replacement of the Trustee
pursuant to this Section, the Company’s obligations under Section 6.07 hereof shall continue for the benefit of the retiring
Trustee.

 

Section 6.12 Merger, Conversion, Consolidation
or Succession to Business.

 

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

 

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Section 6.13 Preferential Collection of
Claims Against Company.

 

If and when the Trustee shall be or shall
become a creditor, of the Company (or of any other obligor upon the Securities), the Trustee shall be subject to the provisions
of the Trust Indenture Act regarding the collection of claims against the Company (or against any such other obligor, as the case
may be).

 

Section 6.14 Appointment of Authenticating
Agent.

 

At any time when any of the Securities remain
Outstanding the Trustee, with the approval of the Company, may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued
upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing
business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws
to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall
be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and, if other than the Company, to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and, if other than
the Company, to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee, with the approval
of the Company, may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice
of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such
Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder,
with like effect as originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section.

 

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The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section.

 

If an appointment with respect to one or
more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternate certificate of authentication in the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

______________________, as Trustee

 

By: ______________________

 

As Authenticating Agent:

 

By: _______________________

 

Authorized Officer:

 

ARTICLE VII

 

SECURITYHOLDERS’ LISTS AND REPORTS
BY TRUSTEE AND COMPANY

 

Section 7.01 Company to Furnish Trustee
Names and Addresses of Securityholders. The Company will furnish or cause to be furnished to the Trustee:

 

(a) semiannually, not more than 15 days after
January 1 and July 1 in each year, in such form as the Trustee may reasonably require, a list of the names and addresses of the
Holders of Securities of each series as of such date, and

 

(b) at such other times as the Trustee may
request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as
of a date not more than 15 days prior to the time such list is furnished, provided that if the Trustee shall be the Security
Registrar for such series, such list shall not be required to be furnished.

 

Section 7.02 Preservation of Information;
Communications to Securityholders.

 

(a) The Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of Holders of Securities contained in the most recent list furnished
to the Trustee as provided in Section 7.01 and the names and addresses of Holders of Securities received by the Trustee in its
capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a
new list so furnished.

 

(b) If three or more Holders of Securities
of any series (hereinafter referred to as “applicants”) apply in writing to the Trustee, and furnish to the
Trustee reasonable proof that each such applicant has owned a Security of such series for a period of at least six months preceding
the date of such application, and such application states that the applicants desire to communicate with other Holders of Securities
of such series or with the Holders of all Securities with respect to their rights under this Indenture or under such Securities
and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee
shall, within five Business Days after the receipt of such application, at its election, either:

 

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(i) afford such applicants access to the
information preserved at the time by the Trustee in accordance with Section 7.02(a), or

 

(ii) inform such applicants as to the approximate
number of Holders of Securities of such series or all Securities, as the case may be, whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost of mailing to such Securityholders
the form of proxy or other communication, if any, specified in such application.

 

If the Trustee shall elect not to afford
such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each Holder
of a Security of such series or to all Securityholders, as the case may be, whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with Section 7.02(a), a copy of the form of proxy or other communication which
is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment,
or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall
mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to
the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders of Securities
of such series or all Securityholders, as the case may be, or would be in violation of applicable law. Such written statement shall
specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written
statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining
one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so
sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all Securityholders
of such series or all Securityholders, as the case may be, with reasonable promptness after the entry of such order and the renewal
of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.

 

(c) Every Holder of Securities, by receiving
and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with
Section 7.02(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable
by reason of mailing any material pursuant to a request made under Section 7.02(b).

 

Section 7.03 Reports by Trustee.

 

(a) The Trustee shall transmit to Holders
such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act
at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee
shall, within 60 days after each June 1 following the date of this Indenture, deliver to each Holder, as provided in Trust Indenture
Act Section 313(c), a brief report dated as of such June 1, which complies with the provisions of such Section 313(a).

 

(b) A copy of each such report shall, at
the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed,
with the Commission and with the Company as required by Trust Indenture Act Section 313(d). The Company will promptly notify the
Trustee when any Securities are listed on any stock exchange.

 

Section 7.04 Reports by Company.

 

The Company will:

 

(a) file with the Trustee, within 30 days
after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections,
then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section
13 of the Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may
be prescribed from time to time in such rules and regulations;

 

(b) file with the Trustee and the Commission,
in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents
and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from
time to time by such rules and regulations; and

 

(c) transmit by mail to all Securityholders,
as their names and addresses appear in the Security Register, within 30 days after the filing thereof with the Trustee, such summaries
of any information, documents and reports required to be filed by the Company pursuant to paragraphs (a) and (b) of this Section
as may be required by rules and regulations prescribed from time to time by the Commission.

 

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ARTICLE VIII

 

CONSOLIDATION, MERGER, CONVEYANCE OR
TRANSFER

 

Section 8.01 Company May Consolidate,
etc., Only on Certain Terms.

 

The Company shall not consolidate with or
merge into any other corporation or convey or transfer all or substantially all of its properties and assets and the properties
and assets of the Subsidiaries, taken as a whole, to any Person, unless:

 

(a) either the Company shall be the continuing
corporation, or the corporation formed by such consolidation or into which the Company is merged or the Person which acquires by
conveyance or transfer all or substantially all of the properties and assets of the Company and the Subsidiaries, taken as a whole,
shall be a corporation organized and existing under the laws of the United States of America or any State or the District of Columbia,
and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to
the Trustee, the due and punctual payment of the principal of, premium, if any, on and interest, if any, on all the Securities
and the performance of every covenant of this Indenture on the part of the Company to be performed or observed;

 

(b) immediately after giving effect to such
transaction, no Event of Default, or event which, after notice or lapse of time, or both, would become an Event of Default, shall
have happened and be continuing; and

 

(c) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation, merger, conveyance or transfer
and any assumption permitted or required by this Article complies with the provisions of this Article.

 

Section 8.02 Successor Corporation Substituted.

 

Upon any consolidation or merger, or any
conveyance or transfer of all or substantially all of the properties and assets of the Company in accordance with Section 8.01,
the successor corporation formed by such consolidation or into which the Company is merged or the Person to which such conveyance
or 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 the Company shall thereupon
be released from all obligations hereunder and under the Securities. Such successor corporation thereupon may cause to be signed
and may issue any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered
to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions
and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously
shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which
such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities
so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter
issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution
hereof.

 

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

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

Section 9.01 Supplemental Indentures Without
Consent of Securityholders.

 

Without the consent of the Holders of any
Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof), in form
satisfactory to the Trustee, for any of the following purposes:

 

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(a) to evidence the succession of another
corporation to the Company, or successive successions, and the assumption by any such successor of the covenants, agreements and
obligations of the Company pursuant to Article 8 hereof; or

 

(b) to add to the covenants of the Company
such further covenants, restrictions or conditions for the protection of the Holders of the Securities of any or all series as
the Company and the Trustee shall consider to be for the protection of the Holders of the Securities of any or all series or to
surrender any right or power herein conferred upon the Company (and if such covenants or the surrender of such right or power are
to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included or such surrenders
are expressly being made solely for the benefit of one or more specified series); or

 

(c) to cure any ambiguity, to correct or
supplement any provision herein which may be inconsistent with any other provision herein or in any supplemental indenture, or
to make any other provisions with respect to matters or questions arising under this Indenture that do not adversely affect the
interests of the Holders of Securities of any series in any material respect; or

 

(d) to add to this Indenture such provisions
as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section 316(a)(2) of
the Trust Indenture Act as in effect at the date as of which this instrument is executed or any corresponding provision in any
similar federal statute hereafter enacted; or

 

(e) to secure any series of Securities; or

 

(f) to establish any form of Security, as
provided in Article 2 hereof, and to provide for the issuance of any series of Securities, as provided in Article 3 hereof, and
to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities of any series; or

 

(g) to evidence and provide for the acceptance
of appointment by another corporation as a successor Trustee hereunder with respect to one or more series of Securities and to
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to Section 6.11 hereof; or

 

(h) to add any additional Events of Default
in respect of the Securities of any or all series (and if such additional Events of Default are to be in respect of less than all
series of Securities, stating that such Events of Default are expressly being included solely for the benefit of one or more specified
series); or

 

(i) to comply
with the requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act;
or

 

(j) to make any change in any series of Securities
that does not adversely affect in any material respect the interests of the Holders of such Securities.

 

Section 9.02 Supplemental Indentures With
Consent of Securityholders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture or indentures,
by Act of said Holders delivered to the Company and the Trustee, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
of the Holders of the Securities of each such series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

 

(a) change the Scheduled Maturity Date or
the stated payment date of any payment of premium or interest payable on any Security, or reduce the principal amount thereof,
or any amount of interest or premium payable thereon, or

 

(b) change the method of computing the amount
of principal of any Security or any interest payable thereon on any date, or change any Place of Payment where, or the coin or
currency in which, any Security or any payment of premium or interest thereon is payable, or

 

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(c) impair the right to institute suit for
the enforcement of any payment described in clauses (a) or (b) on or after the same shall become due and payable, whether at Maturity
or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment Date, as the case may be; or

 

(d) change or waive the redemption or repayment
provisions of any series;

 

(e) reduce the percentage in principal amount
of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences, provided for in this Indenture; or

 

(f) modify any of the provisions of this
Section or Section 5.13, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that
this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee”
and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of Sections 6.11
and 9.01(g); or

 

(g) adversely affect the ranking or priority
of any series; or

 

(h) waive any Event of Default pursuant to
Section 5.01(a), Section 5.01(b) or Section 5.01(c) hereof with respect to such Security.

 

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

 

It shall not be necessary for any Act of
Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.

 

Section 9.03 Execution of Supplemental
Indentures.

 

Upon request of the Company and upon filing
with the Trustee of evidence of an Act of Securityholders as aforementioned, the Trustee shall join with the Company in the execution
of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, powers, trusts, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to,
enter into such supplemental indenture. In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture.

 

Section 9.04 Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be and be deemed to be modified and amended in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and the respective rights, limitation of rights, duties, powers,
trusts and immunities under this Indenture of the Trustee, the Company, and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be determined, exercised and enforced thereunder to the extent provided therein.

 

Section 9.05 Conformity With Trust Indenture
Act.

 

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

 

Section 9.06 Reference in Securities to
Supplemental Indentures.

 

Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Company, to any modification of this
Indenture contained in any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered
by the Trustee in exchange for Outstanding Securities.

 

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ARTICLE X

COVENANTS

 

Section 10.01 Payment of Principal, Premium
and Interest.

 

With respect to each series of Securities,
the Company will duly and punctually pay or cause to be paid the principal of, premium, if any, on and interest, if any, on such
Securities in accordance with their terms and this Indenture, and will duly comply with all the other terms, agreements and conditions
contained in the Indenture for the benefit of the Securities of such series.

 

Section 10.02 Maintenance of Office or
Agency.

 

So long as any of the Securities remain outstanding,
the Company will maintain an office or agency in each Place of Payment where Securities may be presented or surrendered for payment,
where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company
in respect of the Securities and this Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and of any change in the location, of such office or agency. If at any time the Company shall fail to maintain such office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its agent to receive
all such presentations, surrenders, notices and demands.

 

Section 10.03 Money or Security Payments
to Be Held in Trust.

 

If the Company shall at any time act as its
own Paying Agent for any series of Securities, it will, on or before each due date of the principal of, premium, if any, on or
interest, if any, on any of the Securities of such series, segregate and hold in trust for the benefit of the Holders of the Securities
of such series a sum sufficient to pay such principal, premium, or interest so becoming due until such sums shall be paid to such
Holders of such Securities or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure
so to act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of, premium, if any, on or interest,
if any, on any Securities of such series, deposit with a Paying Agent a sum sufficient to pay such principal, premium, or interest
so becoming due, such sum to be held in trust for the benefit of the Holders of the Securities entitled to the same and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company will cause each Paying Agent
other than the Trustee for any series of Securities to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 

(a) hold all sums held by it for the payment
of principal of, premium, if any, on or interest, if any, on Securities of such series in trust for the benefit of the Holders
of the Securities entitled thereto until such sums shall be paid to such Holders of such Securities or otherwise disposed of as
herein provided;

 

(b) give the Trustee notice of any default
by the Company (or any other obligor upon the Securities of such series) in the making of any such payment of principal of, premium,
if any, on or interest, if any, on the Securities of such series; and

 

(c) at any time during the continuance of
any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent.

 

The Company may, at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture with respect to any series of Securities or for any other purpose,
pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent
in respect of each and every series of Securities as to which it seeks to discharge this Indenture or, if for any other purpose,
all sums so held in trust by the Company in respect of all Securities, such sums to be held by the Trustee upon the same trusts
as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

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Section 10.04 Certificate to Trustee.

 

The Company will deliver to the Trustee within
120 days after the end of each fiscal year, an Officers’ Certificate, one of whose signatories shall be the Company’s
principal executive, accounting or financial officer, stating that in the course of the performance by the signers of their duties
as officers of the Company they would normally have knowledge of any default by the Company in the performance of any of its covenants,
conditions or agreements contained herein (without regard to any period of grace or requirement of notice provided hereunder),
stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have
knowledge and the nature thereof.

 

Section 10.05 Corporate Existence.

 

Subject to Article 8, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

ARTICLE XI

REDEMPTION OF SECURITIES

 

Section 11.01 Applicability of Article.

 

The Company may reserve the right to redeem
and pay before the Scheduled Maturity Date all or any part of the Securities of any series, either by optional redemption, sinking
or purchase fund or analogous obligation or otherwise, by provision therefor in the form of Security for such series established
and approved pursuant to Section 2.02 and 2.03 or as otherwise provided in Section 3.01, and on such terms as are specified in
such form or in the indenture supplemental hereto with respect to Securities of such series as provided in Section 3.01. Redemption
of Securities of any series shall be made in accordance with the terms of such Securities and, to the extent that this Article
does not conflict with such terms, the succeeding Sections of this Article.

 

Section 11.02 Election to Redeem; Notice
to Trustee.

 

In case of any redemption at the election
of the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee) notify the Trustee in writing of such Redemption Date and of the principal amount of Securities
of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company
which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish
the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

 

Section 11.03 Selection by Trustee of
Securities to be Redeemed.

 

If fewer than all the Securities of any series
are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate, which may include provision for the selection for redemption of portions of the principal of Securities
of such series of a denomination larger than the minimum authorized denomination for Securities of that series. Unless otherwise
provided in the terms of a particular series of Securities, the portions of the principal of Securities so selected for partial
redemption shall be equal to the minimum authorized denomination of the Securities of such series, or an integral multiple thereof,
and the principal amount which remains outstanding shall not be less than the minimum authorized denomination for Securities of
such series.

 

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The Trustee 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.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security
redeemed or to be redeemed only in part, to the portion of the principal of such Security which has been or is to be redeemed.

 

Section 11.04 Notice of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities
to be redeemed, at such Holder’s address appearing in the Security Register on the applicable Record Date.

 

All notices of redemption shall state:

 

(1) the Redemption Date;

 

(2) the Redemption Price, or if not then
ascertainable, the manner of calculation thereof;

 

(3) if fewer than all Outstanding Securities
of any series are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts)
of the Securities to be redeemed, from the Holder to whom the notice is given and that on and after the date fixed for redemption,
upon surrender of such Security, a new Security or Securities of the same series in the aggregate principal amount equal to the
unredeemed portion thereof will be issued in accordance with Section 11.07;

 

(4) that on the Redemption Date the Redemption
Price will become due and payable upon each such Security, and that interest, if any, thereon shall cease to accrue from and after
said date;

 

(5) the place where such Securities are to
be surrendered for payment of the Redemption Price, which shall be the office or agency maintained by the Company in the Place
of Payment pursuant to Section 10.02 hereof; and

 

(6) that the redemption is on account of
a sinking or purchase fund, or other analogous obligation, if that be the case.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s request, made at least five Business
Days prior to the date on which notice is to be given, by the Trustee in the name and at the expense of the Company.

 

Section 11.05 Deposit of Redemption Price.

 

On or prior to any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 10.03) an amount of money, in immediately available funds, sufficient to pay the Redemption Price
of all the Securities which are to be redeemed on that date.

 

Section 11.06 Securities Payable on Redemption
Date.

 

Notice of Redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Securities
shall cease to bear interest. Upon surrender of such Securities for redemption in accordance with the notice, such Securities shall
be paid by the Company at the Redemption Price. Any installment of interest due and payable on or prior to the Redemption Date
shall be payable to the Holders of such Securities registered as such on the relevant Record Date according to the terms and the
provisions of Section 3.07 above; unless, with respect to an Interest Payment Date that falls on a Redemption Date, such Securities
provide that interest due on such date is to be paid to the Person to whom principal is payable.

 

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If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the Redemption Date at
the rate borne by the Security, or as otherwise provided in such Security.

 

Section 11.07 Securities Redeemed in Part.

 

Any Security that is to be redeemed only
in part shall be surrendered at the office or agency maintained by the Company in the Place of Payment pursuant to Section 10.02
hereof with respect to that series (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his or her attorney duly
authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security
without service charge and at the expense of the Company, a new Security or Securities of the same series, tenor, terms and Scheduled
Maturity Date, of any authorized denomination as requested by such Holders in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Security so surrendered.

 

Section 11.08 Provisions with Respect
to any Sinking Funds.

 

Unless the form or terms of any series of
Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund payment with respect to such
series of Securities in cash, the Company may at its option (a) deliver to the Trustee for cancellation any Securities of such
series theretofore acquired by the Company, or (b) receive credit for any Securities of such series (not previously so credited)
acquired or redeemed by the Company (other than through operation of a mandatory sinking fund) and theretofore delivered to the
Trustee for cancellation, and if it does so then (i) Securities so delivered or credited shall be credited at the applicable sinking
fund Redemption Price with respect to Securities of such series, and (ii) on or before the 60th day next preceding each sinking
fund Redemption Date with respect to such series of Securities, the Company will deliver to the Trustee (A) an Officers’
Certificate specifying the portions of such sinking fund payment to be satisfied by payment of cash and by the delivery or credit
of Securities of such series acquired or redeemed by the Company, and (B) such Securities, to the extent not previously surrendered.
Such Officers’ Certificate shall also state the basis for any such credit and that the Securities for which the Company elects
to receive credit have not been previously so credited and were not acquired by the Company through operation of the mandatory
sinking fund, if any, provided with respect to such Securities and shall also state that no Event of Default with respect to Securities
of such series has occurred and is continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and
no Securities shall be authenticated in lieu thereof.

 

If the sinking fund payment or payments (mandatory
or optional) with respect to any series of Securities made in cash plus any unused balance of any preceding sinking fund payments
with respect to Securities of such series made in cash shall exceed $50,000 (or a lesser sum if the Company shall so request),
unless otherwise provided by the terms of such series of Securities, that cash shall be applied by the Trustee on the sinking fund
Redemption Date with respect to Securities of such series next following the date of such payment to the redemption of Securities
of such series at the applicable sinking fund Redemption Price with respect to Securities of such series, together with accrued
interest, if any, to the date fixed for redemption, with the effect provided in Section 11.06. The Trustee shall select, in the
manner provided in Section 11.03, for redemption on such sinking fund Redemption Date a sufficient principal amount of Securities
of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities of such series for the sinking
fund to be given in the manner provided in Section 11.04 (and with the effect provided in Section 11.06) for the redemption of
Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated by the Trustee to the redemption
of Securities of such series shall be added to the next cash sinking fund payment with respect to Securities of such series received
by the Trustee and, together with such payment, shall be applied in accordance with the provisions of this Section 11.08. Any and
all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity of Securities of such series,
and not held for the payment or redemption of particular Securities of such series, shall be applied by the Trustee, together with
other moneys, if necessary, be deposited sufficient for the purpose, to the payment of the principal of the Securities of such
series at Maturity.

 

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On or before each sinking fund Redemption
Date provided with respect to Securities of any series, the Company shall pay to the Trustee in cash a sum equal to all accrued
interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption Date pursuant to
this Section 11.08.

 

The Trustee shall not redeem any Securities
with sinking fund moneys or give any notice of redemption of Securities by operation of the applicable sinking fund during the
continuance of a default in payment of interest on Securities of such series or of any Event of Default with respect to such series,
except that if the notice of redemption of any Securities shall theretofore have been mailed in accordance with the provisions
hereof, the Trustee shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee for that
purpose in accordance with the terms of this Article 11. Except as aforesaid, any moneys in the sinking fund with respect to Securities
of any series at the time when any such default or Event of Default with respect to such series shall occur, and any moneys thereafter
paid into such sinking fund shall, during the continuance of such default or Event of Default with respect to such series, be held
as security for the payment of all Securities of such series; provided, however, that in case such default or Event of Default
with respect to such series shall have been cured or waived as provided herein, such moneys shall thereafter be applied on the
next sinking fund payment date on which such moneys may be applied pursuant to the provisions of this Section 11.08.

 

ARTICLE XII

REPAYMENT AT OPTION OF HOLDERS

 

Section 12.01 Applicability of Article.

 

Repayment of Securities of any series before
their Scheduled Maturity Date at the option of Holders thereof shall be made in accordance with the terms of such Securities and
(except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article.

 

Section 12.02 Repayment of Securities.

 

Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid
at a price equal to the principal amount thereof, together with interest thereon accrued to the Repayment Date specified in the
terms of such Securities. On or before the Repayment Date, the Company will deposit with the Trustee or with a Paying Agent (or,
if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money,
in immediately available funds, sufficient to pay the Repayment Price of all the Securities which are to be repaid on such date.

 

Section 12.03 Exercise of Option.

 

Securities of any series subject to repayment
at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such
Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to
Elect Repayment” form on the reverse of such Security duly completed by the Holder, must be received by the Company at
the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall
from time to time notify the Holders of such Securities) not earlier than 30 days nor later than 15 days prior to the Repayment
Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security,
the principal amount of such Security to be repaid, in increments of $1,000 unless otherwise specified in the terms of such Security,
and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal
amount of such Security surrendered that is not to be repaid must be specified. The principal amount of any Security providing
for repayment at the option of the Holder thereof may not be repaid in part, if, following such repayment, the unpaid principal
amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security
to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option
of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.

 

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Section 12.04 When Securities Presented
for Repayment Become Due and Payable.

 

If Securities of any series providing for
repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by the terms
of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and
shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company
shall default in the payment of such Securities on such Repayment Date) interest on such Securities or the portions thereof, as
the case may be, shall cease to accrue.

 

Section 12.05 Securities Repaid in Part.

 

Upon surrender of any Security which is to
be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security,
without service charge and at the expense of the Company, a new Security or Securities of the same series, tenor, terms and Scheduled
Maturity Date, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange
for the portion of the principal of such Security so surrendered which is not to be repaid.

 

ARTICLE XIII

SUBORDINATION

 

Section 13.01 Agreement to Subordinate.

 

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

 

Section 13.02 Payments to Securityholders.

 

As to each series of Securities, if any,
issued hereunder, in the event (a) of any insolvency or bankruptcy proceedings, or any receivership, dissolution, winding-up, total
or partial liquidation, reorganization or other similar proceedings in respect of the Company or a substantial part of its property,
whether voluntary or involuntary, or (b) that (i) a default shall have occurred with respect to the payment of principal of or
premium, if any, or interest, if any, on or other monetary amounts due and payable with respect to any Senior Indebtedness, or
(ii) there shall have occurred an event of default (other than a default in the payment of principal of or premium, if any, on
or interest, if any, on or other monetary amounts due and payable) in respect of any Senior Indebtedness, as defined in such Senior
Indebtedness or in the instrument under which the same is outstanding, permitting the holder or holders thereof to accelerate the
maturity thereof, and such default or event of default shall not be cured or was continued beyond the period of grace, if any,
in respect thereof, and such default or event of default shall not have been waived or shall not have ceased to exist, or (c) separately
with respect to each series of Securities issued hereunder, that the principal of or premium, if any, on and accrued interest,
if any, on such Securities shall have been declared due and payable pursuant to Section 5.02 and such declaration shall not have
been rescinded and annulled as provided in Section 5.02, then the holders of all Senior Indebtedness shall first be entitled to
receive payment in full of all amounts due or to become due thereon, or provision shall be made, in accordance with the terms of
such Senior Indebtedness, for such payment in money or money’s worth, before the Holders of such series of Securities issued
hereunder are entitled to receive a payment on account of the principal of or premium, if any, on or interest, if any, on the indebtedness
evidenced by such series of Securities, including, without limitation, any payments made pursuant to Article XI, or any cash payments
to purchase such series of Securities at the option of the Holders thereof.

 

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

 

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

 

For purposes of this Article only, the words,
“cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization or readjustment, the
payment of which is subordinated (at least to the extent provided in this Article with respect to the Securities) to the payment
of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new
corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the holders of
the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or readjustment.
The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution
of the Company following the conveyance or transfer of all or substantially all of its assets to another corporation upon the terms
and conditions provided in Article VIII shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes
of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated in Article VIII. Nothing in this Section shall apply to claims of, or payments to, the Trustee under or pursuant
to Article VI, except as expressly provided therein. This Section shall be subject to the further provisions of Section 13.05.

 

Section 13.03 Subrogation.

 

Subject to the payment in full of all Senior
Indebtedness, the Holders of the Securities subject to the provisions of Section 13.02 shall be subrogated (equally and ratably
with the holders of all obligations of the Company which by their express terms are subordinated to Senior Indebtedness of the
Company to the same extent as the Securities are subordinated and which are entitled to like rights of subrogation) to the rights
of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable
to the Senior Indebtedness until the principal of or, premium, if any, on and interest, if any, on such Securities shall be paid
in full; and, for the purpose of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any
cash, property or securities to which the Holders of such Securities or the Trustee on their behalf would be entitled except for
the provisions of this Article, and no payment over pursuant to the provisions of this Article to the holders of Senior Indebtedness
by Holders of such Securities or the Trustee on their behalf, shall, as between the Company, its creditors other than holders of
Senior Indebtedness, and the Holders of such Securities, be deemed to be a payment by the Company to or on account of the Senior
Indebtedness; and no payments or distributions of cash, property or securities to or for the benefit of the Holders of the Securities
pursuant to the subrogation provision of this Article, which would otherwise have been paid to the holders of Senior Indebtedness,
shall be deemed to be a payment by the Company to or for the account of such Securities. The provisions of this Article are intended
solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the
Senior Indebtedness, on the other hand.

 

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

 

Upon any payment or distribution of assets
of the Company referred to in this Article, the Trustee, subject to the provisions of Section 6.01 and Section 6.03, and the Holders
of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such
insolvency, bankruptcy, dissolution, winding-up, liquidation, arrangement or reorganization proceedings are pending, or a certificate
of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered
to the Trustee or to the Holders of the Securities, for the purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article.

 

Section 13.04 Authorization by Securityholders.

 

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

 

Section 13.05 Notice to Trustee.

 

The Company shall give prompt written notice
to the Trustee and to any Paying Agent of any fact known to the Company which would prohibit the making of any payment of monies
to or by the Trustee or any Paying Agent in respect of the Securities pursuant to the provisions of this Article. Regardless of
anything to the contrary contained in this Article or elsewhere in this Indenture, the Trustee shall not be charged with knowledge
of the existence of any Senior Indebtedness or of any default or event of default with respect to any Senior Indebtedness or of
any other facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities, unless
and until the Trustee shall have received notice in writing (which may be by telegram, telecopy or other similar writing) at its
Corporate Trust Office to that effect signed by an officer of the Company, or by a holder or agent of a holder of Senior Indebtedness
who shall have been certified by the Company or otherwise established to the reasonable satisfaction of the Trustee to be such
holder or agent, or by the trustee under any indenture pursuant to which Senior Indebtedness shall be outstanding, and, prior to
the receipt of any such written notice, the Trustee shall, subject to Section 6.01 and Section 6.03, be entitled to assume that
no such facts exist; provided that if on a date at least two Business Days prior to the date upon which by the terms hereof any
such monies shall become payable for any purpose (including, without limitation, the payment of the principal of or premium, if
any, on or interest, if any, on any Security) the Trustee shall not have received with respect to such monies the notice provided
for in this Section, then, regardless of anything herein to the contrary, the Trustee shall have full power and authority to receive
such monies and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary
which may be received by it on or after such prior date.

 

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Regardless of anything to the contrary herein
(but subject, in the case of clause (a) of this paragraph, to the second paragraph of Section 13.02), nothing shall prevent (a)
any payment by the Company or the Trustee to the Securityholders of amounts in connection with a redemption of Securities if (i)
notice of such redemption has been given pursuant to Article XI prior to the receipt by the Trustee of written notice as aforesaid,
and (ii) such notice of redemption is given not earlier than 60 days before any redemption date, or (b) any payment by the Trustee
to the Securityholders of amounts deposited with it pursuant to Section 4.01, provided, that, in the case of Section 4.02, the
applicable Securities are deemed to have been paid and discharged, and in the case of Section 4.01, the Trustee shall not have
received, by at least two Business Days prior to the date of execution of instruments acknowledging the satisfaction of and discharge
of this Indenture with respect to the applicable Securities, the notice provided in the preceding paragraph.

 

Subject to Section 6.01 and Section 6.03,
the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or herself to
be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder
of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of
the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence
is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person
to receive such payment.

 

Section 13.06 Trustee’s Relation
to Senior Indebtedness.

 

The Trustee and any agent of the Company
or the Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness which may
at any time be held by it in its individual or any other capacity to the same extent as any other holder of Senior Indebtedness
and nothing in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. Nothing in this
Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07.

 

With respect to the holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and, subject
to the provisions of Section 6.01 and Section 6.03, the Trustee shall not be liable to any holder of Senior Indebtedness if it
shall in good faith pay over or deliver to Holders of Securities, the Company or any other Person monies or assets to which any
holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

 

Section 13.07 No Impairment of Subordination.

 

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

 

(signature page follows)

 

    46

     

    

 

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.

 

 

 

	 	 	 	AIR INDUSTRIES GROUP.	 
	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	ATTEST:	 	 	 	 	 
	By:	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	, TRUSTEE
	 	 	 	By:	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	ATTEST:	 	 	 	 	 
	By:	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 

 

     

     

    

 

 

State of

 

County of                                            

 

On the _____ day of _______, _________ before me personally
came ___________, to me known, who, being by me duly sworn, did depose and say that he or she resides at ____________________;
that he or she is the ________ of ___________, one of the parties described in and which executed the above instrument; that he
or she knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was
affixed by authority of the board of directors of said corporation; and that he or she signed his or her name thereto by like authority.

 

Name

 

Notary Public

 

     

     

    

 

 

State of

 

County of                                            

 

On the _____ day of _______, _____ before me personally came
__________, to me known, who, being by me duly sworn, did depose and say that he or she resides at __________________; that he
or she is the _______________ of Air Industries Group, one of the parties described in and which executed the above instrument;
that he or she knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that
it was affixed by authority of the board of directors of said corporation; and that he or she signed his or her name thereto by
like authority.

 

Name

 

Notary PublicExhibit 10.1

 

DATED 26 SEPTEMBER 2019

 

BicycleTX Ltd

 

and

 

Dr Kevin Lee

 

 

SERVICE AGREEMENT

 

 

 

THIS AGREEMENT is made on 26 September 2019

 

BETWEEN:

 

(1)                                 BICYCLETX LIMITED a company incorporated under the laws of England and Wales (Company Number 11036101) whose registered office is at Building 900, Babraham Research Campus, Babraham, Cambridgeshire, CB22 3AT, United Kingdom (the “Company”); and

 

(2)                                 DR KEVIN LEE of                . (the “Employee”).

 

IT IS AGREED as follows:

 

1.                                    COMMENCEMENT OF EMPLOYMENT

 

1.1                               Your employment commenced on 2 September 2015 and shall continue unless and until either party gives notice to the other in accordance with paragraph 11 below. No employment with a previous employer is deemed to be continuous with your employment with the Company.

 

1.2                               This Agreement shall take effect on the date first written above and replaces all and any previous employment agreements between you and the Company including (without limitation) your offer letter dated 30 June 2015, and your statements of main terms and conditions of employment dated 2 September 2015, 1 August 2018 and 15 May 2019.

 

1.3                             You warrant that by entering into this Agreement or any other arrangements with the Company you will not be in breach of or subject to any express or implied terms of any contract with, or other obligation to, any third party binding on you, including, without limitation, any notice period or the provisions of any restrictive covenants or confidentiality obligations arising out of any employment with any other employer or former employer.

 

1.4                             You warrant that you have the right to work in the United Kingdom and you agree to provide to the Company copies of all relevant documents in this respect at the request of the Company. If at any time during the course of this Agreement you cease to have the right to work in the United Kingdom the Company may immediately terminate your employment without payment of compensation.

 

2.                                    JOB TITLE

 

2.1                             You shall serve as Chief Executive Officer (“CEO”) reporting to the board of directors (“the Board”) of Bicycle Therapeutics plc (“BTL”). The nature of the Company’s business may result in changes occurring to the content of your role from time to time. You may also be required to carry out such additional or alternative tasks as may from time to time be reasonably required of you consistent with your executive level and job title, provided that these do not fundamentally change or undermine your position.

 

2.2                             You shall faithfully and diligently perform such duties as you are required to undertake from time to time and exclusively devote the whole of your working time, skills, ability and attention to the business of the Company and use your best endeavours to promote the interests and reputation of the Company and (where applicable) any Group Company.

 

2.3                             Your appointment as a director of the Company and of the Company’s parent company, BTL, is a condition of this Agreement, and in the event that you resign either of your directorships, the Company will treat this as a resignation of your employment.

 

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3.                                      PLACE OF WORK

 

3.1                               The Company’s offices at Building 900, Babraham Research Campus, Babraham, Cambridge, UK or such other location as the Company may reasonably determine. The CEO position will require extensive international travel on business.

 

3.2                               Relocation:

 

We understand that as a result of your current employment you currently have residences in the Boston area of the United States and the Cambridge area of the UK. Since you intend to relocate from your Boston area residence, you may be able to benefit from certain relocation personal tax allowances permitted by HR Revenue and Customs. The current maximum allowance for tax-free relocation is £8,000, but this may be limited or not offered for higher rate income tax payers. You should take independent advice on your tax affairs relating to your employment by the Company and your relocation arrangements. The Company will offer an allowance for relocation of you and your family and your personal possessions to a location to be a reasonable commuting distance from the Company’s Cambridge facility as follows:

 

(a)                                 the maximum aggregate entitlement to reimbursable relocation associated payments under (b)  below will be £10,000;

 

(b)                                 in order for you to relocate fully from the Boston area to the Cambridge area the  Company will:

 

i.                  reimburse the cost of transport of personal possessions from your residential address in the United States to your accommodation in the Cambridge area;

 

ii.               reimburse the costs associated with your relocation in respect of any relocation agent, estate agent, legal fees and stamp duty relating to property purchase or rental and fitting out of such accommodation to a standard appropriate for you and your family;

 

iii.            reimburse the cost of initial and annual personal tax advice with Grant Thornton or a similar firm of your choosing;

 

such reimbursements to be made within 30 days of presentation of valid receipts for such expenses; and

 

(c)                                  any relocation payments made under (b) above will be repayable by you to the  Company if you should leave employment of the Company of your own volition within 24 months of the commencement of this Agreement and will be deductible from final salary at the discretion of the Company.

 

4.                                      REMUNERATION

 

4.1                               Your salary will be USD575,000 per annum paid monthly in arrears on or about the last working day of each month (less statutory and voluntary deductions) (“Salary”). Salary will be converted to GBP and paid in GBP based on the USD/GBP Bank of England daily spot exchange rate applicable on the date of this Agreement, with the exchange rate being revised according to the prevailing Bank of England daily spot exchange rate applicable on 1 January of each year.  Your Salary will be reviewed annually in accordance with the Company’s practices from time to time (which is expected to be by the end of the first quarter of each year). You will be notified in writing of any changes to your Salary or benefits.

 

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4.2                               You agree that the Company may deduct from the Salary or any other sum due to you (including any pay in lieu of notice) any amounts due to the Company including, without limitation, any overpayment of salary, loan or advance.

 

4.3                               For the purposes of this Agreement your earned salary shall mean the proportion of your Salary earned by and due to you in each calendar year of employment with the Company (“Earned Salary”).

 

4.4                               Retention Bonus:

 

You have previously received a cash bonus relating to security of continuation of your service as an employee in the amount of £150,000 (the “Retention Bonus”). In the event that you give notice to terminate your employment with the Company at any time before 1 August 2020 you will be obliged to repay the Retention Bonus, net of statutory applicable tax and National Insurance deductions. In this event the Company shall have the right to deduct such owed element of the Retention Bonus from your Salary or other bonus payments that may fall due.

 

4.5                               Annual Performance Bonuses:

 

You will be eligible to participate in the Company’s discretionary annual performance related bonus scheme to a maximum value of 50% of your Earned Salary in relation to your performance against agreed annual corporate and personal performance objectives as set out below (the “Annual Performance Bonus”). That is, if the compensation committee of the Board (the “Compensation Committee”) determines that you have completed all such corporate and personal objectives to its satisfaction in a given year, your bonus would be 50% of your Earned Salary in that year, excluding any other bonuses in this offer. Such bonus may be payable in cash or, in whole or in part, in share options in BTL, as agreed by you and the Compensation Committee following notification by you of your preference at least 90 days prior to the normal payment date (and in the case of share options with the appropriate HMRC valuation process (if required by the Compensation Committee) and Board approval so as to be compliant with BTL’s share option plan rules), with due consideration for the operational requirements of the Company at that time in your role as CEO.

 

Any Annual Performance Bonus paid will not be pensionable and are subject to statutory applicable tax and National Insurance deductions. Performance will be assessed by the Compensation Committee at the end of each calendar year, against annual corporate and personal performance objectives agreed between you and the Board at the start of each calendar year, with any such bonus being payable in the first quarter of the following year. Qualification for your Annual Performance Bonus will require that you are employed by the Company (and have not served notice of termination of your employment to the Company) on 31 December of the year to which your bonus entitlement applies.

 

5                                         BENEFITS

 

5.1                               The Company currently operates a personal pension plan provided by Scottish Widows Group. The Company will pay a sum equivalent to 12% of your basic annual earned salary into a personal pension plan selected by the Company. You may make additional contributions if you wish, but this is not mandatory.  In the event that you elect, of your own volition, to opt-out of the Company’s pension scheme then the Company will pay you in equal monthly instalments in arrears (less statutory deductions) a sum equivalent to the contribution that it would have made into your pension scheme (the “Cash Equivalent Payment”) less the Employer’s National Insurance Contribution cost incurred by the Company as a result of making the Cash Equivalent Payment.

 

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5.2                               The Company currently operates a private healthcare scheme and subject to acceptance by the insurer on reasonable terms, you will be entitled to join.

 

5.3                               The Company operates a death in service scheme which you automatically join upon commencement of employment.

 

5.4                               Further details regarding benefits will be provided upon commencement of your employment. The Company reserves the right to replace or supplement any or all of the scheme(s) referred to in this paragraph 5, or to amend them at any time without compensation, provided that equivalent scheme(s) providing a similar level of benefit are put in place.

 

6                                         EXPENSES

 

The Company shall reimburse all reasonable out of pocket expenses properly incurred by you in the performance of the duties under this Agreement including travelling, subsistence and entertainment expenses provided you follow the Company’s guidelines/allowances in force at the relevant time and provided that you shall, where reasonably practicable, provide the Company with vouchers, invoices or such other evidence of such expenses as the Company may reasonably require.

 

7                                         HOURS OF WORK

 

7.1                               Your normal working hours are Monday to Friday from 9.00 am to 5.30 pm on each working day with one hour for lunch. You will be required to work such other hours as shall be reasonably necessary for you to perform your duties for which no further remuneration is payable.

 

7.2                               By entering into this Agreement you confirm, that in your capacity as Chief Executive Officer you may choose or determine the duration of your working time and the working time limits set out in part II of the Working Time Regulations 1998 do not apply to you.

 

8                                         HOLIDAYS

 

8.1                               In addition to the usual public holidays you will be entitled to 25 working days paid holiday in each calendar year. The holiday will accrue on a pro rata basis throughout each calendar year.

 

8.2                               Holidays may only be taken at such time or times as are approved beforehand by the Board or any director that the Board may delegate, such approval not to be unreasonably withheld or delayed. You must give reasonable notice of proposed holiday dates by e-mailing the chairman of the Board (the “Chairman”) or delegated director in advance, for approval.

 

8.3                               The holiday year runs from January to December. With the agreement of the Chairman (or delegated director), you may carry forward up to 5 days of untaken holiday into the next holiday year. Any carried over holiday must be taken by the end of March of the following calendar year or will be forfeited and no payment will be made in respect of any days so forfeited. You will not generally be permitted to take more than 10 days holiday at any one time.

 

8.4                               Upon termination of your employment you will receive pay in lieu of accrued but untaken holiday. The Company may deduct an appropriate sum in respect of days taken in excess of your pro rata entitlement from your final remuneration on the basis that one day’s holiday will be calculated as 1/260ths of your basic annual salary.

 

8.5                               In the event that notice of termination of this Agreement is served by either party, the Company may require you to take any outstanding holiday during this notice period.

 

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9                                         SICKNESS AND OTHER ABSENCE

 

9.1                               If you are unable to attend at work by reason of sickness or injury or any unauthorised reason you must inform the Company as soon as possible on the first day of absence (and in any event not later than 11.00 am on the first day of absence) and, in the case of absence of uncertain duration, you must keep the Company regularly informed of your continued absence and your likely date of return. You are expected to observe this rule very strictly since failure to do so will entitle the Company to stop payment in respect of each day you fail to notify the Company.

 

9.2                               If your absence, due to sickness or injury, is for less than seven (7) days, on your return to work you are required to immediately complete a self-certification form available from the Company. If your absence continues for more than seven (7) consecutive days (whether or not working days) you must provide the Company with a doctor’s certificate from the seventh consecutive day of sickness or injury. This doctor’s certificate must be provided to the Company promptly following the seventh consecutive day of absence. If illness continues after the expiry of the first certificate, further certificates must be provided promptly to cover the whole period of absence.

 

9.3                               Subject to your compliance with the Company’s sickness absence procedures (as amended from time to time), the Company may in its sole and absolute discretion pay full salary and contractual benefits during any period of absence due to sickness or injury for up to an aggregate of 3 months in any fifty-two (52) week period (whether such absence is continuous or intermittent in any calendar year). Such payment shall be inclusive of any statutory sick pay due in accordance with applicable legislation in force at the time of absence. The Company may, in its sole and absolute discretion, extend the period of allowance in an individual case if the circumstances so justify. Thereafter, the Company shall pay statutory sick pay or equivalent benefit to which you may be entitled subject to your compliance with the appropriate rules.

 

9.4                               Whether absent from work or not, you may be, but only on reasonable grounds, required to undergo a medical examination by a Company doctor and your consent will be sought for a report to be sent to the Company.

 

9.5                               The payment of sick pay in accordance with this paragraph 9 is without prejudice to the Company’s right to terminate this Agreement prior to the expiry of your right to payments.

 

9.6                               In the event you are incapable of performing your duties by reason of injuries sustained wholly or partly as a result of a third party’s actions all payments made to you by the Company as salary or sick pay shall to the extent that compensation is recoverable from that third party constitute loans to you and shall be due and owing when and to the extent that you recover compensation for loss of earnings from the third party.

 

10                                  GARDEN LEAVE

 

10.1                        After notice of termination has been given by you or the Company, the Company may at its discretion require you, for all or part of your notice period, to comply with any or all of the following instructions:

 

(a)                                 not to carry out any further work for the Company or for any Group Company;

 

(b)                                 to remain away from the Company’s business premises and those of any Group Company (unless given written permission to do otherwise);

 

(c)                                  not to contact any of the Company’s clients, suppliers or employees or those of any Group Company without the Company’s prior written permission;

 

6

 

(d)                                 to carry out only part of your duties, or to carry out alternative duties or special projects for the Company within your skill set;

 

(e)                                  to co-operate in the handover of your duties and responsibilities;

 

(f)                                   to resign from any offices (including as a director) you hold within the Company or any Group Company or by virtue of your employment with us;

 

(g)                                  to answer, in an honest and helpful way, such questions as the Company may reasonably ask of you;

 

(h)                                 to keep the Company informed of your whereabouts and contact details and to remain reasonably contactable and available for work.

 

10.2                        During any such period as described in paragraph 10.1 (“Garden Leave”) the Company may appoint another person to carry out some or all of your duties. You will continue to owe all other duties and obligations (whether express or implied including fidelity and good faith) during Garden Leave and you shall continue to receive full pay and benefits (including, notwithstanding any contrary provisions in the relevant plan rules, accruing entitlements to cash and equity incentive awards and bonus payments in respect of the Garden Leave period).

 

10.3                        By placing you on Garden Leave, the Company will not be in breach of this Agreement or any implied duty of any kind whatsoever nor will you have any claim against the Company in respect of any such action.

 

10.4                        During any period of Garden Leave you will remain readily contactable and available for work save when on paid holiday taken in accordance with paragraph 8. In the event that you are not available for work having been requested by the Company to do so, you will, notwithstanding any other provision of this Agreement, forfeit any right to salary and contractual benefits.

 

10.5                        During any period of Garden Leave the Company may require you to deliver up any Confidential Information or property of the Company or any Group Company and upon instruction, delete any emails, spreadsheets or other Confidential Information and you will confirm your compliance with this paragraph 10.5 in writing if requested to do so by the Company.

 

10.6                        During any period of Garden Leave the Company may require you to take any outstanding holiday entitlement.

 

11                                  NOTICE

 

11.1                        Without prejudice to the Company’s right to summarily terminate your employment in accordance with paragraph 11.3 below and your right to summarily terminate your employment for Good Reason in accordance with paragraph 11.4 below, either you or the Company may terminate your employment by giving to the other not less than six months’ notice in writing.

 

11.2                        The Company reserves the right in its sole and absolute discretion to give written notice to terminate your employment forthwith and to make a payment to you in lieu of salary and the benefits set out in paragraph 5 of this Agreement for all or any unexpired part of the notice period. For the avoidance of doubt, any payment in lieu made pursuant to this paragraph 11.2 will not include any element in relation to any payment in respect of (i) any Annual Performance Bonus; or (ii) any holiday entitlement that would have otherwise accrued during the period for which the payment in lieu is made.  For the further avoidance of doubt, if the Company elects to make a Payment in Lieu after notice of termination has been given by you, this will not constitute a termination by the Company without Cause for the purposes of paragraphs 11.7 and 11.8 below.

 

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11.3                        The Company may summarily terminate your employment hereunder (without notice) for Cause.  For purposes of this Agreement, “Cause” shall mean where you:

 

(a)                                 commit gross misconduct which includes, but is not limited to, dishonesty, fraud, theft, being under the influence of alcohol or drugs at work, causing actual or threatening physical harm and causing damage to Company property;

 

(b)                                 commit a material breach or non-observance of your duties or any of the provisions of this Agreement, or materially fail to observe the lawful directions of the Company, or breach any material Company policy or code of conduct, including but not limited to the Company’s policy from time to time on matters relating to harassment;

 

(c)                                  are convicted of a criminal offence (other than an offence under the road traffic legislation in the United Kingdom or elsewhere for which a non-custodial sentence is imposed);

 

(d)                                 act in a manner which in the reasonable opinion of the Company, brings the Company into disrepute or otherwise prejudices or is in the reasonable opinion of the Company considered likely to prejudice the reputation of the Company;

 

(e)                                  in the reasonable opinion of the Company, are guilty of any serious negligence in connection with or affecting the business or affairs of the Company;

 

(f)                                   are unfit to carry out the duties hereunder because of sickness, injury or otherwise for an aggregate period of 26 weeks in any fifty-two (52) week period even if, as a result of such termination, you would or might forfeit any entitlement to benefit from sick pay under paragraph 9.3 above.

 

Any delay or forbearance by the Company in exercising any right of termination in accordance with this paragraph 11.3 will not constitute a waiver of such right.

 

11.4                        You may summarily terminate your employment hereunder at any time (without notice) for Good Reason after complying with the Good Reason Process.  For purposes of this Agreement, “Good Reason” shall mean that you have complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a material diminution in your responsibilities, authority or duties; (ii) a material diminution in your Salary; (iii) a material change in the geographic location at which you provides services to the Company; or (iv) the material breach of this Agreement by the Company.  “Good Reason Process” shall mean that (i) you reasonably determine in good faith that a “Good Reason” condition has occurred; (ii) you notify the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) you cooperate in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) you terminate your employment (without notice) within 60 days after the end of the Cure Period.  If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

11.5                        Your employment hereunder shall also terminate immediately upon your death.

 

11.6                        If your employment with the Company is terminated for any reason, the Company shall pay or provide to you (or to your authorised representative or estate) (i) any Salary earned through the Termination Date (as defined below); (ii) unpaid expense reimbursements (subject to, and in accordance with, paragraph 6 of this Agreement); and (iii) any vested benefits you may have under any employee benefit plan of the Company through the Termination Date, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit

 

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plans (collectively, the “Accrued Benefits”).

 

Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason outside the Change in Control Period.

 

11.7                        If your employment is terminated on account of your death or by the Company without Cause (being for any reason not covered by paragraph 11.3), or you terminate your employment for Good Reason (as provided in paragraph 11.4), in either case outside of the Change in Control Period, then the Company shall pay you the Accrued Benefits.  In addition, subject to (i) your (or your authorised representative or estate signing, if the termination is due to your death) signing a settlement agreement and a separation agreement and release (together the “Settlement Agreements”) in a form and manner satisfactory to the Company, which shall include, without limitation, a general release of claims against the Company and all related persons and entities, a reaffirmation of all of your continuing obligations to the Company, including those set forth in paragraphs 14 — 16, and (in the case of the separation agreement and release) and a seven (7) business day revocation period; and (ii) the separation agreement and release becoming irrevocable, all within 60 days after the Termination Date (or such shorter period as set forth in the Settlement Agreements), the Company shall: (A) pay you (or your authorised representative or estate if the termination is due to your death) an amount equal to twelve (12) months of your salary as of the Termination Date (which payment shall not be reduced by either the value of any salary paid to you during your notice period or by the value of any payment made to you in lieu of notice pursuant to paragraph 11.2); and (B) pay you (or your authorised representative or estate if the termination is due to your death) an amount equal to the cost to the Company of providing you with the contractual benefits under paragraph 5 for twelve (12) months or, at the Company’s option, continue to provide you with such benefits for twelve (12) months.

 

Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason Within the Change in Control Period

 

11.8                        The provisions of this paragraph 11.8 shall apply in lieu of, and expressly supersede, the provisions of paragraph 11.7 regarding severance pay and benefits upon a termination by the Company without Cause or by you for Good Reason if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control (such period, the “Change in Control Period”). These provisions shall terminate and be of no further force or effect after the Change in Control Period.

 

(a)                                 Change in Control Period.  If during the Change in Control Period your employment is terminated on account of your death or by the Company without Cause (being for any reason not covered by paragraph 11.3) or you terminate your employment for Good Reason (as provided in paragraph 11.4), then, subject to (i) your signing (or your authorised representative or estate signing, if the termination is due to your death) a settlement agreement and a separation agreement and release (together the Settlement Agreements) in a form and manner satisfactory to the Company, which shall include, without limitation, a general release of claims against the Company and all related persons and entities, a reaffirmation of all of your continuing obligations to the Company, including those set forth in paragraphs 14 —16, and (in the case of the separation agreement and release) and a seven (7) business day revocation period; and (ii) the separation agreement and release becoming irrevocable, all within 60 days after the Termination Date (or such shorter period as set forth in the Settlement Agreements):

 

9

 

(i)                                     the Company shall: pay you (or your authorised representative or estate if the termination is due to your death) an amount equal to 1.5 times the sum of (A) your annual salary as of the Termination Date (or your annual salary in effect immediately prior to the Change in Control, if higher) plus (B) your target annual performance bonus amount under the Annual Bonus Plan for the then-current year (the “Change in Control Payment”), which payment shall not be reduced by either the value of any salary paid to you during your notice period or by the value of any payment made to you in lieu of notice pursuant to paragraph 11.2;

 

(ii)                                  the Company shall: pay you (or your authorised representative or estate if the termination is due to your death) an amount equal to the cost to the Company of providing you with the contractual benefits under paragraph 5 for eighteen (18) months or, at the Company’s option, continue to provide you with such benefits for eighteen (18) months; and

 

(iii)                               notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement, all Time-Based Equity Awards shall immediately accelerate and become fully exercisable (for a period determined in accordance with the rules of the applicable equity plan) or nonforfeitable as of the later of (A) the Termination Date or (B) the Accelerated Vesting Date; provided that any termination or forfeiture of the unvested portion of such Time-Based Equity Awards that would otherwise occur on the Termination Date in the absence of this Agreement will be delayed until the Effective Date of the Settlement Agreements and will only occur if the vesting pursuant to this subsection does not occur due to the absence of the Settlement Agreements becoming fully effective within the time period set forth therein.  Notwithstanding the foregoing, no additional vesting of the Time-Based Equity Awards shall occur during the period between your Termination Date and the Accelerated Vesting Date.

 

11.9                        Definitions.  For purposes of this paragraph 11, the following terms shall have the following meanings:

 

“Accelerated Vesting Date” means the effective date of the Settlement Agreements signed by you (or your authorised representatives or estate if the termination is due to your death).

 

“Termination Date” means the date on which your employment hereunder terminates.

 

“Time-Based Equity Awards” means all time-based stock options and other stock-based 

 

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awards subject to time based vesting held by you.

 

“Change in Control” has the meaning given to that term in the Schedule to this Agreement.

 

12                                  INDEPENDENT ACTIVITY

 

You will be permitted to participate as an advisor, consultant, member or board director of other pharma/biotech sector entities from time to time during your employment, which may be industrial, academic or not-for-profit organisations or committees, provided that the time committed to such duties does not exceed 6 days service per year. Any such appointment is subject to the prior approval of the Board such approval not to be unreasonably withheld and must not compete with the business of the Company. You will place the Company’s business in priority over any such independent activity.  The Board may at its discretion increase the permitted time commitment to up to 12 days where a new specific opportunity has been identified by you which would give you experience that is considered to be of wider benefit to the Company, again such permission not to be unreasonably withheld and subject to the same other conditions set out above.

 

13                                  DISCIPLINARY, DISMISSAL AND GRIEVANCE PROCEDURES

 

13.1                        A copy of the Company’s disciplinary, dismissal and grievance procedures are set out in its employee handbook (the “Employee Handbook”).

 

13.2                        Any grievance concerning your employment should be taken up orally in the first instance with the Chairman. If the grievance is not resolved to your satisfaction, you should then refer it to the Board.

 

13.3                        The Company reserves the right to suspend you on full pay and benefits at any time for a reasonable period to investigate any potential disciplinary matter that it reasonably believes you may be or may have been involved in.

 

14                                  OUTSIDE EMPLOYMENT, CONFIDENTIAL INFORMATION, CONFLICTING INTERESTS AND RETURN OF COMPANY PROPERTY

 

14.1                        For the purposes of this paragraph 14, paragraph 10 above and paragraph 15 below the expression “Confidential Information” shall include, but not be limited to, any and all knowledge, data or information (whether or not recorded in documentary form or on computer disk or tape), which may be imparted in confidence or which is of a confidential nature or which you may reasonably regard as being confidential or a trade secret by the Company, concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any Group Company or any of their respective customers. By way of illustration but not limitation, “Confidential Information” includes (a) trade secrets, inventions, mask works, ideas, processes, formulas, software in source or object code, data, records, reports, interpretations, the contents of any databases, programs, other works of authorship, know-how, materials, improvements, discoveries, developments, technical information, designs and techniques and any other proprietary technology and all IPRs (as defined below) therein (collectively, “Inventions”); (b) information regarding research, development, new  products, planned products, planned surveys, marketing surveys, research reports, market share and pricing statistics, marketing and selling, business plans, financial details, budgets and unpublished financial statements, licenses, prices and costs, fee levels, margins, discounts, credit terms, pricing and billing policies, quoting procedures, commissions, commission charges, other price sensitive information, methods of obtaining business and other business methods, forecasts, future plans and potential strategies, financial projections and business strategies and targets,

 

11

 

operational plans, financing and capital-raising plans, activities and agreements, internal services and operational manuals, methods of conducting Company business, corporate and business accounts, suppliers and supplier information, and purchasing; (c) information regarding clients or customers and potential clients or customers of the Company, including customer lists, client lists, names, addresses (including email),  telephone, facsimile or other contact numbers and contact names, representatives, their needs or desires with respect to the types of products or services offered by the Company, proposals, bids, contracts and their contents and parties, the type and quantity of products and services provided or sought to be provided to customers and potential customers of the Company and other non-public information relating to customers and potential customers; (d) information regarding any of the Company’s business partners and their services, including names, representatives, proposals, bids, contracts and their contents and parties, the type and quantity of products and services received by the Company, and other non-public information relating to business partners; (e) information regarding personnel, computer passwords, employee lists, compensation and remuneration, and employee skills; and (f) any other non-public information which a competitor of the Company could use to the competitive disadvantage of the Company.

 

14.2                        You shall not, without the prior written consent of the Company, either solely or jointly, directly or indirectly, carry on or be engaged, concerned or interested in any other trade or business, including, but not limited to, carrying on business with the Company’s suppliers or dealers, save that nothing in this paragraph 14.2 shall prevent you from holding (with the prior written consent of the Company, which shall not be unreasonably delayed or withheld) up to three percent (3%) of the issued equity share capital of any company where those equity shares are listed on a recognised investment exchange (as defined in section 285 of the Financial Services and Markets Act 2000) or traded on the AIM market operated by the London Stock Exchange. Failure to secure advance permission in accordance with this paragraph 14.2 may result in summary dismissal.

 

14.3                        You will not (except with the prior written consent of the Board) except in the proper course of your duties during the continuance of this Agreement (which for the avoidance of doubt shall include the use of laptops and remote working), or at any time thereafter:

 

(a)                                 disclose or use for your own or for another’s purpose or benefit any Confidential Information which you may learn while in the employment of the Company except as required by a court of law or any regulatory body or that which may be in or become part of the public domain other than through any act or default on your part;

 

(b)                                 copy or reproduce in any form or by or on any media or device or allow others access to copy or reproduce any documents (including without limitation letters, facsimiles and memoranda), disks, memory devices, notebooks, tapes or other medium whether or not eye-readable and copies thereof on which Confidential Information may from time to time be recorded or referred to (“Documents”); or

 

(c)                                  remove or transmit from the Company or any Group Company’s premises any Documents on which Confidential information may from time to time be recorded.

 

14.4                        Upon termination of your employment for any reason by either party, you must immediately return to the Company all Company property including but not limited to documents, papers,  records, keys, credit cards, mobile telephones, computer and related equipment, PDA or similar device, security passes, accounts, specifications, drawings, lists, correspondence, catalogues or the like relating to the Company’s business which is in your possession or under your control and you must not take copies of the same without the Company’s express written authority.

 

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15                                  RESTRICTIVE COVENANTS

 

15.1                        For the purpose of this paragraph 15 the following expressions shall have the following meanings:

 

“Prospective Customer” shall mean any person, firm, company or other business who was to your knowledge at the Termination Date negotiating with the Company or with any Group Company with a view to dealing with the Company or any Group Company as a customer;

 

“Restricted Business” means any business which (i) carries on research in the field of constrained peptides, including, without limitation, all work in the field of lead constrained peptide identification and optimization and pre-clinical development of constrained peptide therapeutics or (ii) is developing a drug conjugate compound for treating cancer that targets the same target as a drug conjugate compound in development by any Group Company;

 

“Restricted Customers” shall mean any person, firm, company or other business who was to your knowledge at any time in the twelve (12) month period ending with the Termination Date a customer of the Company or any Group Company;

 

“Restricted Period” shall mean the period of twelve (12) months from the Termination Date;

 

“Restricted Territory” means anywhere in the United States or the United Kingdom or in any other country in which the Company or any Group Company conducts business or as of the date of termination of my employment relationship had plans to conduct business; and

 

“Termination Date” shall mean the date on which your employment under this Agreement terminates either due to you or the Company terminating it in accordance with the terms of the Agreement or in breach of the terms of this Agreement.

 

15.2                        During the course of your employment hereunder you are likely to obtain Confidential Information relating to the business of the Company or any Group Company and personal knowledge and influence over clients, customers and employees of the Company or any Group Company. You hereby agree with the Company that to protect the Company’s and any and all Group Company’s business interests, customer connections and goodwill and the stability of its or their workforce, that you will not during the Restricted Period (and in respect of sub-paragraph 15.2(f) below only, at any time):

 

(a)                                 in the Restricted Territory, compete with the business of the Company or any Group Company by being directly or indirectly employed or engaged in any capacity by any person, firm or company which engages in or provides Restricted Business or commercial activities competitive with the Restricted Business to Restricted Customers or Prospective Customers;

 

(b)                                 in the Restricted Territory, compete with the business of the Company or any Group Company either on your own account or for any person, firm or company directly or indirectly by transacting business in competition with the Restricted Business with any Restricted Customer or Prospective Customer of the Company or Group Company and with whom you personally dealt in respect of Restricted Business in the pursuance of the employment hereunder in the twelve (12) months prior to the Termination Date;

 

(c)                                  in the Restricted Territory, compete with the business of the Company or any Group Company either on your own account or for any person, firm or company directly or indirectly in competition with the Restricted Business by soliciting or endeavouring to solicit or entice the business or custom of any Restricted Customer or Prospective 

 

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Customer and with whom you personally dealt in respect of Restricted Business in the pursuance of the employment hereunder in the twelve (12) months prior to the Termination Date;

 

(d)                                 either on your own account or for any person, firm or company directly or indirectly solicit or entice away or endeavour to solicit or entice away any director or senior employee of the Company or any Group Company employed in a managerial, scientific or technical role with whom you have had material personal dealings in the twelve (12) months prior to the Termination Date;

 

(e)                                  from the Termination Date for the purpose of carrying on any trade, or business represent or allow you to be represented or held out as having any present association with the Company or any Group Company; and

 

(f)                                   from the Termination Date carry on any trade or business whose name incorporates the word Bicycle or any deviation or extension thereof which is likely or which may be confused with the name of the Company or any Group Company.

 

15.3                        While the restrictions set out in paragraph 15.2 above are considered by the parties to be reasonable in all the circumstances, it is agreed that if any one or more of such restrictions shall either taken by itself or themselves together be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Company but would be adjudged reasonable if any particular restriction or restrictions were deleted or if any part or parts of the wording thereof were deleted, restricted or limited in a particular manner, then the restrictions set out in paragraph 15.2 above shall apply with such deletions or restrictions or limitations as the case may be.

 

15.4                        For the avoidance of doubt nothing in this paragraph 15 shall prevent you from having any dealings with any Prospective Customer or Restricted Customer in relation to any business which is not Restricted Businesses and which is not competitive with the Restricted Business, nor from continuing to deal with any Prospective Customer or Restricted Customer where you either have a social or business relationship unconnected to the Company and that relationship does not compete with the Restricted Business.

 

15.5                        The restrictions contained in paragraph 15.2 above are held by the Company for itself and on trust for any other Group Company and shall be enforceable by the Company on their behalf or by any Group Company (at their request). You shall during the employment hereunder enter into direct agreements with any Group Company whereby you will accept restrictions in the same or substantially the same form as those contained in paragraph 15.2 above.

 

15.6                        In the event that the Company exercises its rights and places you on Garden Leave under paragraph 10 above then the Restricted Period shall be reduced by any period(s) spent by you on Garden Leave prior to the Termination Date.

 

15.7                        During the Restricted Period you shall provide a copy of the restrictions contained at paragraph 14 above and this paragraph 15 to any employer or prospective employer or any other party with whom you become or will become engaged or provide service or services to.

 

16                                  INTELLECTUAL PROPERTY

 

16.1                        For the purpose of this paragraph 15 “IPRs” shall mean all trade secrets, Copyrights, trademarks and trade and business names (including goodwill associated with any trademark or trade or business names and the right to sue for passing off or unfair competition), service marks, mask work rights, patents, petty patents, rights in ideas, concepts, innovations, discoveries, developments and 

 

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improvements, drug formulations, technology, rights in domain names, rights in inventions, utility models, rights in know-how (including all data, methods, processes, practices and other results of research), unregistered design rights, registered design rights, database rights, semiconductor topography rights and other intellectual property rights recognized by the laws of any jurisdiction or country including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world; the term “Copyright” means the exclusive legal right to reproduce, perform, display, distribute and make derivative works of a work of authorship (as a literary, musical, or artistic work) recognized by the laws of any jurisdiction or country; and the term “Moral Rights” means all paternity, integrity, disclosure, withdrawal, special and any other similar rights recognized by the laws of any jurisdiction or country.

 

16.2                        It is contemplated that you may in the course of your employment with the Company create, author or originate (either alone or jointly with others) Inventions (as defined in paragraph 14.1), and/or records, reports, papers, databases, data, information, know how, literature, drawings, graphics, typographical arrangements, designs, works, documents, publications and other materials (in printed, electronic, or any other media or form) (together with Inventions constituting “Works”).

 

16.3                        You will promptly disclose to the Company full details of any Inventions on their creation and provide further details, explanations and demonstrations as the Company from time to time requests.

 

16.4                        All IPRs subsisting in any Works shall be the exclusive property of the Company.

 

16.5                        To the extent that such IPRs do not vest automatically in the Company by operation of law, you hereby assign and agree to assign to the Company all of your right, title and interest in any existing and future IPRs which may subsist in any Works for their full term of protection (including any extensions, revivals and renewals) together with the right to sue and claim remedies for past infringement and all materials embodying these rights to the fullest extent permitted by law in any and all countries of the world.  Insofar as such IPRs do not vest automatically by operation of law or under this Agreement, the Consultant holds legal title in these rights and inventions on trust for the Company.

 

16.6                        To the extent permitted by law you hereby irrevocably and unconditionally waive in favour of the Company, its licensees and successors in title, all existing and future Moral Rights (or similar rights existing in any part of the world) you may have in respect of any Works under Chapter IV of the Copyright Designs and Patents Act 1988 in England or any similar provisions of law in any jurisdiction, including (but without limitation) the right to be identified, the right of integrity and the right against false attribution, and agrees not to institute, support, maintain or permit any action or claim to the effect that any treatment, exploitation or use of such Works, Inventions or other materials infringes the Consultant’s Moral Rights.

 

16.7                        Without prejudice to the generality of paragraph 16.10 below, during your employment with the Company and thereafter, without limit in time, you shall at the request and expense of the Company, promptly assist the Company:

 

(a)                                 to file, prosecute, obtain and maintain registrations and applications for registration of any IPRs subsisting in, or protecting, any Works; and

 

(b)                                 to commence and prosecute legal and other proceedings against any third party for infringement of any IPRs subsisting in, or protecting, any Works and to defend any proceedings or claims made by any third party that the use or exploitation of any Works 

 

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infringes the IPRs or rights of any third party.

 

16.8                        You shall keep details of all Inventions confidential and shall not disclose the subject matter of any Inventions to any person outside the Company without the prior consent of the Company. You acknowledge that any unauthorised disclosure of such subject matter may prevent the Company from obtaining patent or registered intellectual property protection for such Invention.

 

16.9                        Whenever requested to do so by the Company and in any event on the termination or expiry of this Agreement, you shall promptly deliver to the Company all correspondence, documents, papers and records on all media (and all copies or abstracts of them), recording or relating to any part of the Works and the process of their creation which are in your possession, custody or power.

 

16.10                 Subject to paragraph 16.11 below, during your employment with the Company and thereafter without limit in time you shall at the request and expense of the Company promptly execute and do all acts, matters, documents and things necessary or desirable to give the Company the full benefit of the provision of this paragraph 16.  You shall not register nor attempt to register any of the IPRs in the Works, nor any of the Inventions, unless requested to do so in writing by the Company.

 

16.11                 Nothing in this paragraph 16 shall be construed, or have the effect of, restricting your rights under sections 39 to 43 (inclusive) of the Patents Act 1977 (as amended from time to time).

 

17                                  LITIGATION ASSISTANCE

 

During the term of your employment and at all times thereafter subject always to your obligations to third parties, you shall furnish such information and proper assistance to the Company or any Group Companies as it or they may reasonably require in connection with the Company’s intellectual property (including without limitation applying for, defending, maintaining and protecting such intellectual property) and in connection with litigation in which it is or they are or may become a party. This obligation on you shall include, without limitation, meeting with the Company or any Group Companies’ legal advisers, providing witness evidence, both in written and oral form, and providing such other assistance that the Company or any Group Companies’ legal advisors in their reasonable opinion determine. The Company shall reimburse you for all reasonable out of pocket expenses incurred by you in furnishing such information and assistance and in the event you are no longer employed by the Company a reasonable daily rate (as agreed between you and the Company for such assistance). Such assistance shall not require you to provide assistance for more than 5 days in any calendar month. For the avoidance of doubt the obligations under this paragraph 17 shall continue notwithstanding the termination of your employment with the Company.

 

18                                  COLLECTIVE AGREEMENTS

 

There are no collective agreements which directly affect your terms and conditions of employment.

 

19                                  DATA PROTECTION

 

Processing of personal data and our policies

 

19.1                        Information relating to an individual (or from which an individual may be identified) is called “personal data”.

 

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19.2                        In processing personal data, we are required to comply with the law on data protection. To help us achieve this, we have produced a privacy notice (“Privacy Notice”).  This may be found in the Employee Handbook.  You must read this and comply with it in carrying out your work.

 

Data protection principles

 

19.3                        In complying with the law on data protection, we are required to comply with what are known as data protection principles.  These are summarised in our Privacy Notice.  In performing your role and carrying out your responsibilities, you must do your best to ensure that we comply with these principles.

 

19.4                        A key element of the data protection principles is the duty to ensure that data is processed securely and protected against unauthorised or unlawful processing or loss.  Key elements include the following:

 

(a)                                 You must ensure that laptops, memory sticks, phones and other mobile devices are password protected and encrypted.  You must not take such devices outside the office without encryption.  You must take care of them and keep them secure.

 

(b)                                 You must use strong passwords, changing them when asked and not sharing them with unauthorised colleagues.

 

(c)                                  You must not access other individuals’ personal data unless in the course of your work.

 

Data breach — and urgent notification

 

19.5                        If you discover a data breach, you must notify the Chairman or CFO immediately — and, if practicable, within one hour.  Depending on context, you may then need to provide further information on the circumstances of the breach.

 

19.6                        A data breach occurs where there is destruction, loss, alteration or unauthorised disclosure of or access to personal data which is being held, stored, transmitted or processed in any way.  For example, there is a data breach if our servers are hacked or if you lose a laptop or USB stick or send an email to the wrong person by mistake.

 

19.7                        Failure to notify a breach or to provide information as set out above will be treated seriously and disciplinary action may be taken.

 

Why we process personal data

 

19.8                        For information on the nature of the data we process, why we process it, the legal basis for processing and related matters, please refer to our Privacy Notice.  In summary:

 

(a)                                 We process personal data relating to you for the purposes of our business including management, administrative, employment and legal purposes.

 

(b)                                 We monitor our premises and the use of our communication facilities, including using CCTV cameras, monitoring compliance with our data and IT policies, and where non-compliance is suspected, looking in a more targeted way.

 

19.9                        The summary above is for information only.  We do not, in general, rely on your consent as a legal basis for processing.  Agreeing the terms of this Agreement will not constitute your giving consent to our processing of your data.

 

19.10                 We reserve the right to amend the documents referred to above from time to time.

 

20                                  THIRD PARTY RIGHTS

 

Save in respect of any rights conferred by this Agreement on any Group Company (which such Group Company shall be entitled to enforce), a person who is not a party to this Agreement may not under the Contracts (Rights of Third Parties) Act 1999 enforce any of the terms 

 

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contained within this Agreement.

 

21                                  GROUP COMPANIES

 

In this Agreement “Group Company” means a subsidiary or affiliate and any other company which is for the time being a holding company of the Company or another subsidiary or affiliate of any such holding company as defined by the Companies Act 2006 (as amended) and “Group Companies” will be interpreted accordingly.

 

22                                  ENTIRE AGREEMENT

 

These terms and conditions constitute the entire agreement between the parties and supersede any other agreement whether written or oral previously entered into.

 

23                                  JURISDICTION AND CHOICE OF LAW

 

This Agreement shall be governed by and interpreted in accordance with the laws of England and Wales and the parties to this Agreement submit to the exclusive jurisdiction of the Courts of England and Wales in relation to any claim, dispute or matter arising out of or relating to this Agreement.

 

24                                  NOTICES

 

Any notices with respect to this Agreement shall be in writing and shall be deemed given if delivered personally (upon receipt), sent by email or sent by first class post addressed, in the case of the Company, to the Company Secretary at its registered office and in your case, addressed to your address last known to the Company.

 

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Schedule

 

Definitions

 

	
Change in Control:
    	
 
    	
means and includes each of the following:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)                                 a   Sale; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)                                 a   Takeover.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Compensation Committee shall have full and final   authority, which shall be exercised in its sole discretion, to determine   conclusively whether a Change in Control has occurred pursuant to the above   definition, the date of the occurrence of such Change in Control and any   incidental matters relating thereto; provided that any such Change in Control   also qualifies as a “change in control event” as defined in Section 409A   of the United States Internal Revenue Code of 1986, as amended and the   regulations and other guidance thereunder and any state law of similar   effect, and any exercise of authority in conjunction with a determination of   whether a Change in Control is a “change in control event” is consistent with   such regulation.
    
	
 
    	
 
    	
 
    
	
Control:
    	
 
    	
shall have the meaning given to that word by   Section 719 of the UK Income Tax (Earnings and Pensions) Act 2003 and “Controlled” shall be construed accordingly.
    
	
 
    	
 
    	
 
    
	
Sale:
    	
 
    	
the sale of all or substantially all of the assets   of BTL.
    
	
 
    	
 
    	
 
    
	
Takeover:
    	
 
    	
circumstances in which any person (or a group of   persons acting in concert) (the “Acquiring Person”):
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)                                 obtains   Control of BTL as the result of making a general offer to:-
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
i.                                          acquire   all of the issued ordinary share capital of BTL, which is made on a condition   that, if it is satisfied, the Acquiring Person will have Control of BTL; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ii.                                       acquire   all of the shares in BTL; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)                                 obtains   Control of BTL as a result of a compromise or arrangement sanctioned by a   court under Section 899 of the UK Companies Act 2006, or sanctioned   under any other similar law of another jurisdiction; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)                                  becomes   bound or entitled under Sections 979 to 985 of the UK Companies Act 2006 (or   similar law of another jurisdiction) to acquire shares in BTL; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(d)                                 obtains   Control of BTL in any other way, including but not limited to by way of a merger.
    

 

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THIS AGREEMENT has been executed and delivered as a deed by or on behalf of the parties on the date written at the top of page 1.

 

	
Executed as a Deed by BICYCLETX   LIMITED acting by a director:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Pierre Legault
    	
(Director)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Diane Legault
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness Name: Diane Legault
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness Address:
    	
 
    	
 
    

 

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Executed as a Deed by KEVIN LEE:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Kevin Lee
    	
(Kevin Lee)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Paula Barnes
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness Name: Paula Barnes
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness Address:
    	
 
    	
 
    

 

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