Document:

kura-ex1012_1160.htm

Exhibit 10.12

***Text Omitted and Filed Separately 

with the Securities and Exchange Commission. 

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4) 

and 240.24b-2

PATENT LICENSE AGREEMENT

This Agreement is effective as of December 22, 2014 (the "EFFECTIVE DATE"), between Kura Oncology, Inc. ("LICENSEE") having the address in Article 12 below, and the Regents of the University of Michigan, a constitutional corporation of the state of Michigan ("MICHIGAN").  LICENSEE and MICHIGAN hereby agree as follows:

BACKGROUND

MICHIGAN and FOUNDATION (as defined below) are the sole assignees of the rights with respect to the applications and patents within the JOINTLY OWNED PATENT RIGHTS (as defined below). 

MICHIGAN and FOUNDATION have signed an inter-institutional agreement dated September 10, 2009 (the “INSTITUTIONAL AGREEMENT”) giving MICHIGAN the right to negotiate license terms, maintain patent protection, and grant, maintain and administer licenses for the JOINTLY OWNED PATENT RIGHTS. 

The Leukemia and Lymphoma Society (“LLS”) provided funding to MICHIGAN which contributed to the inventions claimed in the PATENT RIGHTS. MICHIGAN and the LLS have signed an agreement for collaboration dated July 9, 2010 (the “LLS Agreement”) giving MICHIGAN the responsibility for negotiating license terms, maintaining patent protection and granting, maintaining and administering licenses for the PATENT RIGHTS. 

ARTICLE 1 – DEFINITIONS

1.1“AFFILIATE”  means any entity or corporation which, directly or indirectly, controls, is controlled by or is under common control with LICENSEE, where “control” means (i) owning or controlling more than fifty percent (50%) of the voting stock or other ownership interest of the other entity; (ii) the power to elect or appoint fifty percent (50%) or more of the members of the governing body of the other entity or in any country where the local law will not permit foreign equity participation of a majority, ownership or control, directly or indirectly, of the maximum percentage of such outstanding stock or voting rights permitted by local law.

1.2“FIELD OF USE” means all fields.

1.3“FIRST COMMERCIAL SALE” means the first SALE through a bona fide arms length transaction of any LICENSED PRODUCT by LICENSEE or a SUBLICENSEE or first commercial use of any LICENSED PROCESS by LICENSEE or a SUBLICENSEE, excluding the SALE of a LICENSED PRODUCT or use of a LICENSED PROCESS for use in trials, for compassionate use, as a sample or that is of temporary availability.

1.4“FOUNDATION” means [...***...]. 

 

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1.5“JOINTLY OWNED PATENT RIGHTS” means MICHIGAN and FOUNDATION’s legal rights under the patent laws of the United States or relevant foreign countries for all of the following in:

(a)  the following United States and foreign patent(s) and/or patent application(s), and foreign counterparts of the same:

US Provisional Patent Application [...***...], filed [...***...] ([...***...])

US Patent Application [...***...] filed [...***...] ([...***...])

[...***...] (nationalized) filed [...***...]; and ([...***...])

(b)  United States and foreign counterpart patents or patent applications claiming and entitled to the priority date of the respective patent application(s) referenced in subparagraph 1.5(a) above or patents issuing from such applications; 

(c)  United States and foreign divisionals, substitutions, continued prosecution applications, including requests for continued examination, and continuations and continuations-in-part (but only those claims in the continuation-in-part applications that are entitled to the priority date of the parent patent or application in the PATENT RIGHTS) of any patent applications referenced in subparagraphs 1.5(a) and (b) above or patents issuing from such applications; 

(d)  United States and foreign patents issued from the applications listed in subparagraphs 1.5(a), (b), (c) and (d) above, including any reviewed, reissued, renewed or reexamined patents and patent term extensions based upon the same.

1.6“LICENSED PROCESS(ES)” means any process or method the practice or use of which in the relevant country would,  but for the  license granted herein under the PATENT RIGHTS, comprise an infringement of (including contributory or inducement a Valid Claim contained in the PATENT RIGHTS.

1.7“LICENSED PRODUCT(S)” means any product (a) the manufacture, use, SALE, offer for SALE or import of which in the relevant country would but for a license granted under the PATENT RIGHTS, comprise an infringement of (including contributory or inducement) Valid Claim  contained in the PATENT RIGHTS in the country in which any such product is made, used, imported, offered for SALE or SOLD or (b) that is manufactured by using a LICENSED PROCESS or is employed to practice a LICENSED PROCESS .

1.8“MICHIGAN” has the meaning given the first paragraph of this Agreement and, as used in Articles 9 and 10, shall include its Regents, officers, employees, students, and agents.

1.9“MICHIGAN PATENT RIGHTS” means MICHIGAN’s legal rights under the patent laws of the United States or relevant foreign countries for all of the following:

(a)  the following United States and foreign patent(s) and/or patent application(s),  and foreign counterparts of the same:  

US Provisional Patent Application [...***...] filed [...***...] ([...***...])

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US Patent Application [...***...] filed [...***...] ([...***...])

[...***...] filed [...***...]

US Provisional Patent Application [...***...] filed [...***...] ([...***...])

(b)  United States and foreign counterpart patents or patent applications claiming and entitled to the priority date of the respective patent application(s) referenced in subparagraph 1.9(a) above or patents issuing from such applications; 

(c)  United States and foreign divisionals, substitutions, continued prosecution applications, including requests for continued examination, and continuations and continuations-in-part (but only those claims in the continuation-in-part applications that are entitled to the priority date of the parent patent or application in the PATENT RIGHTS)   referenced in subparagraphs 1.9(a) and (b) above or patents issuing from such applications; 

(d)  United States and foreign patents issued from the applications listed in subparagraph 1.9(a), (b), (c) and (d) above, including any reviewed, reissued, renewed or reexamined patents and patent term extensions based upon the same.

1.10“NET SALES” means the amount billed or invoiced, and if any amount is not billed or invoiced, the amounts received, on SALES by LICENSEE and/or SUBLICENSEES of LICENSED PRODUCTS and uses of LICENSED PROCESSES by LICENSEE and/or SUBLICENSEES, less the following deductions (but only to the extent such deductions are otherwise included in NET SALES and are not obtained in view of other consideration received by LICENSEE):

(a)  trade, quantity and/or cash discounts actually granted or allowed to or paid by customers in such invoices for SALE of LICENSED PRODUCTS or use of LICENSED PROCESSES, but only in amounts customary in the trade;

(b)  SALES taxes, excise taxes, tariffs, duties, use taxes and/or other governmental charge (including without limitation custom surcharges) excise taxes, use taxes, tariffs, sales taxes and customs duties, and/or other governmental charge (including without limitation custom surcharges) separately stated in such bills or invoices with reference to particular SALES and actually paid by LICENSEE or SUBLICENSEE;

(c)  actual freight expenses between LICENSEE or SUBLICENSEE and customers and any packing, handling, insurance, transportation and duty expenses, to the extent such expenses are not charged to or reimbursed by customers;

(d)  rebates (whether or not government-mandated) actually allowed or taken, including without limitation chargebacks, retroactive price reductions, and discounts in the form of wholesaler inventory management fees; or

(e)  amounts actually refunded or credited on rejections or returns.

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Where LICENSEE or SUBLICENSEE receives any consideration other than cash for such transactions, the fair market cash value for such consideration, equal to the established average price charged in cash transactions in such country or as otherwise agreed upon by the parties hereto, shall be included in NET SALES.    

For purposes of calculating NET SALES, SALES of LICENSED PRODUCTS by LICENSEE to any SUBLICENSEE intended for resale shall be excluded from the calculation of NET SALES, but rather the SALE of such LICENSED PRODUCTS by SUBLICENSEES to third parties shall be included in the calculation of NET SALES.  NET SALES shall exclude the distribution of LICENSED PRODUCTS, at cost or at no cost for use, (i) by a clinical or research organization for the research or development of LICENSED PRODUCTS, or (ii) in a sampling program or compassionate use program. 

For LICENSED PRODUCTS which are sold as COMBINATION PRODUCTS (as defined below), the NET SALES for such COMBINATION PRODUCTs shall be adjusted by multiplying the actual NET SALES by the fraction A/(A+B) where A is the actual average of the invoice price (on a per unit basis) of the LICENSED PRODUCT that is part of the COMBINATION PRODUCT in the relevant country, if sold separately, and B is the sum of the actual average of the invoice prices (on a per unit basis) of the other active product or product component that is part of the COMBINATION PRODUCT in the relevant country, if such other active product or product component is sold separately.  If the other product or product component is not sold separately, then the actual NET SALES shall be adjusted by multiplying the actual NET SALES by the fraction A/C where A is the actual average of the invoice price (on a per unit basis) of the LICENSED PRODUCT that is part of the COMBINATION PRODUCT in the relevant country, if sold separately, and C is the actual average of the invoice prices (on a per unit basis) of the COMBINATION PRODUCT in the relevant country.  If neither of the foregoing applies, then LICENSEE shall determine the NET SALES of the COMBINATION PRODUCT in good faith based on the respective values of the components of such COMBINATION PRODUCT.  “COMBINATION PRODUCT” means (x) any pharmaceutical product that consists of a LICENSED PRODUCT and at least one other clinically active ingredient that is not a LICENSED PRODUCT; or (y) any combination of a LICENSED PRODUCT and another pharmaceutical product that contains at least one other clinically active ingredient that is not a LICENSED PRODUCT where such products are not formulated together but are sold together and invoiced as one product. 

1.11“PATENT RIGHTS” means JOINTLY OWNED PATENT RIGHTS and MICHIGAN PATENT RIGHTS.

1.12“QUALIFIED FINANCING” means the first sale of preferred stock of LICENSEE, whether in one transaction or a series of related transactions, which occurs after the Effective Date and in which LICENSEE receives gross proceeds totaling at least $[...***...] (exclusive of conversion of indebtedness) to one or more third party venture capital funds or institutional investors. 

1.13“ROYALTY PERIOD(S)” means the six-month periods ending on the last days of June and December each year. 

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1.14“SALE” means sale, rental, or lease, however characterized, and “SOLD” means the past tense of SALE.

1.15“SUBLICENSEE(S)” means any person or entity that LICENSEE grants a sublicense under the license rights granted to LICENSEE under this Agreement. 

1.16“TERRITORY” means all of the countries of the world.

1.17“[...***...]” means [...***...].

1.18“Valid Claim” means (a) a claim of an issued patent in any country that (i) [...***...]; (ii) has not [...***...]; (iii) has not [...***...], or if [...***...], has been [...***...]; and (iv) has not [...***...] or [...***...] in such country from which [...***...] or (b) a pending claim of a patent application that (i) is [...***...], (ii) has not [...***...] and (iii) has not [...***...].

ARTICLE 2 – GRANT OF LICENSE

2.1MICHIGAN hereby grants to LICENSEE an exclusive license under the PATENT RIGHTS, with the right to grant sublicenses, both subject to the terms and conditions of this Agreement, in the FIELD OF USE and the TERRITORY to make, have made, import, use, market, offer for sale and sell LICENSED PRODUCTS and to practice LICENSED PROCESSES.

2.2Without limiting any other rights it may have, (i) MICHIGAN, [...***...] and FOUNDATION specifically reserve the right for them and their affiliates to practice and have practiced the JOINTLY OWNED PATENT RIGHTS for non-commercial research, public service, internal and/or educational purposes, and the right to grant the same limited rights to other non-profit research institutions and (ii) MICHIGAN and FOUNDATION, specifically reserve the right for themselves  and their  affiliates to practice and have practiced the MICHIGAN OWNED PATENT RIGHTS for non-commercial research, internal and/or educational purposes, and the right to grant the same limited rights to other non-profit research institutions.

2.3This Agreement shall extend until expiration of the last to expire of the PATENT RIGHTS, unless sooner terminated as provided in another specific provision of this Agreement.

2.4LICENSEE agrees that LICENSED PRODUCTS used, leased or sold in the United States shall be manufactured substantially in the United States to the extent required by 35 U.S.C. § 204 and implementing regulations, unless a waiver from such requirement is obtained in accordance with law and implementing regulations.

2.5The licenses granted in this Agreement are subject to any rights retained by the U.S. government, for example in accordance with Chapter 18 of Title 35 of U.S.C. 200-212 and the regulations thereunder (37 CFR Part 401), when applicable.  LICENSEE shall provide MICHIGAN with all reasonably requested information and cooperation for MICHIGAN to comply with applicable provisions of the same and any requirements of any agreements between MICHIGAN and any agency of the U.S. government that provided funding for the subject matter covered by the PATENT RIGHTS. 

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2.6MICHIGAN confirms that FOUNDATION has approved this Agreement in accordance with the requirements of the INSTITUTIONAL AGREEMENT and that MICHIGAN has the right under the INSTITUTIONAL AGREEMENT to grant the license and other rights with respect to the JOINTLY OWNED PATENT RIGHTS to LICENSEE under this Agreement and to execute this Agreement on behalf of itself and FOUNDATION. 

2.7MICHIGAN confirms that LLS has approved this Agreement in accordance with the requirements of the LLS AGREEMENT and that MICHIGAN has the right under the LLS AGREEMENT to grant the license and other rights with respect to the PATENT RIGHTS. 

2.8MICHIGAN shall not terminate or amend the INSTITUTIONAL AGREEMENT in any manner that would adversely affect the rights granted to LICENSEE under this Agreement.   

2.9MICHIGAN shall not terminate or amend the LLS AGREEMENT in any manner that would adversely affect the rights granted to LICENSEE under this Agreement.  

ARTICLE 3 - CONSIDERATION

3.1 LICENSEE shall pay the following royalties to MICHIGAN:

(a)  A License Issue Fee equal to [...***...] Dollars ($[...***...]), due [...***...] ([...***...]) days from the complete execution of this Agreement.  

(b)  Running Royalties according to the following schedule: 

(1)[...***...]% of annual NET SALES up to and including $[...***...]; and

(2)[...***...]% of annual NET SALES in excess of $[...***...] up to and including $[...***...]; and

(3)[...***...]% of annual NET SALES in excess of $[...***...].

If LICENSEE makes any SALES of LICENSED PRODUCTS intended for resale to any party that is an AFFILIATE, such SALES shall be excluded from the calculation of NET SALES, however, the subsequent SALE of such LICENSED PRODUCTS by such AFFILIATE to a third party shall be included in the calculation of NET SALES.  If an AFFILIATE is the end user of LICENSED PRODUCTS SOLD by LICENSEE, such SALES shall be included in the calculation of NET SALES at a price computed on the basis of the established average price charged to  third parties in the applicable country in which such SALES occur.   

If LICENSEE is obligated or finds it reasonably necessary to pay consideration to any third party (other than an AFFILIATE) that holds a patent that is in the reasonable judgment of LICENSEE and its counsel would be infringed by [...***...] LICENSED PRODUCT or use of a LICENSED PROCESS, and if the combined royalty due to MICHIGAN and such third party(ies) exceeds [...***...] percent ([...***...]%), then the royalty percentage to be paid to MICHIGAN by LICENSEE set forth above shall be reduced by the percentage calculated by the following formula: (A-[...***...])/B, in which A is the total royalty consideration to be paid on a LICENSED PRODUCT or LICENSED PROCESS  and B is the total number of royalty-bearing licenses, including this Agreement, for such consideration on the LICENSED PRODUCT or LICENSED 

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PROCESS.  For example, if the combined royalty consideration due to MICHIGAN and one non-AFFILIATE third party is [...***...] percent ([...***...]%), the reduction would be equal to ([...***...])/2, or [...***...]% and,  the royalty percentages owed to MICHIGAN  as set forth above would be reduced to [...***...]%, [...***...]% and [...***...]%, respectively. However, in no event shall the royalty amount payable to MICHIGAN for any ROYALTY PERIOD be reduced below [...***...] percent ([...***...]%) of the  royalty amounts set forth in this Section 3.1(b). LICENSEE shall provide MICHIGAN with a confidential copy of any such agreement referred to in this Section. 

(c)  Sublicensing Fees on any SUBLICENSING REVENUE (as defined below) according to the following schedule:

				
	
 
	
% of SUBLICENSING REVENUE

	
[...***...]
	
(i) 
	
[...***...]%

	
(ii)
	
[...***...]
	
(iii) 
	
[...***...]%

	
(iv)
	
[...***...]
	
(v) 
	
[...***...]%

 

“SUBLICENSE REVENUE” means (i) revenue not based on NET SALES (including, without limitation, any license issue fees, maintenance fees, milestone payments, other royalties) that LICENSEE or its AFFILIATE actually receives from any non-AFFILIATE SUBLICENSEES in consideration for a sublicense under the PATENT RIGHTS, and (ii) amounts actually received by the LICENSEE from any non-AFFILIATE third party in consideration of the grant to such third party of an option to obtain a sublicense of the LICENSEE’s rights under this Agreement, provided that, for the sake of clarity, SUBLICENSE REVENUE will not include amounts received by or payable to LICENSEE or its AFFILIATE that are reasonably and fairly attributable to any of the following to the extent that each is bona fide:  (a) debt financing of LICENSEE or its AFFILIATE, (b) amounts received by the LICENSEE as the purchase price, at fair market value, for equity securities (including stock of whatever class or series, and including the purchase price for warrants and the exercise price under such warrants, or as convertible debt, and the like) of LICENSEE or its AFFILIATE; (c) reimbursements to LICENSEE or its AFFILIATE of costs for filing, prosecuting and maintaining PATENT RIGHTS; (d) reimbursement to LICENSEE or its AFFILIATE for the cost of research and/or development activities performed or services or materials provided by LICENSEE or its AFFILIATE after the EFFECTIVE DATE on the basis of reimbursement of out-of-pocket expenses and/or payments for full-time equivalent (“FTE”) efforts of personnel at commercially reasonable and standard FTE rates for the location of LICENSEE or its AFFILIATE, and (e) royalty payments or revenue or profit sharing payments based on NET SALES. 

(d)  Patent Expenses pursuant to Article 7 hereof.  LICENSEE shall pay [...***...] percent ([...***...]%) of current unreimbursed costs of $[...***...] as of November 30, 2014 within [...***...] ([...***...]) days of the complete execution of this Agreement and the remaining [...***...] percent ([...***...]%) within [...***...] ([...***...]) days of closing of a QUALIFIED FINANCING.  

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(e)  Minimum Annual Royalties.  Beginning [...***...], LICENSEE will pay to MICHIGAN a Minimum Annual Royalty of $[...***...], increasing to $[...***...] per year beginning with [...***...] in which the FIRST COMMERCIAL SALE of the first LICENSED PRODUCT occurs. Minimum Annual Royalties are due for each calendar year on each following [...***...].  Minimum Annual Royalties shall be credited against Running Royalties due on NET SALES made during the calendar year for which the Minimum Annual Royalties apply.  Minimum Annual Royalties paid in excess of running royalties shall not be creditable to amounts due for future years

(f)  Milestone payments as follows:

(1) $[...***...];

(2) $[...***...];

(3) $[...***...];

(4) $[...***...];

(5) $[...***...];

(6) $[...***...]; and

(7) $[...***...].

Milestone payments are non-refundable and non-creditable against future royalties.   In the event a SUBLICENSEE pays LICENSEE a fee for achieving one of the milestone events listed above or a substantially similar milestone, LICENSEE shall pay the higher of: (i) the Milestone Payment in this Paragraph 3.1(f) or (ii) the fee due on such Milestone Payment pursuant to Paragraph 3.1(c), but not both.

(g)  Royalties shall be payable on a LICENSED PRODUCT-by-LICENSED PRODUCT or LICENSED PROCESS-by-LICENSED PROCESS and country-by-county basis from the FIRST COMMERCIAL SALE of a LICENSED PRODUCT in a given country until [...***...].

3.2Subject to the provisions of this Paragraph 3.2, the parties shall enter into a sponsored research agreement pursuant to which LICENSEE will sponsor not less than $2,715,000, inclusive of any indirect or other expenses, of research at MICHIGAN over a three-year period upon commercially reasonable terms and conditions to be mutually agreed upon by the parties in good faith and subject to a workplan and budget no later than March 1, 2015 (the “SPONSORED RESEARCH”).  

3.3LICENSEE is not obligated to pay multiple royalties if any LICENSED PRODUCT or LICENSED PROCESS is covered by more than one claim of PATENT RIGHTS or the same LICENSED PRODUCT is covered by claims in two or more countries.

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3.4Royalty payments shall be made to "The Regents of the University of Michigan" in United States dollars.  Payments drawn directly on a U.S. bank may be made by either check to the address in Article 12 or by wire transfer.  Any payment drawn on a foreign bank or foreign branch of a U.S. bank shall be made only by wire transfer.  Wire transfers shall be made in accordance with the following or any other instructions as may be specified by MICHIGAN:  ABA/Routing No. [...***...]; Account No. [...***...]; SWIFT Bank Identifier Code [...***...]; Account Name:  [...***...].  In computing royalties on NET SALES in an currency other than United States dollars, LICENSEE shall first determine the royalties due and payable in such currency and then convert such amount into its equivalent in United States dollars using the average exchange rate published in the Wall Street Journal during the ROYALTY PERIOD with respect to which such payment is due, or at such other exchange rate as the parties may agree to in writing.

3.5Royalty payments shall be made on a semi-annual basis with submission of the reports required by Article 4.  All amounts due under this Agreement, including amounts due for the payment of patent expenses, shall, if overdue, be subject to a charge of interest compounded monthly until payment, at a per annum rate of [...***...] percent ([...***...]%) [...***...] in effect at the JP Morgan Chase Bank, N.A. or its successor bank on the due date (or at the highest allowed rate if a lower rate is required by law).  The payment of such interest shall not foreclose MICHIGAN from exercising any other rights it may have resulting from any late payment.  LICENSEE shall reimburse MICHIGAN for the costs, including reasonable attorney fees, for expenses paid in order to collect any amounts overdue more than [...***...] days.

3.6All payments made under this Agreement are and shall be non-refundable.  MICHIGAN shall have no obligation whatsoever to pay, return, credit, or refund any amounts paid hereunder, except as may be specifically provided herein.  By way of example only, notwithstanding the deductions permitted to NET SALES, MICHIGAN shall have no obligation to pay any amounts to LICENSEE even if such deductions should result in a negative amount for NET SALES in any given ROYALTY PERIOD.

3.7LICENSEE shall be responsible for the payment of all taxes, duties, levies, and other charges imposed by any taxing authority with respect to the royalties payable to MICHIGAN under this Agreement. Should LICENSEE be required under any law or regulation of any government entity or authority to withhold or deduct any portion of the payments on royalties due to MICHIGAN, then the sum payable to MICHIGAN shall be increased by the amount necessary to yield to MICHIGAN an amount equal to the sum it would have received had no withholdings or deductions been made.  MICHIGAN shall cooperate reasonably with LICENSEE in the event LICENSEE elects to assert, at its own expense, any exemption from any such tax or deduction. If MICHIGAN is able to obtain credit for any taxes for which an additional payment is made by LICENSEE under this Section (“Creditable Taxes”) against any tax liability otherwise payable by LICENSEE, MICHIGAN shall reimburse to LICENSEE an amount equivalent to the Creditable Taxes.  MICHIGAN shall provide LICENSEE with evidence as LICENSEE may reasonably request to review the amount of any Creditable Taxes. 

3.8.1Upon the closing of the QUALIFIED FINANCING, LICENSEE shall separately issue to MICHIGAN and LLS those  numbers of shares of the series of preferred stock of LICENSEE that is issued to the investors in such QUALIFIED FINANCING (such applicable series of 

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preferred stock, the “PREFERRED STOCK”) equal to $[...***...] with respect to MICHIGAN and $[...***...] with respect to LLS, divided by the price per share paid by the investors for the new money invested in such QUALIFIED FINANCING (the “SHARES”). For example, if the price per share of PREFERRED STOCK issued in the QUALIFIED FINANCING is $[...***...], then LICENSEE shall (a) issue [...***...] SHARES to MICHIGAN and (b) issue [...***...] SHARES to LLS.  LICENSEE shall issue the SHARES to MICHIGAN and LLS pursuant to, and subject to the terms of, forms of stock issuance agreements attached hereto as Exhibits A-1 and A-2, respectively (each a “STOCK ISSUANCE AGREEMENT”). 

3.8.2Notwithstanding the foregoing, in the event that, prior to the issuance of SHARES to MICHIGAN and LLS pursuant to Section 3.8.1. LICENSEE shall have entered into any agreement that will result in a CHANGE OF CONTROL, LICENSEE shall promptly notify each of MICHIGAN and LLS in writing (the “TRANSACTION NOTICE”) and LICENSEE shall issue to MICHIGAN or LLS, as applicable, that number of shares of common stock of LICENSEE equal to $[...***...] with respect to MICHIGAN or $[...***...] with respect to LLS divided by the per share consideration to be received by holders of common stock of LICENSEE in the initial closing of the CHANGE OF CONTROL (or the fair market value of any non-monetary consideration, as reasonably agreed between MICHIGAN and LICENSEE), effective immediately prior to the closing of the CHANGE OF CONTROL.  If shares of common stock of LICENSEE are issued to either MICHIGAN or LLS pursuant to this Section 3.8.2, the provisions of Section 3.8.1 with respect to MICHIGAN or LLS, respectively, shall immediately terminate upon such issuance.  Any shares of common stock of LICENSEE issued to MICHIGAN or LLS pursuant to this Section 3.8.2 shall be issued pursuant to, and subject to the terms of, the applicable STOCK ISSUANCE AGREEMENT.  For purposes of this Section 3.8, a “CHANGE OF CONTROL” means (i) any consolidation or merger of LICENSEE with any other entity or similar transaction, following which the stockholders of LICENSEE immediately prior thereto own, directly or indirectly, less than fifty percent (50%) of the voting power of the securities of the surviving entity in such transaction (or its parent), other than pursuant to a bona fide financing transaction, or (ii) a sale of all or substantially all of the assets of LICENSEE to a third party. 

3.8.3Within [...***...] ([...***...]) days after the final closing of any round of equity financing of LICENSEE that is consummated for bona fide fundraising purposes and in which LICENSEE issues shares of PREFERRED STOCK (a “TRIGGERING FINANCING”), LICENSEE shall give MICHIGAN written notice of the consummation of such TRIGGERING FINANCING that includes a report setting forth the basic terms of such TRIGGERING FINANCING, including, without limitation, the amount of new money raised, the nature of the PREFERRED STOCK issued and a summary of the post-financing capitalization of LICENSEE.  The obligation of LICENSEE to give such notice shall terminate upon the first to occur of (a) the initial sale of LICENSEE’S capital stock to the public in a firmly underwritten offering registered under the Securities Act of 1933, as amended (an “IPO”), and (b) a CHANGE OF CONTROL.

3.8.4Prior to the closing of any TRIGGERING FINANCING, LICENSEE shall deliver to MICHIGAN a written notice with respect thereto, specifying in reasonable detail the total number of shares of PREFERRED STOCK expected to be sold or issued, the applicable rights and preferences associated therewith, the purchase price, and the number of shares of 

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PREFERRED STOCK eligible for purchase by MICHIGAN under this provision.  For [...***...] days after receipt of the written notice, MICHIGAN or its designee shall have the right to agree to purchase up to [...***...]% of the total number of shares of PREFERRED STOCK sold or issued in such financing on the same terms and conditions as are offered to the other purchasers in each such financing.  MICHIGAN shall be entitled to apportion this right among itself and its INVESTMENT AFFILIATES in such proportions as it deems appropriate.  The term “INVESTMENT AFFILIATES” for this purpose shall mean (a) any entity controlled by MICHIGAN, or (b) any affiliate of MICHIGAN or any other entity in which MICHIGAN has a financial interest or investment, provided that such affiliate or entity is an “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended.  In the event MICHIGAN fails to exercise its right within such [...***...] day period, LICENSEE may thereafter sell or enter into an agreement to sell shares of PREFERRED STOCK at a price and upon terms no more favorable to the other purchasers than specified in LICENSEE’s notice to MICHIGAN under this Section, without further obligation to MICHIGAN.  Notwithstanding anything in this Agreement to the contrary, the participation rights set forth in this Section 3.8.4 shall expire immediately prior to the first to occur of an IPO or a CHANGE OF CONTROL, and shall not be applicable to securities of LICENSEE (a) that are issued to employees, officers or directors of, or consultants or advisors to, LICENSEE pursuant to equity compensation plans or arrangements approved by the Board of Directors of LICENSEE, (b) that are issued upon the conversion, exercise or exchange of other securities outstanding on the date of this Agreement, or (c) that are issued in a stock split or stock split in the nature of dividend by LICENSEE that is paid on a proportionate non-cash basis to all holders of LICENSEE's capital stock.

3.8.5Concurrent with the execution of this Agreement, MICHIGAN will make the representations and warranties to LICENSEE set forth on Exhibit B-1.

3.8.6The entirety of this Section 3.8 shall survive termination of this Agreement.

ARTICLE 4 - REPORTS

4.1Until the FIRST COMMERCIAL SALE, by [...***...] during the term of this Agreement, LICENSEE shall provide to MICHIGAN a [...***...] report that includes reports on progress since the prior [...***...] report and general future plans regarding:  research and development, regulatory approvals, manufacturing, sublicensing, marketing and SALES.  Further, LICENSEE shall specifically report to MICHIGAN the FIRST COMMERCIAL SALE within [...***...] days thereof, and provide a brief description of the LICENSED PRODUCT or LICENSED PROCESS subject of the SALE, and terms thereof.  

4.2After the FIRST COMMERCIAL SALE, LICENSEE shall provide [...***...] reports to MICHIGAN.  Specifically, by [...***...], LICENSEE shall report to MICHIGAN for the applicable ROYALTY PERIOD: 

(a)  number of LICENSED PRODUCTS SOLD by LICENSEE and each SUBLICENSEE.

(b)  NET SALES of LICENSED PRODUCTS SOLD by LICENSEE and all SUBLICENSEES.

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(c)  a description and accounting for all LICENSED PROCESSES SOLD by LICENSEE and all SUBLICENSEES included in NET SALES.

(d)  Sublicense Fees due on SUBLICENSE REVENUE under Paragraph 3.1(c) above, including supporting figures.

(e)  foreign currency conversion rate and calculations (if applicable) and total royalties due.

(f)  each milestone under Paragraph 3.1(f) or Article 5 having a deadline during the ROYALTY PERIOD, and a specific identification of whether or not it was achieved.

(g)  for each sublicense or amendment thereto completed in the particular ROYALTY PERIOD:  names, addresses, and U.S.P.T.O. Entity Status (as discussed in Paragraph 4.5) of such SUBLICENSEE; the date of each agreement and amendment; the territory of the sublicense; the scope of the sublicense; and the nature, timing and amounts of all fees, royalties to be paid thereunder.

(h)  progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and SALES of LICENSED PRODUCTS and LICENSED PROCESSES.

(i)  the date of first SALE of LICENSED PRODUCTS (or results of LICENSED PROCESSES) in each country and the circumstances thereof.

LICENSEE shall include the amount of all payments due, and the various calculations used to arrive at those amounts, including the quantity, description (nomenclature and type designation as described in Paragraph 4.3 below), country of manufacture and country of SALE or use of LICENSED PRODUCTS and LICENSED PROCESSES. 

If no payment is due, LICENSEE shall so report to MICHIGAN that no payment is due.  Failure to provide reports as required under this Article 4 shall be a material breach of this Agreement.  LICENSEE agrees to reasonably cooperate with MICHIGAN regarding any questions it may have relating to compliance with this Agreement, for example to discuss the information in reports.

4.3LICENSEE shall promptly establish and consistently employ a system of specific nomenclature and type designations for LICENSED PRODUCTS and LICENSED PROCESSES to permit identification and segregation of various types where necessary, and shall require the same of SUBLICENSEES.

4.4LICENSEE shall keep, and shall require SUBLICENSEES to keep, true and accurate records containing data reasonably required for the computation and verification of payments due under this Agreement.  LICENSEE shall and it shall require all SUBLICENSEES to:  (a) open such records for inspection upon reasonable notice during business hours, and no more than [...***...] per year, by an independent certified accountant selected by MICHIGAN, for the purpose of verifying the amount of payments due, and shall provide information to MICHIGAN to facilitate such inspection; and (b) retain such records for [...***...] ([...***...]) years from date of the payment to which they pertain.  

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The terms of this Article shall survive any termination of this Agreement for [...***...] ([...***...]) years.  MICHIGAN is responsible for all expenses of such inspection, except that if any inspection reveals an underpayment greater than [...***...] percent of royalties due MICHIGAN, then LICENSEE shall pay all expenses of that inspection and the amount of the underpayment and interest to MICHIGAN within [...***...] days of written notice thereof.  LICENSEE shall also reimburse MICHIGAN for reasonable expenses required to collect the amount underpaid.

4.5So that MICHIGAN may pay the proper U.S. Patent and Trademark Office fees relating to the PATENT RIGHTS, if LICENSEE, any company related to LICENSEE, or any SUBLICENSEE (or optionees) does not qualify as a “Small Entity” under U.S. patent laws, LICENSEE shall notify MICHIGAN immediately.  The parties understand that the changes to LICENSEE’s, SUBLICENSEE’s, or optionees’ businesses that might affect entity status include: acquisitions, mergers, hiring of a total of more than 500 total employees, sublicense agreements, and sublicense options. 

ARTICLE 5 - DILIGENCE

5.1During the term of this Agreement, LICENSEE shall (itself or through its AFFILIATES or SUBLICENSEES) use commercially reasonable efforts to [...***...] one or more LICENSED PRODUCTS and/or LICENSED PROCESSES, as applicable.  LICENSEE and/or SUBLICENSEE has the responsibility to do all that is legally required and commercially reasonable to [...***...] LICENSED PRODUCTS and/or use LICENSED PROCESSES for all relevant activities of LICENSEE and SUBLICENSEES.  If the commercialization of multiple LICENSED PRODUCTS or LICENSED PROCESSES is commercially reasonable, then the requirement so of this paragraph shall apply to all such LICENSED PRODUCTS and/or LICENSED PROCESSES.  

5.2As part of the diligence required by Paragraph 5.1 and subject to the provisions of Paragraph 5.3 and 5.4, LICENSEE (itself or through its AFFILIATES or SUBLICENSEES) agrees to reach the following commercialization and research and development milestones for a LICENSED PRODUCT and/or LICENSED PROCESS (together the “MILESTONES”) by the following dates:

 

(a) [...***...].

(b) [...***...].

(c) [...***...].

(d) [...***...]; 

(e) [...***...]; 

(f) [...***...]. 

For the purposes of this Agreement, [...***...] shall mean that date upon which [...***...]

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[...***...].

5.3  LICENSEE shall notify MICHIGAN within [...***...] days after each MILESTONE deadline date above, as to whether or not such MILESTONE was met.   MICHIGAN recognizes that there are uncertainties associated with the development of therapeutic products and the regulatory process required by the FDA (and foreign regulatory authorities that are equivalent to the FDA), and that the parties may wish to amend the MILESTONES under Subparagraphs 5.2(b) through (f). Accordingly, if LICENSEE believes in good faith that it will be unable to timely achieve any MILESTONE in Paragraph 5.2 (b), (c), (d), (e) or (f) because the LICENSEE believes in good faith, after consultation with its clinical advisors, regulatory advisors and/or with regulatory agencies, that there is the possibility of the existence of a safety or efficacy reason not to perform one or more of the steps necessary to allow the achievement of such MILESTONE, then LICENSEE will promptly consult with MICHIGAN with respect to such determination, and the parties hereto will in good faith determine whether changes to the MILESTONES and related deadlines are appropriate, and if MICHIGAN agrees, at its sole discretion, that such changes are appropriate, the parties will execute and deliver a written confirmation of such changes to the MILESTONES and related deadlines within [...***...] ([...***...]) days of the original notification by LICENSEE to MICHIGAN.  In addition, (i) LICENSEE will have the right to elect [...***...] extensions to the MILESTONES under Subparagraphs 5.2 (b) through (f), at [...***...] if such extensions are a result of causes beyond LICENSEE’s direct control or any inaction of the FDA or foreign equivalent and  (ii) LICENSEE will have the right to extend the deadline of any MILESTONE for a period of [...***...] after the scheduled deadline for such MILESTONE without MICHIGAN’s approval (“MILESTONE EXTENSION”) upon the [...***...] by LICENSEE to MICHIGAN, within [...***...] ([...***...]) days after the date of the scheduled deadline for such MILESTONE [...***...], accompanied by written notice from LICENSEE to MICHIGAN specifying the MILESTONE for which LICENSEE is [...***...], and setting forth in such notice the [...***...] extended due date for such MILESTONE. Upon the timely delivery to MICHIGAN from LICENSEE of the [...***...] notice, the due date for the MILESTONE as specified in such notice from LICENSEE and [...***...] by LICENSEE to MICHIGAN as provided herein, will be extended to a date which is [...***...] after the relevant original due date therefor. LICENSEE shall not be entitled to more than [...***...] MILESTONE EXTENSIONS under Subparagraph 5.3(ii) and no more than [...***...] extensions if [...***...].  For clarity, any election to extend a MILESTONE under this Paragraph 5.3 will extend all remaining milestones in subparagraphs 5.2(b) through (f) by the applicable time period. The [...***...] by LICENSEE to MICHIGAN in this Agreement.  

5.4If LICENSEE (itself or through its AFFILIATES or SUBLICENSEES) [...***...], MICHIGAN may terminate the Agreement solely as to the PATENT RIGHTS covering the LICENSED PRODUCT for which [...***...], effective on [...***...] days’ notice, unless LICENSEE [...***...] within this [...***...] day period. 

ARTICLE 6 - SUBLICENSING

6.1LICENSEE shall notify MICHIGAN in writing of every sublicense agreement and each amendment thereto with any SUBLICENSEE (other than an AFFILIATE) within [...***...] days after their execution, and indicate the name of the SUBLICENSEE, the territory of the 

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sublicense, the scope of the sublicense, and the nature, timing and amounts of all fees and royalties to be paid thereunder, and whether or not such SUBLICENSEE has greater or fewer than 500 employees.  Upon request, LICENSEE shall provide MICHIGAN with a copy of sublicense agreements with any SUBLICENSEE (other than an AFFILIATE).  LICENSEE may permit SUBLICENSEES to further sublicense any of the rights granted to LICENSEE hereunder provided that all of the terms and conditions required by a SUBLICENSEE under this Agreement are included in such sublicense agreements. 

6.2If LICENSEE receives from SUBLICENSEES any consideration that would be included in SUBLICENSE REVENUE in a form other than cash payments, LICENSEE shall include in SUBLICENSE REVENUE the fair market cash value for such consideration. 

6.3 MICHIGAN agrees that in the event that MICHIGAN terminates this Agreement under Paragraph 5.3, 11.1, 11.2 or 11.3, and subject to the conditions set forth below, MICHIGAN shall assume the rights and obligations of LICENSEE under SUBLICENSES granted by LICENSEE under this Agreement after the EFFECTIVE DATE that are compliant with Article 6 hereof. 

The following shall be conditions precedent to any obligation of MICHIGAN to assume such rights and obligations: (a) SUBLICENSEE shall have provided a written request to MICHIGAN within [...***...] ([...***...]) business days after MICHIGAN or LICENSEE (whichever is earlier) has provided SUBLICENSEE with written notice of termination of this Agreement; (b) SUBLICENSEE shall not be, or have been at any time during the term of this Agreement, an AFFILIATE of LICENSEE; (c) SUBLICENSEE shall not be in material breach of its sublicense  with LICENSEE at the time of termination of this Agreement; (d) LICENSEE shall have provided MICHIGAN with a copy of such SUBLICENSE agreement between LICENSEE and SUBLICENSEE within [...***...] days after execution of such SUBLICENSE; and (e) SUBLICENSEE shall pay MICHIGAN any financial obligations owed by LICENSEE to MICHIGAN under subparagraphs 3.1(d) and 7.3 (for those countries in which the SUBLICENSEE has a sublicense both owed to MICHIGAN upon said termination of this Agreement (subject to equal proration among such SUBLICENSEES, if any, of the PATENT RIGHTS) and during the term of such assumed SUBLICENSE. MICHIGAN shall have only have an obligation to assume such rights and obligations of LICENSEE if, within [...***...] ([...***...]) days after said written request of SUBLICENSEE, MICHIGAN and SUBLICENSEE reduce their agreement in writing as an agreement between MICHIGAN and SUBLICENSEE, and such agreement includes the following terms and any others agreed to by MICHIGAN and SUBLICENSEE:

(a) MICHIGAN, aside only from the provision of a license under the PATENT RIGHTS, shall not be responsible for the performance or payment of any obligations of LICENSEE arising from any such SUBLICENSE, (b) payment of financial obligation owed by LICENSEE to MICHIGAN under subparagraph 3.1(d) during the term of such assumed SUBLICENSE, (c) reimbursement of ongoing patent expenses under subparagraph 7.3 by SUBLICENSEE during the term of such assumed sublicense for those countries in which the SUBLICENSEE has a sublicense and (d) the scope of the field of use of such direct license shall not be broader than the rights sublicensed by LICENSEE to SUBLICENSEE.

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6.4Any sublicense  for which MICHIGAN does not assume the rights and obligations of LICENSEE as set forth in Paragraph 6.3 shall terminate upon termination of this Agreement.

6.5LICENSEE shall require that all sublicenses of rights granted under this Agreement:  (a) be consistent with the terms and conditions of this Agreement; (b) contain the disclaimer of warranty and limitation on MICHIGAN, [...***...], FOUNDATION and LLS's liability, as provided by Article 9 below; and (c) contain provisions under which the SUBLICENSEE accepts duties at least equivalent to those accepted by the LICENSEE in the following Paragraphs:  4.4 (duty to keep records), 10.1 (duty to defend, hold harmless, and indemnify MICHIGAN, [...***...], FOUNDATION and LLS), 10.3 (duty to maintain insurance), 13.4 (duty to properly mark LICENSED PRODUCTS with patent notices), and 13.6 (duty to restrict the use of MICHIGAN, [...***...], FOUNDATION and LLS's name).

ARTICLE 7 - PATENT APPLICATIONS AND MAINTENANCE

7.1MICHIGAN shall have the right to control all aspects of filing, prosecuting, and maintaining all of the patents and patent applications that form the basis for the PATENT RIGHTS, including reexaminations, reviews, disputes (including litigation) regarding inventorship and derivation, and interferences.  LICENSEE shall fully cooperate with MICHIGAN in activities relating to the PATENT RIGHTS, including said activities.

7.2MICHIGAN shall notify LICENSEE of all information received by MICHIGAN relating to the filing, prosecution and maintenance of the PATENT RIGHTS, and shall make reasonable efforts to allow LICENSEE to review, comment, and advise upon such information.  LICENSEE shall hold such information confidential and to use the information provided by MICHIGAN only for the purpose of advancing MICHIGAN’s PATENT RIGHTS.  Without limiting the foregoing, MICHIGAN agrees to  use reasonable efforts to include claims covering the products contemplated to be sold by LICENSEE or its SUBLICENSEES under this Agreement in any patent applications within the PATENT RIGHTS and to  file and prosecute patent applications within the PATENT RIGHTS in foreign countries as designated and paid for by LICENSEE. LICENSEE shall cooperate in any activities under this Section 7.2.

7.3LICENSEE shall reimburse MICHIGAN for [...***...].  Such reimbursement shall be made within [...***...] days of receipt of MICHIGAN’s invoice and shall be subject to the interest and other requirements specified in Article 4 above.  LICENSEE agrees that unless it fully complies with all Paragraphs in this Agreement relating to entity status, LICENSEE shall be obligated to reimburse MICHIGAN for “Large Entity” patent fees.  LICENSEE may, at its sole discretion, elect to not reimburse MICHIGAN for [...***...] with respect to a particular patent application or patent within the PATENT RIGHTS upon written notice of such election to MICHIGAN no less than [...***...] days prior to any deadline for taking action in any applicable patent office.  In such event, MICHIGAN may continue prosecution and/or maintenance of such application(s) or patent(s at its sole discretion and expense, provided, however, that such patent applications and issued patents shall be excluded from the definition of PATENT RIGHTS thereafter and LICENSEE will have no right or licenses thereunder.  

7.4MICHIGAN reserves the right to apply for patent term extension or to demand that LICENSEE apply for patent term extension for any and all patents included in the PATENT 

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RIGHTS.  If MICHIGAN elects to exercise this right, LICENSEE agrees to cooperate fully with MICHIGAN in the preparation, filing, and prosecution of any and all patent term extensions and to provide MICHIGAN with complete copies of any and all documents or other materials that MICHIGAN deems necessary or helpful to undertake such responsibilities.

 

ARTICLE 8 – ENFORCEMENT 

8.1Each party shall promptly advise the other in writing of any known acts of potential infringement of the PATENT RIGHTS by another party.  LICENSEE has the first option to police the PATENT RIGHTS against infringement by other parties within the TERRITORY and the FIELD OF USE, including those prior to the EFFECTIVE DATE.  LICENSEE shall not file any suit without (a) a thorough, diligent investigation of the merits of such suit by its counsel, including with respect to PATENT RIGHTS and (b) notifying MICHIGAN [...***...] days before any such filing.  This right to police includes defending any action for declaratory judgment of non-infringement or invalidity; and prosecuting, defending or settling all infringement and declaratory judgment actions at its expense and through counsel of its selection, except that LICENSEE shall make any such settlement only with the advice and consent of MICHIGAN.  LICENSEE may grant to third parties the right to enforce the PATENT RIGHTS, but only with the express written permission of MICHIGAN.

 

8.2If LICENSEE has a reasonable basis for policing the patents, (a) MICHIGAN shall provide reasonable assistance to LICENSEE with respect to such actions, and (b) MICHIGAN agrees to join in any such action or proceeding by LICENSEE to the extent that MICHIGAN is a necessary party under the law. but only if LICENSEE promptly reimburses MICHIGAN for out-of-pocket expenses incurred in connection with any such assistance rendered at LICENSEE'S request or reasonably required by MICHIGAN and if LICENSEE notifies MICHIGAN in writing [...***...] days before filing any suit.  LICENSEE shall reimburse MICHIGAN for any otherwise unreimbursed expenses incurred in complying with discovery in any lawsuit involving the PATENT RIGHTS.  MICHIGAN retains the right to participate, with counsel of its own choosing and at its own expense, in any action under this Article.  LICENSEE shall defend, indemnify and hold harmless MICHIGAN with respect to any counterclaims asserted by an alleged infringer reasonably related to the enforcement of the PATENT RIGHTS under this Article, including but not limited to antitrust counterclaims and claims for recovery of attorney fees. Pursuant to the INSTITUTIONAL AGREEMENT, FOUNDATION will, at LICENSEE’s request, make a reasonable effort to cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, and the like.  MICHIGAN will use reasonable efforts to have the FOUNDATION joined in any action brought by LICENSEE if FOUNDATION is a necessary party.

8.3MICHIGAN and its inventors have a vital interest in proceedings relating to the validity and enforceability of its PATENT RIGHTS.  If a claim or counterclaim, in either litigation or an administrative proceeding, is made by any third party that any of the PATENT RIGHTS is invalid or unenforceable, then the parties shall jointly control the defense of such claim.  Each party shall consult with the other with respect to the defense of such claim, and shall reasonably consider the other party’s input.  In furtherance of such joint control, at the onset of such claim, the parties shall meet and confer in good faith to set a plan for handling the defense with respect to such claim.  The parties expect that in general (a) LICENSEE will have the right to lead daily 

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activities, including but not limited to discovery, relating to the defense and (b) the parties would make joint court and/or administrative filings, but in the event that the parties cannot agree on how to proceed with respect to such claim of invalidity or unenforceability, MICHIGAN shall have the right to control the defense of such claim.

 

Except as provided below, LICENSEE shall be responsible for the reasonable costs and fees associated with the activities under this Article.  The parties shall consider reasonable controls on costs and fees as part of the aforementioned meet and confer with respect to the handling of the defense, which shall include reasonable consideration of use of a single law firm representing both parties in the defense of such claim.  Notwithstanding, if a third party asserts jurisdiction for any such action solely as the result of acts of MICHIGAN, then MICHIGAN shall be responsible for such reasonable costs and fees, and MICHIGAN shall then control such defense.

 

8.4If LICENSEE recovers damages in patent litigation or settlement thereof, the award shall be applied first to satisfy [...***...].  The remaining balance shall be divided as follows: MICHIGAN will receive [...***...]% of the remaining balance and LICENSEE will retain [...***...]%.  This provision shall control the division of revenues where a license, covenant not to sue, or assignment of rights is granted as part of a settlement of such lawsuit.   

 

ARTICLE 9 - NO WARRANTIES; LIMITATION ON MICHIGAN, [...***...], 

FOUNDATION AND LLS'S LIABILITY 

 

9.1MICHIGAN warrants to LICENSEE as of the EFFECTIVE DATE to the actual knowledge of its Office of Technology Transfer that (a) it has the authority to execute this Agreement and grant the licensed granted hereunder and (b) that the inventors named in the PATENT RIGHTS  filed as of the EFFECTIVE DATE have assigned their entire right, title, and interest in such PATENT RIGHTS to MICHIGAN or the FOUNDATION, as applicable.  Neither MICHIGAN, [...***...], FOUNDATION nor LLS make any representations or warranties that PATENT RIGHTS are or will be held valid or enforceable, or that the manufacture, importation, use, offer for SALE, SALE or other distribution of any LICENSED PRODUCTS or LICENSED PROCESSES will not infringe upon any patent or other rights.

 

9.2EXCEPT AS EXPRESSLY SET FORTH HEREIN, MICHIGAN, [...***...], FOUNDATION AND LLS MAKE NO REPRESENTATIONS, EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ASSUME NO RESPONSIBILITIES WHATEVER WITH RESPECT TO DESIGN, DEVELOPMENT, MANUFACTURE, USE, SALE OR OTHER DISPOSITION BY LICENSEE OR SUBLICENSEES OF LICENSED PRODUCTS OR LICENSED PROCESSES.

 

9.3LICENSEE AND SUBLICENSEES ASSUME THE ENTIRE RISK AS TO PERFORMANCE OF LICENSED PRODUCTS AND LICENSED PROCESSES.  In no event shall MICHIGAN, [...***...], FOUNDATION, OR LLS be responsible or liable for any direct, indirect, special, incidental, or consequential damages or lost profits or other economic loss or damage with respect to the manufacture, use or sale of LICENSED PRODUCTS, or LICENSED PROCESSES to LICENSEE, SUBLICENSEE or any other individual or entity , 

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regardless of legal or equitable theory.  The above limitations on liability apply even though MICHIGAN, [...***...], FOUNDATION, may have been advised of the possibility of such damage. 

 

9.4LICENSEE shall not make any statements, representations or warranties whatsoever to any person or entity, or accept any liabilities or responsibilities whatsoever from any person or entity, that are inconsistent with any disclaimer or limitation included in this Article 9.

 

ARTICLE 10 - INDEMNITY; INSURANCE

 

10.1LICENSEE shall defend, indemnify and hold harmless and shall require SUBLICENSEES to defend, indemnify and hold harmless MICHIGAN, [...***...], FOUNDATION and LLS for and against any and all claims, demands, damages, losses, and expenses of any nature (including attorneys' fees and other litigation expenses), resulting from, but not limited to, death, personal injury, illness, property damage, economic loss or products liability, including errors and omissions, arising from or in connection with, any of the following:  (1) Any manufacture, use, SALE or other disposition by LICENSEE, SUBLICENSEES or transferees of LICENSED PRODUCTS or LICENSED PROCESSES; (2) The use by any person of LICENSED PRODUCTS made, used, sold or otherwise distributed by LICENSEE or SUBLICENSEES; and (3) The use or practice by LICENSEE or SUBLICENSEES of any invention or computer software related to the PATENT RIGHTS. LICENSEE shall not be obligated to defend, indemnify or hold MICHIGAN, [...***...], FOUNDATION or LLS harmless under this Paragraph after any unappealed or unappealable order of a court of competent jurisdiction holds that the claims, demands, damages, losses or expenses were determined to be  legally caused solely by the gross negligence or willful misconduct by MICHIGAN, [...***...], FOUNDATION or LLS, respectively.  

 

10.2MICHIGAN is entitled to participate at its option and expense through counsel of its own selection, and may join in any legal actions related to any such claims, demands, damages, losses and expenses under Paragraph 10.1 above.  LICENSEE shall not settle any such legal action with an admission of liability of MICHIGAN without MICHIGAN’s written approval.

 

10.3Prior to any distribution or commercial use of any LICENSED PRODUCT or use of any LICENSED PROCESS by LICENSEE, LICENSEE shall purchase and maintain in effect commercial general liability insurance, product liability insurance, and errors and omissions insurance which shall protect LICENSEE, [...***...], FOUNDATION and MICHIGAN with respect to the events covered by Paragraph 10.1, and LICENSEE shall require the same of any SUBLICENSEE.  Each such insurance policy must provide reasonable coverage for all claims with respect to any LICENSED PROCESS used and any LICENSED PRODUCTS manufactured, used, sold, licensed or otherwise distributed by LICENSEE -- or, in the case of a SUBLICENSEE's policy, by said SUBLICENSEE -- and must specify MICHIGAN, [...***...] and FOUNDATION as an additional insured.  LICENSEE shall furnish certificate(s) of such insurance to MICHIGAN, upon request.

 

10.4In no event shall either party hereunder be liable to the other for any special, indirect, or consequential damages of any kind whatsoever resulting from any breach or default of this Agreement.

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ARTICLE 11 - TERM AND TERMINATION

 

11.1If LICENSEE ceases to operate its business, or if it files a petition in bankruptcy, has an involuntary petition in bankruptcy filed against LICENSEE that is not dismissed within sixty days after the filing thereof, make a general assignment for the benefit of creditors or liquidates or dissolves, this Agreement shall immediately terminate upon MICHIGAN’s attempt to deliver a termination notice to the address for notices provided herein.  If LICENSEE makes or attempts to make an assignment for the benefit of creditors, or if proceedings in voluntary or involuntary bankruptcy or insolvency are instituted on behalf of or against LICENSEE, or if a receiver or trustee is appointed for the property of LICENSEE, this Agreement shall automatically terminate.  LICENSEE shall notify MICHIGAN of any such event mentioned in this Paragraph as soon as reasonably practicable, and in any event within [...***...] days after any such event.

 

11.2If LICENSEE fails to make any payment due to MICHIGAN, upon thirty (30) days' written notice by MICHIGAN, this Agreement shall automatically terminate unless LICENSEE makes such payment by the end of such period or MICHIGAN specifically extends such date in writing.  Such termination shall not foreclose MICHIGAN from collection of any amounts remaining unpaid or seeking other legal relief.

 

11.3Upon any material breach or default of this Agreement by LICENSEE (other than as specifically provided herein, the terms of which shall take precedence over the handling of any other material breach or default under this Paragraph), MICHIGAN has the right to terminate this Agreement effective on sixty (60) days' written notice to LICENSEE.  Such termination shall become automatically effective upon expiration of the sixty (60) day period unless LICENSEE cures the material breach or default before the period expires.

 

11.4LICENSEE has the right to terminate this Agreement at any time on ninety days’ written notice to MICHIGAN if LICENSEE prior to the termination date:

 

(a)  pays all amounts due MICHIGAN through the effective date of the termination;

 

(b)  submits a final report of the type described in Paragraph 4.2;

 

(c)  returns any patent documentation (including that exchanged under Article 7) and any other confidential or trade-secret materials provided to LICENSEE by MICHIGAN in connection with this Agreement, or, with prior approval by MICHIGAN, destroys such materials, and certifies in writing that such materials have all been returned or destroyed; and

 

(d)  suspends its manufacture, use and SALE of the LICENSED PROCESS(ES) and LICENSED PRODUCT(S), subject to Paragraph 11.8.

 

Upon notice by LICENSEE of intent to terminate under this Paragraph 11.4, MICHIGAN may elect to immediately terminate this Agreement upon written notice. 

 

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11.5Upon any termination of this Agreement, and except as provided herein to the contrary, all rights and obligations of the parties hereunder shall cease, except any previously accrued rights and obligations and further as follows:  (a) obligations to pay royalties and other sums, or to transfer equity or other consideration, accruing hereunder up to the day of such termination, whether or not this Agreement provides for a number of days before which actual payment is due and such date is after the day of termination; (b) MICHIGAN's rights to inspect books and records as described in Article 4, and LICENSEE's obligations to keep such records for the required time; (c) any cause of action or claim of LICENSEE or MICHIGAN accrued or to accrue because of any breach or default by the other party hereunder; (d) the provisions of Articles 1, 9, 10, and 13; and (e) all other terms, provisions, representations, rights and obligations contained in this Agreement that by their sense and context are intended to survive until performance thereof by either or both parties.

 

Termination by either party hereunder shall not alter or affect any other rights or relief that either party may be entitled to under law.

 

11.6Upon termination of this Agreement, if LICENSEE has filed patent applications or obtained patents to any modification or improvement to LICENSED PRODUCTS or LICENSED PROCESSES within the scope of the PATENT RIGHTS, LICENSEE agrees upon request to enter into good faith negotiations with MICHIGAN or MICHIGAN’s future licensee(s) for the purpose of granting licensing rights to said modifications or improvements in a timely fashion and under commercially reasonable terms.

 

11.7If LICENSEE or a SUBLICENSEE, or any affiliate thereof, asserts the invalidity or unenforceability of any claim included in the PATENT RIGHTS, including by way of litigation or administrative proceedings, either directly or through any other party, then MICHIGAN shall have the right to immediately terminate this Agreement upon written notice to LICENSEE.  However, MICHIGAN shall not terminate this Agreement if, after a SUBLICENSEE makes such assertions of invalidity or unenforceability, LICENSEE, within thirty (30) days of such action, terminates the sublicense with respect to such PATENT RIGHTS and provides MICHIGAN written notice of such termination.   

 

11.8Upon MICHIGAN’s termination (but not expiration) of this Agreement, other than under Section 11.2, within a period of [...***...] ([...***...]) days after the date of termination, LICENSEE is entitled to dispose of all previously made or partially made LICENSED PRODUCTS, provided that the SALE or use of such LICENSED PRODUCTS are subject to the terms of this Agreement, including, but not limited to, rendering such reports and making such payments as required under this Agreement. 

 

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ARTICLE 12 - NOTICES

 

12.1Any notice, request, or report required or permitted to be given or made under this Agreement by either party is effective when mailed if sent by recognized overnight carrier, certified or registered mail, or electronic mail followed by confirmation by U.S. mail, to the address set forth below or such other address as such party specifies by written notice given in conformity herewith.  Any notice, request, or report not so given is not effective until actually received by the other party. 

 

		
	
To MICHIGAN:
	
To LICENSEE:

	
 
	
 

	
Office of Technology Transfer
	
Kura Oncology, Inc.

	
University of Michigan
	
11119 North Torrey Pines Road

	
1600 Huron Parkway, 2nd Floor
	
Suite 125

	
Ann Arbor, MI 48109-2590
	
La Jolla, CA  92037

	
 
	
 

	
Attn:  [...***...]
	
Attn:  Chief Executive Officer

	
 
	
Copy:  General Counsel

 

ARTICLE 13 ‐ MISCELLANEOUS PROVISIONS

 

13.1 This Agreement shall be governed by and construed under the laws of the state of Michigan without regard for principles of choice of law, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent was granted.  Any claims, demands, or actions asserted against MICHIGAN, its Regents, fellows, officers, employees or agents shall only be brought in the Michigan Court of Claims.  LICENSEE, its successors, and assigns consent to the jurisdiction of a court with applicable subject matter jurisdiction sitting in the state of Michigan with respect to any claims arising under this agreement or the relationship between the parties.

 

13.2MICHIGAN and LICENSEE agree that this Agreement sets forth their entire understanding concerning the subject matter of this Agreement.  The parties may amend this Agreement from time to time, such as to add new rights, but no modification will be effective unless both MICHIGAN and LICENSEE agree to it in writing.  

 

13.3If a court of competent jurisdiction finds any term of this Agreement invalid, illegal or unenforceable, that term will be curtailed, limited or deleted, but only to the extent necessary to remove the invalidity, illegality or unenforceability, and without in any way affecting or impairing the remaining terms.

 

13.4LICENSEE agrees to mark the LICENSED PRODUCTS sold in the United States with all applicable United States patent numbers as necessary to meet the requirements of 35 U.S.C. 287 so that the full benefits of patent enforcement may be realized.  All LICENSED PRODUCTS shipped to or sold in other countries shall be marked to comply with the patent laws and practices of the countries of manufacture, use and SALE.

 

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13.5No waiver by either party of any breach of this Agreement, no matter how long continuing or how often repeated, is a waiver of any subsequent breach thereof, nor is any delay or omission on the part of either party to exercise or insist on any right, power, or privilege hereunder a waiver of such right, power or privilege.  In no event shall any waiver be deemed valid unless it is in writing and signed by an authorized representative of each party.

 

13.6LICENSEE shall, and shall require its affiliates to, refrain from using and to require SUBLICENSEES to refrain from using the name of MICHIGAN, [...***...], FOUNDATION, LLS or their employees in publicity or advertising without the prior written approval of MICHIGAN, [...***...], FOUNDATION or LLS, as the case may be.  Reports in scientific literature and presentations of joint research and development work are not publicity.  Notwithstanding this provision, without prior written approval of MICHIGAN, [...***...], FOUNDATION or LLS, LICENSEE and SUBLICENSEES may state publicly that LICENSED PRODUCTS and PROCESSES were developed by LICENSEE based upon an invention(s) developed at the University of Michigan or [...***...] and/or that the PATENT RIGHTS were licensed from the University of Michigan and [...***...]. 

 

13.7LICENSEE agrees to comply with all applicable laws and regulations, including but not limited to all United States laws and regulations controlling the export of commodities and technical data, with respect to the PATENT RIGHTS, LICENSED PRODUCTS and LICENSED PROCESSES.  LICENSEE shall be solely responsible for any violation of such laws and regulations involving LICENSEE or its SUBLICENSEES with respect to PATENT RIGHTS, LICENSED PRODUCTS and LICENSED PROCESSES, and to defend, indemnify and hold harmless MICHIGAN if any legal action of any nature results from any such violation. 

 

13.8The relationship between the parties is that of independent contractor and contractee.  Neither party is an agent of the other in connection with the exercise of any rights hereunder, and neither has any right or authority to assume or create any obligation or responsibility on behalf of the other.

 

13.9LICENSEE may not assign this Agreement without the prior written consent of MICHIGAN and shall not pledge any of the license rights granted in this Agreement as security for any creditor.  Any attempted pledge of any of the rights under this Agreement or assignment of this Agreement without the prior consent of MICHIGAN will be void from the beginning. If MICHIGAN consents to any assignment of this Agreement, such assignment by LICENSEE will not be effective until the intended assignee agrees in writing to accept all of the terms and conditions of this Agreement, and such writing is provided to MICHIGAN. Notwithstanding, LICENSEE may, without MICHIGAN’s consent, assign its rights under this Agreement to a purchaser of all or substantially all of LICENSEE’s business relating to the subject matter of this Agreement, whether by sale, merger, operation of law or otherwise, so long as such assignee provides a statement in writing to MICHIGAN that LICENSEE (if LICENSEE survives in such transaction) or the successor to LICENSEE (if LICENSEE does not survive in such transaction) shall be bound by all the terms and conditions of this Agreement. 

 

13.10If the registration, recordation, or reporting to a national or supranational agency of this Agreement, its terms, or assignment thereof is or becomes required or advisable (e.g., as a prerequisite to enforceability of the Agreement in such nation), LICENSEE shall, at its expense, 

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promptly undertake such action.  LICENSEE shall provide prompt notice thereof to MICHIGAN along with copies of relevant documentation.  

 

13.11Except for LICENSEE’s obligation to make any payments to MICHIGAN hereunder, the parties shall not be responsible for failure to perform due to the occurrence of any events beyond their reasonable control which render their performance impossible or onerous, including, but not limited to:  accidents (environmental, toxic spill, etc.); acts of God; biological or nuclear incidents; casualties; earthquakes; fires; floods; governmental acts; orders or restrictions; inability to obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency; power failure and power outages; acts of terrorism; strike; and war. 

 

13.12This Agreement may be executed in one or more counterparts, each of which together shall constitute one and the same Agreement.  For purposes of executing this Agreement, a facsimile (including a PDF image delivered via email) copy of this Agreement, including the signature pages, will be deemed an original.

 

ARTICLE 14 - CONFLICT OF INTEREST MANAGEMENT

 

14.1This Agreement and the licenses granted hereunder are subject to approval by a two-thirds majority vote of the Board of Regents of the University of Michigan.

 

14.2Unless MICHIGAN provides appropriate formal approvals, continuing development of LICENSED PRODUCTS and LICENSED PROCESSES shall take place without the use of MICHIGAN funds, facilities, or other resources of or funds administered by MICHIGAN.

 

14.3LICENSEE shall cooperate with MICHIGAN in developing and implementing appropriate plans for management of potential conflicts of interest and conflicts of commitment of MICHIGAN employees.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate originals by their duly authorized officers or representatives.

 

	
FOR KURA ONCOLOGY, INC.
	
 
	
FOR THE REGENTS OF THE

	
 
	
 
	
UNIVERSITY OF MICHIGAN

	
 
	
 
	
 

	
By
	
/s/ Troy Wilson
	
 
	
By
	
/s/ Kenneth J. Nisbet

	
 
	
(authorized representative)
	
 
	
 
	
Kenneth J. Nisbet

	
 
	
 
	
 
	
Assoc. Vice President for Research

	
Printed Name
	
Troy Wilson
	
 
	
 
	
U-M Tech Transfer

	
 
	
 
	
 

	
Title
	
Pres. & CEO
	
 
	
 

	
 
	
 
	
 

	
Date
	
Dec. 22, 2014
	
 
	
Date
	
22 December 2014

 

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MICHIGAN Representations and Warranties

Concurrent with the execution of the Patent License Agreement (MICHIGAN File No(s): 4471, 5643, and 6393), dated December 22, 2014 (the "LICENSE"), MICHIGAN represents and warrants to LICENSEE that: 

1.1Purchase Entirely for Own Account.  MICHIGAN has no present intention of selling, granting any participation in, or otherwise distributing the SHARES to be issued to MICHIGAN pursuant to Sections 3.8.1 or 3.8.2 of the LICENSE (the “MICHIGAN EQUITY”).

1.2Disclosure of Information.  MICHIGAN has had an opportunity to discuss LICENSEE’s business, management and financial affairs with LICENSEE’s management.

1.3Restricted Securities.  MICHIGAN understands that the MICHIGAN EQUITY, when issued, will not be registered under the Securities Act of 1933, as amended, and will be “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, MICHIGAN must hold such shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.

1.4Accredited Investor.  MICHIGAN is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

REGENTS OF THE UNIVERSITY OF MICHIGAN

 

				
	
By:
	
/s/ Kenneth J. Nisbet

	
 

	
Name:
	
Kenneth J. Nisbet

	
 

	
Title:
	
Assoc. V.P. for Research U-M Tech Transfer

 

 

 

 

 

EXHIBIT A-1  

 

STOCK ISSUANCE AGREEMENT

 

THIS STOCK ISSUANCE AGREEMENT (the “Agreement”) is made as of [DATE] between Kura Oncology, Inc., a Delaware corporation, having offices at 11119 North Torrey Pines Road, Suite 125, La Jolla, CA 92037 (the “LICENSEE”), and the Regents of the University of Michigan, a constitutional corporation of the state of Michigan (“MICHIGAN”).

 

RECITALS

 

Pursuant to that certain Patent License Agreement (MICHIGAN File No(s): ________________), dated [DATE OF LICENSE] (the "License"), between LICENSEE and MICHIGAN, MICHIGAN licensed certain rights to LICENSEE.

 

Pursuant to Section 3.8 of the License and in consideration thereof, the LICENSEE agreed to issue to MICHIGAN a specified number and type of shares of capital stock of LICENSEE at the times and on the terms described in such Section.

 

The obligation of LICENSEE to issue such shares of capital stock of LICENSEE to MICHIGAN has matured.

 

NOW, THEREFORE, In consideration of the License and this Agreement, LICENSEE and MICHIGAN agree as follows:

 

1.Issuance of Shares.  In partial consideration of the License LICENSEE shall, upon execution of this Agreement, issue MICHIGAN a duly endorsed certificate for _________ shares of [TYPE OF STOCK REQUIRED BY SECTION 3.8 OF THE LICENSE] of LICENSEE (the “Michigan Equity”).  The Michigan Equity is subject to the designations, powers, preferences and rights, and qualifications, limitations and restrictions set forth in LICENSEE’s charter.  MICHIGAN will not unreasonably withhold its consent to enter into any other commercially-reasonable agreements relating to the Michigan Equity entered into by all other holders of the same type and class of shares as the Michigan Equity.   

2.LICENSEE Representations and Warranties.  LICENSEE represents and warrants to MICHIGAN that:

(a)LICENSEE is validly existing in good standing in its state of incorporation or organization and has the power and authority to enter into this Agreement and to issue the Michigan Equity as contemplated hereby;

(b)this Agreement is a valid and binding obligation of LICENSEE, enforceable in accordance with its terms, except as limited by laws relating to creditors’ rights and general principals of equity;

(c)issuance of the Michigan Equity satisfies all of the requirements of Section 3.8 of the License, including with respect to the number of shares of capital stock of 

 

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LICENSEE that LICENSEE is obligated to issue to MICHIGAN pursuant to Section 3.8 of the License;

(d)upon issuance pursuant to this Agreement, the Michigan Equity will be free of any lien, charge or other encumbrance, and will be validly issued, fully-paid and non-assessable;

(e)issuance of the Michigan Equity does not and will not violate (i) the charter or bylaws of LICENSEE (ii) any rights of preemption, first offer, first refusal, co-sale, registration, dividends or similar rights (collectively, “Equity Rights”), (iii) any agreement by which LICENSEE, its owners, property or assets are bound, or (iv) any Federal or applicable state securities law, rule or regulation; and

(f)LICENSEE has achieved (i) the Qualified Financing (as defined in the License) to the extent the Michigan Equity is being issued pursuant to Section 3.8.1 of the License or (ii) the Change of Control (as defined in the License) to the extent the Michigan Equity is being issued pursuant to Section 3.8.2 of the License.

3.Michigan's Representations and Warranties.  MICHIGAN represents and warrants to LICENSEE that the following representations and warranties set forth are true and correct as of the date hereof.

(a)Purchase Entirely for Own Account.  The Michigan Equity to be acquired by MICHIGAN under Section 3.8.1 or Section 3.8.2 of the License will be acquired for investment for MICHIGAN’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and MICHIGAN has no present intention of selling, granting any participation in, or otherwise distributing the same;

(b)Disclosure of Information.  MICHIGAN has had an opportunity to discuss LICENSEE’s business, management, financial affairs and the terms and conditions of the offering of the applicable shares of LICENSEE with LICENSEE’s management;

(c)Restricted Securities.  MICHIGAN understands that the applicable shares of LICENSEE have not been, and will not be, registered under the Securities Act of 1933, as amended, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of MICHIGAN’s representations as expressed herein.  MICHIGAN understands that the applicable shares of LICENSEE are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, MICHIGAN must hold such shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  MICHIGAN acknowledges that LICENSEE has no obligation to register or qualify the applicable shares of LICENSEE, or any shares into which such shares may be converted, for resale except as set forth in the financing documents related to the Qualified Financing.  MICHIGAN further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the applicable shares of LICENSEE, and on requirements relating to LICENSEE which are outside of the 

 

27

 

 

MICHIGAN’s control, and which LICENSEE is under no obligation and may not be able to satisfy;

(d)No Public Market.  MICHIGAN understands that no public market now exists for the applicable shares of LICENSEE, and that LICENSEE has made no assurances that a public market will ever exist for such shares;

(e)Accredited Investor.  MICHIGAN is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act; and 

(f)Legends.  MICHIGAN understands that the stock certificates for the applicable shares of LICENSEE and any securities issued in respect of or exchange for such shares, may bear one or all of the following legends:

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

(ii) Any legend set forth in, or required by, the financing documents related to the Qualified Financing; and

(iii) Any legend required by the securities laws of any state to the extent such laws are applicable to such shares represented by the certificate so legended.

4.Market Stand-Off.  MICHIGAN hereby agrees that MICHIGAN shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale of, the Michigan Equity during the 180-day period following the effective date of LICENSEE’s IPO (as defined in the License) (or such longer period, not to exceed 34 days after the expiration of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation); provided, that all officers and directors of LICENSEE and holders of at least 1% of LICENSEE’s voting securities are bound by and have entered into similar agreements.  The obligations described in this Section 4 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future.

 

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5.General.

(a)Assignment.  This Agreement is not assignable by LICENSEE or MICHIGAN.

(b)Binding Effect.  All of the covenants and provisions of this Agreement shall bind and inure to the benefit of successors and permitted assigns and transferees of LICENSEE and MICHIGAN.

(c)Notices.  Any notice, request, claim or other communication hereunder must be in writing and will be deemed to have been duly given if delivered by hand or if sent by certified mail, postage and certification prepaid, to LICENSEE and MICHIGAN at the addresses for each set forth in the introductory paragraph of this Agreement.  Either party may change such address by giving notice to the other in the manner required by this subsection.

(d)Entire Agreement; Amendments.  This Agreement and the License constitute the entire agreement between LICENSEE and MICHIGAN with respect to the subject matter of this Agreement.  LICENSEE and MICHIGAN may only amend this Agreement by a written instrument executed by LICENSEE and MICHIGAN.

(e)Governing Law.  This Agreement will be construed and governed by the laws of the State of Delaware, without giving effect to principals of conflicts of laws.

(f)Counterparts.  This Agreement may be executed in any number of counterparts and by facsimile, each of which will be an original, but all of which together shall constitute one and the same instrument.

[Remainder of this page intentionally left blank]

 

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LICENSEE and MICHIGAN have executed this Stock Issuance Agreement as of the date first written above.

 

	
KURA ONCOLOGY, INC.
	
  
	
REGENTS OF THE UNIVERSITY OF MICHIGAN

	
 
	
  
	
 

	
By
	
 
	
  
	
By
	
 

	
 
	
  
	
 

	
Name:
	
 
	
  
	
Name:
	
 

	
 
	
  
	
 

	
Title:
	
 
	
  
	
Title:
	
 

 

 

 

30

 

 

EXHIBIT A-2  

 

STOCK ISSUANCE AGREEMENT

 

THIS STOCK ISSUANCE AGREEMENT (the “Agreement”) is made as of [DATE] between Kura Oncology, Inc., a Delaware corporation, having offices at 11119 North Torrey Pines Road, Suite 125, La Jolla, CA 92037 (the “LICENSEE”), and The Leukemia & Lymphoma Society, Inc., a [______] (“LLS”).

 

RECITALS

 

Pursuant to that certain Agreement for Collaboration, dated July 9, 2010, as amended by that certain First Amendment to Agreement for Collaboration dated December [__], 2014, between the Regents of the University of Michigan (“MICHIGAN”) and LLS (the “Amended Collaboration Agreement”), MICHIGAN and LLS agreed, among other things, to provide for the issuance or transfer of third party equity to LLS under certain circumstances specified therein.

 

Pursuant to that certain Patent License Agreement, dated [DATE OF LICENSE] (the "License"), between LICENSEE and MICHIGAN, MICHIGAN licensed certain rights to LICENSEE.

 

Pursuant to Section 7.1 of the Amended Collaboration Agreement and Section 3.8 of the License, respectively, and in consideration thereof, MICHIGAN agreed to require in the License that the LICENSEE issue or transfer to LLS, and the LICENSEE has agreed to issue to LLS, a specified number and type of shares of capital stock of LICENSEE at the times and on the terms described in Section 3.8 of the License.

 

The obligation of LICENSEE to issue such shares of capital stock of LICENSEE to LLS has matured.

 

NOW, THEREFORE, In consideration of the License and this Agreement, LICENSEE and LLS agree as follows:

 

1.Issuance of Shares.  In partial consideration of the License and in satisfaction of the requirements of Section 3.8 thereof, and in partial consideration of Section 7.1 of the Amended Collaboration Agreement, LICENSEE shall, upon execution of this Agreement, issue LLS a duly endorsed certificate for _________ shares of [TYPE OF STOCK REQUIRED BY SECTION 3.8 OF THE LICENSE] of LICENSEE (the “LLS Equity”).  The LLS Equity is subject to the designations, powers, preferences and rights, and qualifications, limitations and restrictions set forth in LICENSEE’s charter or other applicable agreements and instruments relating thereto, and LLS agrees to execute any such applicable agreements and instruments as may be reasonably requested by LICENSEE.  

 

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2.LICENSEE Representations and Warranties.  LICENSEE represents and warrants to LLS that:

(a)LICENSEE is validly existing in good standing in its state of incorporation or organization and has the power and authority to enter into this Agreement and to issue the LLS Equity as contemplated hereby;

(b)this Agreement is a valid and binding obligation of LICENSEE, enforceable in accordance with its terms, except as limited by laws relating to creditors’ rights and general principals of equity;

(c)issuance of the LLS Equity satisfies all of the requirements of Section 3.8 of the License, including with respect to the number of shares of capital stock of LICENSEE that LICENSEE is obligated to issue to LLS pursuant to Section 3.8 of the License;

(d)upon issuance pursuant to this Agreement, the LLS Equity will be free of any lien, charge or other encumbrance, and will be validly issued, fully-paid and non-assessable;

(e)issuance of the LLS Equity does not and will not violate (i) the charter or bylaws of LICENSEE (ii) any rights of preemption, first offer, first refusal, co-sale, registration, dividends or similar rights (collectively, “Equity Rights”), (iii) any agreement by which LICENSEE, its owners, property or assets are bound, or (iv) any Federal or applicable state securities law, rule or regulation; and

(f)LICENSEE has achieved (i) the Qualified Financing (as defined in the License) to the extent the LLS Equity is being issued pursuant to Section 3.8.1 of the License or (ii) the Change of Control (as defined in the License) to the extent the LLS Equity is being issued pursuant to Section 3.8.2 of the License.

3.LLS’ Representations and Warranties.   LLS represents and warrants to LICENSEE that the following representations and warranties set forth are true and correct as of the date hereof.

(a)Purchase Entirely for Own Account.  The LLS Equity to be acquired by LLS under Section 3.8.1 or Section 3.8.2 of the License will be acquired for investment for LLS’ own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and LLS has no present intention of selling, granting any participation in, or otherwise distributing the same;

(b)Disclosure of Information.  LLS has had an opportunity to discuss LICENSEE’s business, management, financial affairs and the terms and conditions of the offering of the applicable shares of LICENSEE with LICENSEE’s management;

(c)Restricted Securities.  LLS understands that the applicable shares of LICENSEE have not been, and will not be, registered under the Securities Act of 1933, as amended, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of LLS’ representations as expressed herein.  LLS understands that the applicable shares of LICENSEE are “restricted securities” under applicable U.S. federal and state securities 

 

32

 

 

laws and that, pursuant to these laws, LLS must hold such shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  LLS acknowledges that LICENSEE has no obligation to register or qualify the applicable shares of LICENSEE, or any shares into which such shares may be converted, for resale except as set forth in the financing documents related to the Qualified Financing.  LLS further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the applicable shares of LICENSEE, and on requirements relating to LICENSEE which are outside of the LLS’ control, and which LICENSEE is under no obligation and may not be able to satisfy;

(d)No Public Market.  LLS understands that no public market now exists for the applicable shares of LICENSEE, and that LICENSEE has made no assurances that a public market will ever exist for such shares;

(e)Accredited Investor.  LLS is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act; and 

(f)Legends.  LLS understands that the stock certificates for the applicable shares of LICENSEE and any securities issued in respect of or exchange for such shares, may bear one or all of the following legends:

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

(ii) Any legend set forth in, or required by, the financing documents related to the Qualified Financing; and

(iii) Any legend required by the securities laws of any state to the extent such laws are applicable to such shares represented by the certificate so legended.

4.General.

(a)Assignment.  This Agreement is not assignable by LICENSEE or LLS.

(b)Binding Effect.  All of the covenants and provisions of this Agreement shall bind and inure to the benefit of successors and permitted assigns and transferees of LICENSEE and LLS.

(c)Notices.  Any notice, request, claim or other communication hereunder must be in writing and will be deemed to have been duly given if delivered by hand or if sent by 

 

33

 

 

certified mail, postage and certification prepaid, to LICENSEE and LLS at the addresses for each set forth in the introductory paragraph of this Agreement.  Either party may change such address by giving notice to the other in the manner required by this subsection.

(d)Entire Agreement; Amendments.  This Agreement and the License constitute the entire agreement between LICENSEE and LLS with respect to the subject matter of this Agreement.  LICENSEE and LLS may only amend this Agreement by a written instrument executed by LICENSEE and LLS.

(e)Governing Law.  This Agreement will be construed and governed by the laws of the State of Delaware, without giving effect to principals of conflicts of laws.

(f)Counterparts.  This Agreement may be executed in any number of counterparts and by facsimile, each of which will be an original, but all of which together shall constitute one and the same instrument.

[Remainder of this page intentionally left blank]

 

34

 

 

LICENSEE and LLS have executed this Stock Issuance Agreement as of the date first written above.

 

	
KURA ONCOLOGY, INC.
	
  
	
THE LEUKEMIA & LYMPHOMA SOCIETY, INC.

	
 
	
  
	
 

	
By
	
 
	
  
	
By
	
 

	
 
	
  
	
 

	
Name:
	
 
	
  
	
Name:
	
 

	
 
	
  
	
 

	
Title:
	
 
	
  
	
Title:
	
 

 

 

 

 

35

 

FIRST AMENDMENT TO PATENT LICENSE AGREEMENT

This FIRST AMENDMENT TO PATENT LICENSE AGREEMENT (“Amendment”) is entered into as of March 3, 2015 (the “Amendment Effective Date”) by and between Kura Oncology, Inc. (“Licensee”) having the address set forth in Article 12 of the Agreement (as defined below), and the Regents of the University of Michigan, a constitutional corporation of the state of Michigan (“Michigan”).

RECITALS

A.Licensee and Michigan are parties to that certain Patent License Agreement, dated December 22, 2014 (the “Agreement”).

B.The Parties have decided to amend the Agreement as set forth herein.

Now, Therefore, in consideration of the foregoing premises and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Licensee and Michigan hereby agree as follows:

1.Defined Terms.  All capitalized terms not otherwise defined in this Amendment shall have the same meanings that are ascribed to them in the Agreement.

2.Section 1.12.  Section 1.12 of the Agreement shall be amended and restated in its entirety to read as follows:

“1.12“QUALIFIED FINANCING” means the first sale of capital stock of LICENSEE, whether in one transaction or a series of related transactions, which occurs after the Effective Date and in which LICENSEE receives gross proceeds totaling at least $[...***...] (exclusive of conversion of indebtedness) to one or more third party venture capital funds or institutional investors.”

3.Article 2.  Article 2 of the Agreement shall be amended to insert the following new Section 2.10 as follows:

“2.10   Upon payment by LICENSEE to MICHIGAN of $[...***...] as reimbursement for patent expenses incurred by Michigan prior to the Amendment Effective Date, MICHIGAN hereby grants to LICENSEE, at LICENSEE’s sole election, an exclusive option to obtain an exclusive license (with the right to grant sublicenses) solely under MICHIGAN’s legal rights in [...***...] filed [...***...] and [...***...] filed [...***...] (the “Additional Patent Applications”).  Such option shall expire March 1, 2016 (“OPTION PERIOD”).  LICENSEE shall reimburse MICHIGAN for [...***...].  If LICENSEE fails to reimburse these costs within [...***...] ([...***...]) days of receipt of an invoice from MICHIGAN, the option shall automatically terminate.  LICENSEE may not exercise its option at any time any litigation or administrative proceeding is pending in which LICENSEE has asserted the invalidity or unenforceability of any claim in the Additional Patent Applications, either directly or through any other party. After LICENSEE exercises its option by providing an acceptable business plan to MICHIGAN describing LICENSEE’s intention and ability to develop and make commercially available LICENSED PRODUCTS or LICENSED PROCESSES within the FIELD OF USE for public use as soon as practicable, consistent with sound and reasonable business practices and 

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judgment, such acceptance to be approved by MICHIGAN, with such approval not be unreasonably withheld or delayed, and for a reasonable period of up to [...***...] ([...***...]) months after exercise, the parties agree to negotiate in good faith an amendment to the Agreement or a separate license agreement granting LICENSEE exclusive rights to MICHIGAN’s legal rights in Additional Patent Applications to make, have made, import, use, market, offer for sale, and sell LICENSED PRODUCTS and LICENSED PROCESSES in the FIELD OF USE under terms customary in the trade.  MICHIGAN further agrees that if and when MICHIGAN executes an inter-institutional agreement with [...***...], the other owner of the Additional Patent Applications, which grants MICHIGAN the right to grant exclusive licenses under such other owner’s rights in the Additional Patent Applications, the rights of such other owner in the Additional Patent Applications will be included in the option granted in this Section 2.10 to the extent permitted under such inter-institutional agreement and only after [...***...] provides review and approval for such license agreement. 

 

In the event that the parties enter into a license agreement with respect to the Additional Patent Applications (the “2nd LICENSE”), LICENSEE will not obligated to pay multiple milestones or royalties to MICHIGAN or be subject to multiple diligence obligations to MICHIGAN if any LICENSED PRODUCT or LICENSED PROCESS is covered by a claim of PATENT RIGHTS under this Agreement and a claim under the Additional Patent Applications in the 2nd LICENSE. In the event that: (a) the parties enter into the 2nd LICENSE) and (b)  a LICENSED PRODUCT or LICENSED PROCESS is covered by claims of PATENT RIGHTS under the Agreement and  claims under the Additional Patent Rights, if MICHIGAN and LICENSEE are the only parties to the 2nd LICENSE, the terms and conditions of the Agreement shall control. In all cases, MICHIGAN shall be responsible for all payments due to [...***...] under the 2nd LICENSE and any [...***...].” 

4. Section 3.8.1.  Section 3.8.1 of the Agreement shall be amended and restated in its entirety to read as follows:

“3.8.1Upon the closing of the QUALIFIED FINANCING, LICENSEE shall separately issue to MICHIGAN and LLS those numbers of shares of the same class of capital stock of LICENSEE that is issued to the investors in such QUALIFIED FINANCING (such applicable class of capital stock, the “CAPITAL STOCK”) equal to $[...***...] with respect to MICHIGAN and $[...***...] with respect to LLS, divided by the price per share paid by the investors for the new money invested in such QUALIFIED FINANCING (the “SHARES”). For example, if the price per share of CAPITAL STOCK issued in the QUALIFIED FINANCING is $[...***...], then LICENSEE shall (a) issue [...***...] SHARES to MICHIGAN and (b) issue [...***...] SHARES to LLS.  LICENSEE shall issue the SHARES to MICHIGAN and LLS pursuant to, and subject to the terms of, forms of stock issuance agreements attached hereto as Exhibits A-1 and A-2, respectively (each a “STOCK ISSUANCE AGREEMENT”).”

5.Section 3.8.2.  The last sentence of Section 3.8.2 of the Agreement shall be amended and restated in its entirety to read as follows:

“For purposes of this Section 3.8, a “CHANGE OF CONTROL” means (i) any consolidation or merger of LICENSEE (or a parent of LICENSEE) with any other 

***Confidential Treatment Requested

2

 

 

unaffiliated entity or similar transaction, following which the stockholders of LICENSEE (or parent, as applicable) immediately prior thereto own, directly or indirectly, less than fifty percent (50%) of the voting power of the securities of the surviving entity in such transaction (or its parent), other than pursuant to a bona fide financing transaction, or (ii) a sale of all or substantially all of the assets of LICENSEE (or a parent of LICENSEE) to a third party.” 

6.Section 3.8.3.  Section 3.8.3 of the Agreement shall be amended and restated in its entirety to read as follows:

“3.8.3Within [...***...] ([...***...]) days after the final closing of any round of equity financing of LICENSEE (or a parent of LICENSEE) in excess of $[...***...] that is consummated on or after April 1, 2015 for bona fide fundraising purposes (a “TRIGGERING FINANCING”), LICENSEE shall give MICHIGAN written notice of the consummation of such TRIGGERING FINANCING that includes a report setting forth the basic terms of such TRIGGERING FINANCING, including, without limitation, the amount of new money raised, the nature of the capital stock issued and a summary of the post-financing capitalization of LICENSEE (or a parent of LICENSEE, as applicable).  The obligation of LICENSEE to give such notice shall terminate upon the first to occur of (a) the initial sale of the capital stock of LICENSEE  (or a parent of LICENSEE) to the public in a firmly underwritten offering registered under the Securities Act of 1933, as amended (an “IPO”), and (b) a CHANGE OF CONTROL.”

7.Section 3.8.4.  Section 3.8.4 of the Agreement shall be amended and restated in its entirety to read as follows: 

“3.8.4Prior to the closing of any TRIGGERING FINANCING, LICENSEE shall deliver to MICHIGAN a written notice with respect thereto, specifying in reasonable detail the total number of shares of capital stock expected to be sold or issued, the applicable rights and preferences associated therewith, the purchase price, and the number of shares of stock eligible for purchase by MICHIGAN under this provision.  For [...***...] days after receipt of the written notice, MICHIGAN or its designee shall have the right to agree to purchase up to [...***...]% of the total number of shares of capital stock sold or issued in such financing on the same terms and conditions as are offered to the other purchasers in each such financing.  MICHIGAN shall be entitled to apportion this right among itself and its INVESTMENT AFFILIATES in such proportions as it deems appropriate.  The term “INVESTMENT AFFILIATES” for this purpose shall mean (a) any entity controlled by MICHIGAN, or (b) any affiliate of MICHIGAN or any other entity in which MICHIGAN has a financial interest or investment, provided that such affiliate or entity is an “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended.  In the event MICHIGAN fails to exercise its right within such [...***...] day period, LICENSEE (or a parent of LICENSEE, as applicable) may thereafter sell or enter into an agreement to sell shares of stock at a price and upon terms no more favorable to the other purchasers than specified in LICENSEE’s notice to MICHIGAN under this Section, without further obligation to MICHIGAN.  Notwithstanding anything in this Agreement to the contrary, the participation rights set forth in this Section 3.8.4 shall expire immediately prior to the first to occur of an IPO or a CHANGE OF CONTROL, and shall not be applicable to securities of LICENSEE (or a parent of LICENSEE) (a) that are issued to employees, officers or directors of, or consultants or advisors to, LICENSEE (or a parent of LICENSEE) pursuant to equity compensation plans or arrangements 

***Confidential Treatment Requested

3

 

 

approved by the Board of Directors of LICENSEE (or a parent of LICENSEE), (b) that are issued upon the conversion, exercise or exchange of other securities outstanding on the date of this Agreement, or (c) that are issued in a stock split or stock split in the nature of dividend by LICENSEE (or a parent of LICENSEE) that is paid on a proportionate non-cash basis to all holders of capital stock of LICENSEE (or a parent of LICENSEE).

8.Continuing Effect.  All references to the “Agreement” in the Agreement shall hereinafter refer to the Agreement as amended by this Amendment.  Except as specifically amended by this Amendment, the Agreement shall remain in full force and effect in accordance with its terms.  Sections or other headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment; and no provision of this Amendment shall be interpreted for or against any party because that party or its legal representative drafted the provision.

9.Counterparts.  This Amendment may be executed in counterparts with the same force and effect as if each of the signatories had executed the same instrument.

[Signature Page Follows]

 

***Confidential Treatment Requested

4

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Amendment Effective Date.

 

	
Kura Oncology, Inc.
	
 
	
Regents of the University of Michigan

	
 
	
 
	
 

	
By:
	
/s/ Troy Wilson
	
 
	
By:
	
/s/ Kenneth J. Nisbet

	
 
	
 
	
 

	
Name:
	
Troy Wilson
	
 
	
Name:
	
Kenneth J. Nisbet

	
 
	
 
	
 

	
Title:
	
President & CEO
	
 
	
Title:
	
Assoc. V.P. for Research U-M Tech Transfer

 

 

5

 

VIA CERTIFIED MAIL

 

July 22, 2015

 

The Regents of the University of Michigan

Office of Research and Sponsored Projects

3003 S. State St. Room 1070

Ann Arbor, MI 48109-1274

 

Attn:  Anthony L. Neilsen, J.D.

 

	
RE:
	
Research Agreement between Kura Oncology, Inc. (“Kura”) and The Regents of the University of Michigan (the “University”) dated February 15, 2015 (the “Research Agreement”)

 

Dear Anthony:

 

Pursuant to Section 8/2 of the Research Agreement, we hereby give notice of the exercise by Kura of its option to obtain an exclusive royalty-bearing license to the University’s interest in the patent applications numbered [...***...].   Effective upon this notice, the Patent License Agreement between the University and Kura is deemed amended to add the above referenced patent applications to the definition of PATENT RIGHTS under such agreement.

Please let me know if you have any questions.

 

Sincerely,

 

 

/s/ Annette North

Annette North

SVP, General Counsel

 

cc:Robin Rasor

 

 

***Confidential Treatment Requested

 

VIA CERTIFIED MAIL

 

September 29, 2016

 

The Regents of the University of Michigan

Office of Research and Sponsored Projects

3003 S. State St. Room 1070

Ann Arbor, MI 48109-1274

 

Attn:  Anthony L. Neilsen, J.D.

 

	
RE:
	
Research Agreement between Kura Oncology, Inc. (“Kura”) and The Regents of the University of Michigan (the “University”) dated February 15, 2015 (the “Research Agreement”)

 

Dear Anthony:

 

Pursuant to Section 8.2 of the Research Agreement, we hereby give notice of the exercise by Kura of its option to obtain an exclusive royalty-bearing license to the University’s interest in the patent applications numbered [...***...].  Effective upon this notice, the Patent License Agreement between the University and Kura is deemed amended to add the above-referenced patent applications to the definition of PATENT RIGHTS under such agreement.  

The parties acknowledge and agree that as amended, PATENT RIGHTS means:

	
 
	
(i)
	
the JOINTLY OWNED PATENT RIGHTS and MICHIGAN PATENT RIGHTS; and 

	
 
	
(ii)
	
(a) patent applications numbered [...***...],  (b) United States and foreign counterpart patents or patent applications claiming and entitled to the priority date of the respective patent application(s) referenced in subparagraph (a) above, or patents issuing from such applications; (c)  United States and foreign divisionals, substitutions, continued prosecution applications, including requests for continued examination, and continuations and continuations-in-part (but only those claims in the continuation-in-part applications that are entitled to the priority date of the parent patent or application in the PATENT RIGHTS) patent applications referenced in subparagraphs (a) and (b) above or patents issuing from such applications; and (d) United States and foreign patents issued from the applications listed in subparagraphs (a), (b), and (c) above, including any reviewed, reissued, renewed or reexamined patents and patent term extensions based upon the same.

 

11119 North Torrey Pines Road, Suite 125

La Jolla, CA 92037

***Confidential Treatment Requested

 

University of Michigan

September 29, 2016

Page 2

 

To acknowledge your agreement to the above, please have this letter signed where indicated below and return a copy of to me at your earliest convenience.

 

Sincerely,

 

/s/ Annette North

Annette North

SVP, General Counsel

 

Acknowledged and Agreed this 30th day of Sept. 2016

The Regents of the University of Michigan

 

				
	
By:
	
/s/ Kenneth J. Nisbet

	
Name:
	
Kenneth J. Nisbet

	
Title:
	
Assoc. V.P. for Research U-M Tech Transfer

 

 

11119 North Torrey Pines Road, Suite 125

La Jolla, CA 92037

 

 

VIA CERTIFIED MAIL

 

February 1, 2017

 

The Regents of the University of Michigan

Office of Research and Sponsored Projects

3003 S. State St. Room 1070

Ann Arbor, MI 48109-1274

 

Attn:  Anthony L. Neilsen, J.D.

 

	
RE:
	
Research Agreement between Kura Oncology, Inc. (“Kura”) and The Regents of the University of Michigan (the “University”) dated February 15, 2015 (the “Research Agreement”)

 

Dear Anthony:

 

Pursuant to Section 8.2 of the Research Agreement, we hereby give notice of the exercise by Kura of its option to obtain an exclusive royalty-bearing license to the University’s interest in the patent applications numbered [...***...].  Effective upon this notice, the Patent License Agreement between the University and Kura is deemed amended to add the above-referenced patent applications to subsection (ii)(a) of the definition of PATENT RIGHTS under such agreement.  

Please let me know if you have any questions.

 

Sincerely,

 

 

/s/ Annette North

Annette North

SVP, General Counsel

 

11119 North Torrey Pines Road, Suite 125

La Jolla, CA 92037

***Confidential Treatment RequestedExhibit 4.8

 

Form of Indenture

 

CUI Global, Inc.

and

  

 

Trustee

 

INDENTURE

 

Dated as of _____________

 

Debt Securities

 

Reconciliation and tie between

Trust Indenture Act of 1939, as amended,

and the Indenture

 

     

     

    

 

	Trust Indenture Act Section	 	Indenture Section
	(S)310(a)(1)	 	6.8
	(a)(2)	 	6.8
	(b)	 	6.9
	(S)312(a)	 	7.1
	(b)	 	7.2
	(c)	 	7.2
	(S)313(a)	 	7.3
	(b)(2)	 	7.3
	(c)	 	7.3
	(d)	 	7.3
	(S)314(a)	 	7.4
	(c)(1)	 	1.2
	(c)(2)	 	1.2
	(e)	 	1.2
	(f)	 	1.2
	(S)316(a) (last sentence)	 	1.1
	(a)(1)(A)	 	5.2, 5.12
	(a)(1)(B)	 	5.13
	(b)	 	5.8
	(S)317(a)(1)	 	 5.3
	(a)(2)	 	5.4
	(b)	 	10.3
	(S)318(a)	 	1.8

 

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

 

     

     

    

 

TABLE OF CONTENTS

	 	Page
	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	Section 1.1 Definitions; Rules of Construction	1
	Section 1.2 Compliance Certificates and Opinions	9
	Section 1.3 Form of Documents Delivered to Trustee	9
	Section 1.4 Acts of Holders	10
	Section 1.5 Notices, etc., to Trustee and Company	11
	Section 1.6 Notice to Holders of Securities; Waiver	11
	Section 1.7 Language of Notices	12
	Section
    1.8 Incorporation by Reference of Trust Indenture Act; Trust Indenture Act Controls	12
	Section 1.9 Effect of Headings and Table of Contents	12
	Section 1.10 Successors and Assigns	12
	Section 1.11 Separability Clause	12
	Section 1.12 Benefits of Indenture	12
	Section 1.13 Governing Law; Waiver of Trial by Jury	13
	Section 1.14 Legal Holidays	13
	Section 1.15 Counterparts	13
	Section 1.16 Judgment Currency	13
	Section 1.17 Limitation on Individual Liability	14
	ARTICLE 2 SECURITIES FORMS	14
	Section 2.1 Forms Generally	14
	Section 2.2 Form of Trustee’s Certificate of Authentication	14
	Section 2.3 Securities in Global Form	15
	ARTICLE 3 THE SECURITIES	16
	Section 3.1 Amount Unlimited; Issuable in Series	16
	Section 3.2 Currency; Denominations	19
	Section 3.3 Execution; Authentication; Delivery and Dating	19
	Section 3.4 Temporary Securities	20
	Section 3.5 Registration; Transfer and Exchange	20
	Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities	24
	Section 3.7 Payment of Interest and Certain Additional Amounts; Rights to Interest and
    Certain Additional Amounts Preserved	 24
	Section 3.8 Persons Deemed Owners	26
	Section 3.9 Cancellation	26
	Section 3.10 Computation of Interest	26
	Section 3.11 CUSIP and ISIN Numbers	27
	ARTICLE 4 SATISFACTION AND DISCHARGE OF INDENTURE	27
	Section 4.1 Satisfaction and Discharge	27
	Section 4.2 Defeasance and Covenant Defeasance	28
	Section 4.3 Application of Trust Money	31
	Section 4.4 Qualifying Trustee	31
	ARTICLE 5 REMEDIES	32
	Section 5.1 Events of Default	32
	Section 5.2 Acceleration of Maturity; Rescission and Annulment	33
	Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee	33
	Section 5.4 Trustee May File Proofs of Claim	34
	Section 5.5 Trustee May Enforce Claims without Possession of Securities	35
	Section 5.6 Application of Money Collected	35
	Section 5.7 Limitations on Suits	35

 

     

     

    

 

	Section 5.8 Unconditional Right of Holders to Receive Principal and any  Premium, Interest and Additional Amounts	36
	Section 5.9 Restoration of Rights and Remedies	36
	Section 5.10 Rights and Remedies Cumulative	36
	Section 5.11 Delay or Omission Not Waiver	37
	Section 5.12 Control by Holders of Securities	37
	Section 5.13 Waiver of Past or Existing Defaults	37
	Section 5.14 Waiver of Stay or Extension Laws	37
	Section 5.15 Undertaking for Costs	38
	ARTICLE 6 THE TRUSTEE	38
	Section 6.1 Certain Duties and Responsibilities	38
	Section 6.2 Certain Rights of Trustee	38
	Section 6.3 Notice of Defaults	40
	Section 6.4 Not Responsible for Recitals or Issuance of Securities	41
	Section 6.5 May Hold Securities	41
	Section 6.6 Money Held in Trust	41
	Section 6.7 Compensation and Reimbursement	41
	Section 6.8 Corporate Trustee Required; Eligibility; Conflicting Interests	42
	Section 6.9 Resignation and Removal; Appointment of Successor	42
	Section 6.10 Acceptance of Appointment by Successor	44
	Section 6.11 Merger; Conversion; Consolidation; or Succession to Business	45
	Section 6.12 Appointment of Authenticating Agent	45
	ARTICLE 7 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	47
	Section 7.1 Company to Furnish Trustee Names and Addresses of Holders	47
	Section 7.2 Preservation of Information; Communications to Holders	47
	Section 7.3 Reports by Trustee	47
	Section 7.4 Reports by Company	47
	ARTICLE 8 CONSOLIDATION, MERGER AND SALES	48
	Section 8.1 Company May Consolidate, etc., Only on Certain Terms	48
	Section 8.2 Successor Person Substituted for Company	49
	ARTICLE 9 SUPPLEMENTAL INDENTURES	49
	Section 9.1 Supplemental Indentures Without Consent of Holders	49
	Section 9.2 Supplemental Indentures with Consent of Holders	50
	Section 9.3 Execution of Supplemental Indentures	51
	Section 9.4 Revocation of Consents	52
	Section 9.5 Effect of Supplemental Indentures	52
	Section 9.6 Reference in Securities to Supplemental Indentures	53
	Section 9.7 Conformity with Trust Indenture Act	52
	Section 9.8 Notice of Supplemental Indenture	52
	ARTICLE 10 COVENANTS	53
	Section 10.1 Payment of Principal, any Premium, Interest and  Additional Amounts	53
	Section 10.2 Maintenance of Office or Agency	53
	Section 10.3 Money for Securities Payments to Be Held in Trust	53
	Section 10.4 Additional Amounts	54
	Section 10.5 Waiver of Certain Covenants	55
	Section 10.6 Company Statement as to Compliance	55
	ARTICLE 11 REDEMPTION OF SECURITIES	56
	Section 11.1 Applicability of Article	56
	Section 11.2 Election to Redeem; Notice to Trustee	56
	Section 11.3 Selection by Trustee of Securities to be Redeemed	56

 

     

     

    

 

	Section 11.4 Notice of Redemption	56
	Section 11.5 Deposit of Redemption Price	57
	Section 11.6 Securities Payable on Redemption Date	58
	Section 11.7 Securities Redeemed in Part	58
	Section 11.8 Repurchases on the Open Market	58
	ARTICLE 12 SINKING FUNDS	58
	Section 12.1 Applicability of Article	58
	Section 12.2 Satisfaction of Sinking Fund Payments with Securities	59
	Section 12.3 Redemption of Securities for Sinking Fund	59
	ARTICLE 13 REPAYMENT AT THE OPTION OF HOLDERS	60
	Section 13.1 Applicability of Article	60
	ARTICLE 14 SECURITIES IN FOREIGN CURRENCIES	60
	Section 14.1 Applicability of Article	60
	ARTICLE 15 MEETINGS OF HOLDERS OF SECURITIES	60
	Section 15.1 Purposes for Which Meetings May Be Called	60
	Section 15.2 Call, Notice and Place of Meetings	60
	Section 15.3 Persons Entitled to Vote at Meetings	61
	Section 15.4 Quorum; Action	61
	Section
    15.5 Determination of Voting Rights; Conduct and Adjournment of Meetings	62
	Section 15.6 Counting Votes and Recording Action of Meeting	63

 

     

     

    

 

INDENTURE (the “Indenture”),
dated as of ________________, between CUI Global, Inc., a corporation existing under the laws of the State of Colorado (the “Company”),
and ______________________, as trustee (the “Trustee”).

 

RECITALS

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness
(hereinafter called the “Securities”), unlimited as to principal amount, to bear such rates of interest, to
mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter
provided.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of
the Securities by the Holders (as herein defined) thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of any series thereof as follows:

 

ARTICLE 1

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1           Definitions;
Rules of Construction

 

Except as otherwise expressly provided in or pursuant to this
Indenture or unless the context otherwise requires, for all purposes of this Indenture:

 

		(1)	the terms defined in this Article 1 have the meanings assigned
to them in this Article 1, and include the plural as well as the singular;

 

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

 

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

 

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

 

		(5)	the word “or” is always used inclusively (for
example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”);

 

		(6)	provisions apply to successive events and transactions;

 

		(7)	any reference to gender includes the masculine, feminine
and the neuter, as the case may be;

 

		(8)	references to agreements and other instruments include
subsequent amendments thereto and restatements thereof;(9) “including” means “including without limitation”;

 

		(9)	all exhibits are incorporated by reference herein and expressly
made a part of this Indenture;

 

		(10)	all references to articles, sections and exhibits (and
subparts thereof) are to this Indenture; and

 

		(11)	any transaction or event shall be considered “permitted
by” or made “in accordance with” or “in compliance with” this Indenture or any particular provision
thereof if such transaction or event is not expressly prohibited by this Indenture or such provision, as the case may be.

 

    	 	1

     

    

 

Certain terms used principally in certain Articles hereof are
defined in those Articles.

 

“Act,” when used with respect to any Holders,
has the meaning specified in Section 1.4.

 

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

 

“Additional Interest” means any additional
interest which is required by any Security to be paid as a result of a failure on the part of the Company duly to observe or perform
the covenants and agreements set forth in Section 7.4.

 

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

 

“Applicable Procedures” means, with respect
to any transfer or exchange of or for beneficial interests in any Global Security, the rules and procedures of the Depositary that
apply to such transfer or exchange at the relevant time.

 

“Authenticating Agent” means any Person authorized
by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee to authenticate Securities of one or more series.

 

“Authorized Newspaper” means a newspaper,
in an official language of the place of publication or in the English language, customarily published on each day that is a Business
Day in the place of publication, whether or not published on days that are Legal Holidays in the place of publication, and of general
circulation in each place in connection with which the term is used or in the financial community of each such place. Where successive
publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different
newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place
of publication. If it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby
in an Authorized Newspaper, any publication or other notice in lieu thereof which is made or given with the approval of the Trustee
shall constitute a sufficient publication of such notice.

 

“Board of Directors” means:

 

		(1)	with respect to the Company, the board of directors of
the Company or any committee of the board of directors of the Company duly authorized to act generally or in any particular respect
for the Company under this Indenture;

 

		(2)	with respect to any other corporation, the board of directors
of the corporation or any authorized committee thereof;

 

		(3)	with respect to a limited liability company, the managing
member or managing members of such limited liability company or any authorized committee thereof;

 

		(4)	with respect to a partnership, the board of directors of
the general partner of the partnership or any authorized committee thereof; and

 

    	 	2

     

    

 

		(5)	with respect to any other Person, the board or committee
of such Person serving a similar function.

 

“Board Resolution” means a copy of one or
more resolutions (which may be standing resolutions), certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

“Business Day” means, unless otherwise specified
with respect to any Securities pursuant to Section 3.1, each day that is not a Saturday, Sunday or other day on which banking institutions
in New York, New York or another Place of Payment are authorized or required by law, regulation or executive order to close.

 

“Commission” means the Securities and Exchange
Commission, as from time to time constituted, created under the Exchange Act or any successor agency.

 

“Common Stock” includes any stock of any
class of the Company which has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company.

 

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

 

“Company Request” and “Company Order”
mean, respectively, a written request or order, as the case may be, signed in the name of the Company by the Chairman of the Board
of Directors of the Company, a Vice Chairman, the President, a Vice President, the Treasurer, the Assistant Treasurer, the Secretary
or the Assistant Secretary or other person authorized by resolution of the Board of Directors of the Company, and delivered to
the Trustee.

 

“Corporate Trust Office” means the designated
office of the Trustee at which the corporate trust business of the Trustee shall at any particular time be administered, which
office at the date of original execution of this Indenture is located at.

 

“Corporation” includes corporations and limited
liability companies and, except for purposes of Article 8, associations, companies (other than limited liability companies) and
business trusts.

 

“Currency” means, with respect to any payment,
deposit or other transfer in respect of the principal of or any premium or interest on or any Additional Amounts with respect to
any Security, Dollars or Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to
be made by or pursuant to the terms hereof or such Security and, with respect to any other payment, deposit or transfer pursuant
to or contemplated by the terms hereof or such Security, means Dollars.

 

“CUSIP number” means the alphanumeric designation
assigned to a Security by Standard & Poor’s Corporation, CUSIP Service Bureau.

 

“Defaulted Interest” has the meaning specified
in Section 3.7.

 

“Definitive Security” means a certificated
Security registered in the name of the Holder thereof (other than a Depositary or its nominee) issued under this Indenture pursuant
to Section 3.1 and Section 3.5.

 

    	 	3

     

    

 

“Dollars” or “$” means
a dollar or other equivalent unit of legal tender for payment of public or private debts in the United States of America.

 

“Event of Default” has the meaning specified
in Section 5.1.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, or any successor thereto, in each case as amended from time to time.

 

“Foreign Currency” means any currency, currency
unit or composite currency, including, without limitation, the euro, issued by the government of one or more countries other than
the United States of America or by any recognized confederation or association of such governments.

“GAAP ” means generally accepted accounting
principles in the United States, which are in effect from time to time.

 

“Global Security” means a Security issued
under this Indenture in global form pursuant to Section 3.1, bearing the legend set forth in Section 2.3 and deposited with, or
on behalf of, and registered in the name of, the Depositary or its nominee.

 

“Government Obligations” means
securities which are (i) direct obligations of the United States of America or the other government or governments in the
confederation which issued the Foreign Currency in which the principal of or any premium or interest on any Security or any
Additional Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder are supported
by the full faith and credit of the United States or such government or governments or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other
government or governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a
full faith and credit obligation by the United States of America or such other government or governments, and which, in the
case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a
Depositary receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a
specific payment of interest on or principal of or other amount with respect to any such Government Obligation held by such
custodian for the account of the holder of a Depositary receipt, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of such Depositary receipt from any amount
received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or
other amount with respect to the Government Obligation evidenced by such Depositary receipt.

 

“Holder” means, in the case of any Registered
Security, the Person in whose name such Security is registered in the Security Register.

 

“Indenture” means this instrument as it may
from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof and, with respect to any Security of any series, by the terms and provisions of such Security established pursuant
to Section 3.1 (as such terms and provisions may be amended pursuant to the applicable provisions hereof); provided, however, that,
if at any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect
to any one or more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions
hereof and shall include the terms of those particular series of Securities for which such Person is Trustee established pursuant
to Section 3.1, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such
Person is not Trustee, regardless of when such terms or provisions were adopted.

 

    	 	4

     

    

 

“Independent Registered Public Accounting Firm”
means a firm of accountants that, with respect to the Company and any other obligor under the Securities, is an independent registered
public accounting firm within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated
by the Commission thereunder, who may be the independent registered public accounting firm regularly retained by the Company or
who may be another independent registered public accounting firm. Such firm shall be entitled to rely upon any Opinion of Counsel
as to the interpretation of any legal matters relating to this Indenture or certificates required to be provided hereunder.

 

“Indexed Security” means a Security the terms
of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount
thereof at original issuance.

 

“Indirect Participant” means an entity that,
with respect to any Depositary, clears through or maintains a direct or indirect, custodial relationship with a Participant.

 

“interest” means any interest specified in
any Security as being payable with respect to that Security, including any Additional Interest when used with respect to a Security
which provides for the payment of Additional Interest, and, with respect to any Original Issue Discount Security, which by its
terms bears interest only after Maturity, means interest payable after Maturity and, when used with respect to a Security which
provides for the payment of Additional Amounts pursuant to Section 10.4, includes such Additional Amounts.

 

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

 

“Judgment Currency” has the meaning specified
in Section 1.16.

 

“Legal Holiday” has the meaning specified
in Section 1.14.

 

“Maturity” means, with respect to any Security,
the date on which the principal of such Security or an installment of principal becomes due and payable as provided in or pursuant
to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice
of option to elect repayment or otherwise, and includes the Redemption Date.

 

“New York Banking Day” has the meaning specified
in Section 1.16.

 

“Officer” or “Agency”
means, with respect to any Securities, an officer or agent of the Company maintained or designated as a Place of Payment for such
Securities pursuant to Section 10.2 or any other office or agency of the Company maintained or designated for such Securities pursuant
to Section 10.2 or, to the extent designated or required by Section 10.2 in lieu of such office or agency, the Corporate Trust
Office of the Trustee.

 

“Officer” means, with respect to any Person,
the Chairman of the Board of Directors, a Vice Chairman, the Chief Executive Officer, the President, any Vice President (without
regard to qualifiers such as “Executive” or “Senior”), the Chief Operating Officer, the Chief Financial
Officer, the Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary of such Person or other
Person authorized by resolution of the Board of Directors of such Person.

 

    	 	5

     

    

 

“Officer’s Certificate” means a certificate
signed by an Officer, that, if applicable, complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered
to the Trustee.

 

“Opinion of Counsel” means a written opinion
of counsel, who may be an employee of or counsel for the Company or other counsel that, if applicable, complies with the requirements
of Section 314(e) of the Trust Indenture Act.

 

“Original Issue Discount Security” means
a Security issued pursuant to this Indenture that provides, at any time prior to the final Stated Maturity of such Security, for
declaration of an amount less than the principal amount thereof to be due and payable upon acceleration pursuant to Section 5.2.

 

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

 

		(1)	any such Security theretofore cancelled by the Trustee
or delivered to the Trustee for cancellation including Securities tendered and exchanged for other securities of the Company;

 

		(2)	any such Security of any series for which payment at the
Maturity thereof money in the necessary amount has been theretofore deposited pursuant hereto (other than pursuant to Section
4.2) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company
(if the Company shall act as its own Paying Agent) for the Holders of such series of Securities, provided that, if such Securities
are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory
to the Trustee has been made;

 

		(3)	any such Security of any series with respect to which the
Company has effected defeasance or covenant defeasance pursuant to the terms hereof, except to the extent provided in Section
4.2;

 

		(4)	any such Security which has been paid pursuant to Section
3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a “protected
purchaser” (as such term is defined in the New York Uniform Commercial Code) in whose hands such Security is a valid obligation
of the Company; and

 

		(5)	any such Security converted or exchanged as contemplated
by this Indenture into Common Stock or other securities, cash or other property, if the terms of such Security provide for such
conversion or exchange pursuant to Section 3.1;

 

provided, however, that in determining whether the Holders of
the requisite principal amount of Outstanding Securities of any series have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders of Securities of such series for quorum purposes, (i)
the principal amount of an Original Issue Discount Security that may be counted in making such determination and that shall be
deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of
such Original Issue Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration
of acceleration thereof pursuant to Section 5.2 at the time of such determination, and (ii) the principal amount of any Indexed
Security that may be counted in making such determination and that shall be deemed Outstanding for such purpose shall be equal
to the principal face amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture,
and (iii) the principal amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the
date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the
Dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such
Security, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or
such other obligor, shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Securities which a Responsible Officer actually knows to be so owned shall be so disregarded. Securities so owned
which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of a
Responsible Officer (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the
Company or any other obligor upon the Securities or an Affiliate of the Company or such other obligor.

 

    	 	6

     

    

 

“Participant” means, with respect to the
Depositary, a Person who has an account with the Depositary.

 

“Paying Agent” means any Person authorized
by the Company to pay the principal of, or any premium or interest on, or any Additional Amounts with respect to, any Security
on behalf of the Company.

 

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

 

“Place of Payment” means, with respect to
any Security, the place or places where the principal of, or any premium or interest on, or any Additional Amounts with respect
to such Security are payable as provided in or pursuant to this Indenture or such Security.

 

“Predecessor Security” of any particular
Security means every previous Security evidencing all or a portion of the same indebtedness as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for
or in lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to evidence the same indebtedness as the lost, destroyed,
mutilated or stolen Security.

 

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

 

“Redemption Price” means, with respect to
any Security or portion thereof to be redeemed, the price at which it is to be redeemed including, if applicable, accrued and unpaid
interest and Additional Amounts as determined by or pursuant to this Indenture or such Security.

 

“Registered Security” means any Security
established pursuant to Section 2.1 which is registered in the Security Register.

 

“Regular Record Date” for the interest payable
on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this Indenture
or such Security as the “Regular Record Date.”

 

“Required Currency” has the meaning specified
in Section 1.16.

 

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

 

    	 	7

     

    

 

“Security” or “Securities”
means any note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, authenticated
and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under
this Indenture, “Securities,” with respect to any such Person, shall mean Securities authenticated and delivered under
this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register,” “Security Registrar”
and “Registrar” have the respective meanings specified in Section 3.5.

 

“series” means a series of Securities established
under this Indenture.

 

“Special Record Date” for the payment of
any Defaulted Interest on any Registered Security means a date fixed by the Trustee pursuant to Section 3.7.

 

“Stated Maturity” means, with respect to
any Security or any installment of principal thereof or interest thereon or any Additional Amounts with respect thereto, the date
established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such
installment of principal or interest is, or such Additional Amounts are, due and payable.

 

“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision
thereof shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from
time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision,
as the case may be.

 

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

 

“United States” means, except as otherwise
provided in or pursuant to this Indenture or any Security, the United States of America (including the states thereof and the District
of Columbia), its territories and possessions and other areas subject to its jurisdiction.

 

“United States Alien” means, except as otherwise
provided in or pursuant to this Indenture or any Security, any Person who, for United States federal income tax purposes, is a
foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a non-resident
alien individual or a non-resident alien fiduciary of a foreign estate or trust.

 

“U.S. Depositary” or “Depositary”
means, with respect to any Security issuable or issued in the form of one or more Global Securities, the Person designated as
U.S. Depositary or Depositary by the Company in or pursuant to this Indenture, which Person must be, to the extent required by
applicable law or regulation, a clearing agency registered under the Exchange Act and, if so provided with respect to any Security,
any successor to such Person. If at any time there is more than one such Person, “U.S. Depositary” or “Depositary”
shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities.

 

    	 	8

     

    

  

“Vice President” means, when used with respect
to the Company or the Trustee, any vice president, whether or not designated by a number or a word or words added before or after
the title “Vice President.”

 

Section 1.2           Compliance
Certificates and Opinions

 

Except as otherwise expressly provided in or pursuant to this
Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture,
the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion
of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application
or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect to compliance with
a condition or covenant or covenant provided for in this Indenture (other than a certificate delivered pursuant to Section 10.6)
shall include:

 

		(1)	a statement that each individual signing such certificate
or opinion has read such condition or covenant and the definitions herein relating thereto;

 

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

 

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

 

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

 

Section 1.3           Form
of Documents Delivered to Trustee

 

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

 

Any certificate or opinion of an Officer of the Company may
be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such Officer knows that the opinion with respect
to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel may be based, insofar
as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company
stating that the information with respect to such factual matters is in the possession of the Company unless such counsel knows
that the certificate or opinion or representations with respect to such matters are erroneous. Any certificate, statement or opinion
of an Officer of the Company or any Opinion of Counsel may be based, insofar as it relates to accounting matters, upon a certificate
or opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless such Officer or counsel,
as the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which
his certificate, statement or opinion may be based as aforesaid are erroneous.

 

    	 	9

     

    

 

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

 

Section 1.4           Acts
of Holders

 

		(1)	Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by or pursuant to this Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments (including instruments in electronic, digital or other machine-readable form) of substantially
similar tenor signed by such Holders (whether in person or through signatures in electronic, digital or other machine-readable
form) or by an agent duly appointed in writing (including writings in electronic, digital or other machine-readable form) or may
be embodied in and evidenced by the record of Holders voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders duly called and held in accordance with the provisions of Article 15, or a combination of such
instruments or record. Except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments or record or both (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof
of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security,
shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor
of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section 1.4.
The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 15.6.

 

Without limiting the generality of this Section 1.4,
unless otherwise provided in or pursuant to this Indenture, a Holder, including a U.S. Depositary that is a Holder of a Global
Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other Act provided in or pursuant to this Indenture or the Securities to be made, given or taken by
Holders, and a U.S. Depositary that is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners
of interests in any such Global Security through such U.S. Depositary’s standing instructions and customary practices.

 

The Trustee may fix a record date for the purpose
of determining the Persons who are beneficial owners of interests in any permanent Global Security held by a U.S. Depositary entitled
under the procedures of such U.S. Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request,
demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture to be made, given
or taken by Holders.

 

		(2)	The fact and date of the execution by any Person of any
such instrument or writing referred to in this Section 1.4 may be proved in any reasonable manner which the Trustee deems sufficient
and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any instance require further
proof with respect to any of the matters referred to in this Section 1.4.

 

    	 	10

     

    

 

		(3)	The ownership, principal amount and serial numbers of Registered
Securities held by any Person, and the date of the commencement and the date of the termination of holding the same, shall be
proved by the Security Register.

 

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

 

		(5)	Any request, demand, authorization, direction, notice,
consent, waiver or other Act by the Holder of any Security shall bind every future Holder of the same Security and the Holder
of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything
done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether
or not notation of such Act is made upon such Security.

 

Section 1.5           Notices,
etc., to Trustee and Company

 

Any request, demand, authorization, direction, notice, consent,
waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to,
or filed with:

 

		(1)	the Trustee by any Holder or the Company shall be sufficient
for every purpose hereunder if made, given, furnished or filed in writing (which may be via facsimile) to or with the Trustee
at its Corporate Trust Office; or

 

		(2)	the Company by the Trustee or any Holder shall be sufficient
for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid
or airmail postage prepaid if sent from outside the United States, to the Company addressed to the attention of its Treasurer
(with a copy to the General Counsel) at the address of its principal office specified in the first paragraph of this instrument
or at any other address previously furnished in writing to the Trustee by the Company.

 

Section 1.6           Notice
to Holders of Securities; Waiver

 

Except as otherwise expressly provided in or pursuant to this
Indenture, where this Indenture provides for notice to Holders of Securities of all or any series of any event, such notice shall
be sufficiently given to Holders of Registered Securities of such series if in writing and mailed, first-class postage prepaid,
to each Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice
to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities given as provided herein. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any
other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of
the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

    	 	11

     

    

 

Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section 1.7           Language
of Notices

 

Any request, demand, authorization, direction, notice, consent,
election or waiver required or permitted under this Indenture shall be in the English language, except that, if the Company so
elects, any published notice may be in an official language of the country of publication (with a copy in English to be provided
to the Trustee).

 

Section 1.8          Incorporation by Reference of Trust Indenture
Act; Trust Indenture Act Controls

 

		(a)	If any provision hereof limits, qualifies or conflicts
with the duties that would be imposed by any of Sections 310 to 317 of the Trust Indenture Act through operation of Section 318(c)
thereof on any person, such imposed duties shall control. The following Trust Indenture Act terms have the following meanings:

 

“indenture securities” means the Securities;

 

“indenture security holder” means a Holder;

 

“indenture to be qualified” means this
Indenture;

 

“indenture trustee” or “institutional
trustee” means the Trustee; and

 

“obligor” on the indenture securities
means the Company and any other obligor on the indenture securities.

 

All other Trust Indenture Act terms used in this Indenture
that are defined by the Trust Indenture Act, defined in the Trust Indenture Act by reference to another statute or defined by SEC
Rule have the meanings assigned to them by such definitions.

 

		(b)	If any provision of this Indenture limits, qualifies or conflicts with another provision which
is required to be included in this Indenture by the Trust Indenture Act, the provision required by the Trust Indenture Act shall
control.

 

Section 1.9           Effect
of Headings and Table of Contents

 

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

 

Section 1.10         Successors
and Assigns

 

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

 

Section 1.11         Separability
Clause

 

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

 

Section 1.12         Benefits
of Indenture

 

Nothing in this Indenture or any Security, express or implied,
shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authentication Agent and
their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this
Indenture.

 

    	 	12

     

    

 

Section 1.13        Governing
Law; Waiver of Trial by Jury

 

This Indenture and the Securities shall be governed by and construed
in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case,
performed in said state. Each of the Company and the Trustee hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Indenture, the Securities or
the transactions contemplated hereby.

 

Section 1.14         Legal
Holidays

 

Unless otherwise specified in or pursuant to this Indenture
or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of any Security, or the last date on
which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable shall not be a
Business Day (a “ Legal Holiday ”) at any Place of Payment, then (notwithstanding any other provision of this
Indenture or any Security other than a provision in any Security that specifically states that such provision shall apply in lieu
hereof) payment need not be made at such Place of Payment on such date, and such Securities need not be converted or exchanged
on such date but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is
a Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or at the Stated
Maturity or Maturity or on such last day for conversion or exchange, and no interest shall accrue on the amount payable on such
date or at such time for the period from and after such Interest Payment Date, Stated Maturity, Maturity or last day for conversion
or exchange, as the case may be, to the next succeeding Business Day. If this Indenture provides for a time period that ends or
requires performance of any non-payment obligation by a day that is not a Business Day, then such time period shall instead be
deemed to end on, and such obligation shall instead be performed by, the next succeeding Business Day.

 

Section 1.15         Counterparts

 

This Indenture may be executed in several counterparts, each
of which shall be an original and all of which shall constitute but one and the same instrument.

 

Section 1.16         Judgment
Currency

 

The Company agrees, to the fullest extent that it may effectively
do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due
in respect of the principal of, or premium or interest, if any, or

 

Additional Amounts 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 requisite amount of the Required Currency with the Judgment Currency on the New York Banking Day preceding
the day on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered
in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery
shall result in the actual receipt, by the 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 or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to be closed.

 

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Section 1.17         Limitation
on Individual Liability

 

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

 

ARTICLE 2

SECURITIES FORMS

 

Section 2.1           Forms
Generally

 

Each Registered Security and temporary or permanent
Global Security or Definitive Security issued pursuant to this Indenture shall be in the form established by or pursuant to a
Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental
hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
or pursuant to this Indenture or any indenture supplemental hereto and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Officers
executing such Security as evidenced by their execution of such Security. Unless otherwise provided in or pursuant to this
Indenture or any Securities, the Securities shall be issuable in registered form without coupons and shall not be issuable
upon the exercise of warrants.

 

Definitive Securities shall be printed, lithographed or engraved
or produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any
other manner, all as determined by the Officers of the Company executing such Securities, as evidenced by their execution of such
Securities.

 

Section 2.2           Form
of Trustee’s Certificate of Authentication

 

Subject to Section 6.12, the Trustee’s certificate of
authentication shall be in substantially the following form:

 

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

 

	 	_____________________________, as Trustee
	 	 	 
	 	By  	 
	 	 	Authorized Signatory
	 	 	Dated:

 

Section 2.3           Securities
in Global Form

 

Unless otherwise provided in or pursuant to this
Indenture or any Securities, the Securities shall be issuable in permanent global form. If Securities of a series shall be
issuable in global form, any such Security may provide that it or any number of such Securities shall represent the aggregate
amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to
time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from
time to time be increased or reduced to reflect exchanges, redemptions or transfer of beneficial interests from one Global
Security to another Global Security. Any endorsement of any Global Security to reflect the amount, or any increase or
decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in
such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to
Section 3.3 or Section 3.4 with respect thereto. Subject to the provisions of Section 3.3 and, if applicable, Section 3.4,
the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by
the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 3.3 or
Section 3.4 has been, or simultaneously is, delivered, any instructions by the Company with respect to a Global Security
shall be in writing but need not be accompanied by or contained in an Officer’s Certificate and need not be accompanied
by an Opinion of Counsel. Notwithstanding the provisions of Section 3.7, unless otherwise specified in or pursuant to this
Indenture or any Securities, payment of principal of, any premium and interest on, and any Additional Amounts in respect of,
any Security in temporary or permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 3.8 and except as
provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or the Trustee shall treat as the Holder
of such principal amount of Outstanding Securities as is represented by a Global Security in the case of a Global Security in registered
form, the Holder of such Global Security in registered form.

 

Each Global Security shall bear a legend in substantially the
following form (unless otherwise specified by the Depositary):

 

“THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT
SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN
THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF,
THIS DEBT SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.”

 

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ARTICLE 3

THE SECURITIES

 

Section 3.1           Amount
Unlimited; 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. With respect to any Securities
to be authenticated and delivered hereunder, there shall be established in or pursuant to a Board Resolution and set forth in an
Officer’s Certificate, or established in one or more indentures supplemental hereto:

 

		(1)	the title of such Securities and the series, including
CUSIP numbers in which such Securities shall be included;

 

		(2)	any limit upon the aggregate principal amount of the Securities
of such series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.4,
Section 3.5, Section 3.6, Section 9.6 or Section 11.7, upon repayment in part of any Registered Security of such series pursuant
to Article 13 or upon surrender in part of any Registered Security for conversion or exchange into Common Stock or other securities,
cash or other property pursuant to its terms, or pursuant to the terms of such Securities and except for any Securities, which,
pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder);

 

		(3)	if any of such Securities are to be issuable in global
form, when any of such Securities are to be issuable in global form and (i) whether such Securities are to be issued in temporary
or permanent global form or both, (ii) whether beneficial owners of interests in any such Global Security may exchange such interests
for Securities of the same series and of like tenor and of any authorized form and denomination, and the circumstances under which
any such exchanges may occur, if other than in the manner specified in Section 3.5, and (iii) the name of the Depositary or the
U.S. Depositary, as the case may be, with respect to any Global Security;

 

		(4)	the date as of which any Global Security shall be dated
(if other than the date of original issuance of the first of such Securities to be issued);

 

		(5)	the date or dates, or the method or methods, if any, by
which such date or dates shall be determined, on which the principal and premium, if any, of such Securities is payable;

 

		(6)	the rate or rates at which such Securities shall bear interest,
if any, or the method or methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which
such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the Interest Payment
Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on Registered
Securities on any Interest Payment Date, whether and under what circumstances Additional Interest on such Securities or any of
them shall be payable, whether and under what circumstances Additional Amounts on such Securities or any of them shall be payable,
the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such
notice, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

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		(7)	if in addition to or other than the Borough of Manhattan,
The City of New York, the place or places where the principal of, any premium and interest on or any Additional Amounts with respect
to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration
of transfer or exchange, any of such Securities may be surrendered for conversion or exchange and notices or demands to or upon
the Company in respect of such Securities and this Indenture may be served, the extent to which, or the manner in which, any interest
payment or Additional Amounts on a Global Security on an Interest Payment Date, will be paid and the manner in which any principal
of or premium, if any, on any Global Security will be paid;

 

		(8)	whether any of such Securities are to be redeemable at
the option of the Company and, if so, the date or dates on which, the period or periods within which, the price or prices at which
and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Company;

 

		(9)	whether the Company is obligated to redeem or purchase
any of such Securities pursuant to any sinking fund or analogous provision or at the option of any Holder thereof and, if so,
the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions
upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and any provisions
for the remarketing of such Securities so redeemed or purchased;

 

		(10)	the denominations in which any of such Securities that
are Registered Securities shall be issuable if other than denominations of $1,000 and any multiple of $1,000 in excess thereof;

 

		(11)	whether the Securities of the series will be convertible
into shares of Common Stock and/or exchangeable for other securities, cash or other property of the Company or of any other Person,
and if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from
or modifications or additions to this Indenture to permit or to facilitate the issuance of such convertible or exchangeable Securities
or the administration thereof;

 

		(12)	if other than the principal amount thereof, the portion
of the principal amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity thereof
pursuant to Section 5.2 or the method by which such portion is to be determined;

 

		(13)	if other than Dollars, the Foreign Currency in which payment
of the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities shall be payable;

 

		(14)	if the principal of, any premium or interest on or any
Additional Amounts with respect to any of such Securities are to be payable, at the election of the Company or a Holder thereof
or otherwise, in Currency other than that in which such Securities are stated to be payable, the date or dates on which, the period
or periods within which, and the other terms and conditions upon which, such election may be made, and the time and manner of
determining the exchange rate between the Currency in which such Securities are stated to be payable and the Currency in which
such Securities or any of them are to be paid pursuant to such election, and any deletions from or modifications of or additions
to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election
of the Company or a Holder thereof or otherwise, in a Foreign Currency;

 

		(15)	whether the amount of payments of principal of, any premium
or interest on or any Additional Amounts with respect to such Securities may be determined with reference to an index, formula,
financial or economic measure or other method or methods (which index, formula, measure or method or methods may be based, without
limitation, on one or more Currencies, commodities, equity indices or other indices), and, if so, the terms and conditions upon
which and the manner in which such amounts shall be determined and paid or be payable;

 

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		(16)	any deletions from, modifications of or additions to the
Events of Default or covenants of the Company with respect to any of such Securities, whether or not such Events of Default or
covenants are consistent with the Events of Default or covenants set forth herein;

 

		(17)	whether either or both of Section 4.2(2) relating to defeasance
or Section 4.2(3) relating to covenant defeasance shall not be applicable to the Securities of such series, and any covenants
relating to the Securities of such series which shall be subject to covenant defeasance, and, if the Securities of such series
are subject to repurchase or repayment at the option of the Holders thereof, whether the Company’s obligation to repurchase
or repay such Securities will be subject to defeasance or covenant defeasance, and any deletions from, or modifications or additions
to, the provisions of Article 4 in respect of the Securities of such series;

 

		(18)	whether any of such Securities are to be issuable upon
the exercise of warrants, and the time, manner and place for such Securities to be authenticated and delivered;

 

		(19)	if there is more than one Trustee or a Trustee other than
, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying Agent or Authenticating
Agent with respect to such Securities;

 

		(20)	whether the Securities are senior or subordinated debt
securities, and if subordinated debt securities, the terms of such subordination;

 

		(21)	whether the Securities of the series will be guaranteed
by any Persons and, if so, the identity of such Persons, the terms and conditions upon which such Securities shall be guaranteed
and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other indebtedness of the respective
guarantors and may be released;

 

		(22)	whether the Securities of the series will be secured by
any collateral and, if so, the terms and conditions upon which such Securities shall be secured and, if applicable, upon which
such liens may be subordinated to other liens securing other indebtedness of the Company or any guarantor and may be released;
and

 

		(23)	any other terms of such Securities and any deletions from
or modifications or additions to this Indenture in respect of such Securities. All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided by the Company in or pursuant to the Board Resolution
and set forth in the Officer’s Certificate or in any indenture or indentures supplemental hereto pertaining to such series
of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities of such series shall
be authenticated and delivered by the Trustee on original issue from time to time in accordance with such procedures as are acceptable
to the Trustee (including authentication and delivery by the Trustee on original issue from time to time upon telephonic or written
order of persons designated in the Officer’s Certificate or supplemental indenture (telephonic instructions to be promptly
confirmed in writing by such person) and that such persons are authorized to determine, consistent with such Officer’s Certificate
or any applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified in such
Officer’s Certificate or supplemental indenture). All Securities of any one series need not be issued at the same time and,
unless otherwise so provided by the Company, a series may be reopened for issuances of additional Securities of such series or
to establish additional terms of such series of Securities. If any of the terms of the Securities of any series shall be established
by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior to the
delivery of the Officer’s Certificate setting forth the terms of such series.

 

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Section 3.2           Currency;
Denominations

 

Unless otherwise provided in or pursuant to this Indenture or
any Security, the principal of, any premium and interest on and any Additional Amounts with respect to, the Securities shall be
payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall
be issuable in registered form without coupons in denominations of $1,000 or any integral multiple of $1,000 in excess thereof.
Securities not denominated in Dollars shall be issuable in such denominations as are established with respect to such Securities
in or pursuant to this Indenture.

 

Section 3.3           Execution;
Authentication; Delivery and Dating

 

Securities shall be executed on behalf of the Company by any
Officer of the Company. The signature of any such Officer on the Securities may be manual or facsimile.

 

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

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities, executed by the Company, to the Trustee for authentication
and, provided that the Board Resolution and Officer’s Certificate or supplemental indenture or indentures with respect to
such Securities referred to in Section 3.1 and a Company Order for the authentication and delivery of such Securities have been
delivered to the Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof and of such Securities
shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be provided with, and (subject to Sections 315(a) through
315(d) of the Trust Indenture Act) shall be fully protected in relying upon an Opinion of Counsel and an Officer’s Certificate
that contain the statements required by Section 1.2.

 

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

 

Notwithstanding the provisions of Section 3.1 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the
Officer’s Certificate or Company Order otherwise required pursuant to such preceding paragraph at or prior to the authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued. This paragraph shall not be applicable to Securities of a series that are issued as
part of a reopening pursuant to the last paragraph of Section 3.1.

 

Each Registered Security shall be dated the date of its authentication.

 

No Security shall be entitled to any benefit under this Indenture
or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication substantially
in the form provided for in Section 2.2 or Section 6.12 executed by or on behalf of the Trustee or by the Authenticating Agent
by the manual signature of one of its authorized signatories. Such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly authenticated and delivered hereunder.

 

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Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to
the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture such Security shall be deemed never
to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

Section 3.4           Temporary
Securities

 

Pending the preparation of Definitive Securities, the Company
may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the manner provided
in Section 3.3, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed or otherwise produced,
in any authorized denomination, substantially of the tenor of the Definitive Securities in lieu of which they are issued, in registered
form and with such appropriate insertions, omissions, substitutions and other variations as the Officers of the Company executing
such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities may be
in the form of Global Securities.

 

Except in the case of temporary Global Securities, which shall
be exchanged in accordance with the provisions thereof, if temporary Securities are issued, the Company shall cause Definitive
Securities to be prepared without unreasonable delay. After the preparation of Definitive Securities of the same series and containing
terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for
such Definitive Securities upon surrender of such temporary Securities at an Office or Agency for such Securities, without charge
to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Securities of authorized denominations
of the same series and containing identical terms and provisions. Unless otherwise provided in or pursuant to this Indenture with
respect to a temporary Global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled
to the same benefits under this Indenture as Definitive Securities of such series.

 

Section 3.5           Registration;
Transfer and Exchange

 

With respect to the Registered Securities of each series, if
any, the Company shall cause to be kept a register (each such register being herein sometimes referred to as the “ Security
Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of the Registered Securities of such series and of transfers of the Registered Securities
of such series.

 

Such Office or Agency shall be the “Security Registrar”
or “Registrar” for that series of Securities. Unless otherwise specified in or pursuant to this Indenture or
the Securities, the Trustee shall be the initial Security Registrar for each series of Securities.

 

The Company shall have the right to remove and replace from
time to time the Security Registrar for any series of Securities; provided that no such removal or replacement shall be effective
until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Company and shall
have accepted such appointment by the Company. In the event that the Trustee shall not be or shall cease to be Security Registrar
with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all reasonable
times. There shall be only one Security Register for each series of Securities.

 

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A Global Security may not be transferred as a whole except by
the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary,
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Notwithstanding the
foregoing, except as may be provided pursuant to Section 3.1, any Global Security or any beneficial interest therein shall be exchangeable
for Definitive Securities only if (i) the Depositary is at any time unwilling, unable or ineligible to continue as Depositary and
a successor Depositary is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) the
Depositary ceases to be a clearing agency registered under the Exchange Act, (iii) the Company (subject to the Applicable Procedures)
executes and delivers to the Trustee a Company Order to the effect that such Global Security shall be so exchangeable or (iv) an
Event of Default has occurred and is continuing with respect to such Securities. If the holder of a Global Security or the beneficial
owners of interests in a Global Security are entitled to exchange such interests for Definitive Securities as the result of an
event specified in clause (i), (ii), (iii) or (iv) of the preceding sentence, the Company shall promptly make available to the
Trustee Definitive Securities in such form and denominations as are required by or pursuant to this Indenture, and of the same
series, containing identical terms and in aggregate principal amount equal to the principal amount of such Global Security, executed
by the Company. Such Global Security shall be surrendered from time to time by the U.S. Depositary or such other Depositary as
shall be specified in the Company Order with respect thereto, and in accordance with instructions given to the Trustee and the
U.S. Depositary or such other Depositary, as the case may be (which instructions shall be in writing but need not be contained
in or accompanied by an Officer’s Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company
Order with respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or in part,
for Definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in
exchange for each portion of such surrendered Global Security, a like aggregate principal amount of Definitive Securities of the
same series of authorized denominations and of like tenor as the portion of such Global Security to be exchanged; provided, however,
that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities
of the same series to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in part, such
Global Security shall be returned by the Trustee to such Depositary or the U.S. Depositary, as the case may be, or such other Depositary
or U.S.

 

Depositary referred to above in accordance with the instructions
of the Company referred to above. If a Registered portion of a Global Security is exchanged for

 

Definitive Registered Securities after the close of business
at the Office or Agency for such Security where such exchange occurs on or after (i) any Regular Record

 

Date for such Security and before the opening of business at
such Office or Agency on the next Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening
of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may
be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of
such Definitive Registered Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case
may be, only to the Person to whom interest in respect of such portion of such Global Security shall be payable in accordance with
the provisions of this Indenture.

 

The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph
(1) or (2) below, as applicable, as well as one or more of the other following paragraphs, as applicable:

 

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		(1)	Beneficial interests in any Global Security may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Global Security. No written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers described in this subparagraph (1).

 

		(2)	In connection with the transfer or exchange of beneficial
interests in any Global Security to Persons who take delivery thereof in the form of a beneficial interest in a different Global
Security, the transferor of such beneficial interest must deliver to the Registrar (i) an order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to
be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be transferred or
exchanged and (ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Securities contained in this Indenture and such Securities or otherwise applicable under the Securities Act,
the Trustee shall adjust the principal amount of the relevant Global Security(s) pursuant to this paragraph.

 

If any Holder of a beneficial interest in a Global Security
proposes to exchange such beneficial interest for a Definitive Security or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Definitive Security in the event of the occurrence of any of the conditions set forth in
the third paragraph of this Section 3.5, then, upon delivery to the Registrar of (i) an order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued
a Definitive Security in an amount equal to the beneficial interest to be transferred or exchanged and (ii) instructions given
by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall be
registered to effect the transfer or exchange referred to in clause (i), the Trustee shall cause the aggregate principal amount
of the applicable Global Security to be reduced accordingly as described below, and the Company shall execute and, upon receipt
of a Company Order pursuant to Section 3.3, the Trustee shall authenticate and deliver to the Person designated in the instructions
a Definitive Security in the appropriate principal amount. Any Definitive Security issued in exchange for a beneficial interest
pursuant to this paragraph shall be registered in such name or names and in such authorized denomination or denominations as the
Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons in whose names such Securities are so
registered.

 

A Holder of a Definitive Security may exchange such Security
for a beneficial interest in a Global Security or transfer such Definitive Securities to a Person who takes delivery thereof in
the form of a beneficial interest in a Global Security at any time. Upon receipt of a request for such an exchange or transfer,
the Trustee shall cancel the applicable Definitive Security and increase or cause to be increased the aggregate principal amount
of the applicable Global Security.

 

At the option of the Holder, Definitive Securities of any series
may be exchanged for other Definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount, upon surrender of the Definitive Securities to be exchanged at an Office or Agency. Whenever any Definitive Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Definitive Securities
which the Holder making the exchange is entitled to receive.

 

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Upon request by a Holder of Definitive Securities and
such Holder’s compliance with the provisions of this paragraph, the Registrar shall register the transfer or exchange
of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or
surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in
form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. A Holder of
Definitive Securities may transfer such Securities to a Person who takes delivery thereof in the form of a Definitive
Security. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Securities
pursuant to the instructions from the Holder thereof.

 

At such time as all beneficial interests in a particular
Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased
or cancelled in whole and not in part, each such Global Security shall be returned to or retained and cancelled by the
Trustee in accordance with Section 3.9. At any time prior to such cancellation, if any beneficial interest in a Global
Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Security or for Definitive Securities, the principal amount of Securities represented by such Global Security
shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary at
the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, the principal
amount of Securities represented by such other Global Security shall be increased accordingly and an endorsement shall be
made on such Global Security by the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase.

 

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

 

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

No service charge shall be made for any registration of transfer
or exchange, or redemption of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge and any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with any registration
of transfer or exchange of Securities, other than exchanges pursuant to Sections 3.4, 3.6, 9.6 and 11.7 not involving any transfer.

 

Except as otherwise provided in or pursuant to this Indenture,
the Company shall not be required (i) to issue, register the transfer of or exchange any Securities during a period beginning at
the opening of business 15 days before the day of selection of Securities of like tenor and the same series under Section 11.3
for redemption and ending at the close of business on the day of such selection, (ii) to register the transfer of or exchange any
Registered Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part,
the portion thereof not to be redeemed, or (iii) to issue, register the transfer of or exchange any Security which, in accordance
with its terms, has been surrendered for repayment or purchase at the option of the Holder, except the portion, if any, of such
Security not to be so repaid.

 

    	 	23

     

    

 

The Registrar shall retain copies of all certificates, notices
and other written communications received pursuant to this Section 3.5. The Company shall have the right to inspect and make copies
of all such certificates, notices or other written communications at any reasonable time upon the giving of reasonable written
notice to the Registrar.

 

All certifications and certificates required to be submitted
to the Registrar pursuant to this Section 3.5 to effect a registration of transfer or exchange may be submitted by facsimile, with
an original of such document to be sent promptly thereafter.

 

Section 3.6           Mutilated,
Destroyed, Lost and Stolen Securities

 

If any mutilated Security is surrendered to the Trustee, subject
to the provisions of this Section 3.6, the Company shall execute and the Trustee shall authenticate and deliver in exchange there
for a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding.

 

If there be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or
to a Responsible Officer that such Security has been acquired by a “protected purchaser” (as such term is defined in
the New York Uniform Commercial Code), the Company shall execute and, upon the Company’s request the Trustee shall authenticate
and deliver, in exchange for or in lieu of any such destroyed, lost or stolen Security, a new Security of the same series containing
identical terms and of like principal amount and bearing a number not contemporaneously outstanding.

 

Notwithstanding the foregoing provisions of this Section 3.6,
in case any 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 3.6,
the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security issued pursuant to this Section 3.6 in lieu
of any destroyed, lost or stolen Security shall constitute a separate 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 such series duly issued hereunder.

 

The provisions of this Section 3.6, as amended or supplemented
pursuant to this Indenture with respect to particular Securities or generally, shall be exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 3.7           Payment
of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved

 

Unless otherwise provided in or pursuant to this Indenture,
any interest on and any Additional Amounts with respect to, any Registered Security that shall be payable, and are punctually paid
or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor
Securities) is registered as of the close of business on the Regular Record Date for such interest.

 

    	 	24

     

    

 

Unless otherwise provided in or pursuant to this Indenture,
any interest on and any Additional Amounts with respect to, any Registered Security that shall be payable, but shall not be punctually
paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “ Defaulted Interest
”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having
been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1)
or (2) below:

 

		(1)	The Company may elect to make payment of any Defaulted
Interest to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.
The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Registered Security
and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for
the benefit of the Person entitled to such Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to
the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class
postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it appears in
the Security Register not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name
and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper of general
circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the
establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security
(or a Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no longer
be payable pursuant to the following clause (2).

 

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

 

Unless otherwise provided in or pursuant to this Indenture or
the Securities of any particular series pursuant to the provisions of this Indenture, at the option of the Company, interest on
Registered Securities that bear interest may be paid by wire transfer in immediately available funds if the Holder of the Registered
Security has provided to the Company and the Trustee wire instructions at least five Business Days prior to the applicable payment
date or by check mailed to the address of that Holder as it appears on the books of the Securities Registrar if that Holder has
not provided wire instructions; provided that any payment of principal (or premium, if any) in respect of any Security will be
made only upon presentation and surrender of such Security at the applicable Office or Agency.

 

    	 	25

     

    

 

Subject to the foregoing provisions of this Section 3.7 and
Section 3.5, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

In the case of any Registered Security of any series that is
convertible, which Registered Security is converted after any Regular Record Date and on or prior to the immediately succeeding
Interest Payment Date (other than any Registered Security with respect to which the Maturity is prior to such Interest Payment
Date), interest on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion, and
such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security
(or one or more predecessor Registered Securities) is registered at the close of business on such Regular Record Date. Except as
otherwise expressly provided in the immediately preceding sentence, in the case of any Registered Security which is converted,
interest with respect to which the Stated Maturity is after the date of conversion of such Registered Security shall not be payable.

 

Section 3.8           Persons
Deemed Owners

 

Prior to due presentment of a Registered Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Registered
Security is registered in the Security Register as the owner of such Registered Security for the purpose of receiving payment of
principal of, any premium and (subject to Section 3.5 and Section 3.7) interest on and any Additional Amounts with respect to,
such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security
shall be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to
the contrary.

No holder of any beneficial interest in any Global Security
held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary
may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security for
all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global
Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

Section 3.9           Cancellation

 

All Securities surrendered for payment, redemption, registration
of transfer, exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee, and any such Securities, as well as Securities surrendered directly to the Trustee for
any such purpose, shall be cancelled promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and
all Securities so delivered shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities cancelled as provided in this Section 3.9, except as expressly permitted by or pursuant to this Indenture. All
cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures.

 

Section 3.10         Computation
of Interest

 

Except as otherwise provided in or pursuant to this Indenture,
or in any Security, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months.

 

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Section 3.11         CUSIP
and ISIN Numbers

 

The Company in issuing the Securities may use “CUSIP”
and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use CUSIP and ISIN 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 identification numbers printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company will promptly notify the Trustee of any change in the CUSIP and ISIN numbers.

 

ARTICLE 4

SATISFACTION AND
DISCHARGE OF INDENTURE

 

Section 4.1           Satisfaction
and Discharge

 

Upon the direction of the Company by a Company Order, this Indenture
shall cease to be of further effect with respect to any series of Securities specified in such Company Order and the Trustee, on
receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture as to such series, when

 

		(1)	either

 

		(a)	all Securities of such series theretofore authenticated
and delivered have been delivered to the Trustee for cancellation (other than (i) Securities of such series that have been destroyed,
lost or stolen and have been replaced or paid as provided in Section 3.6 and (ii) Securities of such series the payment of money
for which has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 10.3); or

 

		(b)	all Securities of such series not theretofore delivered
to the Trustee for cancellation:

 

		(i)	have become due and payable, or

 

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

 

		(iii)	if redeemable at the option of the Company, are to be called
for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose, (x) money in an amount or (y) Government Obligations
that through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment, in the opinion of a nationally recognized Independent Registered Public Accounting
Firm expressed in a written certification thereof delivered to the Trustee, money in the amount, or (z) a combination of (x) and
(y) in an amount in the Currency in which such series of Securities are payable sufficient to pay and discharge the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest
on, and any Additional Amounts with respect to such Securities then determinable, to the date of such deposit (in the case of
Securities which have become due and payable) or to the Maturity thereof, as the case may be;

 

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

 

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		(3)	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 as to such series have been complied with.

 

In the event there are Securities of two or more series hereunder,
the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this Indenture only if requested
to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met.

 

Notwithstanding the satisfaction and discharge of this Indenture
with respect to any series of Securities, the obligations of the Company to the Trustee under

 

Section 6.7, the obligations of the Trustee under Section 4.3,
if money, Government Obligations or a combination thereof shall have been deposited with the

 

Trustee pursuant to subclause (b) of clause (1) of this Section
4.1, the obligations of the Company and the Trustee with respect to the Securities of such series under Section 3.4, Section 3.5,
Section 3.6, Section 10.2 and Section 10.3, and the obligations of the Company with respect to the payment of Additional Amounts,
if any, with respect to such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable
with respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.1(1)(b)),
and with respect to any rights to convert or exchange such Securities into Common Stock or other securities, cash or other property
shall survive such satisfaction and discharge.

 

Section 4.2           Defeasance
and Covenant Defeasance

 

		(1)	Unless pursuant to Section 3.1, either or both of (i) defeasance
of the Securities of a series under clause (2) of this Section 4.2 shall not be applicable with respect to the Securities of such
series or (ii) covenant defeasance of the Securities of a series under clause (3) of this Section 4.2 shall not be applicable
with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 4.2 (with
such modifications thereto as may be specified pursuant to Section 3.1 with respect to any Securities), shall be applicable to
such Securities, and the Company may at its option by Board Resolution, at any time, with respect to such Securities, elect to
have Section 4.2(2) or Section 4.2(3) be applied to such Outstanding Securities upon compliance with the conditions set forth
below in this Section 4.2.

 

		(2)	Upon the Company’s exercise of the above option applicable
to this Section 4.2(2) with respect to any Securities of or within a series, the Company shall be deemed to have been discharged
from its obligations with respect to such Outstanding Securities on the date the conditions set forth in clause (4) of this Section
4.2 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed
to have paid and discharged the entire indebtedness represented by such Outstanding Securities, which shall thereafter be deemed
to be “Outstanding” only for the purposes of the Sections of this Indenture referred to in clauses (i) and (ii) below,
and to have satisfied all of its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities
to receive, solely from the trust fund described in clause (4) of this Section 4.2 and as more fully set forth in such Section,
payments in respect of the principal of (and premium, if any) and interest, if any, on, and Additional Amounts, if any, with respect
to, such Securities when such payments are due, and any rights of such Holder to convert or exchange such Securities into Common
Stock or other securities, cash or other property, (ii) the obligations of the Company and the Trustee with respect to such Securities
under Section 3.4, Section 3.5, Section 3.6, Section 10.2 and Section 10.3 and the obligations of the Company with respect to
the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 (but only to the extent that the
Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant
to Section 4.2(4)(a) below), and with respect to any rights to convert or exchange such Securities into Common Stock or other
securities, cash or other property, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv)
this Section 4.2. The Company may exercise its option under this Section 4.2(2) notwithstanding the prior exercise of its option
under clause (3) of this Section 4.2 with respect to such Securities.

 

    	 	28

     

    

 

		(3)	Upon the Company’s exercise of the above option applicable
to this Section 4.2(3) with respect to any Securities of or within a series, (i) the Company shall be released from its obligations
to comply with any term, provision or condition under Section 8.1 with respect to such Securities (and, to the extent specified
pursuant to Section 3.1, any other restrictive covenant added for the benefit of such Securities) and (ii) unless otherwise specified
pursuant to Section 3.1, the occurrence of any event specified in Section 5.1(7) shall not be deemed to be an Event of Default,
in each case on and after the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant
defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding” for the purposes of
any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such
covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant
defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with, and shall have no liability
in respect of, any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any covenant or by reason of reference in any such covenant to any other provision herein or
in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 5.1(4),
Section 5.1(7) or otherwise, as the case may be, insofar as it relates to Section 8.1 and, to the extent specified pursuant to
Section 3.1, any other restrictive covenant added for the benefit of such Security, but, except as specified above, the remainder
of this Indenture and such Securities shall be unaffected thereby; provided that the obligations of the Company with respect to
the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 shall remain unsatisfied only to
the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such
Additional Amounts pursuant to Section 4.2(4)(a) below; provided, further , that notwithstanding a covenant defeasance
with respect to Section 8.1, any Person to whom a sale, assignment, transfer, lease, conveyance or other disposition is made pursuant
to Section 8.1, shall as a condition to such sale, assignment, transfer, lease, conveyance or other disposition, assume by an
indenture supplemental hereto in form satisfactory to the Trustee, executed by such successor Person and delivered to the Trustee,
the obligations of the Company to the Trustee under Section 6.7 and the second to the last paragraph of Section 4.2.

 

		(4)	The following shall be the conditions to the application
of clause (2) or (3) of this Section 4.2 to any Outstanding Securities of a series:

 

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		(a)	The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.8 who shall agree to comply with
the provisions of this Section 4.2 applicable to it) 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, (1) an amount in
Dollars or in such Foreign Currency in which such Securities are then specified as payable at Stated Maturity, or (2) Government
Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then specified
as payable at Stated Maturity), which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any)
and interest, if any, on such Securities, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient,
without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized Independent
Registered Public Accounting Firm expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium,
if any) and interest or Additional Amounts then determinable, if any, on such Outstanding Securities at the Maturity of such principal
or installment of principal or interest, provided that the Company shall specify whether such Outstanding Securities are being
defeased to Stated Maturity or to the Redemption Date and (z) any mandatory sinking fund payments or analogous payments applicable
to such Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture
and of such Securities.

 

		(b)	Such defeasance or covenant defeasance shall not result
in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which
the Company is a party or by which it is bound.

 

		(c)	No Event of Default or event that, with notice or lapse
of time or both, would become an Event of Default with respect to such Securities shall have occurred and be continuing on the
date of such deposit (other than an Event of Default resulting from non-compliance with any covenant from which the Company is
released upon effectiveness of such defeasance or covenant defeasance, as applicable).

 

		(d)	In the case of an election under clause (2) of this Section
4.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that:

 

		(i)	the Company has received from the Internal Revenue Service
a letter ruling, or there has been published by the Internal Revenue Service a Revenue 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 shall
confirm that, subject to customary assumptions and exclusions, the Holders of such Outstanding Securities will not recognize income,
gain or loss for federal income tax purposes as a result of such 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 defeasance had not occurred.

 

		(e)	In the case of an election under clause (3) of this Section
4.2, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that, subject to customary assumptions
and exclusions, the Holders of such Outstanding Securities will not recognize income, gain or loss for federal income tax purposes
as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such covenant defeasance had not occurred.

 

		(f)	The Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under
clause (2) or (3) of this Section 4.2 (as the case may be) have been complied with.

 

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

 

		(h)	Notwithstanding any other provisions of this Section 4.2(4),
such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or
limitations which may be imposed on the Company in connection therewith pursuant to Section 3.1.

 

The Company shall pay and indemnify the Trustee against any
tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 4.2 or the
principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of such Outstanding Securities.

 

Anything in this Section 4.2 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or
other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2 which, in the opinion of a
nationally recognized Independent Registered Public Accounting Firm expressed in a written certification thereof delivered to the
Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance,
as applicable, in accordance with this Section 4.2.

 

Section 4.3           Application
of Trust Money

 

Subject to the provisions of the last paragraph of Section 10.3,
all money and Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely
for purposes of this Section 4.3, the Trustee and any such other trustee are referred to collectively as the “Trustee”)
pursuant to Section 4.1 or Section 4.2 in respect of any Outstanding Securities of any series shall be held in trust and applied
by the Trustee, 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, premium, if any, interest and Additional Amounts, if any, for whose payment such money has or Government Obligations
have been deposited with or received by the Trustee; but such money and Government Obligations need not be segregated from other
funds except to the extent required by law.

 

Section 4.4           Qualifying
Trustee

 

Any trustee appointed pursuant to Section 4.2 for the purpose
of holding trust funds deposited pursuant to that Section shall be appointed under an agreement in form acceptable to the Trustee
and shall provide to the Trustee a certificate of such trustee, upon which certificate the Trustee shall be entitled to conclusively
rely, that all conditions precedent provided for herein to the related defeasance or covenant defeasance have been complied with.
In no event shall the Trustee be liable for any acts or omissions of said trustee.

 

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ARTICLE 5

REMEDIES

 

Section 5.1           Events
of Default

 

“Event of Default,” wherever used herein
with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or governmental body), unless such event is specifically deleted
or modified in or pursuant to the supplemental indenture, Board Resolution or Officer’s Certificate establishing the terms
of such series pursuant to this Indenture:

 

		(1)	default for 30 days in the payment when due of any interest
on or any Additional Amount in respect of any Security of such series;

 

		(2)	default in the payment of the principal of or any premium
on any Security of such series when the principal or premium becomes due and payable at Maturity;

 

		(3)	default in the deposit of any sinking fund payment when
and as due by the terms of any Security of such series, subject to any cure period specified in any Security of such series;

 

		(4)	failure on the part of the Company duly to observe or perform
any other of the covenants or agreements (other than those described in clause (1), (2) or (3) above) on the part of the Company
with respect to that series contained in such Securities or otherwise established with respect to that series of Securities pursuant
to Section 3.1 hereof or contained in this Indenture (other than a covenant or agreement that has been expressly included in this
Indenture solely for the benefit of one or more series of Securities other than such series), other than the covenant set forth
in Section 7.4, and such failure shall continue for a period of 60 days after the date on which written notice of such failure,
requiring the same to be remedied and stating that such notice is a “Notice of Default” shall have been given to the
Company by the Trustee, upon direction of Holders of at least 25% in principal amount of the Outstanding Securities of that series;
provided, however, that if such failure is not capable of cure within such 60-day period, such 60-day period shall be automatically
extended by an additional 60 days so long as (i) such failure is subject to cure, and (ii) the Company is using commercially reasonable
efforts to cure such failure; and provided, further, that a failure to comply with any such other agreement in the indenture that
results from a change in GAAP shall not be deemed to be an Event of Default;

 

		(5)	a decree or order by a court having jurisdiction in the
premises shall have been entered adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking
liquidation or reorganization of the Company under any applicable bankruptcy, insolvency, reorganization or other similar law,
and such decree or order shall have continued unvacated and unstayed for a period of 90 days; an involuntary case shall be commenced
under any applicable bankruptcy, insolvency, reorganization or other similar law in respect of the Company and shall continue
undismissed for a period of 90 days or an order for relief in such case shall have been entered and such order shall have remained
in force unvacated and unstayed for a period of 90 days; or a decree or order of a court having jurisdiction in the premises shall
have been entered for the appointment on the ground of insolvency or bankruptcy of a receiver, custodian, liquidator, trustee
or assignee in bankruptcy or insolvency of the Company or of its property, or for the winding up or liquidation of its affairs,
and such decree or order shall have remained in force unvacated and unstayed for a period of 90 days;

 

		(6)	the Company shall institute proceedings to be adjudicated
a voluntary bankrupt, shall consent to the filing of a bankruptcy proceeding against it, shall file a petition or answer or consent
seeking liquidation or reorganization under any applicable bankruptcy, insolvency, reorganization or other similar law, shall
consent to the filing of any such petition or shall consent to the appointment on the ground of insolvency or bankruptcy of a
receiver or custodian or liquidator or trustee or assignee in bankruptcy or insolvency of it or of its property, or shall make
a general assignment for the benefit of creditors; or

 

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		(7)	any other Event of Default provided in or pursuant to the
Indenture with respect to Securities of the series, provided that any such Event of Default that results from a change in GAAP
shall not be deemed to be an Event of Default.

 

Section 5.2           Acceleration
of Maturity; Rescission and Annulment

 

If an Event of Default specified in clause (5) or (6) of the
definition thereof above occurs, the principal of all Securities shall automatically become due and payable without further action
or notice, anything contained in this Indenture or the Securities of each series or established with respect to each series pursuant
to Section 3.1 to the contrary notwithstanding. If (a) upon the occurrence and continuance of an Event of Default specified in
clause (1) or (2) of the definition thereof, the Company and the Trustee receive notice in writing that Holders of not less than
25% in aggregate principal amount of the Outstanding Notes of that series, or (b) upon the occurrence and continuance of any other
Event of Default other than an Event of Default specified in clause (1), (2), (5) and (6) of the definition thereof, the Company
and the Trustee receive notice in writing that Holders of not less than a majority in aggregate principal amount of the Outstanding
Notes of that series, have declared the principal of all Securities of that series to be due and payable immediately, then upon
any such declaration the same shall become and shall be immediately due and payable, anything contained in this Indenture or in
the Securities of that series or established with respect to that series to the contrary notwithstanding.

 

At any time after a declaration of acceleration or automatic
acceleration with respect to the Securities of any series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereafter in this Article 5 provided, the Holders of not less than a majority in principal
amount of the Outstanding Securities of such series, by written notice to the Company and the Trustee, may rescind and annul the
declaration or automatic acceleration and its consequences if:

 

		(1)	the Company has paid or deposited with the Trustee a sum
of money sufficient to pay (A) all overdue installments of interest on all Securities of such series and any Additional Amounts
payable with respect thereto, (B) the principal of and any premium on any Securities of the series which have become due otherwise
than by the declaration of acceleration or automatic acceleration and interest thereon and any Additional Amounts with respect
thereto at the rate or rates borne by or provided in such Securities, (C) interest upon overdue interest at the rate or rates
prescribed therefor in such Securities and (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel; and

 

		(2)	all Events of Default with respect to Securities of such
series, other than the non-payment of the principal of, any premium and interest on, and any Additional

 

Amounts with respect to, Securities of such series which shall
have become due solely by the acceleration, shall have been cured or waived as provided in Section 5.3.

 

The sole remedy of the Holders for any failure on the part of
the Company to duly observe or perform the covenants and agreements set forth in Section 7.4 shall be the right to receive Additional
Interest if and to the extent required by any Security, under the circumstances specified therein.

 

Section 5.3           Collection
of Indebtedness and Suits for Enforcement by Trustee

 

The Company covenants that if:

 

		(1)	default is made in the payment of any installment of interest on any Security, or any Additional Amounts payable with respect
thereto, when such interest or Additional Amounts shall have become due and payable and such default continues for any cure period
specified with respect to such Security,

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		(2)	default is made in the payment of any principal of or premium,
if any, on, or any Additional Amounts payable in respect of any principal of or premium, if any, on any Security at its Maturity;
or

 

		(3)	default is made in the deposit of any sinking fund payment,
when and as due by the terms of any Security and such default continues for any cure period specified with respect to such Security;
the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole
amount of money then due and payable with respect to such Securities, with interest upon the overdue principal, any premium and,
to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest and Additional
Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 6.7.

 

If the Company fails to pay the money it is required to
pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own name
and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid,
and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other
obligor upon such Securities and collect the monies adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever situated. If an Event of Default with respect
to the Securities of any series occurs and is continuing, the Trustee may, and if (A) an Event of Default specified in clause
(1), (2), (5) or (6) of the definition thereof occurs and is continuing, and Holders of not less than 25% in aggregate
principal amount of the Outstanding Securities of such series direct, or (B) an Event of Default other than an Event of
Default specified in clause (1), (2), (5) or (6) of the definition thereof occurs and is continuing, and Holders of not less
than a majority in aggregate principal amount of the Outstanding Securities of such series direct, so long as such Holders
shall have provided the Trustee with such indemnity as it shall require and subject to the provisions of Section 5.12, the
Trustee shall, proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to
enforce any other proper remedy.

 

Section 5.4           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 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 any overdue principal, premium,
interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

		(1)	to file and prove a claim for the whole amount, or such
lesser amount as may be provided for in the Securities of such series, of the principal and any premium, interest and Additional
Amounts 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 or counsel) and of the Holders of Securities allowed in such judicial proceeding, and

 

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		(2)	to collect and receive any monies 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 of Securities 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 of Securities,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel and any other amounts due the Trustee under Section 6.7.

 

Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder of a Security 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 of a Security in any such proceeding.

 

Section 5.5           Trustee
May Enforce Claims without Possession of Securities

 

All rights of action and claims under this Indenture or any
of 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 or judgment, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and every Holder of
a Security in respect of which such judgment has been recovered.

 

Section 5.6           Application
of Money Collected

 

Any money collected by the Trustee pursuant to this Article
5 with respect to Securities of any series shall be applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon presentation
of such 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
and any predecessor Trustee under Section 6.7;

 

SECOND: To the payment of the amounts then due and
unpaid upon such Securities for principal and any premium, interest and Additional Amounts 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 aggregate amounts
due and payable on such Securities for principal and any premium, interest and Additional Amounts, respectively; and

 

THIRD: The balance, if any, to the Company.

 

Section 5.7           Limitations
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

 

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

 

		(2)	(a) in the case of an Event of Default specified in clause
(1), (2), (5) and (6) of the definition thereof, Holders of not less than 25%, or (b) in the case of an Event of Default other
than as specified in clause (1), (2), (5) and (6) of the definition thereof, Holders of not less than a majority, in aggregate
principal amount of the

 

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		(3)	Outstanding Securities of such series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as

 

		(4)	Trustee hereunder;

 

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

 

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

 

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

 

it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security
to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain
or to seek to obtain priority or preference over any other 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.

 

Section 5.8           Unconditional
Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts

 

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, any premium
and (subject to Section 3.5 and Section 3.7) interest on, and any Additional Amounts with respect to, such Security, on the respective
Stated Maturity or Maturities therefor specified in such Security (or, in the case of redemption, on the Redemption Date or, in
the case of repayment at the option of such Holder if provided in or pursuant to this Indenture, on the date such repayment is
due) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of
such Holder.

 

Section 5.9           Restoration
of Rights and Remedies

 

If the Trustee or any Holder of a Security 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 the Company, the Trustee and each
such Holder shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such proceeding
had been instituted.

 

Section 5.10         Rights
and Remedies Cumulative

 

Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy herein conferred
upon or reserved to the Trustee or to each and every Holder of a Security is intended to be exclusive of any other right or remedy,
and every right and remedy, to the extent permitted by law, shall 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.

 

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Section 5.11         Delay
or Omission Not Waiver

 

No delay or omission of the Trustee or of any Holder of any
Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 5 or by law to the
Trustee or to any Holder of a Security may be exercised from time to time, and as often as may be deemed expedient, by the Trustee
or by such Holder, as the case may be.

 

Section 5.12         Control
by Holders of Securities

 

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:

 

		(1)	such direction shall not be in conflict with any rule of
law or with this Indenture or with the Securities of any series and would not involve the Trustee in personal liability,

 

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

 

		(3)	such direction is not unduly prejudicial to the rights
of the other Holders of Securities of such series not joining in such action.

 

Section 5.13         Waiver
of Past or Existing Defaults

 

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

 

		(1)	in the payment of the principal of, any premium or interest
on, or any Additional Amounts with respect to, any Security of such series, or

 

		(2)	in respect of a covenant or provision hereof which under
Article 9 hereof cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

 

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

 

Section 5.14         Waiver
of Stay or Extension Laws

 

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

 

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Section 5.15         Undertaking
for Costs

 

All parties to this Indenture agree, and each Holder of any
Security by his or her acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any
party litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.15 shall not apply 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 Outstanding Securities of any series, or to
any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any,
on or Additional Amounts, if any, with respect to any Security on or after the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment, on or after the date for repayment)
or for the enforcement of the right, if any, to convert or exchange any Security into Common Stock or other securities, cash or
other property in accordance with its terms.

 

ARTICLE 6

THE TRUSTEE

 

Section 6.1           Certain
Duties and Responsibilities

 

The duties and responsibilities of the Trustee shall be as provided
by the Trust Indenture Act. Except during the continuance of an Event of Default with respect to the Securities of a series of
which a Responsible Officer has actual knowledge, the Trustee undertakes to perform such duties and only such duties as are specifically
set forth in this Indenture with respect to such Securities, and no implied covenants or obligations shall be read into this Indenture
with respect to such Securities against the Trustee. In case an Event of Default of which a Responsible Officer has actual knowledge
with respect to the Securities of a series has occurred (which has not been cured or waived), 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, with respect to such Securities,
as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. Notwithstanding
the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 6.1.

 

Section 6.2           Certain
Rights of Trustee

 

Subject to the provisions of Section 6.1:

 

		(1)	the Trustee may conclusively rely and shall be fully protected
in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document (whether in
its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

		(2)	any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or a Company Order (in each case, other than delivery of any Security to
the Trustee for authentication and delivery pursuant to Section 3.3 which shall be sufficiently evidenced as provided therein)
and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution;

 

		(3)	whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, request
and conclusively rely upon an Officer’s Certificate;

 

    	 	38

     

    

 

		(4)	the Trustee may consult with counsel of its selection and
the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

		(5)	the Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by or pursuant to this Indenture or to institute, conduct or defend any litigation hereunder
or in relation hereto at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction;

 

		(6)	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, coupon, note, other evidence of indebtedness or other paper or document, but the Trustee, in
its discretion, may but shall not be obligated to make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine,
during business hours and upon reasonable notice, the books, records and premises of the Company, personally or by agent or attorney
at the expense of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 

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

 

		(8)	the Trustee shall not be liable in its individual capacity
for any action taken or suffered to be taken, unless it shall be proved that the Trustee was negligent, acted in bad faith or
engaged in willful misconduct;

 

		(9)	the Authenticating Agent, Paying Agent, and Security Registrar
shall have the same protections as the Trustee set forth hereunder;

 

		(10)	the Trustee shall not be liable in its individual capacity
with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with this Indenture, and,
to the extent not so provided herein, with respect to any act requiring the Trustee to exercise its own discretion, 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 or any Securities, unless it shall be proved that, in connection with any such
action taken, suffered or omitted or any such act, the Trustee was negligent, acted in bad faith or engaged in willful misconduct;

 

		(11)	no provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers;

 

		(12)	the Trustee shall not be charged with knowledge or required
to take notice of any default or Event of Default with respect to the Securities unless either (A) a Responsible Officer shall
have actual knowledge of such default or Event of Default or (B) written notice of such default or Event of Default, which references
the Securities and this Indenture, shall have been given to a Responsible Officer by the Company or other obligor on such Securities
or by any Holder of such Securities;

 

		(13)	the Trustee shall not be liable in its individual capacity
for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Indenture;

 

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		(14)	the rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by,
the Trustee in each of its capacities hereunder, and each agent, custodian, director, officer, employee and other Person employed
to act hereunder;

 

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

 

		(16)	the permissive rights of the Trustee to take certain actions
under or perform any discretionary act enumerated in this Indenture shall not be construed as a duty unless so specified herein,
and the Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such action
or act;

 

		(17)	the Trustee shall not be liable in its individual capacity
with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with this Indenture or at
the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising or omitting to exercise any trust
or power conferred upon the Trustee, under this Indenture;

 

		(18)	in no event shall the Trustee be liable for special, indirect
or consequential 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 and regardless of the form of action; and

 

		(19)	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 efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 6.3           Notice
of Defaults

 

Within 90 days after the occurrence of any default hereunder
with respect to the Securities of any series of which a Responsible Officer has actual knowledge, the Trustee shall give the Holders
of Securities of such series entitled to receive reports pursuant to Section 7.3, notice of such default hereunder actually known
to a Responsible Officer, unless such default shall have been cured or waived; provided, however, that, except in the case of a
default in the payment of the principal of (or premium, if any), or interest, if any, on, or Additional Amounts or any sinking
fund or purchase fund installment with respect to, any Security of such series, the trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers
in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities of such series;
and provided, further, that in the case of any default of the character specified in Section 5.1(4) with respect to Securities
of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of
this Section, the term “ default ” means any event that is, or after notice or lapse of time or both would become,
an Event of Default with respect to Securities of such series.

 

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Section 6.4           Not
Responsible for Recitals or Issuance of Securities

 

The recitals contained herein and in the Securities, except
the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and neither the Trustee nor
any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity,
sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of the Securities or the proceeds thereof. Except with respect to the authentication
of Securities pursuant to Section 3.3, the Trustee shall not be responsible for the legality or the validity of this Indenture
or any Securities issued or to be issued hereunder.

 

Section 6.5           May
Hold Securities

 

The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any other capacity,
may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise
deal with the Company with the same rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other Person.

 

Section 6.6           Money
Held in Trust

 

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

 

Section 6.7           Compensation
and Reimbursement

 

The Company agrees:

 

		(1)	to pay to the Trustee from time to time such compensation
as shall be agreed upon from time to time in writing between the Company and the Trustee for all services rendered by the Trustee
hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust);

 

		(2)	except as otherwise expressly provided herein, to reimburse
the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any provision of this Indenture arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be caused by the Trustee’s own negligence or willful misconduct; and

 

		(3)	to fully indemnify each of the Trustee and any predecessor
Trustee and its agents, officers, directors and employees for, and to hold them harmless against, any loss, liability, damage,
claim or expense (including reasonable legal fees and expenses), including taxes (other than taxes based on the income of the
Trustee), incurred without negligence or willful misconduct on their part, arising out of or in connection with the acceptance
or administration of the trust or trusts hereunder, including the reasonable costs and expenses of defending themselves against
any claim or liability (whether asserted by the Company, a Holder of Securities, or any other Person) in connection with the exercise
or performance of any of their powers or duties hereunder.

 

As security for the performance of the payment obligations of
the Company under this Section 6.6, the Trustee shall have a lien prior to the Securities of any series upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or interest on,
or any Additional Amounts with respect to, particular Securities. Such lien shall survive the resignation or removal of the Trustee
and the satisfaction and discharge of this Indenture. Without prejudice to any other rights available to the Trustee under applicable
law, when the Trustee incurs expenses or renders services after a default or Event of Default specified in Section 5.1(5) and 5.1(6)
hereof occurs, the expenses and the compensation for the services (including the fees and expense of its agents and counsel) are
intended to constitute expense of administration under U.S. Code, Title 11 or any other similar foreign, federal or state law for
the relief of debtors.

 

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Without prejudice to any other rights available to the Trustee
under applicable law, to the extent permitted by law any compensation or expense incurred by the Trustee after a default specified
in or pursuant to Section 5.1 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency
law. “ Trustee ” for purposes of this Section 6.7 shall include any predecessor Trustee but the negligence or
willful misconduct of any Trustee shall not affect the rights of any other Trustee under this Section 6.7.

 

Notwithstanding any other provision of this Indenture to the
contrary, in no event shall the Trustee be liable for special, indirect or consequential damages of any kind whatsoever (including
but not limited to lost profits) even if the Trustee had been advised of the likelihood of such loss or damage and regardless of
the form of action.

 

The provisions of this Section 6.7 shall survive the satisfaction
and discharge of this Indenture or the earlier resignation or removal of the Trustee and shall apply with equal force and effect
to the Trustee in its capacity as Authenticating Agent, Paying Agent or Security Registrar.

 

Section 6.8           Corporate
Trustee Required; Eligibility; Conflicting Interests

 

There shall at all times be a Trustee hereunder that is a Corporation
or a national banking association, organized and doing business under the laws of the United States of America, any state thereof
or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified
under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the
Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by federal or state authority. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article 6.

 

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

 

Section 6.9           Resignation
and Removal; Appointment of Successor

 

		(1)	No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article 6 shall become effective until the acceptance of appointment by the successor
Trustee pursuant to Section 6.10.

 

		(2)	The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment
of a successor Trustee with respect to such series.

 

		(3)	The Trustee may be removed at any time with respect to
the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and the Company. If the instrument of acceptance by a successor Trustee required by Section 6.10 shall
not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being removed may
petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect
to such series. The Trustee for one or more series of Securities may be removed by the Company, so long as no default or Event
of Default has occurred and is continuing with respect to such series.

 

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		(4)	If at any time:

 

		(a)	the Trustee shall fail to comply with the obligations imposed
upon it under Section 310(b) of the Trust Indenture Act with respect to Securities of any series after written request therefor
by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at
least six months,

 

		(b)	the Trustee shall cease to be eligible under Section 6.8
and shall fail to resign after written request therefor by the Company or any such Holder, or

 

		(c)	the Trustee shall become incapable of acting or shall be
adjudged bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall
take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case,

 

		(i)	the Company, by or pursuant to a Company Order, may remove
the Trustee with respect to all Securities or the Securities of such series, or

 

		(ii)	subject to Section 5.15, any Holder of a Security who has
been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series
and the appointment of a successor Trustee or Trustees.

 

		(5)	If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by or pursuant to a Company Order, shall promptly appoint a successor Trustee or Trustees with respect to the Securities
of such series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.10. If, within one year after such resignation, removal
or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and
to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner
required by Section 6.10, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

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

 

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		(7)	In no event shall any retiring Trustee be liable for the
acts or omissions of any successor Trustee hereunder.

 

Section 6.10         Acceptance
of Appointment by Successor

 

		(1)	Upon the appointment hereunder of any successor Trustee
with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and
the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee,
such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.3, shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its lien, if
any, provided for in Section 6.7.

 

		(2)	Upon the appointment hereunder of any successor Trustee
with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and such successor Trustee
shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, such successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates, (b) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
and shall continue to be vested in the retiring Trustee and (c) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust,
that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure
to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation
or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall have no
further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the
Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates; but, on request of the Company or such successor Trustee,
such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates and subject to Section 10.3 shall duly assign, transfer and deliver to such successor Trustee,
to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates, subject to its lien,
if any, provided for in Section 6.7.

 

    	 	44

     

    

 

		(3)	Upon request of any Person appointed hereunder as a successor
Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts.

 

		(4)	No Person shall accept its appointment hereunder as a successor
Trustee unless at the time of such acceptance such successor Person shall be qualified and eligible under this Article 6.

 

Section 6.11         Merger;
Conversion; Consolidation; or Succession to Business

 

Any Corporation or national banking association into which the
Trustee may be merged or converted or with which it may be consolidated, or any Corporation or national banking association resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation or national banking association
succeeding to all or substantially all of the corporate trust business of the Trustee by sale or otherwise, shall be the successor
of the Trustee hereunder, provided such Corporation or national banking association shall otherwise be qualified and eligible under
this Article 6, in each case without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated but not delivered by the Trustee then in office, any successor by
merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 6.12         Appointment
of Authenticating Agent

 

The Trustee may appoint one or more Authenticating Agents acceptable
to the Company with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial
repayment or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent.

 

Each Authenticating Agent must be acceptable to the Company
and, except as provided in or pursuant to this Indenture, shall at all times be a Corporation or national banking association that
would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is
authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed
in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section 6.12, it shall resign immediately in the manner and
with the effect specified in this Section 6.12.

 

Any Corporation or national banking association into which an
Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation or national banking association
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation
or national banking association succeeding to all or substantially all of the corporate agency or corporate trust business of an
Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, provided such Corporation or national banking
association shall be otherwise eligible under this Section 6.12, without the execution or filing of any paper or any further act
on the part of the Trustee or the Authenticating Agent.

 

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An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section 6.12, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities, if any, of the
series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security Register.
Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 6.12.

 

The Company agrees to pay each Authenticating Agent from time
to time reasonable compensation for its services under this Section 6.12 to the extent agreed in writing.

 

The provisions of Section 3.3, Section 6.1, Section 6.4 and
Section 6.5 shall be applicable to each Authenticating Agent.

 

If an Authenticating Agent is appointed with respect to one
or more series of Securities pursuant to this Section 6.12, the Securities of such series may have endorsed thereon, in addition
to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially
the following form:

 

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

 

	 	________________________, as Trustee	 	 
	 	 	 	 
	By:	 	 	Dated
	 	as Authenticating Agent	 	 
	 	 	 	 
	By:	 	 	Dated
	 	as Authorized Officer	 	 

 

If all of the Securities of any series may not be originally
issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original issuance located
in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee,
if so requested by Company Request (which writing need not be accompanied by or contained in an Officer’s Certificate), shall
appoint in accordance with this Section 6.12 (and subject to such procedures as shall be acceptable to the Trustee) an Authenticating
Agent having an office in a Place of Payment designated by the Company with respect to such series of Securities.

 

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ARTICLE 7

HOLDERS LISTS AND
REPORTS BY TRUSTEE AND COMPANY

 

Section 7.1           Company
to Furnish Trustee Names and Addresses of Holders

 

In accordance with Section 312(a) of the Trust Indenture Act,
the Company shall furnish or cause to be furnished to the Trustee:

 

		(1)	semi-annually with respect to Securities of each series
not later than 15 days after each Regular Record Date in respect of Securities of a series, a list, in each case in such form
as the Trustee may reasonably require, of the names and addresses of Holders of such Securities as of the applicable date, and

 

		(2)	at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more
than 15 days prior to the time such list is furnished, provided, however, that so long as the Trustee is the Security Registrar
no such list shall be required to be furnished.

 

Section 7.2           Preservation
of Information; Communications to Holders

 

The Trustee shall comply with the obligations imposed upon it
pursuant to Section 312 of the Trust Indenture Act.

 

Every Holder of Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company, the Trustee, any Paying Agent or any Security Registrar shall
be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities
in accordance with Section 312 of the Trust Indenture Act, regardless of the source from which such information was derived, and
that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b)
of the Trust Indenture Act.

 

Section 7.3           Reports
by Trustee

 

		(1)	Within 60 days after May 15 of each year commencing with
the first May 15 following the first issuance of Securities pursuant to Section 3.1, if required by Section 313(a) of the Trust
Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such
May 15 with respect to any of the events specified in said Section 313(a) that may have occurred since the later of the immediately
preceding May 15 and the date of this Indenture.

 

		(2)	The Trustee shall transmit any reports required by Section
313(a) of the Trust Indenture Act at the times specified therein.

 

		(3)	A copy of each report, if any, described in Section 7.3(1)
and (2) shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which
the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when the Securities
are listed on any stock exchange and of any delisting thereof.

 

Section 7.4           Reports
by Company

 

The Company, pursuant to Section 314(a) of the Trust Indenture
Act, shall:

 

		(1)	file with the Trustee, within 30 days after the Company
has filed the same with the Commission, unless such reports are available on the Commission’s EDGAR filing system (or any
successor thereto), copies of the annual reports and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required
to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to
file information, documents or reports pursuant to either of Section 13 or Section 15(d) of the Exchange Act, then it shall file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the
Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations;

 

    	 	47

     

    

 

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

 

		(3)	transmit within 30 days after the filing thereof with the
Trustee, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information,
documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section 7.4 as may be required
by rules and regulations prescribed from time to time by the Commission.

 

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

 

ARTICLE 8

CONSOLIDATION, MERGER
AND SALES

 

Section 8.1           Company
May Consolidate, etc., Only on Certain Terms

 

The Company shall not directly or indirectly consolidate with
or merge with or into, or sell, assign, transfer, lease, convey or otherwise dispose of all or

 

substantially all of its assets and properties and the assets
and properties of its Subsidiaries (taken as a whole) to another Person in one or more related transactions unless:

 

		(1)	either: (A) the Company is the survivor; or (B) the Person
formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer,
lease, conveyance or other disposition has been made is a Person organized or existing under the laws of the United States, any
state of the United States or the District of Columbia;

 

		(2)	the Person formed by or surviving any such consolidation
or merger (if other than the Company) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition
has been made shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental
hereto, in form reasonably satisfactory to the Trustee, executed by the successor Person and delivered to the Trustee, the due
and punctual payment of the principal of, any premium and interest on and any Additional Amounts with respect to, all the Securities
and the performance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be performed
or observed and shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series
that are convertible or exchangeable into Common Stock or other securities, cash or other property;

 

		(3)	either the Company or the successor Person shall have delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment,
transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction,
such supplemental indenture comply with this Article 8 and that all conditions precedent herein provided for relating to such
transaction have been complied with; and

 

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

 

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Section 8.2           Successor
Person Substituted for Company

 

Upon any consolidation by the Company with or merger of the
Company into any other Person or Persons where the Company is not the survivor or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the properties and assets of the Company and the properties and assets of its
Subsidiaries (taken as a whole) to any Person or Persons in accordance with Section 8.1, the successor Person formed by such consolidation
or into which the Company is merged or to which such sale, assignment, transfer, 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 had been named as the Company herein; and thereafter, except in the case of a lease, the
predecessor Person shall be released from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.1           Supplemental
Indentures Without Consent of Holders

 

Without the consent of any Holders of Securities, the Company
(when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

		(1)	to evidence the succession of another Person to the Company,
and the assumption by any such successor of the covenants of the Company contained herein and in the Securities;

 

		(2)	to add to the covenants of the Company for the benefit
of the Holders of all or any series of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender
any right or power herein conferred upon the Company; provided, that in respect of any such additional covenant, such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed
in the case of other defaults) or may provide for an immediate enforcement upon such a default or may limit the remedies available
to the Trustee upon an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the
Securities of such series to waive such an Event of Default;

 

		(3)	to establish the form or terms of Securities of any series
as permitted by Section 2.1 and Section 3.1;

 

		(4)	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, pursuant to the requirements of Section 6.10;

 

		(5)	to cure any ambiguity, to correct or supplement any provision
herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to
matters or questions arising under this Indenture; provided that no action pursuant to this clause (5) shall adversely affect
the interests of the Holders of Securities of any series then Outstanding in any material respect;

 

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

 

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		(7)	to add any additional Events of Default with respect to
all or any series of Securities (as shall be specified in such supplemental indenture);

 

		(8)	to supplement any of the provisions of this Indenture to
such extent as shall be necessary for the defeasance and discharge of any series of Securities pursuant to Article 4, provided
that any such action shall not adversely affect the interests of any Holder of an Outstanding Security of such series or any other
Security in any material respect;

 

		(9)	to make provisions with respect to conversion or exchange
rights of Holders of Securities of any series;

 

		(10)	to add guarantees in respect of the Securities of one or
more series and to provide for the terms and conditions of release thereof;

 

		(11)	to convey, transfer, assign, mortgage or pledge to the
Trustee as security for the Securities of one or more series any property or assets and to provide for the terms and conditions
of release thereof;

 

		(12)	to change or eliminate any of the provisions of this Indenture,
provided that any such change or elimination shall become effective only when there is no Outstanding Security of any series created
prior to the execution of such supplemental indenture that is entitled to the benefit of such provision;

		(13)	to provide for Definitive Securities in addition to or
in place of Global Securities;

 

		(14)	to qualify the Indenture under the Trust Indenture Act;

 

		(15)	with respect to the Securities of a series, to conform
the text of the Indenture or the Securities of such series to any provision of the description thereof in the Company’s
offering memorandum or prospectus relating to the initial offering of such Securities, to the extent that such provision, in the
good faith judgment of the Company, was intended to be a verbatim recitation of a provision of the Indenture or such Securities;
or

 

		(16)	to make any other change that does not adversely affect
the rights of Holders of Outstanding Securities in any material respect.

 

The Trustee is hereby required to join with the Company and
any guarantors in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder,
but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

 

Section 9.2           Supplemental
Indentures With Consent of Holders

 

With the consent of the Holders of not less than a majority
(or such greater amount as is provided for a particular series of Securities) in principal amount of the Outstanding Securities
of each series affected by such supplemental indenture (including consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Securities of such series), by Act of said Holders delivered to the Company and the Trustee, the Company
(when authorized by or pursuant to a Board Resolution) and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of such series under this Indenture or of the Securities of
such series; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding Security
affected thereby, shall:

 

    	 	50

     

    

 

		(1)	change the Stated Maturity of the principal of, or any
premium or installment of interest on or any Additional Amounts with respect to, any Security, or reduce the principal amount
thereof or the rate (or modify the calculation of such rate in a manner that reduces such rate) of interest thereon or any Additional
Amounts with respect thereto, or any premium payable upon the redemption thereof or otherwise, or change the obligation of the
Company to pay Additional Amounts pursuant to Section 10.4, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the
amount thereof provable in bankruptcy pursuant to Section 5.4, change the redemption provisions or adversely affect the right
of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment for any Security or the
Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to any Security is payable,
or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date or, in the case of repayment at the option of the Holder, on or after
the date for repayment);

 

		(2)	reduce the percentage in principal amount of the Outstanding
Securities of any series the consent of the Holders of which are required for any such supplemental indenture, or the consent
of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder
and their consequences) provided for in this Indenture, or reduce the requirements of Section 15.4 for quorum or voting;

 

		(3)	modify any of the provisions of this Section 9.2 or Section
5.13 or Section 10.5, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; or

 

		(4)	make any change that adversely affects the right to convert
or exchange any Security into or for Common Stock or other securities, cash or other property in accordance with the terms of
such Security.

 

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

 

It shall not be necessary for any Act of Holders of Securities
under this Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such
Act shall approve the substance thereof.

 

Upon the request of the Company, accompanied by a copy of a
Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence
of the consent of Holders of Securities as aforesaid, the Trustee shall join with the Company and any guarantors in the execution
of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture.

 

Section 9.3           Execution
of Supplemental Indentures

 

As a condition to executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article 9 or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate and Opinion
of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise.

 

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Section 9.4           Revocation
of Consents

 

Notwithstanding clause (5) of Section 1.4, any Holder of a Security
or future Holder of the same Security may revoke a consent as to its Security or portion of a Security. Any revocation of a consent
by the Holder of a Security or any such future Holder shall be effective only if the Trustee receives the notice of revocation
before the date on which the Trustee receives an Officer’s Certificate from the Company certifying that the requisite number
of consents have been received. If, however, a record date is fixed pursuant to Section 1.4, then notwithstanding the second preceding
sentence, those Persons who were Holders at such record date

(or their duly designated proxies), and only those Persons,
shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record
date.

 

Section 9.5           Effect
of Supplemental Indentures

 

A supplemental indenture or waiver becomes effective upon the
(a) receipt by the Company or the Trustee of the requisite number of consents (if required), (b) satisfaction of any conditions
to effectiveness as set forth in this Indenture or any such supplemental indenture or waiver and (c) with respect to a supplemental
indenture, execution of such supplemental indenture by the Company and the Trustee. After a supplemental indenture or waiver becomes
effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (4) of Section 9.2, in
which case, the supplemental indenture or waiver shall bind a Holder of a Security who is affected thereby only if it has consented
to such supplemental indenture or waiver and every subsequent Holder of a Security or portion of a Security that evidences the
same debt as the consenting Holder’s Security. Upon the effectiveness of any supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all
purposes; and, except as provided in the preceding sentence, every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

 

Section 9.6           Reference
in Securities to Supplemental Indentures

 

Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article 9 may, and shall if required by the Trustee, bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

 

Section 9.7           Conformity
with Trust Indenture Act

 

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

 

Section 9.8           Notice
of Supplemental Indenture

 

Promptly after the execution by the Company and the Trustee
of any supplemental indenture pursuant to Section 9.2, the Company shall transmit to the Holders of Outstanding Securities of any
series affected thereby a notice setting forth the substance of such supplemental indenture; provided, that any failure to provide,
or any defect in any such notice, shall not impair the validity of any such supplemental indenture.

 

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ARTICLE 10

COVENANTS

 

Section 10.1         Payment
of Principal, any Premium, Interest and Additional Amounts

 

The Company covenants and agrees for the benefit of the Holders
of the Securities of each series that it will duly and punctually pay the principal of, any premium and interest on and any Additional
Amounts with respect to, the Securities of such series in accordance with the terms thereof and this Indenture.

 

Section 10.2         Maintenance
of Office or Agency

 

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

 

The Company may also from time to time designate one or more
other Offices or Agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an Office or Agency in each Place of Payment for Securities of any series for
such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other Office or Agency.

 

Unless otherwise provided in or pursuant to this Indenture,
the Company hereby designates as the Place of Payment for each series of Securities the Borough of Manhattan, The City of New York,
and initially appoints the Corporate Trust Office of , located at , as the Office or Agency of the Company in the Borough of Manhattan,
The City of New York for such purpose. The Company may subsequently appoint a different Office or Agency in the Borough of Manhattan,
The City of New York for the Securities of any series.

 

Section 10.3         Money
for Securities Payments to Be Held in Trust

 

If the Company shall at any time act as its own Paying Agent
with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium or interest on
or Additional Amounts with respect to any of the Securities of such series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified pursuant to Section 3.1 for the Securities of such series)
sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its failure so to act.

 

Whenever the Company shall have one or more Paying Agents for
any series of Securities, it shall, on or prior to each due date of the principal of, any premium or interest on or any Additional
Amounts with respect to any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies, currency
unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal or any
premium, interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto,
and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its failure so to act.

 

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The Company shall cause each Paying Agent for any series of
Securities (other than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent shall:

 

		(1)	hold all sums held by it for the payment of the principal
of, any premium or interest on or any Additional Amounts with respect to Securities of such series in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant
to this Indenture;

 

		(2)	give the Trustee notice of any default by the Company (or
any other obligor upon the Securities of such series) in the making of any payment of principal, any premium or interest on or
any Additional Amounts with respect to the Securities of such series; and

 

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

 

The Company may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent
to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. Except
as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect
to any Security of any series and remaining unclaimed for two years after such principal or any such premium or interest or
any such Additional Amounts shall have become due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company
either cause to be published once, in an Authorized Newspaper in each Place of Payment for such series, or may cause to be
mailed once to Holders of Registered Securities of such series, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of such publication or mailing nor later than two
years after such principal and any premium or interest or Additional Amounts shall have become due and payable, any unclaimed
balance of such money then remaining will be repaid to the Company.

 

Section 10.4         Additional
Amounts

 

If any Securities of a series provide for the payment of Additional
Amounts, the Company agrees to pay to the Holder of any such Security Additional Amounts as provided in or pursuant to this Indenture
or such Securities. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium
or interest on, or in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of
Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment
of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made.

 

    	 	54

     

    

 

Except as otherwise provided in or pursuant to this Indenture
or the Securities of the applicable series, if the Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of such series
shall not bear interest prior to Maturity, the first day on which a payment of principal is made), and at least 10 days prior to
each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned
Officer’s Certificate, the Company shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if other
than the Trustee, an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment
of principal of and premium, if any, or interest on the Securities of such series shall be made to Holders of Securities of such
series who are United States Aliens (as demonstrated by delivery of appropriate tax forms) without withholding for or on account
of any tax, assessment or other governmental charge described in the Securities of such series. If any such withholding shall be
required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments
to such Holders of Securities, and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required
by the terms of such Securities. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in
connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this
Section 10.4.

 

Section 10.5         Waiver
of Certain Covenants

 

The Company may omit in any particular instance to comply with
any term, provision or condition specified pursuant to Section 3.1 with respect to the Securities of any series if the Company
shall have obtained or filed with the Trustee, prior to the time of such failure or omission, evidence (as described in Section
1.4) of the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series, by
Act of such Holders, either waiving such compliance in such instance or generally waiving compliance with such term, provision
or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly
waived, and, until such waiver shall become effective in accordance with Section 9.5, the obligations of the Company and the duties
of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

 

Section 10.6         Company
Statement as to Compliance

 

		(1)	If any Securities are Outstanding under this Indenture,
the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, a written statement (which need not
be contained in or accompanied by an Officer’s Certificate) signed by the principal executive officer, the principal financial
officer or the principal accounting officer, stating that:

 

		(a)	in the course of the performance of his or her duties as
an officer of the Company he or she would normally have knowledge of any default by the Company in the performance of the covenants
contained in this Indenture, and

 

		(b)	to his or her knowledge, the Company has complied with
all the conditions and covenants imposed on it under this Indenture throughout such year, or, if there has been a noncompliance
in the fulfillment of any such condition or covenant, specifying each such noncompliance known to him or her and the nature and
status thereof.

 

		(2)	The Trustee shall have no duty to monitor the Company’s
compliance with the covenants contained in this Indenture other than to receive written notices described in Section 10.6(1).

 

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ARTICLE 11

REDEMPTION OF SECURITIES

 

Section 11.1         Applicability
of Article

 

Redemption of Securities of any series at the option of the
Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of such Securities
and (except as otherwise provided herein or pursuant hereto) this Article 11.

 

Section 11.2         Election
to Redeem; Notice to Trustee

 

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

 

Section 11.3         Selection
by Trustee of Securities to be Redeemed

 

If less than all of the Securities of any series with the same
issue date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series
not previously called for redemption on a pro rata basis or by lot (whichever is consistent with the Trustee’s customary
practice); provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Registered
Security of such series not redeemed to less than the minimum denomination for a Security of such series established herein or
pursuant hereto.

 

The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be
redeemed only in part, to the portion of the principal of such Securities that has been or is to be redeemed. Unless otherwise
specified in or pursuant to this Indenture or the Securities of any series, if any Security selected for partial redemption is
converted into or exchanged for Common Stock or other securities, cash or other property in part before termination of the conversion
or exchange right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed
(so far as may be) to be the portion selected for redemption. Securities that have been converted or exchanged during a selection
of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection.

 

Section 11.4         Notice
of Redemption

 

Notice of redemption shall be given in the manner provided in
Section 1.6, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified in the Securities
to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to
the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion thereof.

 

    	 	56

     

    

 

Any notice that is mailed to the Holder of any Registered Securities
in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice.

 

All notices of redemption shall state:

 

		(1)	the Redemption Date;

 

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

 

		(3)	if
                                         less than all Outstanding Securities of any series are to be redeemed, the identification
                                         (and, in the case of partial redemption, the principal amount) of the particular Security
                                         or Securities to be redeemed;

 

		(4)	in case any Security is to be redeemed in part only, the
notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the
Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal
amount thereof remaining unredeemed;

 

		(5)	that, on the Redemption Date, the Redemption Price shall
become due and payable upon each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall
cease to accrue on and after said date, subject to such conditions as may be specified pursuant to Section 3.1 with respect to
such Security;

 

		(6)	the place or places where such Securities are to be surrendered
for payment of the Redemption Price and any accrued interest and Additional Amounts pertaining thereto;

 

		(7)	that the redemption is for a sinking fund, if such is the
case;

 

		(8)	in the case of Securities of any series that are convertible
or exchangeable into Common Stock or other securities, cash or other property, the conversion or exchange price or rate, the date
or dates on which the right to convert or exchange the principal of the Securities of such series to be redeemed will commence
or terminate and the place or places where such Securities may be surrendered for conversion or exchange; and

 

		(9)	the CUSIP number (or any other numbers used by a Depositary
to identify such Securities).

 

A notice of redemption published as contemplated by Section
1.6 need not identify particular Registered Securities to be redeemed.

 

Notice of redemption of Securities to be redeemed at the election
of the Company shall be given by the Company or, upon Company Request, by the Trustee in the name and at the expense of the Company.

 

Section 11.5         Deposit
of Redemption Price

 

At or prior to 10:00 a.m., New York City time, on any Redemption
Date, the Company shall deposit, with respect to the Securities of any series called for redemption pursuant to Section 11.4, with
the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided
in Section 10.3) an amount of money in the applicable Currency sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the Securities of such series)
any accrued interest on and Additional Amounts with respect to such accrued interest, all such Securities or portions thereof which
are to be redeemed on that date.

 

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Section 11.6         Securities
Payable on Redemption Date

 

Notice of redemption having been given as aforesaid and all
conditions specified pursuant to Section 3.1 having been satisfied, the Securities so to be redeemed shall, on the Redemption Date,
become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default
in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price,
together with any accrued interest and Additional Amounts to the Redemption Date; provided, however, that, except as otherwise
specified in or pursuant to this Indenture or the Registered Securities of such series, installments of interest on Registered
Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their
terms and the provisions of Section 3.7.

 

Unless otherwise specified in or pursuant to this Indenture
or the Securities of any series, if any Security called for redemption shall not be so paid upon surrender thereof for redemption,
the principal and any premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the
Security.

 

Section 11.7         Securities
Redeemed in Part

 

Any Registered Security to be redeemed only in part shall be
surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or
a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder
of such Security without service charge, a new Registered Security or Securities of the same series, containing identical terms
and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal amount of the Security so surrendered. If a Global Security is so surrendered, the
Company shall execute, and the Trustee shall authenticate and deliver to or on behalf of the U.S. Depositary or other Depositary
for such Global Security as shall be specified in the Company Order with respect thereto to the Trustee, without service charge,
a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security
so surrendered.

 

Section 11.8         Repurchases
on the Open Market

 

The Company or any Affiliate of the Company may at any time
or from time to time repurchase any of the Securities in the open market or otherwise. Such Securities may, at the option of the
Company or the relevant Affiliate of the Company, be held, resold or surrendered to the Trustee for cancellation.

 

ARTICLE 12

SINKING FUNDS

 

Section 12.1         Applicability
of Article

 

The provisions of this Article 12 shall be applicable to any
sinking fund for the retirement of Securities of a series, except as otherwise permitted or required in or pursuant to this Indenture
or any Security of such series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment provided for
by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment
in excess of such minimum amount provided for by the terms of Securities of 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 12.2. Each sinking fund payment shall be applied to the redemption of Securities
of any series as provided for by the terms of Securities of such series and this Indenture.

 

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Section 12.2         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 (other than any of such Securities previously called for redemption or any of such Securities in respect
of which cash shall have been released to the Company) and (2) apply as a credit Securities of such series which have been redeemed
either at the election of the Company pursuant to the terms of such series of Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, provided that such Securities have not been previously
so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in
such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. If as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant to this Section
12.2, the principal amount of Securities of such series to be redeemed in order to satisfy the remaining sinking fund payment shall
be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company Request, 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 at the request of the Company from time to time 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 requested to be released to
the Company.

 

Section 12.3         Redemption
of Securities for Sinking Fund

 

Not less than 60 days prior to each sinking fund payment
date for any series of Securities, the Company shall 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 12.2, and the basis for such credit and the
optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the
Trustee any Securities to be so credited and not theretofore delivered. If such Officer’s Certificate shall specify an
optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be
obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 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 11.4. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 11.6 and Section 11.7.

 

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ARTICLE 13

REPAYMENT AT THE
OPTION OF HOLDERS

 

Section 13.1         Applicability
of Article

 

Securities of any series which are repayable at the option of
the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities of such series.
The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before
their Stated Maturity, for purposes of Section 3.9, shall not operate as a payment, redemption or satisfaction of the indebtedness
represented by such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee
with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this Section 13.1, in
connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an agreement with one
or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or before
the close of business on the repayment date an amount not less than the repayment price payable by the Company on repayment of
such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged
to the extent such payment is so paid by such purchasers.

 

ARTICLE 14

SECURITIES IN FOREIGN
CURRENCIES

 

Section 14.1         
Applicability of Article

 

Whenever this Indenture provides for (i) any action by, or the
determination of any of the rights of, Holders of Securities of any series in which not all of such Securities are denominated
in the same Currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the contrary pursuant
to this Indenture or the Securities of any particular series, any amount in respect of any Security denominated in a Foreign Currency
shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination
of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the date of
such action, determination of rights or distribution) as the Company may specify in a written notice to the Trustee or, in the
absence of such written notice, as the Trustee may determine.

 

ARTICLE 15

MEETINGS OF HOLDERS
OF SECURITIES

 

Section 15.1         Purposes
for Which Meetings May Be Called

 

A meeting of Holders of Securities of any series may be called
at any time and from time to time pursuant to this Article 15 to make, give or take any request, demand, authorization, direction,
notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by Holders of Securities of such series.

 

Section 15.2         Call,
Notice and Place of Meetings

 

		(1)	The Trustee may at any time call a meeting of Holders of
Securities of any series for any purpose specified in Section 15.1, to be held at such time and at such place in the Borough of
Manhattan, The City of New York as the Trustee may select and as shall be acceptable to the Company. Notice of every meeting of
Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed
to be taken at such meeting, shall be given, in the manner provided in Section 1.6, not less than 21 nor more than 180 days prior
to the date fixed for the meeting.

 

		(2)	In case at any time the Company (by or pursuant to a Board
Resolution) or the Holders of at least 25% in principal amount of the Outstanding Securities of any series shall have requested
the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.1, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed
notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be
held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case
may be, may determine the time and the place in the Borough of Manhattan, The City of New York for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in clause (1) of this Section 15.4.

 

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Section 15.3         Persons
Entitled to Vote at Meetings

 

		(1)	To be entitled to vote at any meeting of Holders of Securities
of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or

 

		(2)	a Person appointed by an instrument in writing as proxy
for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall
be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote
at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and
its counsel.

 

Section 15.4         Quorum;
Action

 

The Persons entitled to vote a majority in principal amount
of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided,
however, that if any action is to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides
may be given by the Holders of a different percentage in principal amount of the Outstanding Securities of a series, the Persons
entitled to vote such percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In
the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum
at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 15.2(1), except that such notice need be given only once not less than five days prior to
the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute
a quorum.

 

Except as limited by the proviso to Section 9.2, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the
affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however,
that, except as limited by the proviso to Section 9.2, any resolution with respect to any consent or waiver which this Indenture
or any supplemental indenture expressly provides may be given by the Holders of at least 66-2/3% in principal amount of the Outstanding
Securities of a series may be adopted at a meeting or an adjourned meeting duly convened and at which a quorum is present as aforesaid
only by the affirmative vote of the Holders of 66-2/3% in principal amount of the Outstanding Securities of that series; and provided,
further, that, except as limited by the proviso to Section 9.2, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other Act which this Indenture or any supplemental indenture expressly provides may be made,
given or taken by the Holders of a different specified percentage, which is less than a majority, in principal amount of the Outstanding
Securities of a series, may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities
of such series.

 

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Any resolution passed or decision taken at any meeting of Holders
of Securities of any series duly held in accordance with this Section 15.4 shall be binding on all the Holders of Securities of
such series, whether or not such Holders were present or represented at the meeting.

 

Section 15.5         Determination
of Voting Rights; Conduct and Adjournment of Meetings

 

		(1)	Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of such series
in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to
vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted
or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.4 and the
appointment of any proxy shall be proved in the manner specified in Section 1.4. Such regulations may provide that written instruments
appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.4 or other
proof.

 

		(2)	The Trustee shall, by an instrument in writing, appoint
a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided
in Section 15.2(2), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be
elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting.

 

		(3)	At any meeting, each Holder of a Security of such series
or proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding
and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except
as a Holder of a Security of such series or proxy.

 

		(4)	Any meeting of Holders of Securities of any series duly
called pursuant to Section 15.2 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a
majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting may be held
as so adjourned without further notice.

 

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Section 15.6         Counting
Votes and Recording Action of Meetings

 

The vote upon any resolution submitted to any meeting of Holders
of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities
of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities
of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the permanent secretary of the
meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the
proceedings of each meeting of Holders of Securities of any series shall be prepared by the permanent secretary of the meeting
and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section 15.2 and, if applicable, Section 15.4. Each copy shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and
another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any
record so signed and verified shall be conclusive evidence of the matters therein stated.

 

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

 

CUI Global, Inc.

 

	By:	 	 
	Name:
	Title:

 

	____________________ , as Trustee	 	 
	 	 	 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

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