Document:

Exhibit 4.10

 

 

 

 

 

AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.

 

 

 

 

 

 

 

 

INDENTURE

 

Dated as of                     ,
20    

 

 

 

 

 

 

 

[Name of Trustee]

 

Trustee

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	page
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	Section 1.1.	Definitions.	1
	 	Section 1.2.	Other Definitions.	4
	 	Section 1.3.	Incorporation by Reference of Trust Indenture Act.	4
	 	Section 1.4.	Rules of Construction.	4
	ARTICLE II. THE SECURITIES	5
	 	Section 2.1.	Issuable in Series.	5
	 	Section 2.2.	Establishment of Terms of Series of Securities.	5
	 	Section 2.3.	Execution and Authentication.	6
	 	Section 2.4.	Registrar and Paying Agent.	7
	 	Section 2.5.	Paying Agent to Hold Money in Trust.	8
	 	Section 2.6.	Securityholder Lists.	8
	 	Section 2.7.	Transfer and Exchange.	8
	 	Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities.	8
	 	Section 2.9.	Outstanding Securities.	9
	 	Section 2.10.	Treasury Securities.	9
	 	Section 2.11.	Temporary Securities.	9
	 	Section 2.12.	Cancellation.	10
	 	Section 2.13.	Defaulted Interest.	10
	 	Section 2.14.	Global Securities.	10
	 	Section 2.15.	CUSIP Numbers.	11
	ARTICLE III. REDEMPTION	11
	 	Section 3.1.	Notice to Trustee.	11
	 	Section 3.2.	Selection of Securities to be Redeemed.	11
	 	Section 3.3.	Notice of Redemption.	11
	 	Section 3.4.	Effect of Notice of Redemption.	12
	 	Section 3.5.	Deposit of Redemption Price.	12
	 	Section 3.6.	Securities Redeemed in Part.	12
	ARTICLE IV. COVENANTS	12
	 	Section 4.1.	Payment of Principal and Interest.	12
	 	Section 4.2.	SEC Reports.	13
	 	Section 4.3.	Compliance Certificate.	13
	 	Section 4.4.	Stay, Extension and Usury Laws.	13
	 	Section 4.5.	Corporate Existence.	13
	ARTICLE V. SUCCESSORS	13
	 	Section 5.1.	When Company May Merge, Etc.	13
	 	Section 5.2.	Successor Corporation Substituted. 	14
	ARTICLE VI. DEFAULTS AND REMEDIES	14
	 	Section 6.1.	Events of Default.	14
	 	Section 6.2.	Acceleration of Maturity; Rescission and Annulment.	15
	 	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee.	15
	 	Section 6.4.	Trustee May File Proofs of Claim.	16
	 	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities.	16
	 	Section 6.6.	Application of Money Collected.	16
	 	Section 6.7.	Limitation on Suits.	17
	 	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest.	17
	 	Section 6.9.	Restoration of Rights and Remedies.	17
	 	Section 6.10.	Rights and Remedies Cumulative.	18
	 	Section 6.11.	Delay or Omission Not Waiver.	18
	 	Section 6.12.	Control by Holders.	18
	 	Section 6.13.	Waiver of Past Defaults.	18
	 	Section 6.14.	Undertaking for Costs.	18

 

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	ARTICLE VII. TRUSTEE	19
	 	Section 7.1.	Duties of Trustee.	19
	 	Section 7.2.	Rights of Trustee.	19
	 	Section 7.3.	Individual Rights of Trustee.	20
	 	Section 7.4.	Trustee’s Disclaimer.	20
	 	Section 7.5.	Notice of Defaults.	20
	 	Section 7.6.	Reports by Trustee to Holders.	21
	 	Section 7.7.	Compensation and Indemnity.	21
	 	Section 7.8.	Replacement of Trustee.	21
	 	Section 7.9.	Successor Trustee by Merger, Etc.	22
	 	Section 7.10.	Eligibility; Disqualification.	22
	 	Section 7.11.	Preferential Collection of Claims Against Company.	22
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	22
	 	Section 8.1.	Satisfaction and Discharge of Indenture.	22
	 	Section 8.2.	Application of Trust Funds; Indemnification.	23
	 	Section 8.3.	
    Legal Defeasance of Securities of any Series. 
	24
	 	Section 8.4.	Covenant Defeasance.	25
	 	Section 8.5.	Repayment to Company.	25
	 	Section 8.6.	Reinstatement.	25
	ARTICLE IX. AMENDMENTS AND WAIVERS	26
	 	Section 9.1.	Without Consent of Holders.	26
	 	Section 9.2.	With Consent of Holders.	26
	 	Section 9.3.	Limitations.	26
	 	Section 9.4.	Compliance with Trust Indenture Act.	27
	 	Section 9.5.	Revocation and Effect of Consents.	27
	 	Section 9.6.	Notation on or Exchange of Securities.	27
	 	Section 9.7.	Trustee Protected.	27
	ARTICLE X. MISCELLANEOUS	27
	 	Section 10.1.	Trust Indenture Act Controls.	27
	 	Section 10.2.	Notices.	28
	 	Section 10.3.	Communication by Holders with Other Holders.	29
	 	Section 10.4.	Certificate and Opinion as to Conditions Precedent.	29
	 	Section 10.5.	Statements Required in Certificate or Opinion.	29
	 	Section 10.6.	Rules by Trustee and Agents.	29
	 	Section 10.7.	Legal Holidays.	29
	 	Section 10.8.	No Recourse Against Others.	29
	 	Section 10.9.	Counterparts.	30
	 	Section 10.10.	Governing Laws.	30
	 	Section 10.11.	No Adverse Interpretation of Other Agreements.	30
	 	Section 10.12.	Successors.	30
	 	Section 10.13.	Severability.	30
	 	Section 10.14.	Table of Contents, Headings, Etc.	30
	 	Section 10.15.	Securities in a Foreign Currency.	30
	 	Section 10.16.	Judgment Currency.	31
	 	Section 10.17.	Force Majeure.	31
	ARTICLE XI. SINKING FUNDS	31
	 	Section 11.1.	Applicability of Article.	31
	 	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities.	32
	 	Section 11.3.	Redemption of Securities for Sinking Fund.	32
	ARTICLE XII. SUBORDINATION	32
	 	Section 12.1	Additional Subordination Terms	32

 

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American Virtual Cloud Technologies, Inc.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of                     ,
20    

 

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

 

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

 

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Indenture dated as of                     ,
20      between American Virtual Cloud Technologies, Inc., a Delaware company (“Company”),
and [            ] (“Trustee”).

 

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

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.

 

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

 

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

 

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

 

“Board of Directors” means the
board of directors of the Company or any duly authorized committee thereof.

 

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

 

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

 

“Capital Stock” means any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

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

 

“Company Order” means a written
order signed in the name of the Company by an Officer.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“GAAP” means (1) generally accepted
accounting principles in the United States of America which are in effect as of the date of determination or (2) if elected by the Company
by written notice to the Trustee in connection with the delivery of financial statements and information, the accounting standards and
interpretations (“IFRS”) adopted by the International Accounting Standards Board, as in effect on the first date of the period
for which the Company is making such election; provided, that (a) any such election once made shall be irrevocable, (b) all financial
statements and reports required to be provided after such election pursuant to this Indenture shall be prepared on the basis of IFRS,
(c) from and after such election, all determinations based on GAAP contained in this Indenture shall be computed in conformity with IFRS,
(d) in connection with the delivery of financial statements (x) for any of its first three financial quarters of any financial year, it
shall restate its consolidated interim financial statements for such interim financial period and the comparable period in the prior year
to the extent previously prepared in accordance with GAAP as in effect as of the date of determination and (y) for delivery of audited
annual financial information, it shall provide consolidated historical financial statements prepared in accordance with IFRS for the prior
most recent fiscal year to the extent previously prepared in accordance with GAAP as in effect as of the date of determination.

 

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

 

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

 

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

 

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

 

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

 

“Officer” means the Chairman
of the board of directors, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President, any Executive Vice President,
Senior Vice President or Vice President, member, partner, Treasurer or Secretary of the Company.

 

“Officer’s Certificate”
means a certificate signed by any Officer.

 

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

 

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

 

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

 

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

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

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

 

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

 

“Subsidiary” means, with respect
to any specified person:

 

(1) any corporation, association, or other business
entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more
of the other Subsidiaries of that person or a combination thereof; and

 

(2) any partnership, joint venture, limited liability
company or similar entity of which

 

(a) more than 50% of the capital accounts, distribution rights,
total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly,
by such person or one or more of the other Subsidiaries of that person or a combination thereof whether in the form of membership, general,
special or limited partnership or otherwise; and

 

(b) such person is a general partner
or otherwise controls such entity.

 

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

 

“Trustee” means the person named
as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee
hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any
Series shall mean the Trustee with respect to Securities of that Series.

 

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

 

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Section 1.2. Other Definitions.

 

	TERM	 	
    DEFINED IN

    SECTION

	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“successor person”	 	5.1

 

Section 1.3. Incorporation by Reference
of Trust Indenture Act.

 

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

 

“Commission” means the
SEC.

 

“indenture securities”
means the Securities.

 

“indenture security holder”
means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

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

 

Section 1.4. Rules of Construction.

 

Unless the context otherwise requires:

 

(a) a term has the meaning assigned
to it;

 

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

 

(c) “or” is not
exclusive;

 

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

 

(e) provisions apply to successive
events and transactions.

 

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ARTICLE II.

THE SECURITIES

 

Section 2.1. Issuable in Series.

 

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

 

Section 2.2. Establishment of Terms
of Series of Securities.

 

At or prior to the issuance of any Securities within
a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities
within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.24) by or pursuant to a Board Resolution,
and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate:

 

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

 

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

 

2.2.3. any limit upon the aggregate principal
amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7,
2.8, 2.11, 3.6 or 9.6);

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

All Securities of any one Series need not be issued
at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section 2.3. Execution and Authentication.

 

An Officer shall sign the Securities for the Company
by manual or facsimile signature.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.4. Registrar and Paying Agent.

 

The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where
Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series
may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon
the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar
shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written
notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent.
If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the
Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices
and demands.

 

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

 

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

 

Section 2.5. Paying Agent to Hold Money
in Trust.

 

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

 

Section 2.6. Securityholder Lists.

 

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

 

Section 2.7. Transfer and Exchange.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.9. Outstanding Securities.

 

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

 

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

 

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

    

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

 

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

 

Section 2.10. Treasury Securities.

 

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

 

Section 2.11. Temporary Securities.

 

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

 

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Section 2.12. Cancellation.

 

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

 

Section 2.13. Defaulted Interest.

 

If the Company defaults in a payment of interest
on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date
and payment date. At least 10 days before the special record date, the Company shall mail to the Trustee and to each Securityholder of
the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted
interest in any other lawful manner.

 

Section 2.14. Global Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.15. CUSIP Numbers.

 

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

 

ARTICLE III.

REDEMPTION

 

Section 3.1. Notice to Trustee.

 

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

 

Section 3.2. Selection of Securities
to be Redeemed.

 

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

 

Section 3.3. Notice of Redemption.

 

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

 

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

 

(a) the redemption date;

 

(b) the redemption price;

 

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

 

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

 

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

 

(f) that interest on Securities of the
Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption
price;

 

(g) the CUSIP number, if any; and

 

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

 

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

 

Section 3.4. Effect of Notice of Redemption.

 

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

 

Section 3.5. Deposit of Redemption Price.

 

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

 

Section 3.6. Securities Redeemed in Part.

 

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

 

ARTICLE IV.

COVENANTS

 

Section 4.1. Payment of Principal and Interest.

 

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

 

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Section 4.2. SEC Reports.

 

To the extent any Securities of a Series are outstanding,
the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which
the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with
the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to
be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2.

 

Delivery of reports, information and documents to
the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not
constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s
Certificates).

 

Section 4.3. Compliance Certificate.

 

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

 

The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, within 30 Business Days of any Officer becoming aware of any Default or Event of Default, an
Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with
respect thereto.

 

Section 4.4. Stay, Extension and Usury Laws.

 

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

 

Section 4.5. Corporate Existence.

 

Subject to Article V, the Company will do or cause
to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights (charter and statutory);
provided, however, that the Company shall not be required to preserve any such right if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that
the loss thereof is not adverse in any material respect to the Holders.

 

ARTICLE V.

SUCCESSORS

 

Section 5.1. When Company May Merge, Etc.

 

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

 

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

 

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

 

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

 

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

 

Section 5.2. Successor Corporation Substituted.

 

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

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1. Events of Default.

 

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

 

(a) default in the payment of any interest
on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire
amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on
the 30th day of such period); or

 

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

 

(c) default in the performance or breach
of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or
pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than
that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to
the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities
of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

(d) the Company pursuant to or within the
meaning of any Bankruptcy Law:

 

(i) commences a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

(i) is for relief against the Company in
an involuntary case,

 

(ii) appoints a Custodian of the Company
or for all or substantially all of its property, or

 

(iii) orders the
liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or

 

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

 

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

 

Section 6.2. Acceleration of Maturity; Rescission
and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e))
then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series
may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as
may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. Such acceleration
will not be effective until the earlier of (1) the acceleration of indebtedness under the Company’s senior secured credit facilities
or (2) five Business Days after receipt by the Company of written notice of such acceleration, at which time the principal, premium, if
any, interest and any other monetary obligations on all the then outstanding Securities of that Series will become due and payable immediately.
If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued
and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder.

 

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

 

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

 

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

 

The Company covenants that if

 

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

 

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

 

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

 

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

 

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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, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever situated.

 

If an Event of Default with respect to any Securities
of any Series occurs and is continuing, the Trustee may 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 effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4. Trustee May File Proofs of
Claim.

 

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

 

(a) to file and prove a claim for the whole
amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

(b) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due
it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.7.

 

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

 

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

 

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

 

Section 6.6. Application of Money Collected.

 

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

 

First: To the payment of all amounts due the Trustee
under Section 7.7; and

 

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

 

Third: To the Company.

 

Section 6.7. Limitation on Suits.

 

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

 

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

 

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

 

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

 

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

 

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

 

it being understood, intended and expressly covenanted by the Holder
of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders,
or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series.

 

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

 

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

 

Section 6.9. Restoration of Rights
and Remedies.

 

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

 

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Section 6.10. Rights and Remedies Cumulative.

 

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

 

Section 6.11. Delay or Omission Not
Waiver.

 

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

 

Section 6.12. Control by Holders.

 

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

 

(a) such direction shall not be in
conflict with any rule of law or with this Indenture,

 

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

 

(c) subject to the provisions of Section 6.1,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and

 

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

 

Section 6.13. Waiver of Past Defaults.

 

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

 

Section 6.14. Undertaking for Costs.

 

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

 

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ARTICLE VII.

TRUSTEE

 

Section 7.1. Duties of Trustee.

 

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

 

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

 

(i) The Trustee need perform only those
duties that are specifically set forth in this Indenture and no others.

 

(ii) In the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however,
in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to
be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether
or not they conform to the form requirements of this Indenture.

 

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

 

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

 

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

 

(iii) The Trustee shall not be liable with
respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance
with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon
the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12.

 

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

 

(e) The Trustee may refuse to perform
any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in performing such duty or exercising such right or power.

 

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

 

(g) No provision of this Indenture
shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or
in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction.

 

(h) The Paying Agent, the Registrar
and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs (e), (f) and (g) of
this Section and in Section 7.2, each with respect to the Trustee.

 

Section 7.2. Rights of Trustee.

 

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

 

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(b) Before the Trustee acts or refrains
from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action
it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.

 

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

 

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

 

(e) The Trustee may consult with counsel
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder without bad faith, willful misconduct or negligence, and in reliance thereon.

 

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

 

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

 

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

 

(i) In no event shall the Trustee
be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including
but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage.

 

(j) The permissive right of the Trustee
to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so.

 

Section 7.3. Individual Rights of Trustee.

 

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

 

Section 7.4. Trustee’s Disclaimer.

 

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

 

Section 7.5. Notice of Defaults.

 

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

 

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Section 7.6. Reports by Trustee to Holders.

 

Within 60 days after [            ]
1 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by
the Registrar, a brief report dated as of such [            ] 1, in
accordance with, and to the extent required under, TIA § 313.

 

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

 

Section 7.7. Compensation and Indemnity.

 

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

 

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

 

The Company need not reimburse any expense or indemnify
against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
bad faith, willful misconduct or negligence.

 

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

 

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

 

The provisions of this Section shall survive the
termination of this Indenture.

 

Section 7.8. Replacement of Trustee.

 

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

 

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The Trustee may resign with respect to the Securities
of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority
in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and
the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

 

(a) the Trustee fails to comply with
Section 7.10;

 

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

 

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

 

(d) the Trustee becomes incapable
of acting.

 

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

 

If a successor Trustee with respect to the Securities
of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property
held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect
to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession
to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s
obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities
incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to
such replacement.

 

Section 7.9. Successor Trustee by Merger,
Etc.

 

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

 

Section 7.10. Eligibility; Disqualification.

 

This Indenture shall always have a Trustee who satisfies
the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000
as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section 7.11. Preferential Collection of
Claims Against Company.

 

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

 

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1. Satisfaction and Discharge
of Indenture.

 

This Indenture shall upon Company Order cease to
be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute instruments acknowledging satisfaction and discharge of this Indenture, when

 

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(a) either

 

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

 

(ii) all such Securities not theretofore
delivered to the Trustee for cancellation

 

(1) have become due and payable, or

 

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

 

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

 

(4) are deemed paid and discharged pursuant
to Section 8.3, as applicable;

 

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

 

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

 

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

 

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

 

Section 8.2. Application of Trust Funds;
Indemnification.

 

(a) Subject to the provisions of Section 8.5,
all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations
or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by
it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal
and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments
or analogous payments as contemplated by Sections 8.3 or 8.4.

 

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

 

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

 

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Section 8.3. Legal Defeasance of Securities
of any Series.

 

Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2.20, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph
(d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be
in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the
same), except as to:

 

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

 

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

 

(c) the rights, powers, trust and
immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that, the following conditions shall have been satisfied:

 

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

 

(e) such deposit will not result in
a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a
party or by which it is bound;

 

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

 

(g) the Company shall have delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there
has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for 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;

 

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

 

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

 

    24

     

    

 

Section 8.4. Covenant Defeasance.

 

Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well as any additional covenants
specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered
pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default
with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series
of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2.18 and designated as an Event
of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that
the following conditions shall have been satisfied:

 

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

 

(b) Such deposit will not result in
a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a
party or by which it is bound;

 

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

 

(d) The Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that 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
amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred;

 

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

 

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

 

Section 8.5. Repayment to Company.

 

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

 

Section 8.6. Reinstatement.

 

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

 

    25

     

    

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

       

Section 9.1. Without Consent of Holders.

 

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

 

(a) to cure any ambiguity, defect
or inconsistency;

 

(b) to comply with Article V;

 

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

 

(d) to make any change that does not
adversely affect the rights of any Securityholder;

 

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

 

(f) add covenants for the benefit
of the Securityholders or to surrender any right or power conferred upon the Company.

 

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

 

(h) to comply with requirements of
the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

Section 9.2. With Consent of Holders.

 

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

 

It shall not be necessary for the consent of the
Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but
it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes
effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture
or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture or waiver.

 

Section 9.3. Limitations.

 

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

 

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

 

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

 

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

 

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

 

    26

     

    

 

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

 

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

 

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

 

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

 

Section 9.4. Compliance with Trust
Indenture Act.

 

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

 

Section 9.5. Revocation and Effect
of Consents.

 

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

 

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

 

Section 9.6. Notation on or Exchange
of Securities.

 

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

 

Section 9.7. Trustee Protected.

 

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 7.1) shall be fully protected in relying upon, an Officer’s
Certificate or an Opinion of Counsel or both complying with Section 10.4. The Trustee shall sign all supplemental indentures upon
delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

 

ARTICLE X.

MISCELLANEOUS

 

Section 10.1. Trust Indenture Act Controls.

 

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

 

    27

     

    

 

Section 10.2. Notices.

 

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

if to the Company:

 

American Virtual Cloud Technologies, Inc.

1720 Peachtree Street, Suite 629

Atlanta, GA 30309

Attention: General Counsel

Telephone: (404) 239-2863

 

with a copy to:

[            ]

Attention: [            ]

Telephone: [            ]

 

if to the Trustee:

[            ]

Attention: [            ]

Telephone: [            ]

 

with a copy to:

[            ]

Attention: [            ]

Telephone: [            ]

 

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

 

All notices and communications (other than those
sent to Securityholders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or e-mail;
and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Any notice or communication to a Securityholder
shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to mail a notice or communication
to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or
any other Series.

 

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

 

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

 

In addition to the foregoing, the Trustee agrees
to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or
are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

    28

     

    

 

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

 

Section 10.3. Communication by Holders with
Other Holders.

 

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

 

Section 10.4. Certificate and Opinion as
to Conditions Precedent.

 

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

 

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

 

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

 

Section 10.5. Statements Required in Certificate
or Opinion.

 

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

 

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

 

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

 

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

 

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

 

Section 10.6. Rules by Trustee and Agents.

 

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

 

Section 10.7. Legal Holidays.

 

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

 

Section 10.8. No Recourse Against Others.

 

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

 

    29

     

    

 

Section 10.9. Counterparts.

 

This Indenture may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement.

 

Section 10.10. Governing Laws.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE
OF NEW YORK.

 

Section 10.11. No Adverse Interpretation
of Other Agreements.

 

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

 

Section 10.12. Successors.

 

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

 

Section 10.13. Severability.

 

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

 

Section 10.14. Table of Contents, Headings,
Etc.

 

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

 

Section 10.15. Securities in a Foreign Currency.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect
to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage
in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at
such time, there are outstanding Securities of any Series which are denominated more than one currency, then the principal amount of Securities
of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such
other currency into a currency that is designated upon issuance of any particular Series of Securities.

 

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

 

    30

     

    

 

Section 10.16. Judgment Currency.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect
to a particular Series of Securities, the Company agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or
interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment
will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day
on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its
obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender,
any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the
Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short
of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained
for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except
a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation
or executive order to close.

 

Section 10.17. Force Majeure.

 

In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces
beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

ARTICLE XI.

SINKING FUNDS

 

Section 11.1. Applicability of Article.

 

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

 

The minimum amount of any sinking fund payment provided
for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any
other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the
terms of the Securities of such Series.

 

    31

     

    

 

Section 11.2. Satisfaction of Sinking Fund
Payments with Securities.

 

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

 

Section 11.3. Redemption of Securities for
Sinking Fund.

 

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

 

ARTICLE XII.

SUBORDINATION

 

Section 12.1. Additional Subordination Terms.

 

Pursuant to Section 2.2, a supplemental indenture
hereto pursuant to which Securities are issued or a Board Resolution or Officer’s Certificate in which the terms of the Securities
are set forth may set forth subordination provisions and terms.

 

    32

     

    

 

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

 

	 	AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC.
	 	 	                          
	 	By:	 
	 	 	Name:
	 	 	Its:
	 	 
	 	[                    ], as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

    33Exhibit 4.1

  

   

    

  

    CONTANGO ORE, INC.

      FORM OF REGISTRATION RIGHTS AGREEMENT

    This REGISTRATION RIGHTS AGREEMENT, dated as of August 24, 2021 is by and among CONTANGO ORE, INC., a company duly incorporated and
      existing under the laws of Delaware (together with any successor entity, herein referred to as the “Company”), and CRH FUNDING II PTE. LTD. (the “Holder”, and together
      with the Company, the “Parties”).

    RECITALS

    
      
        A. As partial
            consideration under that certain Membership Interest Purchase and Sale Agreement, dated as of August 24, 2021, by and between the Company and the Holder (the “Purchase
              Agreement”), the Company may, from time to time, deliver to the Holder the Shares (as defined below).

      

    

    
      
        B. The Company has
            agreed to provide certain registration rights as set forth below.

      

    

    AGREEMENT

    The parties hereby agree as follows:

    1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:

    “Affiliate”: Of any specified person, means any other person that, directly or indirectly, is
      in control of, is controlled by, or is under common control with, such specified person. For purposes of this definition, “control” of a person means the power, direct or indirect, to direct or cause the direction of the management and policies of
      such person, whether by contract or otherwise.

     “Agreement”: This Registration Rights Agreement, as amended from time to time.

    “Amendment Effectiveness Deadline Date”: As defined in Section 4(b)(i) hereof.

    “Blue Sky Application”: As defined in Section 6(a)(i) hereof.

    “Business Day”: A day, other than a Saturday or Sunday, that in the City of New York, is not a
      day on which banking institutions are authorized or required by law, regulation or executive order to close.

    “Common Stock”: The common stock of the Company, par value $0.01.

    “Company”: As defined in the preamble hereto.

    “Demand Notice”: As defined in Section 2(a) hereof.

    “Demand Registration”: As defined in Section 2(a) hereof.

    “Effectiveness Period”: As defined in Section 2(b) hereof.

    
      1

      
        

    

    “Exchange Act”: Securities Exchange Act of 1934, as amended.

    “Holder”: As defined in the preamble hereto.

    “Indemnified Holder”: As defined in Section 6(a) hereof.

    “Indemnified Party”: As defined in Section 6(c) hereof.

    “Indemnifying Party”: As defined in Section 6(c) hereof.

    “Notice and Questionnaire”: A written notice executed by the Holder and delivered to the
      Company containing substantially the information called for by the Selling Securityholder Notice and Questionnaire attached as Annex A hereto.

    “Parties”: As defined in the preamble hereto.

    “Person”: An individual, partnership, limited liability company, corporation, company,
      unincorporated organization, trust, joint venture, a government or agency or political subdivision thereof or any other legally recognized entity.

    “Prospectus”: The prospectus included in a Registration Statement, as amended or supplemented
      by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such prospectus.

    “Purchase Agreement”: As defined in the recitals hereto.

    “Registrable Securities”: The Shares; provided, however,
      that Registrable Securities shall not include: (i) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the
      registration and other rights hereunder; (ii) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive
      “restricted securities” as defined in Rule 144; (iii) any Shares that become eligible for sale pursuant to Rule 144 without any volume or manner of sale restrictions; and (iv) any Shares that cease to be outstanding (whether as a result of repurchase
      and cancellation, conversion or otherwise).

    “Registration Statement”: A registration statement required to be filed hereunder pursuant to
      Section 2(b), including the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre-and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be
      incorporated by reference in any such registration statement.

    “SEC”: Securities and Exchange Commission.

    “Securities Act”: Securities Act of 1933, as amended.

    “Shares”: (a) the shares of Common Stock issued by the Company pursuant to the Purchase
      Agreement, and (b) and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such Shares by reason of or in connection with any stock dividend, stock split, combination, reorganization,
      recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company.

    
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    “Shelf Registration”: As defined in Section 2(b) hereof.

    “Suspension Notice”: As defined in Section 4(f) hereof.

    “Suspension Period”: As defined in Section 4(e) hereof.

    “Transfer Agent”: Computershare Trust Company, N.A.

    Unless the context otherwise requires, the singular includes the plural, and words in the plural include the singular.

    2. Demand Registration.

    (a) At any time after the later of (i) December 31, 2021 or (ii) six months after the receipt of the Registrable Securities for which a demand is made under this Section 2, but before three (3) years after the receipt of
        the Registrable Securities for which the registration is being requested, the Holder shall have the right, by written notice delivered to the Company (such notice, a “Demand Notice”), to require the Company
        to register (the “Demand Registration”) under the Securities Act not less than the greater of (i) Registrable Securities that would result in proceeds from sale of at least $10,000,000 and (ii) 50% of the
        Registrable Securities held by the Holder as of the date of the Demand Notice. The Demand Notice must set forth the number of Registrable Securities that Holder intends to include in such Demand Registration and the intended methods of disposition
        thereof. The number of Demand Registrations pursuant to this Section 2(a) shall not exceed one (1).

    (b) The Company shall file the Registration Statement prepared in connection with the Demand Registration within ninety (90) days of the date on which the Company received the Demand Notice and shall use its commercially
        reasonable efforts to cause the same to be declared effective by the SEC within one hundred eighty (180) days of the date on which the Company received the Demand Notice and prepare and file with the SEC a Prospectus that will be available for
        resales by the Holder. The Company shall keep the Demand Registration effective for a period of ninety (90) days, or six (6) months (the “Effectiveness Period”) if a Demand Registration is requested to be a
        shelf registration (a “Shelf Registration”), which shelf registration may be requested to be on Form S-3 only, from the date on which the SEC declares such Registration Statement effective or such shorter
        period which will terminate upon the distribution of all Registrable Securities pursuant to such Registration Statement.

    (c) Subject to the conditions set forth in Section 2(a) hereof, the Holder may, at any time, make a written request for a Demand Registration. All requests made pursuant to this Section 2 will specify the
        number of Registrable Securities to be registered and will also specify the intended methods of disposition thereof. If the Holder intends to distribute the Registrable Securities covered by the request by means of a registered public offering
        involving an underwriting, then the Demand Notice shall so state. In such event, the Company shall designate a managing underwriter; provided, however, that such designated managing underwriter shall be
        reasonably acceptable to the Holder.  The Company and the Holder shall enter into an underwriting agreement in customary form with such underwriter; provided, however, that such underwriting agreement shall
        be reasonably acceptable to the Company.

    
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    (d) Notwithstanding the foregoing provisions of this Section 2,

    
      
        (i) the

            Company shall not be obliged to effect a Demand Registration with respect to any Registrable Securities pursuant to this Section 2 if a Registration Statement covering all of the Registrable Securities shall have become and remains
            effective under the Securities Act;

      

    

    
      
        (ii) the Company shall not be obligated to file a Demand Registration for a Shelf Registration on any registration statement other than a Form S-3;

      

    

    
      
        (iii) if the Company has issued and sold to the public, pursuant to a registration statement filed under the Securities Act, any of its securities within three (3) months prior to the date of its receipt of a Demand Notice pursuant to this Section

              2 and the Company’s investment banker has advised the Company in writing that the registration of the Registrable Securities would adversely affect the market for the Company’s securities covered by such Registration Statement, the
            Company shall have the right to delay the requested registration of the Registrable Securities for such period as the investment banker may so advise, but no more than ninety (90) days after the date on which such Demand Notice was made; or

      

    

    
      
        (iv) the Company shall be entitled to postpone for a reasonable period of time but in no event more than ninety (90) days the filing of any Registration Statement otherwise required to be prepared and filed by it pursuant to this Section
              2 if, at the time it receives a Demand Notice pursuant to this Section 2, the Company determines, in its reasonable judgment, that such registration and offering would materially interfere with any financing, acquisition,
            corporate reorganization or other material transaction involving the Company or its Affiliates and promptly gives the Holder written notice of such determination.

      

    

    3. Piggyback Registration.

    (a) If the Company determines at any time before three (3) years after the date of receipt of the Registrable Securities for which the registration is being requested, to register any of its securities and file a
        registration statement thereto under the Securities Act, whether or not for sale for its own account (other than a registration statement on Form S-4, Form S-8 or any successor or similar form(s), a registration on any registration form that does
        not permit the sale of the Registrable Securities, or in connection with any dividend or distribution reinvestment or similar plan), the Company shall:

    
      
        (i) promptly

            (but in no event less than ten (10) Business Days prior to the anticipated filing date) give to the Holder a written notice thereof (which shall include a list of the jurisdictions in which the Company intends to attempt to qualify such
            securities under the applicable blue sky or other state securities laws); and

        
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        (ii) include in such registration (and any related qualification under blue sky laws or other compliance), and, subject to this Section 3 in any underwriting involved therein, all the Registrable Securities if the Company receives a
            written request from the Holder (provided that the Holder has indicated within twenty (20) business days after receipt of the written notice from the Company described in clause (i) above that the Holder desires to sell the Registrable
            Securities in the manner of distribution proposed by the Company).

      

    

    (b) If the managing underwriter or underwriters for a registration pursuant to Section 3(a) advises the Company and the Holder in writing that in its opinion the dollar amount or number of Registrable Securities
        taken together with all other shares of Common Stock or other securities which the Company desires to sell exceeds the maximum dollar amount or maximum number of securities that can be sold in such offering without adversely affecting the proposed
        offering price, the timing, the distribution method or the probability of success of such offering, then the Company shall include in such registration (i) first, the securities the Company proposes to register for sale, (ii) second, if there
        remains availability for additional shares of Common Stock to be included in such offering, pro rata among holders of Registrable Securities and any other holders of shares of Common Stock entitled to participate in such offering, if applicable,
        based on the relative number of shares of Common Stock then held by each such stockholder, (iii) third, securities requested to be included in such registration that are Registrable Securities, and (iv) fourth, other securities requested to be
        included in such registration, if any.

    (c) The Company may in its sole discretion and at any time postpone or withdraw the filing or the effectiveness of a registration subject to this Section 3.

    4. Registration Procedures.

    (a) The Holder shall deliver a Notice and Questionnaire to the Company at least eight (8) Business Days prior to the intended distribution of Registrable Securities under the Registration Statement and shall be named as
        a selling securityholder in the Registration Statement and/or a related Prospectus in such a manner as to permit the Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law.

    (b) The Holder that provides a completed Notice and Questionnaire to the Company pursuant to this Agreement agrees that, if the Holder wishes to sell Registrable Securities pursuant to a Registration Statement and
        related Prospectus, it will do so only in accordance with this Section 4(b) and Section 4(d). From and after the date the Registration Statement is declared effective and the Prospectus contemplated by Section 2(b) is
        prepared and filed with the SEC, the Company shall, as promptly as practicable after the date a Notice and Questionnaire is delivered to it, and in any event upon the later of (x) ten (10) Business Days after such date (but no earlier than ten (10)
        Business Days after effectiveness) or (y) ten (10) Business Days after the expiration of any Suspension Period in effect when the Notice and Questionnaire is delivered or put into effect, within five (5) Business Days of such delivery date:

    
      
        (i)    if required by applicable law, file with the SEC a post-effective amendment to the Registration Statement or prepare and, if required by applicable law, file a Prospectus or a supplement to the related Prospectus or a supplement or
            amendment to any document incorporated therein by reference or file any other required document so that the Holder delivering such Notice and Questionnaire is named as a selling securityholder in the Registration Statement and the related
            Prospectus in such a manner as to permit the Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law and, if the Company files a post-effective amendment to the Registration Statement, use its
            commercially reasonable efforts to cause such post-effective amendment to be declared effective under the Securities Act as promptly as is practicable, but in any event by the date (the “Amendment Effectiveness
              Deadline Date”) that is one hundred twenty (120) days after the date such post-effective amendment is required by this clause to be filed;

        
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        (ii)    provide the Holder copies of any documents filed pursuant to Section 4(b)(i); and

      

    

    
      
        (iii)   notify the Holder as promptly as practicable after the effectiveness under the Securities Act of any post- effective amendment filed pursuant to Section 4(b)(i);

      

    

    provided, that if such Notice and Questionnaire is delivered
        during a Suspension Period, the Company shall so inform the Holder and shall take the actions set forth in clauses (i), (ii) and (iii) above upon expiration of the Suspension Period in accordance with Section 4(d). Notwithstanding anything
        contained herein to the contrary, during any period during which the Company is not entitled to file a Prospectus or a supplement to a Prospectus (related to an automatic shelf registration statement) naming new selling security holders, the
        Amendment Effectiveness Deadline Date shall be extended by up to five (5) Business Days from the expiration of a Suspension Period if such Suspension Period shall be in effect on the Amendment Effectiveness Deadline Date.

    (c) In connection with the Registration Statement, the Company shall comply with all the provisions of Section 4(d) hereof and shall use its commercially reasonable efforts to effect such registration in
        accordance with the terms hereof to permit the sale of the Registrable Securities.

    (d) In connection with the Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Registrable Securities, the Company shall:

    
      
        (i)     Subject to any notice by the Company in accordance with this Section 4(d) of the existence of any fact or event of the kind described in Section 4(d)(iii)(1), use its commercially reasonable efforts to keep the
            Registration Statement continuously effective during the Effectiveness Period; upon the occurrence of any event that would cause the Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission
            or (B) not to be effective or usable for resale of Registrable Securities during the Effectiveness Period, the Company shall file promptly an appropriate amendment to the Registration Statement, a supplement to or amendment of the Prospectus or
            a report filed with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its commercially
            reasonable efforts to cause any such amendment to be declared effective and the Registration Statement and the related Prospectus to become usable for their intended purposes as soon as practicable thereafter.

        
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        (ii)    (x) Prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, as may be necessary to keep the Registration Statement effective during the Effectiveness Period; cause the Prospectus to be
            supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply in all material respects with the applicable provisions of Rule 424 under the Securities Act in
            a timely manner; and comply in all material respects with the applicable provisions of Rule 424 under the Securities Act in a timely manner; and comply in all material respects with the provisions of the Securities Act with respect to the
            disposition of all Registrable Securities covered by the Registration Statement during the Effectiveness Period in accordance with the intended method or methods of distribution by the Holder set forth in the Registration Statement or
            supplement to the Prospectus; and (y) furnish to the Holder (1) as far as in advance as reasonably practicable before filing the Prospectus or any supplement or amendment thereto, copies of reasonably complete drafts of all such documents
            proposed to be filed, and provide the Holder the opportunity to object to any information pertaining to such Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by the Holder with respect
            to such information prior to filing the Prospectus or supplement or amendment thereto, and (2) such number of copies of the Prospectus and any supplements and amendments thereto as the Holder may reasonably request in order to facilitate the
            public sale or other disposition of the Registrable Securities covered by such Prospectus.

      

    

    
      
        (iii)   Advise the Holder that has provided in writing to the Company a telephone or facsimile number, email address and address for notice, promptly and, if requested the Holder, to confirm such advice in writing (which notice pursuant to
            clauses (2) through (4) below shall be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such suspension):

      

    

    
      
        (1) when

            the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to the Registration Statement or any post-effective amendment thereto, when the same has become effective,

      

    

    
      
        (2) of

            any request by the SEC for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto,

      

    

    
      
        (3) of

            the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Registrable Securities for
            offering or sale in any jurisdiction, or

      

    

    
      
        (4) of

            the existence of any fact or the happening of any event, during the Effectiveness Period, that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document
            incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading.

        
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        (iv)   Before any public offering of Registrable Securities, use its commercially reasonable efforts to cooperate with the Holder and its counsel in connection with the registration and qualification of the Registrable Securities under the
            securities or blue sky laws of such jurisdictions in the United States as the Holder may reasonably request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable
            Securities covered by the Registration Statement; provided, however, that the Company shall not be required (A) to register or qualify as a foreign corporation where it is not now so qualified or to
            take any action that would subject it to the service of process in any jurisdiction where it is not now so subject, other than service of process for suits arising out of any offering pursuant to the Registration Statement, or (B) to subject
            itself to general or unlimited service of process or to taxation in any such jurisdiction if it is not now so subject.

      

    

    
      
        (v)   Unless any Registrable Securities shall be in book-entry form only, if requested by the Holder, cooperate with the Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold
            and not bearing any restrictive legends (unless required by applicable securities laws); and use commercially reasonable efforts to have such Registrable Securities in such denominations and registered in such name as the Holder may request at
            least two Business Days before any sale of Registrable Securities.

      

    

    
      
        (vi)   Subject to Section 4(e) hereof, if any fact or event contemplated by Section 4(d)(iii)(2) through (4) hereof shall exist or have occurred, use its commercially reasonable efforts to as promptly as practicable prepare a
            supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Registrable
            Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

      

    

    
      
        (vii)  Otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and all reporting requirements under the rules and regulations of the Exchange Act.

      

    

    
      
        (viii) Provide to the Holder upon written request each document filed with the SEC pursuant to the requirements of Section 13 and Section 15 of the Exchange Act after the effective date of the Registration Statement, unless such document is
            available through the SEC’s EDGAR system.

      

    

    
      
        (ix)   Make generally available to its security holders an earnings statement satisfying the provisions of Section 11(a) of the Securities Act as soon as practicable after the effective date of the Registration Statement and in any event no
            later than forty-five (45) days after the end of a twelve- (12-)month period (or ninety (90) days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the
            Registration Statement.

        
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    (e) Notwithstanding Section 4(d)(i) hereof, the Company may suspend the effectiveness of the Registration Statement (each such period, a “Suspension Period”) if (i) the
        Company is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Company determines in good faith that the Company’s ability to pursue or consummate such a transaction would be materially adversely
        affected by any required disclosure of such transaction in the Registration Statement, (ii) the Company has experienced some other material event the disclosure of which at such time, in the good faith judgment of the Company’s board of directors,
        based upon the advice of counsel, would materially adversely affect the Company, (iii) in the reasonable opinion of the Company’s independent auditors or the counsel for the Company, audited annual, unaudited interim and pro forma financial
        statements are required to be included in the Prospectus pursuant to the rules and regulations of the SEC and have not been so included, (iv) the SEC issues a stop order in respect of the Registration Statement or otherwise prohibits the use of the
        Prospectus, or (v) if the managing underwriter or underwriters for a registration request such a suspension (provided that, in the case of this clause (v) only, all directors, officers and holders of more than 5% of the Company’s Common Stock agree
        to the same suspension). Upon such suspension, the Company shall give notice to the Holder that the availability of the Registration Statement is suspended and, upon actual receipt of any such notice, the Holder agrees not to sell any Registrable
        Securities pursuant to the Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus provided for in Section 4(d)(i) hereof. The Suspension Period shall not exceed an aggregate of one hundred
        eighty (180) days in any 360-day period. The Company shall not be required to specify in the written notice to the Holder the nature of the event giving rise to the Suspension Period, and, except as required by law, the Holder and its Affiliates
        shall not make any public disclosure regarding, and shall treat as confidential, any Suspension Period or Suspension Notice. The Company shall promptly notify the Holder when any Suspension Period with respect to the Registration Statement has been
        lifted. The period referred to in Section 2(b) during which the Registration Statement must be kept effective shall be extended for an additional number of Business Days equal to the number of Business Days during which the right to sell
        Registrable Securities under this Agreement was suspended pursuant to this Section 4(e).

    (f) The Holder agrees by acquisition of a Registrable Security that, upon receipt of any notice (a “Suspension Notice”) from the Company of the existence of any fact of the kind
        described in Sections 4(d)(iii)(2) through (4) or 4(e) hereof, the Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement until:

    
      
        (i)  the Holder has received copies of the supplemented or amended Prospectus contemplated by Section 4(d)(vi) hereof; or

      

    

    
      
        (ii) the Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus.

      

    

    If so directed by the Company, the Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in the
      Holder’s possession, of the Prospectus covering such Registrable Securities that was current at the time of receipt of such Suspension Notice.

    
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    (g) The Holder agrees by acquisition of a Registrable Security, that the Holder shall not be entitled to sell any of such Registrable Securities pursuant to a Registration Statement, or to receive a Prospectus relating
        thereto, unless the Holder has furnished the Company with a properly completed and signed Notice and Questionnaire (including the information required to be included in such Notice and Questionnaire) and the information set forth in the next
        sentence. The Company may require the Holder to furnish to the Company such information regarding the Holder and the distribution of such Registrable Securities as the Company may from time to time reasonably require for inclusion in such
        Registration Statement. The Holder agrees promptly to furnish to the Company all information required to be disclosed in order to make the information previously furnished to the Company by the Holder not misleading and any other information
        regarding the Holder and the distribution of such Registrable Securities as the Company may from time to time reasonably request in writing. Any sale of any Registrable Securities by the Holder shall constitute a representation and warranty by the
        Holder that the information relating to the Holder is as set forth in the Prospectus delivered by the Holder in connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material
        fact relating to or provided by such Holder and that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by the Holder necessary to make the statements in such Prospectus, in the light of the
        circumstances under which they were made not misleading. The Company may exclude from such Registration Statement the Registrable Securities of the Holder if the Holder unreasonably fails to furnish such information within five (5) Business Days
        after receiving such request. The Company shall not include in any registration statement any information regarding, relating to, or referring to the Holder without the approval of the Holder in writing (not to be unreasonably withheld).

    5. Registration Expenses.

    All expenses incident to the Company’s performance of or compliance with this Agreement shall be borne by the Company regardless of whether a Registration
      Statement becomes effective, including, without limitation:

    (a) all registration and filing fees and expenses;

    (b) all fees and expenses of compliance with federal securities and state blue sky or securities laws;

    (c) all expenses of printing (including printing of Prospectuses and, if applicable, certificates for the Registrable Securities) and the Company’s expenses for messenger and delivery services and telephone;

    (d) all fees and disbursements of counsel to the Company;

    (e) all application and filing fees in connection with listing (or authorizing for quotation) the Registrable Securities on the OTC Bulletin Board or a national securities exchange pursuant to the requirements hereof;
        and

    
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    (f) all fees and disbursements of independent certified public accountants of the Company.

    The Company shall bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal,
      accounting or other duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. Notwithstanding anything to the contrary, in no event shall the Company be responsible for any
      broker or similar commissions of the Holder, underwriting discounts, stock transfer taxes, or any legal or accounting fees incurred by the Holder.

    6. Indemnification and Contribution.

    (a) In the event of the offer and sale of Registrable Securities under the Securities Act pursuant to this Agreement, the Company agrees to indemnify and hold harmless the Holder, its directors, officers, and employees,
        and agents and each Person, if any, who controls the Holder within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Holder”), against any loss, claim, damage, liability or expense,
        joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to resales of the Registrable Securities), to which such Indemnified Holder may become subject, insofar as any
        such loss, claim, damage, liability or action arises out of, or is based upon:

    
      
        (i)  any untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement as originally filed or in any amendment thereof, in any Prospectus, or in any amendment or supplement thereto, or (B) any
            blue sky application or other document or any amendment or supplement thereto prepared or executed by the Company (or based upon written information furnished by or on behalf of the Company expressly for use in such blue sky application or
            other document or amendment or supplement) filed in any jurisdiction specifically for the purpose of qualifying any or all of the Registrable Securities under the securities law of any state or other jurisdiction (such application or document
            being hereinafter called a “Blue Sky Application”); or

      

    

    
      
        (ii) the omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein not misleading,

      

    

    and agrees to reimburse each Indemnified Holder promptly upon demand for any legal or other expenses reasonably incurred by such Indemnified Holder in
      connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that the Company shall not be liable in any such case
      to the extent that any such loss, claim, damage, liability or expense arises out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information
      furnished to the Company (or based upon written information furnished by or on behalf of the Company) relating to the Holder by or on behalf of the Holder (or its related Indemnified Holder) specifically for use therein.

    (b) The Holder agrees to indemnify and hold harmless the Company, its directors, officers and employees, Affiliates and agents and each person, if any, who controls the Company within the meaning of the Securities Act or
        the Exchange Act against any loss, claim, damage, liability or expense, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to resales of the Registrable
        Securities), to which the Company may become subject, insofar as any such loss, claim, damage, liability or action arises out of, or is based upon:

    
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        (i)  any untrue statement or alleged untrue statement of a material
          fact contained in (A) the Registration Statement as originally filed or in any amendment thereof, in any Prospectus, or in any amendment or supplement thereto, or (B) any Blue Sky Application; or

      

    

    
      
        (ii) the omission or alleged omission to state therein any material
          fact required to be stated therein or necessary to make the statements therein not misleading,

      

    

    but only with respect to any material misstatements or omissions in the written information relating to the Holder furnished to the Company by or on
      behalf of the Holder that has been specifically included in a Registration Statement or Prospectus.

    (c) Promptly after receipt by an indemnified party (the “Indemnified Party”) under this Section 6 of notice of any claim or the commencement of any action, the Indemnified
        Party shall, if a claim in respect thereof is to be made against the indemnifying party (the “Indemnifying Party”) under this Section 6, notify the Indemnifying Party in writing of the claim or the
        commencement of that action; provided, however, that the failure to notify the Indemnifying Party (i) shall not relieve the Indemnifying Party from any liability which it may have under paragraphs (a) or
        (b) of this Section 6 unless and to the extent the Indemnifying Party did not otherwise learn of such action and such failure results in the forfeiture by the Indemnifying Party of substantial rights and defenses, and (ii) shall not, in any
        event, relieve it from any liability which it may have to an Indemnified Party other than under paragraphs (a) or (b) of this Section 6. If any such claim or action shall be brought against an Indemnified Party, and it shall notify the
        Indemnifying Party thereof, the Indemnifying Party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified Indemnifying Party, to assume the defense thereof with counsel reasonably
        satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party under this Section

          6 for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the Holder
        seeking indemnification under this Section 6 shall have the right to employ a single counsel to represent jointly the Holder and its officers, employees and controlling persons who may be subject to liability arising out of any claim in
        respect of which indemnity may be sought by the Holder against the Company under this Section 6 if the Holder shall have been advised by legal counsel that there may be one or more legal defenses available to the Holder and its officers,
        employees and controlling persons that are different from or additional to those available to the Company, and in that event, the fees and expenses of such counsel employed by the Holder shall be paid by the Company.

    (d) The Indemnifying Party under this Section 6 shall not be liable for any settlement of any proceeding effected without its written consent, which shall not be withheld unreasonably, but if settled with such
        consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the
        foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated by Section 6(c) hereof, the Indemnifying Party agrees
        that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than thirty (30) days after receipt by such Indemnifying Party of the aforesaid request and (ii) such
        Indemnifying Party shall not have reimbursed the Indemnified Party in accordance with such request prior to the date of such settlement. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement,
        compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any Indemnified Party is a party, unless such settlement, compromise or consent includes an unconditional release of such
        Indemnified Party from all liability on claims that are the subject matter of such action, suit or proceeding.

    
      12

      
        

    

    (e) If the indemnification provided for in this Section 6 shall for any reason be unavailable or insufficient to hold harmless an Indemnified Party under Section 6(a) or 6(b) in respect of any
        loss, claim, damage or liability (or action in respect thereof) referred to therein, each Indemnifying Party shall, in lieu of indemnifying such Indemnified Party, contribute to the aggregate amount paid or payable by such Indemnified Party as a
        result of such loss, claim, damage or liability (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, liability, damage or action in respect thereof):

    
      
        (i)    in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holder on the other in connection with the statements or omissions or alleged statements or alleged omissions that resulted in such
            loss, claim, damage or liability (or action in respect thereof), or

      

    

    
      
        (ii)    if the allocation provided by Section 6(e)(i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative fault referred to in Section 6(e)(i) but also the relative benefits received by
            the Company from the offering and sale of the Registrable Securities on the one hand and a Holder with respect to the sale by such Holder of the Registrable Securities on the other), as well as any other relevant equitable considerations.

      

    

    The relative benefits received by the Company on the one hand and a Holder on the other with respect to such offering and such sale shall be deemed to be
      in the same proportion as the total value attributed to the Shares pursuant to the Purchase Agreement, on the one hand, bear to the total proceeds received by such Holder with respect to its sale of Registrable Securities on the other. The relative
      fault of the parties shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or
      written information furnished to the Company by or on behalf of the Holders specifically for use in a registration statement on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or
      prevent such statement or omission.  The Company and the Holder agree that it would not be just and equitable if the amount of contribution pursuant to this Section 6(e) were determined by pro rata allocation or by any other method of
      allocation that does not take into account the equitable considerations referred to herein.

    
      13

      
        

    

    The amount paid or payable by an Indemnified Party as a result of the loss, claim, damage or liability, or action in respect thereof,
      referred to above in this Section 6 shall be deemed to include, for purposes of this Section 6, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending or preparing to
      defend any such action or claim.

    No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any Person who was not guilty of such fraudulent misrepresentation.

    (f) The provisions of this Section 6 shall remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the officers, directors or controlling
        persons referred to in this Section 6, and will survive the sale by the Holder of Registrable Securities.

    7. Rule 144A and Rule 144. The Company agrees with the Holder, for so long as any Registrable Securities remain outstanding
          and during any period in which the Company (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of the Holder, to the Holder or beneficial owner of Registrable Securities in connection with any sale
          thereof and any prospective purchaser of such Registrable Securities designated by such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities
          pursuant to Rule 144A, and (ii) is subject to Section 13 or 15(d) of the Exchange Act, to make all filings required thereby in a timely manner in order to permit resales of such Registrable Securities pursuant to Rule 144.

    8. Miscellaneous.

    (a) Remedies. Each Party to this Agreement acknowledges and agrees that any failure by such Party to comply with its obligations hereunder may result in material irreparable
        injury to the other Parties for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely, and that, in the event of any such failure, in addition to being entitled to exercise all rights
        provided to it herein or in the Purchase Agreement or granted by law, including recovery of liquidated or other damages, any other Party may obtain such relief as may be required to specifically enforce the failing Party’s obligations hereunder.
        Each Party further agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

    (b) Amendments and Waivers. This Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given,
        except in a written instrument signed by the Company and the Holder.

    (c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, first class mail (registered or certified, return
        receipt requested), facsimile transmission, or air courier guaranteeing overnight delivery:

    
      14

      
        

    

    
      
        (i)  if to the Holder, at the address set forth on the records of the Transfer Agent; and

      

    

    
      
        (ii) if to the Company, initially at its address set forth in the Purchase Agreement,

      

    

    with a copy (which shall not constitute notice) to:

    Thompson & Knight LLP

    811 Main Street, Suite 2500

    Houston, TX 77002

    Facsimile: 832-397-8068

    

    

    Attention: Timothy T. Samson and Stephen W. Grant, Jr.

    Email: Timothy.Samson@tklaw.com and Stephen.Grant@tklaw.com

    

    

    All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered;
      five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

    Any party hereto may change the address for receipt of communications by giving written notice to the others.

    (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including without limitation and
        without the need for an express assignment, subsequent Holder of Registrable Securities. The Holder may not assign this Agreement or any of its rights, interests or obligations hereunder without the prior written
          approval of the Company other than to controlled Affiliates of the Holder.

    (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed
        to be an original and all of which taken together shall constitute one and the same agreement.

    (f) Jurisdiction. The Company agrees that any suit, action or proceeding against the Company brought by the Holder, the directors, officers, employees, Affiliates and agents of
        the Holder, or by any person who controls any Holder, arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in the State of Delaware, and waives any objection that
        it may now or hereafter have to the laying of venue of any such proceeding in such courts, and irrevocably submits to the non- exclusive jurisdiction of such courts in any suit, action or proceeding. To the extent that the Company may acquire any
        immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby
        irrevocably waives such immunity in respect of this Agreement, to the fullest extent permitted by law. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by the Holder, the directors, officers,
        employees, Affiliates and agents of the Holder, or by any Person who controls the Holder, in any court of competent jurisdiction.

    
      15

      
        

    

    (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

    (h) Governing Law; Venue; Waiver of Jury Trial.

    
      
        (i) THIS

            AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION).

      

    

    
      
        (ii) WITH RESPECT TO ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF DELAWARE AND THE
            APPELLATE COURTS THEREFROM (THE “SELECTED COURTS”) AND WAIVES ANY OBJECTION TO VENUE BEING LAID IN THE SELECTED COURTS WHETHER BASED ON THE GROUNDS OF FORUM NON CONVENIENS OR OTHERWISE AND HEREBY AGREES NOT TO COMMENCE ANY SUCH PROCEEDING OTHER
            THAN BEFORE ONE OF THE SELECTED COURTS; PROVIDED, HOWEVER, THAT A PARTY MAY COMMENCE ANY PROCEEDING IN A COURT OTHER THAN A SELECTED COURT SOLELY FOR THE PURPOSE OF ENFORCING AN ORDER OR JUDGMENT ISSUED BY ONE OF THE SELECTED COURTS; (B)
            CONSENTS, TO THE FULLEST EXTENT PERMITTED BY LAW, TO SERVICE OF PROCESS IN ANY PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, OR BY RECOGNIZED INTERNATIONAL EXPRESS CARRIER OR DELIVERY SERVICE, TO
            THEIR RESPECTIVE ADDRESSES REFERRED TO IN SECTION 8(C) HEREOF; PROVIDED, HOWEVER, THAT NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW; AND (C) TO THE EXTENT NOT PROHIBITED BY
            APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT,
            WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR
            AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT AND TO HAVE ALL MATTERS RELATING TO THIS AGREEMENT BE TRIED IN A COURT OF COMPETENT JURISDICTION BY
            A JUDGE SITTING WITHOUT A JURY.

        
          16

          
            

        

      

    

    (i) Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity,
        legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby, it being intended that all of the rights and privileges of the parties shall be
        enforceable to the fullest extent permitted by law.

    (j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and
        understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted
        by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

    (k) Notification of Transfer Agent. As promptly as practicable after a Prospectus or supplement thereto for resale of the Registrable Securities is ordered effective by the SEC,
        the Company shall deliver to the transfer agent for such Common Stock (with copies to the Holder) confirmation that such Prospectus or supplement thereto has been declared effective by the SEC.

    [Signature Page Follows]

    
      17

      
        

    

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

    	 	COMPANY: 

          
	 	 
	 	CONTANGO ORE, INC. 

          
	 	 
	 	 
	 	By:  /s/ Rick Van Nieuwenhuyse  
	 	Name: Rick Van Nieuwenhuyse 

          
	 	Title:   President 

          
	 	 
	 	 
	 	 
	 	HOLDER: 

          
	 	 
	 	CRH FUNDING II PTE. LTD. 

          
	 	 
	 	 
	 	
            By:   /s/ Andrew Wehrley 

              

          
	 	Name: Andrew Wehrley 

          
	 	Title:   Director 

          
	 	 
	 	 
	 	Number of  

          
	 	Shares: ___________________________________________ 

          

     

    

    
      [Signature Page to Registration Rights Agreement]

    

    
      
        

    

     

    Annex A

      CONTANGO ORE, INC.

    FORM OF SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

    The undersigned beneficial holder of securities of Contango ORE, Inc. (the “Company”)
      understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “SEC”) a registration statement (the “Registration Statement”)
      for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement,
      dated as of August 24, 2021 (the “Registration Rights Agreement”), between the Company and the Holder. A copy of the Registration Rights Agreement is available from the Company upon request at the address set
      forth below. All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Registration Rights Agreement.

    Each beneficial holder of Registrable Securities (each a “beneficial owner”), is entitled to
      the benefits of the Registration Rights Agreement. In order to sell or otherwise dispose of any Registrable Securities pursuant to the Registration Statement, a beneficial owner of Registrable Securities generally will be required to be named as a
      selling securityholder in the related prospectus, deliver a prospectus to purchasers of Registrable Securities and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain
      indemnification provisions as described below). Beneficial owners that do not complete this Notice and Questionnaire and deliver it to the Company as provided below will not be named as selling securityholders in the prospectus and therefore will not
      be permitted to sell any Registrable Securities pursuant to the Registration Statement.

    Certain legal consequences arise from being named as a selling securityholder in the Registration Statement and the related
      prospectus.  Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Registration
      Statement and the related prospectus.

    
      A-1

      
        

    

    NOTICE

    The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities
      hereby gives notice to the Company of its intention to sell or otherwise dispose of Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) pursuant to the Registration Statement. The
      undersigned, by signing and returning this Notice and Questionnaire, understands that it, he or she will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement.

    Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company’s directors and
      officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
      from and against certain losses arising in connection with statements concerning the undersigned made, with the approval of the undersigned, not to be unreasonably withheld, in the Company’s Registration Statement or the related prospectus in
      reliance upon the information provided in this Notice and Questionnaire.

    If the Selling Securityholder transfers all or any portion of the Registrable Securities listed in Item 3 below after the date on
      which such information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement, and
      the Company will require such transferree(s) to execute a questionnaire and such other documentation to ensure compliance with applicable law and regulations.

    
      A-2

      
        

    

    QUESTIONNAIRE

    Please respond to every item, even if your response is “none.” If you need more space for any
      response, please attach additional sheets of paper. Please be sure to indicate your name and the number of the item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this
      Questionnaire. Please note that you may be asked to answer additional questions depending on your responses to the following questions.

    If you have any questions about the contents of this Questionnaire or as to who should complete this Questionnaire, please contact Ms.
      Leah Gaines of the Company at telephone number:

    (713) 877-1311

    The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate
      and complete:

    	1. 

          	Your Identity and Background as the Beneficial Owner of the Registrable Securities. 

          
	 	 
	 	(a) Your full legal name: 

          
	 	 
	 	 
	 	 
	 	(b) Your business address (including street address) (or residence if no business address), telephone number, facsimile number and email: 

          

    

    

    	 	Address: 

          	 
	 	 	 
	 	Telephone No.: 

          	 
	 	Fax No.:  

          	 
	 	Email: 

          	 
	 	 	 

    
      
        
           

          

          	 	(c) Are you a broker-dealer registered pursuant to Section 15 of the Exchange Act?  
	 	 
	 	☐ Yes.

                
	 	☐ No. 

                
	 	 
	 	(d) If your response to Item 1(c) above is no, are you an “affiliate” of a broker-dealer registered pursuant to Section 15 of the Exchange Act? 
	 	 
	 	☐ Yes. 

                
	 	☐ No.

                
	 	 
	 	For the purposes of this Item 1(d), an “affiliate” of a registered broker-dealer includes any person that directly, or indirectly through one or more
                  intermediaries, controls, or is controlled by, or is under common control with, such broker-dealer, and does not include any individuals employed by such broker-dealer or its affiliates. 

        

      

    

  

  
    A-3

    
      

  

  
    
      	 	(e) Full legal name of person through which you hold the Registrable Securities — (i.e., name of your broker or the DTC participant, if applicable, through which your
              Registrable Securities are held):  

            
	 	 	 
	 	Name of

              Broker: 

            	 
	 	DTC No.  

            	 
	 	Contact Person.: 

            	 
	 	Telephone No.: 	 
	 	Email: 

            	 

    

    

    

    
      	2. 

            	Your Relationship with the Company.

            
	 	

            
	 	(a) Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the
              undersigned) held any position or office or have you had any other material relationship with the Company (or its predecessors or affiliates) within the past three years?
	 	 
	 	☐ Yes. 

            
	 	☐ No.  

            
	 	 
	 	(b) If your response to Item 2(a) above is yes, please state the nature and duration of your relationship with the Company:
	 	 
	 	 

    

    

    

    	3. 

          	Your Interest in the Registrable Securities.
	 	

          
	 	(a) State the type and amount of Registrable Securities beneficially owned by you:  
	 	 
	 	 
	 	 
	 	State the CUSIP No(s). of such Registrable Securities beneficially owned by you:
	 	 
	 	 
	 	 
	 	(b) Other than as set forth in your response to Item 3(a) above, do you beneficially own any other securities of the Company? 

          
	 	

          
	 	☐ Yes. 

          
	 	☐ No.

          
	 	 
	 	(c) If your answer to Item 3(b) above is yes, state the type, the aggregate amount and CUSIP No. of such other securities of the Company beneficially owned by you: 

          

    
       

      

      	 	Type:   	 
	 	Aggregate

              amount: 

            	 
	 	CUSIP NO. 	 

    

    

  
    A-4

    
      

  

  
    	 	(d) Did you acquire the securities listed in Item 3(a) above in the ordinary course of business?
	 	 
	 	☐ Yes.

          
	 	☐ No. 

          
	 	 
	 	(e) At the time of your purchase of the securities listed in Item 3(a) above, did you have any agreements or understandings, direct or indirect, with any person to
            distribute the securities?
	 	 
	 	☐ Yes. 

          
	 	☐ No.

          
	 	 
	 	If your response to Item 3(e) above is yes, please describe such agreements or understandings:
	 	 
	 	 
	 	 

     

    

  

  

    
      
        
          	4. 

                	Nature of your Beneficial Ownership.
	 	

                
	 	(a) Check if the beneficial owner set forth in your response to Item 1(a) is any of the below: 
	 	 
	 	(i)   A reporting
                    company under the Exchange Act.  ☐ 
	 	 
	 	(ii)  A majority owned subsidiary of a reporting company under the Exchange Act. ☐ 
	 	 
	 	(iii) A registered
                    investment fund under the Investment Act of 1940.  ☐ 
	 	 
	 	(b) If the beneficial owner of the Registrable Securities set forth in your response to Item 1(a) above is a limited partnership, state the names of the general
                  partners of such limited partnership:  
	 	 
	 	 
	 	 
	 	 
	 	 
	 	(b) Other than as set forth in your response to Item 3(a) above, do you beneficially own any other securities of the Company? 

                
	 	

                
	 	☐ Yes. 

                
	 	☐ No.

                
	 	 
	 	(i) With respect to each general partner listed in Item 4(b) above who is not a natural person and is not publicly-held, name each shareholder (or holder of partnership interests, if applicable) of such general partner. If any of these named shareholders are not natural persons or publicly-held entities, please provide the same information. This process should be repeated
                    until you reach natural persons or a publicly-held entity. 
	 	 
	 	 
	 	 

        

        

          

        
          A-5

          
            

        

      

    

    
      
        	

              	(c) Name your controlling shareholder(s) (the “Controlling Entity”). If the
                Controlling Entity is not a natural person and is not a publicly-held entity, name each shareholder of such Controlling Entity. If any of these named shareholders are not natural persons or publicly-held entities, please provide the same
                information. This process should be repeated until you reach natural persons or a publicly-held entity.
	 	

              
	 	(i) (A) Full legal name of Controlling Entity(ies) or natural person(s) who have sole or shared voting or dispositive power over the Registrable Securities: 
	 	 
	 	 
	 	 
	 	 
	 	(B) Business address (including street address) (or residence if no business address), telephone number, facsimile number and email of such
                person(s): 

        

        

      

    

    

       

      

      	 	 	 
	 	Address: 

            	 
	 	 	 
	 	Telephone No.: 

            	 
	 	Fax No.:  

            	 
	 	Email: 

            	 

    

    
      	

            	(C) Name of shareholders:
	 	 
	 	 
	 	 
	 	

            
	 	(ii) (A) Full legal name of Controlling Entity(ies):
	 	 
	 	 
	 	 
	 	 
	 	(B) Business address (including street address) (or residence if no business address), telephone number facsimile number and email of such person(s): 

       

      

      	 	 	 
	 	Address: 

            	 
	 	 	 
	 	Telephone No.: 

            	 
	 	Fax No.:  

            	 
	 	Email: 

            	 
	 	 	 

      	 	(iii) Name of shareholders:
	 	 
	 	 
	 	 

       

    
      A-6

      
        

    

    

    	5. 

          	Short Positions
	 	

          
	 	(A) Do you have an existing short position in the equity securities of the Company? 
	 	 
	 	☐ Yes. 
	 	☐ No.

          
	 	 
	 	(B) If the answer to (A) is “Yes,” please describe the equity securities involved and the size of the short position.
	 	 
	 	 
	 	 
	 	 
	 	 
	 	(C) If the answer to (A) is “Yes” and the short position was created prior to the registration of the Registrable Securities, the
            short position may not be closed out with any Registrable Securities you own. 
	 	 

    

    

    

    
      
        

          	6. 

                	Plan of Distribution.
	 	

                
	 	Except as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item 3 pursuant to the Registration
                  Statement only as follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned or, alternatively, through underwriters, broker-dealers or agents. If the Registrable Securities are sold through
                  underwriters, broker-dealers or agents, the Selling Securityholder will be responsible for underwriting discounts or commissions or agents’ commissions in accordance with the Registration Rights Agreement. Such Registrable Securities may
                  be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale or at negotiated prices. Such sales may be effected in transactions (which may involve
                  block transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, or (iii) in transactions other than on
                  such exchanges or services or in the over-the-counter market. The Selling Securityholder may pledge or grant a security interest in some or all of the Registrable Securities owned by it and, if it defaults in the performance of its
                  secured obligations, the pledgees or secured parties may offer and sell the Registrable Securities from time to time pursuant to the prospectus. The Selling Securityholder also may transfer and donate the Registrable Securities in other
                  circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling securityholder for purposes of the prospectus.
	 	 
	 	State any exceptions here: 

                
	 	 

                
	 	

                
	 	 

          

          

          

          

        

      

    

    

    

    

    

     

    

    
      A-7

      
        

    

    

    Note: In no event will such method(s) of distribution take the form of an underwritten offering of the Registrable Securities without
      the prior written agreement of the Company.

    The undersigned acknowledges its, his or her obligation to comply with the provisions of the Exchange Act and the rules thereunder
      relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement. The undersigned agrees that neither
      it, he, she nor any person acting on its, his or her behalf will engage in any transaction in violation of such provisions.

    The undersigned beneficial owner and selling securityholder hereby acknowledges its, his or her obligations under the Registration
      Rights Agreement to indemnify and hold harmless certain persons as set forth therein. Pursuant to the Registration Rights Agreement, the Company has agreed under certain circumstances to indemnify the undersigned beneficial owner and selling
      securityholder against certain liabilities.

    In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as may be required
      by law for inclusion in the Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the
      Registration Statement remains effective.

    All notices to the beneficial owner hereunder and pursuant to the Registration Rights Agreement shall be made in writing to the
      undersigned at the address set forth in Item 1(b) of this Notice and Questionnaire.

    By signing below, the undersigned acknowledges that it, he or she is the beneficial owner of the Registrable Securities set forth
      herein, consents to the disclosure of the information contained in this Notice and Questionnaire and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned understands that such information will be
      relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus.

    Once this Notice and Questionnaire is executed by the undersigned beneficial owner and received by the Company, the terms of this
      Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives and assigns of the Company
      and the undersigned beneficial owner. This Notice and Questionnaire shall be governed in all respects by the laws of the State of New York, without giving effect to rules governing the conflict of laws.

    
      A-8

      
        

    

    IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered
      either in person or by its duly authorized agent.

     

    

    
      	
               

            	
              FOR INDIVIDUALS*

            
	 	 
	
               

            	
               

            
	
               

            	
              Signature of selling stockholder

            
	 	 
	 	

            
	 	
              [Print full name of selling stockholder]

            
	 	 
	 	
              FOR ENTITIES

            
	 	 
	 	

            
	 	
              [Print full name of selling stockholder]

            
	 	 
	 	 

    

  

  
    
      	 	By:    	

            
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	
              [Print full name and title of authorized agent [and

            
	 	
              attach evidence of authority to act as such]]

            

    

     

    

     

    

    PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE

    

     AND QUESTIONNAIRE TO CONTANGO ORE, INC. AS FOLLOWS:

    

    

    

    

    

    

    Contango ORE, Inc.

    3700 Buffalo Speedway, Suite 925

    Houston, Texas 77098

    Attention: Leah Gaines

    Facsimile: 713-621-7329

    Email: leah.gaines@contangoore.com

    

    

    

    

  

  A-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]