Document:

Exhibit
10.3

 

SCIVAC
THERAPEUTICS INC.

 

Incentive
PLAN

 

Effective
[●], 2015

 

    	 

    	 

    

 

PART
I – GENERAL PROVISIONS

 

	1.	PREAMBLE
    AND DEFINITIONS

 

	 	1.1	Title.

 

The
Plan described in this document shall be called the “SciVac Therapeutics Inc. Incentive Plan”

 

	 	1.2	Purpose
    of the Plan.

 

The
purposes of the Plan are:

 

	 	(a)	to
    promote a further alignment of interests between officers, employees and other eligible service providers and the shareholders
    of the Corporation;
	 	 	 
	 	(b)	to
    associate a portion of the compensation payable to officers, employees and other eligible service providers with the returns
    achieved by shareholders of the Corporation; and
	 	 	 
	 	(c)	to
    attract and retain officers, employees and other eligible service providers with the knowledge, experience and expertise required
    by the Corporation.

 

	 	1.3	Definitions.

 

	 	1.3.1	“Affiliate(s)”
    shall mean a Parent or Subsidiary of the Corporation.
	 	 	 
	 	1.3.2	“Applicable
    Law” means any applicable provision of law, domestic or foreign, including, without limitation, applicable securities
    legislation, together with all regulations, rules, policy statements, rulings, notices, orders or other instruments promulgated
    thereunder, and Stock Exchange Rules.
	 	 	 
	 	1.3.3	“Base
    Price” means the base dollar amount used to calculate the amount, if any, payable to a Participant with respect
    to a Share subject to a Stand-Alone SAR upon settlement thereof, which base dollar amount shall be determined in accordance
    with Section 10.6. 
	 	 	 
	 	1.3.4	“Beneficiary”
    means, subject to Applicable Law, an individual who has been designated by a Participant, in such form and manner as the Board
    may determine, to receive benefits payable under the Plan upon the death of the Participant, or, where no such designation
    is validly in effect at the time of death, the Participant’s legal representative.
	 	 	 
	 	1.3.5	“Black-Out
    Period” means a period of time when, pursuant to any policies of the Corporation, any securities of the Corporation
    may not be traded by certain persons as designated by the Corporation, including any holder of a Grant.

 

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	 	1.3.6	“Board”
    means the Board of Directors of the Corporation.
	 	 	 
	 	1.3.7	“Cause”
    means: 

 

	 	(a)	subject
    to (b) below, “just cause” or “cause” for Termination by the Corporation or an Affiliate as determined
    under Applicable Law; 
	 	 	 
	 	(b)	where
    a Participant has a written employment agreement with the Corporation or an Affiliate, “Cause” as defined
    in such employment agreement, if applicable; or
	 	 	 
	 	(c)	where
    a Participant provides services as an independent contractor pursuant to a contract for services with the Corporation or an
    Affiliate, any material breach of such contract.

 

	 	1.3.8	“Change
    in Control” means:

 

	 	(a)	a
    successful “take-over bid” (as defined in the Securities Act (British Columbia), as amended, or any successor
    legislation thereto) pursuant to which the “offeror” acquires beneficial ownership of securities of the Corporation
    which, directly or following conversion or exercise thereof, would entitle the holder thereof, together with persons acting
    jointly or in concert with the holder thereof, to cast more than fifty percent (50%) of the votes attaching to all securities
    of the Corporation which may be cast to elect directors of the Corporation, other than the acquisition of beneficial ownership
    of additional securities of the Corporation by any person who, together with persons acting jointly or in concert with such
    person, was entitled prior to such “take-over bid”, directly or following conversion or exercise securities of
    the Corporation, to cast more than fifty percent (50%) of the votes attaching to all securities of the Corporation which may
    be cast to elect directors of the Corporation;
	 	 	 
	 	(b)	the
    issuance to, or acquisition by, any person, or group of persons acting jointly or in concert, directly or indirectly, including
    through an arrangement or other form of reorganization, of beneficial ownership of securities of the Corporation which, directly
    or following conversion or exercise thereof, would entitle the holder thereof to cast more than fifty percent (50%) of the
    votes attaching to all securities of the Corporation which may be cast to elect directors of the Corporation, other than the
    issuance of securities of the Corporation to, or acquisition of securities of the Corporation by, any person who, together
    with persons acting jointly or in concert with such person, was entitled prior to such issuance or acquisition, directly or
    following conversion or exercise securities of the Corporation, to cast more than fifty percent (50%) of the votes attaching
    to all securities of the Corporation which may be cast to elect directors of the Corporation; 

 

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	 	(c)	individuals
    who, as of a Grant Date, constitute the Board (the “Incumbent Board”) cease for any reason (other than
    death or disability) to constitute at least a majority of the Board; provided, however, that any individual becoming a Director
    subsequent to the Grant Date, whose election, or nomination for election by the Corporation’s shareholders, was approved
    by a vote of at least two-thirds of the Directors then comprising the Incumbent Board (either by a specific vote or by approval
    of the proxy statement of the Corporation in which such person is named as a nominee for Director, without objection to such
    nomination) will be considered as though such individual was a member of the Incumbent Board, but excluding for this purpose,
    any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with
    respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on
    behalf of a person other than the Directors then comprising the Board;
	 	 	 
	 	(d)	an
    arrangement, amalgamation, merger or other form of reorganization of the Corporation where the holders of the outstanding
    voting securities or interests of the Corporation immediately prior to the completion of the arrangement, amalgamation, merger
    or reorganization will hold fifty percent (50%) or less of the votes attaching to all outstanding voting securities or interests
    of the continuing entity upon completion of the arrangement, amalgamation, merger or reorganization;
	 	 	 
	 	(e)	the
    sale of all or substantially all of the assets of the Corporation; or
	 	 	 
	 	(f)	the
    liquidation, winding-up or dissolution of the Corporation.

 

	 	1.3.9	“Code”
    or “Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended, and any applicable
    United States Treasury Regulations and other binding regulatory guidance thereunder.
	 	 	 
	 	1.3.10	“Corporation”
    means SciVac Therapeutics Inc. and includes any successor corporation thereof.
	 	 	 
	 	1.3.11	“Director”
    means a director of the Corporation from time to time.
	 	 	 
	 	1.3.12	“Disability”
    means:

 

	 	(a)	subject
    to (b) below, a Participant’s physical or mental incapacity that prevents him/her from substantially fulfilling his
    or her duties and responsibilities on behalf of the Corporation or, if applicable, an Affiliate, as determined by the Board
    and, in the case of a Participant who is an employee of the Corporation or an Affiliate, in respect of which the Participant
    commences receiving, or is eligible to receive, disability benefits under the Corporation’s or Affiliate’s long-term
    disability plan; or

 

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	 	(b)	where
    a Participant has a written employment agreement with the Corporation or an Affiliate, “Disability” as
    defined in such employment agreement, if applicable. 

 

	 	1.3.13	“Disability
    Date” means, in relation to a Participant, that date determined by the Board to be the date on which the Participant
    experienced a Disability.
	 	 	 
	 	1.3.14	“Eligible
    Person” means an individual Employed by the Corporation or any Affiliate, including a Service Provider, who,
    by the nature of his or her position or job is, in the opinion of the Board, in a position to contribute to the success of
    the Corporation.
	 	 	 
	 	1.3.15	“Employed”
    means, with respect to a Participant, that:

 

	 	(a)	the
    Participant is rendering services to the Corporation or an Affiliate (including services as a Director) including as a Service
    Provider (referred to in Section 1.3.43 as “active Employment”); or
	 	 	 
	 	(b)	the
    Participant is not actively rendering services to the Corporation or an Affiliate due to an approved leave of absence, maternity
    or parental leave or leave on account of Disability (provided, in the case of a US Taxpayer, that the Participant has not
    incurred a “Separation From Service”, within the meaning of Section 409A of the Code).

 

For
greater certainty, a Participant shall not be considered to be Employed on a Vesting Date if, prior to such Vesting Date, such
Participant received a payment in lieu of notice of termination of employment, whether under a contract of employment, as damages
or otherwise.

 

and
“Employment’ has the corresponding meaning.

 

	 	1.3.16	“Exercise
    Price” means, (i) with respect to an Option, the price payable by a Participant to purchase one Share on exercise
    of such Option, which shall not be less than one hundred percent (100%) of the Market Price on the Grant Date of the Option
    covering such Share, and (ii) with respect to a Tandem SAR, the Exercise Price (as defined in paragraph (i) above) applicable
    to the Option to which the Tandem SAR relates, in each case subject to adjustment pursuant to Section 5. 
	 	 	 
	 	1.3.17	“Grant”
    means a grant or right granted under the Plan consisting of one or more Options, Stock Appreciation Rights, RSUs or PSUs,
    shares of Restricted Stock or such other award as may be permitted hereunder.
	 	 	 
	 	1.3.18	“Grant
    Agreement” means an agreement between the Corporation and a Participant evidencing a Grant and setting out the terms
    under which such Grant is made, together with such schedules, amendments, deletions or changes thereto as are permitted under
    the Plan.
	 	 	 
	 	1.3.19	“Grant
    Date” means the effective date of a Grant.

 

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	 	1.3.20	“Incentive
    Stock Option” has the meaning ascribed thereto in Section 422(b) of the Code.
	 	 	 
	 	1.3.21	“Insider”
    means an insider of the Corporation as defined in the rules of the Toronto Stock Exchange Company Manual for the purpose of
    security based compensation arrangements.
	 	 	 
	 	1.3.22	“Market
    Price” means, with respect to any particular date:

 

	 	(a)	if
    the Shares are listed on only one Stock Exchange, the volume weighted average trading price per Share on such Stock Exchange
    during the immediately preceding five (5) Trading Days; 
	 	 	 
	 	(b)	if
    the Shares are listed on more than one Stock Exchange, the “Market Price” as determined in accordance with paragraph
    (a) above for the primary Stock Exchange on which the greatest volume of trading of the Shares occurred during the immediately
    preceding twenty (20) Trading Days; and
	 	 	 
	 	(c)	if
    the Shares are not listed for trading on a Stock Exchange, a price which is determined by the Board in good faith to be the
    fair market value of the Shares.

 

	 	1.3.23	“Option”
    means an option to purchase a Share granted by the Board to an Eligible Person in accordance with Section 3 and Section 9.1.
	 	 	 
	 	1.3.24	“Parent”
    means any parent corporation of the Corporation within the meaning of Code Section 424(e), or any successor provision.
	 	 	 
	 	1.3.25	“Participant”
    means an Eligible Person to whom a Grant is made and which Grant or a portion thereof remains outstanding.
	 	 	 
	 	1.3.26	“Performance
    Conditions” means such financial, personal, operational or transaction-based performance criteria as may
    be determined by the Board in respect of a Grant to any Participant or Participants and set out in a Grant Agreement. Performance
    Conditions may apply to the Corporation, an Affiliate, the Corporation and its Affiliates as a whole, a business unit of the
    Corporation or group comprised of the Corporation and some Affiliates or a group of Affiliates, either individually, alternatively
    or in any combination, and measured either in total, incrementally or cumulatively over a specified performance period, on
    an absolute basis or relative to a pre-established target or milestone, to previous years’ results or to a designated
    comparator group, or otherwise, provided that the performance period for measurement or achievement of any such performance
    criteria (or incremental element thereof) shall in all events exceed one year.
	 	 	 
	 	1.3.27	“Performance
    Period” means, with respect to PSUs, the period specified by the Board for achievement of any applicable Performance
    Conditions as a condition to Vesting.

 

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	 	1.3.28	“Plan”
    means this SciVac Therapeutics Inc. Incentive Plan, including any schedules or appendices hereto, as may be amended from time
    to time.
	 	 	 
	 	1.3.29	“Performance
    Share Unit” or “PSU” means a right granted to an Eligible Person in accordance with Section
    3 and Section 14.1 to receive a Share or the Market Price, as determined by the Board, that generally becomes Vested, if at
    all, subject to the attainment of certain Performance Conditions and satisfaction of such other conditions to Vesting, if
    any, as may be determined by the Board.
	 	 	 
	 	1.3.30	“Restricted
    Share Unit” or “RSU” means a right granted to an Eligible Person in accordance with Section 3
    and Section 14.1 to receive a Share or the Market Price, as determined by the Board, that generally becomes Vested, if at
    all, following a period of continuous Employment of the Participant.
	 	 	 
	 	1.3.31	“Restricted
    Stock” means Shares granted to a Participant that are subject to a Restriction (as defined in Section 18).
	 	 	 
	 	1.3.32	“Restrictive
    Covenant” means any obligation of a Participant to the Corporation or an Affiliate to (A) maintain the confidentiality
    of information relating to the Corporation or the Affiliate and/or its business, (B) not engage in employment or business
    activities that compete with the business of the Corporation or the Affiliate, (C) not solicit employees or other service
    providers, customers and/or suppliers of the Corporation or the Affiliate, whether during or after employment with the Corporation
    or Affiliate, and whether such obligation is set out in a Grant Agreement issued under the Plan or other agreement between
    the Participant and the Corporation or Affiliate, including, without limitation, an employment agreement, or otherwise, or
    (D) any other restrictive covenant contained in an applicable Grant Agreement, employment agreement or other Agreement between
    a Participant and the Corporation or an Affiliate.
	 	 	 
	 	1.3.33	“Service
    Provider” means a person or company, other than an employee, officer or director of the Corporation or an Affiliate,
    that:

 

	 	(a)	is
    engaged to provide, on a bona fide basis, for an initial, renewable or extended period of twelve (12) months or more,
    services to the Corporation or an Affiliate, other than services provided in relation to a distribution of securities;
	 	 	 
	 	(b)	provides
    the services under a written contract between the Corporation or an Affiliate and the person or company;
	 	 	 
	 	(c)	in
    the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention on the affairs
    and business of the Corporation or an Affiliate;

 

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and
includes

 

	 	(a)	for
    an individual Service Provider, a corporation of which the individual Service Provider is an employee or shareholder, and
    a partnership of which the individual Service Provider is an employee or partner; and
	 	 	 
	 	(b)	for
    a Service Provider that is not an individual, an employee, executive officer, or director of the Service Provider, provided
    that the individual employee, executive officer, or director spends or will spend a significant amount of time and attention
    on the affairs and business of the Corporation or an Affiliate.

 

	 	1.3.34	“Share”
    means a common share in the capital of the Corporation or, in the event of an adjustment contemplated by Section 5.1 hereof,
    such other security to which a Participant may be entitled upon the exercise or settlement of a Grant as a result of such
    adjustment.
	 	 	 
	 	1.3.35	“Share
    Unit” means either an RSU or a PSU, as the context requires.
	 	 	 
	 	1.3.36	“Stand-Alone
    SAR” means a Stock Appreciation right that is granted without reference to any related Option.
	 	 	 
	 	1.3.37	“Stock
    Appreciation Right” or “SAR” means a right, granted to an Eligible Person, representing the right
    to receive payment, in cash, Shares or any combination thereof, as determined by the Board, equal to the excess of the Market
    Price over the Base Price or Exercise Price, whichever is applicable, on the terms and conditions and calculated in accordance
    with the provisions of Section 10 hereof.
	 	 	 
	 	1.3.38	“Stock
    Exchange” means the Toronto Stock Exchange and such other stock exchange on which the Shares are listed, or if the
    Shares are not listed on any stock exchange, then on the over-the-counter market.
	 	 	 
	 	1.3.39	“Stock
    Exchange Rules” means the applicable rules of any Stock Exchange upon which Shares of the Corporation are listed.
	 	 	 
	 	1.3.40	“Subsidiary”
    means, any subsidiary corporation of the Corporation within the meaning of Code Section 424(f), or any successor provision.
	 	 	 
	 	1.3.41	“Tandem
    SAR” means a Stock Appreciation Right attached to an Option, giving the holder, upon Vesting of the Option and Tandem
    SAR, the right to choose to exercise the Stock Appreciation Right or to exercise the Option.

 

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	 	1.3.42	“Termination”
    means (i) the termination of a Participant’s active Employment with the Corporation or an Affiliate (other than in connection
    with the Participant’s transfer to Employment with the Corporation or another Affiliate), which shall occur on the earlier
    of the date on which the Participant ceases to render services to the Corporation or Affiliate, as applicable, and the date
    on which the Corporation or an Affiliate, as applicable, delivers notice of the termination of the Participant’s employment
    or contract for services, whether such termination is lawful or otherwise, without giving effect to any period of notice or
    compensation in lieu of notice (except as expressly required by applicable employment standards legislation), but, for greater
    certainty, a Participant’s absence from active work during a period of vacation, temporary illness, authorized leave
    of absence, maternity or parental leave or leave on account of Disability shall not be considered to be a “Termination”,
    and (ii) in the case of a Participant who does not return to active Employment with the Corporation or an Affiliate immediately
    following a period of absence due to vacation, temporary illness, authorized leave of absence, maternity or parental leave
    or leave on account of Disability, such cessation shall be deemed to occur on the last day of such period of absence (provided,
    in each case, that, in the case of a US Taxpayer, the Termination constitutes a “Separation From Service”, within
    the meaning of Section 409A of the Code), and “Terminated” and “Terminates” shall be
    construed accordingly.
	 	 	 
	 	1.3.43	“Time
    Vesting” means any conditions relating to the passage of time or continued service with the Corporation or an Affiliate
    for a period of time in respect of a Grant, as may be determined by the Board.
	 	 	 
	 	1.3.44	“Trading
    Day” means a day on which the Stock Exchange is open for trading and on which the Shares actually traded.
	 	 	 
	 	1.3.45	“US
    Taxpayer” means an individual who is subject to tax under the Code in respect of any amounts payable or Shares deliverable
    under this Plan.
	 	 	 
	 	1.3.46	“Vested”
    means, with respect to any Option, SAR, Share Unit, share of Restricted Stock or other award included in a Grant, that the
    applicable conditions with respect to Time Vesting, achievement of Performance Conditions and/or any other conditions established
    by the Board have been satisfied or, to the extent permitted under the Plan, waived, whether or not the Participant’s
    rights with respect to such Grant may be conditioned upon prior or subsequent compliance with any Restrictive Covenants (and
    any applicable derivative term shall be construed accordingly).
	 	 	 
	 	1.3.47	“Vesting
    Date” means the date on which the applicable Time Vesting, Performance Conditions and/or any other conditions for
    an Option, SAR, Share Unit, share of Restricted Stock or other award included in a Grant becoming Vested are met, deemed to
    have been met or waived as contemplated in Section 3.1.

 

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	2.	CONSTRUCTION
    AND INTERPRETATION

 

	 	2.1	Gender,
    Singular, Plural. 

 

In
the Plan, references to the masculine include the feminine; and references to the singular shall include the plural and vice versa,
as the context shall require.

 

	 	2.2	Severability.
    

 

If
any provision or part of the Plan is determined to be void or unenforceable in whole or in part, such determination shall not
affect the validity or enforcement of any other provision or part thereof.

 

	 	2.3	Headings,
    Sections and Parts. 

 

Headings
wherever used herein are for reference purposes only and do not limit or extend the meaning of the provisions herein contained.
A reference to a section or schedule shall, except where expressly stated otherwise, mean a section or schedule of the Plan, as
applicable. The Plan is divided into four Parts. Part I contains provisions of general application to all Grants; Part II applies
specifically to Options and SARs; Part III applies specifically to Share Units; and Part IV applies specifically to Restricted
Stock and other Share-based awards.

 

	3.	ADMINISTRATION

 

	 	3.1	Administration
    by the Board.

 

The
Plan shall be administered by the Board in accordance with its terms and subject to Applicable Law. Subject to and consistent
with the terms of the Plan, in addition to any authority of the Board specified under any other terms of the Plan, the Board shall
have full and complete discretionary authority to:

 

	 	(a)	interpret
    the Plan and Grant Agreements;
	 	 	 
	 	(b)	prescribe,
    amend and rescind such rules and regulations and make all determinations necessary or desirable for the administration and
    interpretation of the Plan and instruments of grant evidencing Grants;
	 	 	 
	 	(c)	determine
    those Eligible Persons who may receive Grants as Participants, grant one or more Grants to such Participants and approve or
    authorize the applicable form and terms of the related Grant Agreement;

 

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	 	(d)	determine
    the terms and conditions of Grants granted to any Participant, including, without limitation, as applicable (i) Grant Value
    and the number of Shares subject to a Grant, (ii) the Exercise Price or Base Price for Shares subject to a Grant, (iii) the
    conditions to the Vesting of a Grant or any portion thereof, including, as applicable, the period for achievement of any applicable
    Performance Conditions as a condition to Vesting and conditions pertaining to compliance with Restrictive Covenants, and the
    conditions, if any, upon which Vesting of any Grant or any portion thereof will be waived or accelerated without any further
    action by the Board, (iv) the circumstances upon which a Grant or any portion thereof shall be forfeited, cancelled or expire,
    including in connection with the breach by a Participant of any Restrictive Covenant, (v) the consequences of a Termination
    with respect to a Grant, (vi) the manner of exercise or settlement of the Vested portion of a Grant, (vii) whether, and the
    terms upon which, a Grant may be settled in cash, newly issued Shares or a combination thereof, and (viii) whether, and the
    terms upon which, any Shares delivered upon exercise or settlement of a Grant must be held by a Participant for any specified
    period of time;
	 	 	 
	 	(e)	determine
    whether, and the extent to which, any Performance Conditions or other conditions applicable to the Vesting of a Grant have
    been satisfied or shall be waived or modified; 
	 	 	 
	 	(f)	make
    such rules, regulations and determinations as it deems appropriate under the Plan in respect of any leave of absence or disability
    of any Participant. Without limiting the generality of the foregoing, the Board shall be entitled to determine: 

 

	 	(i)	whether
    or not any such leave of absence shall constitute a Termination within the meaning of the Plan;
	 	 	 
	 	(ii)	the
    impact, if any, of any such leave of absence on Grants issued under the Plan made to any Participant who takes such leave
    of absence (including, without limitation, whether or not such leave of absence shall cause any Grants to expire and the impact
    upon the time or times such Grants shall be exercisable); 

 

provided
that, with respect to Options that are intended to be Incentive Stock Options, the treatment of any such leave of absence shall
comply with Code Section 422 and the regulations issued thereunder;

 

	 	(g)	amend
    the terms of any Grant Agreement or other documents evidencing Grants; and
	 	 	 
	 	(h)	determine
    whether, and the extent to which, adjustments shall be made pursuant to Section 5 and the terms of such adjustments.

 

	 	3.2	All
    determinations, interpretations, rules, regulations, or other acts of the Board respecting the Plan or any Grant shall be
    made in its sole discretion and shall be conclusively binding upon all persons.

 

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	 	3.3	The
    Board may prescribe terms for Grant Agreements in respect of Eligible Persons who are subject to the laws of a jurisdiction
    other than Canada in connection with their participation in the Plan that are different than the terms of the Grant Agreements
    for Eligible Persons who are subject to the laws of Canada in connection with their participation in the Plan, and/or deviate
    from the terms of the Plan set out herein, for purposes of compliance with Applicable Law in such other jurisdiction or where,
    in the Board’s opinion, such terms or deviations are necessary or desirable to obtain more advantageous treatment for
    the Corporation, an Affiliate or the Eligible Person in respect of the Plan under the Applicable Law of the other jurisdiction.

 

Notwithstanding
the foregoing, the terms of any Grant Agreement authorized pursuant to this Section 3.3 shall be consistent with the Plan to the
extent practicable having regard to the Applicable Law of the jurisdiction in which such Grant Agreement is applicable and in
no event shall contravene the Applicable Law of Canada.

 

	 	3.4	The
    Board may, in its discretion, subject to Applicable Law, delegate its powers, rights and duties under the Plan, in whole or
    in part, to a committee of the Board, a person or persons, as it may determine, from time to time, on terms and conditions
    as it may determine, except that the Board shall not, and shall not be permitted to delegate any such powers, rights or duties
    (i) with respect to the grant, amendment, administration or settlement of any Grant to the extent delegation is not consistent
    with Applicable Law and any such purported delegation or action shall not be given effect, and (ii) provided that the composition
    of the committee of the Board, person or persons, as the case may be, shall comply with Applicable Law. In addition, provided
    it complies with the foregoing, the Board may appoint or engage a trustee, custodian or administrator to administer or implement
    the Plan or any aspect of it.

 

	4.	SHARE
    RESERVE

 

	 	4.1	Subject
    to Section 4.4 and any adjustment pursuant to Section 5.1, the aggregate number of Shares that may be issued pursuant to Grants
    made under the Plan together with any other security-based compensation arrangement of the Corporation, shall not exceed ten
    percent (10%) of the aggregate issued and outstanding Shares from time to time (on a non-diluted basis).
	 	 	 
	 	4.2	The
    aggregate number of Shares reserved for issuance to any one Participant under the Plan, together with all other security based
    compensation arrangements of the Corporation, must not exceed five percent (5%) of the aggregate issued and outstanding Shares
    (on a non-diluted basis).
	 	 	 
	 	4.3	The
    maximum number of Shares of the Corporation 

 

	 	(a)	issued
    to Insiders within any one year period, and 
	 	 	 
	 	(b)	issuable
    to Insiders, at any time, 

 

under
the Plan, or when combined with all of the Corporation’s other security based compensation arrangements, shall not exceed
ten percent (10%) of the number of the aggregate issued and outstanding Shares.

 

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	 	4.4	For
    purposes of computing the total number of Shares available for grant under the Plan or any other security based compensation
    arrangement of the Corporation, Shares subject to any Grant (or any portion thereof) that is forfeited, surrendered, cancelled
    or otherwise terminated prior to the issuance of such Shares shall again be available for grant under the Plan.

 

	5.	Alteration
    of Capital And Change In Control

 

	 	5.1	Notwithstanding
    any other provision of the Plan, and subject to Applicable Law, in the event of any change in the Shares by reason of any
    dividend (other than dividends in the ordinary course), split, recapitalization, reclassification, amalgamation, arrangement,
    merger, consolidation, combination or exchange of Shares or distribution of rights to holders of Shares or any other relevant
    changes to the authorized or issued capital of the Corporation, if the Board shall determine that an equitable adjustment
    should be made, such adjustment shall, subject to Applicable Law, be made by the Board to (i) the number of Shares subject
    to the Plan; (ii) the securities into which the Shares are changed or are convertible or exchangeable; (iii) any Options and/or
    Stock Appreciation Rights then outstanding; (iv) the Exercise Price and/or Base Price, as appropriate in respect of such Options
    and/or Stock Appreciation Rights; and/or (v) with respect to the number of Share Units outstanding under the Plan, and any
    such adjustment shall be conclusive and binding for all purposes of the Plan.
	 	 	 
	 	5.2	No
    adjustment provided for pursuant to Section 5.1 shall require the Corporation to issue fractional Shares in satisfaction of
    its obligations under the Plan. Any fractional interest in a Share that would, except for the provisions of this Section 5.2,
    be deliverable upon the exercise of any Grant shall be cancelled and not deliverable by the Corporation. 
	 	 	 
	 	5.3	In
    the event of a Change in Control prior to the Vesting of a Grant, and subject to the terms of a Participant’s written
    employment agreement or contract for services with the Corporation or an Affiliate and the applicable Grant Agreement, the
    Board shall have full authority to determine in its sole discretion the effect, if any, of a Change in Control on the Vesting,
    exercisability, settlement, payment or lapse of restrictions applicable to a Grant, which effect may be specified in the applicable
    Grant Agreement or determined at a subsequent time. Subject to Applicable Law, rules and regulations, the Board shall, at
    any time prior to, coincident with or after the effective time of a Change in Control, take such actions as it may consider
    appropriate, including, without limitation: (i) provide for the acceleration of any Vesting or exercisability of a Grant;
    (ii) provide for the deemed attainment of Performance Conditions relating to a Grant; (iii) provide for the lapse of restrictions
    relating to a Grant; (iv) provide for the assumption, substitution, replacement or continuation of any Grant by a successor
    or surviving corporation (or a parent or subsidiary thereof) with cash, securities, rights or other property to be paid or
    issued, as the case may be, by the successor or surviving corporation (or a parent or subsidiary thereof); (v) provide that
    that a Grant shall terminate or expire unless exercised or settled in full on or before a date fixed by the Board; or (vi)
    terminate or cancel any outstanding Grant in exchange for a cash payment (provided that, if as of the date of the Change in
    Control, the Board determines that no amount would have been realized upon the exercise or settlement of the Grant, then the
    Grant may be cancelled by the Corporation without payment of consideration). 

 

    	12

    	 

    

 

	6.	clawback

 

	 	6.1	Clawback.
    

 

It
is a condition of each Grant that if:

 

	 	(i)	the
    Participant fails to comply with any applicable Restrictive Covenant;
	 	 	 
	 	(ii)	the
    Participant is terminated for Cause, or the Board reasonably determines after employment termination that the Participant’s
    employment could have been terminated for Cause; 
	 	 	 
	 	(iii)	the
    Board reasonably determines that the Participant engaged in conduct that causes material financial or reputational harm to
    the Corporation or its Affiliates, or engaged in gross negligence, willful misconduct or fraud in respect of the performance
    of the Participant’s duties for the Corporation or an Affiliate of the Corporation; or 
	 	 	 
	 	(iv)	the
    Corporation’s financial statements (the “Original Statements”) are required to be restated (other than solely
    as a result of a change in accounting policy by the Corporation or under International Financial Reporting Standards applicable
    to the Corporation) and such restated financial statements (the “Restated Statements”) disclose, in the opinion
    of the Board acting reasonably, materially worse financial results than those contained in the Original Statements,
	 	 	 
	 	then the Board may, in its sole discretion, to the full extent permitted by governing law and to the extent it determines that such action is in the best interest of the Corporation, and in addition to any other rights that the Corporation or an Affiliate may have at law or under any agreement, take any or all of the following actions, as applicable:

 

	 	(a)	require
    the Participant to reimburse the Corporation for any amount paid to the Participant in respect of a Grant in cash in excess
    of the amount that should otherwise have been paid in respect of such Grant had the determination of such compensation been
    based upon the Restated Statements in the event clause (iv) above is applicable, or that was paid in the twelve (12) months
    prior to (x) the date on which the Participant fails to comply with a Restrictive Covenant, (y) the date on which the Participant’s
    employment is terminated for Cause, or the Board makes a determination under paragraph (ii) or (iii) above, less, in any event,
    the amount of tax withheld pursuant to the Income Tax Act (Canada) or other relevant taxing authority in respect of
    the amount paid in cash in the year of payment;

 

    	13

    	 

    

 

	 	(b)	reduce
    the number or value of, or cancel and terminate, any one or more unvested Grants of Options, Share Units or SARs on or prior
    to the applicable maturity or Vesting Dates, or cancel or terminate any outstanding Grants which have Vested in the twelve
    (12) months prior to (x) the date on which the Participant fails to comply with a Restrictive Covenant, (y) the date on which
    the Participant’s employment is terminated for Cause or the Board makes a determination under paragraph (ii) or (iii)
    above, or (z) the date on which the Board determines that the Corporation’s Original Statements are required to be restated,
    in the event paragraph (iv) above applies (each such date provided for in clause (x), (y) and (z) of this paragraph (b) being
    a “Relevant Equity Recoupment Date”); and/or
	 	 	 
	 	(c)	require
    payment to the Corporation of the value of any Shares of the Corporation acquired by the Participant pursuant to a Grant in
    the twelve (12) months prior to a Relevant Equity Recoupment Date (less any amount paid by the Participant to acquire such
    Shares and less the amount of tax withheld pursuant to the Income Tax Act (Canada) or other relevant taxing authority
    in respect of such Shares).

 

	7.	MISCELLANEOUS

 

	 	7.1	Compliance
    with Laws and Policies. 

 

The
Corporation’s obligation to make any payments or deliver (or cause to be delivered) any Shares hereunder is subject to compliance
with Applicable Law. Each Participant shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and
agreed by participating in the Plan) that the Participant will, at all times, act in strict compliance with Applicable Law and
all other laws and any policies of the Corporation applicable to the Participant in connection with the Plan including, without
limitation, furnishing to the Corporation all information and undertakings as may be required to permit compliance with Applicable
Law.

 

	 	7.2	Withholdings.
    

 

So
as to ensure that the Corporation or an Affiliate, as applicable, will be able to comply with the applicable obligations under
any federal, provincial, state or local law relating to the withholding of tax or other required deductions, the Corporation or
the Affiliate shall withhold or cause to be withheld from any amount payable to a Participant, either under this Plan, or otherwise,
such amount as may be necessary to permit the Corporation or the Affiliate, as applicable, to so comply. The Corporation and any
Affiliate may also satisfy any liability for any such withholding obligations, on such terms and conditions as the Corporation
may determine in its sole discretion, by (a) selling on such Participant’s behalf, or requiring such Participant to sell,
any Shares, and retaining any amount payable which would otherwise be provided or paid to such Participant in connection with
any such sale, or (b) requiring, as a condition to the delivery of Shares hereunder, that such Participant make such arrangements
as the Corporation may require so that the Corporation and its Affiliates can satisfy such withholding obligations, including
requiring such Participant to remit an amount to the Corporation or an Affiliate in advance, or reimburse the Corporation or any
Affiliate for, any such withholding obligations.

 

    	14

    	 

    

 

	 	7.3	No
    Right to Continued Employment. 

 

Nothing
in the Plan or in any Grant Agreement entered into pursuant hereto shall confer upon any Participant the right to continue in
the employ or service of the Corporation or any Affiliate, to be entitled to any remuneration or benefits not set forth in the
Plan or a Grant Agreement or to interfere with or limit in any way the right of the Corporation or any Affiliate to terminate
Participant’s employment or service arrangement with the Corporation or any Affiliate.

 

	 	7.4	No
    Additional Rights. 

 

Neither
the designation of an individual as a Participant nor the Grant of any Options, SARs, Share Units, Restricted Stock or other award
to any Participant entitles any person to the Grant, or any additional Grant, as the case may be, of any Options, SARs, Share
Units, Restricted Stock or other award under the Plan. For greater certainty, the Board’s decision to approve a Grant in
any period shall not require the Board to approve a Grant to any Participant in any other period; nor shall the Board’s
decision with respect to the size or terms and conditions of a Grant in any period require it to approve a Grant of the same or
similar size or with the same or similar terms and conditions to any Participant in any other period. The Board shall not be precluded
from approving a Grant to any Participant solely because such Participant may have previously received a Grant under this Plan
or any other similar compensation arrangement of the Corporation or an Affiliate. No Eligible Person has any claim or right to
receive a Grant except as may be provided in a written employment or services agreement between an Eligible Person and the Corporation
or an Affiliate.

 

	 	7.5	Amendment,
    Termination.

 

The
Plan and any Grant made pursuant to the Plan may be amended, modified or terminated by the Board without approval of shareholders,
provided that no amendment to the Plan or Grants made pursuant to the Plan may be made without the consent of a Participant if
it adversely alters or impairs the rights of the Participant in respect of any Grant previously granted to such Participant under
the Plan, except that Participant consent shall not be required where the amendment is required for purposes of compliance with
Applicable Law. For greater certainty, the Plan may not be amended without shareholder approval in accordance with the requirements
of the Stock Exchange to do any of the following:

 

	 	(a)	increase
    in the maximum number of Shares issuable pursuant to the Plan and as set out in Section 4.1;
	 	 	 
	 	(b)	reduce
    the Exercise Price of an outstanding Option or the Base Price of a Stand-Alone SAR, including a cancellation of a Grant of
    an Option and re-grant within six (6) months of an Option in conjunction therewith constituting a reduction of the Exercise
    Price of the Option;
	 	 	 
	 	(c)	extend
    the maximum term of any Grant made under the Plan;

 

    	15

    	 

    

 

	 	(d)	amend
    the assignment provisions contained in Section 7.11 or Section 12; 
	 	 	 
	 	(e)	increase
    the number of Shares that may be issued or issuable to Insiders above the restriction or deleting the restriction on the number
    of Shares that may be issued or issuable to Insiders contained in Section 4.3;
	 	 	 
	 	(f)	include
    other types of equity compensation involving the issuance of Shares under the Plan; 
	 	 	 
	 	(g)	cause
    Incentive Stock Options to fail to meet the requirements of Code Section 422; or
	 	 	 
	 	(h)	amend
    this Section 7.5 to amend or delete any of (a) through (h) above or grant additional powers to the Board to amend the Plan
    or entitlements without shareholder approval.

 

For
greater certainty and without limiting the foregoing, shareholder approval shall not be required for the following amendments
and the Board may make the following changes without shareholder approval, subject to any regulatory approvals including, where
required, the approval of any Stock Exchange:

 

	 	(i)	amendments
    of a “housekeeping” nature;
	 	 	 
	 	(j)	a
    change to the Vesting provisions of any Grants;
	 	 	 
	 	(k)	a
    change to the termination provisions of any Grant that does not entail an extension beyond the original term of the Grant;
    or
	 	 	 
	 	(l)	amendments
    to the provisions relating to a Change in Control.

 

	 	7.6	Currency.
    Except where the context otherwise requires, all references in the Plan to currency
    refer to lawful Canadian currency. Any amounts required to be determined under this Plan that are denominated in a currency
    other than Canadian dollars shall be converted to Canadian dollars at the applicable Bank of Canada noon rate of exchange
    on the date as of which the amount is required to be determined.
	 	 	 
	 	7.7	Administration
    Costs. 

 

The
Corporation will be responsible for all costs relating to the administration of the Plan.

 

	 	7.8	Designation
    of Beneficiary. 

 

Subject
to the requirements of Applicable Law, a Participant may designate a Beneficiary, in writing, to receive any benefits that are
provided under the Plan upon the death of such Participant. The Participant may, subject to Applicable Law, change such designation
from time to time. Such designation or change shall be in such form as may be prescribed by the Board from time to time. A Beneficiary
designation under this Section 7.8 and any subsequent changes thereto shall be filed with the General Counsel of the Corporation.

 

    	16

    	 

    

 

	 	7.9	Governing
    Law. 

 

The
Plan and any Grants pursuant to the Plan shall be governed by and construed in accordance with the laws of the Province of British
Columbia and the federal laws of Canada applicable therein, and with respect to Participants who are US Taxpayers, with the Code
and applicable federal laws of the US. The Board may provide that any dispute to any Grant shall be presented and determined in
such forum as the Board may specify, including through binding arbitration. Any reference in the Plan, in any Grant Agreement
issued pursuant to the Plan or in any other agreement or document relating to the Plan to a provision of law or rule or regulation
shall be deemed to include any successor law, rule or regulation of similar effect or applicability. To the extent applicable,
with respect to Participants who are US Taxpayers, this Plan shall be interpreted in accordance with the requirements of Code
Sections 409A and the regulations, notices, and other guidance of general applicability issued thereunder.

 

	 	7.10	Assignment.

 

The
Plan shall inure to the benefit of and be binding upon the Corporation, its successors and assigns.

 

	 	7.11	Transferability.

 

	 	7.11.1	Unless
    otherwise provided in the Plan or in the applicable Grant Agreement in accordance with Section 7.11.2, no Grant, and no rights
    or interests therein, shall or may be assigned, transferred, sold, exchanged, encumbered, pledged or otherwise hypothecated
    or disposed of by a Participant other than by testamentary disposition by the Participant or the laws of intestate succession.
    No such interest shall be subject to execution, attachment or similar legal process including without limitation seizure for
    the payment of the Participant’s debts, judgments, alimony or separate maintenance.
	 	 	 
	 	7.11.2	Notwithstanding
    the foregoing, with respect to Participants who are not US Taxpayers, the Board may provide in the applicable Grant Agreement
    that a Grant is transferable or assignable (a) in the case of a transfer without the payment of any consideration, to the
    Participant’s spouse, former spouse, children, stepchildren, grandchildren, parent, stepparent, grandparent, sibling,
    persons having one of the foregoing types of relationship with a Participant due to adoption and any entity in which these
    persons (or the Participant) own more than fifty percent (50%) of the voting interests and (b) to an entity in which more
    than fifty percent (50%) voting interests are owned by these persons (or the Participant) in exchange for an interest in that
    entity. Following any such transfer or assignment, the Grant shall remain subject to substantially the same terms applicable
    to the Grant while held by the Participant to whom it was granted, as modified as the Board shall determine appropriate, and,
    as a condition to such transfer, the transferee shall execute an agreement agreeing to be bound by such terms. Any purported
    assignment or transfer that does not qualify under this Section 7.11.2 shall be void and unenforceable against the Corporation.

 

	8.	EFFECTIVE
    DATE

 

	 	8.1	The
    Plan is established effective [●],
    2015.

 

    	17

    	 

    

 

PART
II – OPTIONS AND SARS

 

	9.	Options

 

	 	9.1	The
    Corporation may, from time to time, make one or more Grants of Options to Eligible Persons on such terms and conditions, consistent
    with the Plan, as the Board shall determine. In granting such Options, subject to the provisions of the Plan, the Corporation
    shall specify,

 

	 	(a)	the
    maximum number of Shares which the Participant may purchase under the Options;
	 	 	 
	 	(b)	the
    Exercise Price at which the Participant may purchase his or her Shares under the Options;
	 	 	 
	 	(c)	the
    term of the Options, to a maximum of ten years from the Grant Date of the Options, the Vesting period or periods within this
    period during which the Options or a portion thereof may be exercised by a Participant and any other Vesting conditions (including
    Performance Conditions); and
	 	 	 
	 	(d)	any
    Tandem SARs that are granted with respect to such Options.

 

	 	9.2	The
    Exercise Price for each Share subject to an Option shall be fixed by the Board but under no circumstances shall any Exercise
    Price be less than one hundred percent (100%) of the Market Price on the Grant Date of such Option.
	 	 	 
	 	9.3	Unless
    otherwise designated by the Board in the applicable Grant Agreement, twenty five percent (25%) of the Options included in
    a Grant shall Vest on each of the first four anniversaries of the Grant Date and, subject to Section 9.5, any such Options
    shall expire on the tenth anniversary of the Grant Date (unless exercised or terminated earlier in accordance with the terms
    of the Plan or the Grant Agreement). 
	 	 	 
	 	9.4	Subject
    to the provisions of the Plan and the terms governing the granting of the Option, and subject to payment or other satisfaction
    of all related withholding obligations in accordance with Section 7.2 hereof, Vested Options or a portion thereof may be exercised
    from time to time by delivery to the Corporation at its registered office of a notice in writing signed by the Participant
    or the Participant’s legal personal representative, as the case may be, and addressed to the Corporation. This notice
    shall state the intention of the Participant or the Participant’s legal personal representative to exercise the said
    Options and the number of Shares in respect of which the Options are then being exercised and must be accompanied by payment
    in full of the Exercise Price under the Options which are the subject of the exercise. On the exercise of an Option, any related
    Tandem SAR shall be cancelled.

 

    	18

    	 

    

 

	 	9.5	If
    the normal expiry date of any Option, other than an Incentive Stock Option, falls within any Blackout Period or within ten
    business days (being a day other than a Saturday, Sunday or other than a day when banks in Vancouver, British Columbia are
    not generally open for business) following the end of any Blackout Period, then the expiry date of such Option shall, without
    any further action, be extended to the date that is ten business days following the end of such Blackout Period. The foregoing
    extension applies to all Options whatever the Grant Date (other than Incentive Stock Options and other than an extension beyond
    the original term of the Options in the case of Options held by a US Taxpayer) and shall not be considered an extension of
    the term of the Options as referred to in Section 7.5 hereof.
	 	 	 
	 	9.6	Notwithstanding
    anything in this Plan to the contrary, for Options that are intended to qualify as Incentive Stock Options and granted to
    a US Taxpayer, the following additional provisions will apply:

 

	 	(a)	Except
    as permitted by Code Section 424(a), or any successor provision, the Exercise Price per Share shall not be less than one hundred
    percent (100%) of the per Share Market Price on the Effective Date of the Incentive Stock Option; provided, however, that
    if a Participant owns shares possessing more than ten percent (10%) of the total combined voting power of all classes of shares
    of the Corporation or of its Parent or any Subsidiary, the Exercise Price per Share of an Incentive Stock Option granted to
    such Participant shall not be less than one hundred ten percent (110%) of the Market Price on the Effective Date of the Incentive
    Stock Option.
	 	 	 
	 	(b)	Except
    as permitted by Code Section 424(a), in no event shall any Incentive Stock Option be exercisable during a term of more than
    ten (10) years after the Effective Date of the Incentive Stock Option; provided, however, that if a Participant owns shares
    possessing more than ten percent (10%) of the total combined voting power of all classes of shares of the Corporation or of
    its Parent or any Subsidiary, the Incentive Stock Option granted to such Participant shall be exercisable during a term of
    not more than five (5) years after the Effective Date.
	 	 	 
	 	(c)	The
    Corporation or its Affiliate shall be entitled to withhold and deduct from any future payments to the Participant all legally
    required amounts necessary to satisfy any and all withholding and employment-related taxes attributable to the Participant’s
    exercise of an Incentive Stock Option or a “disqualifying disposition” of Shares acquired through the exercise
    of an Incentive Stock Option as defined in Code Section 421(b) or require the Participant to remit an amount sufficient to
    satisfy such withholding requirements, or any combination thereof.

 

    	19

    	 

    

 

	 	(d)	Notwithstanding
    any other provision of the Plan, the aggregate fair market value (determined as of the Effective Date of the Incentive Stock
    Option) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during
    any calendar year under the Plan and any other “incentive stock option” plans of the Corporation or any Affiliate,
    shall not exceed US$100,000 (or such other amount as may be prescribed by the Code from time to time); provided, however,
    that if the exercisability or Vesting of an Incentive Stock Option is accelerated as permitted under the provisions of the
    Plan and such acceleration would result in a violation of the limit imposed by this Section 9.6 (d), such acceleration shall
    be of full force and effect but the number of Shares that exceed such limit shall be treated as having been granted pursuant
    to a Nonqualified Stock Option; and provided, further, that the limits imposed by this Section 9.6 (d) shall be applied to
    all outstanding Incentive Stock Options under the Plan and any other “incentive stock option” plans of the Corporation
    or any Affiliate in chronological order according to the dates of grant.
	 	 	 
	 	(e)	The
    Grant Agreement in respect of any Incentive Stock Option shall contain such other limitations and restrictions upon the exercise
    of the Incentive Stock Option as the Board shall deem necessary to ensure that such Incentive Stock Option will be considered
    an “incentive stock option” as defined in Code Section 422 or to conform to any change therein.
	 	 	 
	 	(f)	One
    hundred percent (100%) of the Shares reserved and available under the Plan pursuant to Section 4.1 shall constitute the maximum
    aggregate number of Shares that may be issued through Incentive Stock Options.

 

	10.	Stock
    Appreciation Rights

 

	 	10.1	The
    Board may from time to time make one or more Grants of Stock Appreciation Rights to Eligible Persons on such terms and conditions,
    consistent with the Plan, as the Board shall determine.
	 	 	 
	 	10.2	Tandem
    SARs may be granted at or after the Grant Date of the related Options, and each Tandem SAR shall be subject to the same terms
    and conditions and denominated in the same currency as the Option to which it relates and the additional terms and conditions
    set forth in this Section 10.
	 	 	 
	 	10.3	On
    exercise of a Tandem SAR, the related Option shall be cancelled and the Participant shall be entitled to an amount in settlement
    of such Tandem SAR calculated and in such form as provided in Section 10.8 below.
	 	 	 
	 	10.4	Tandem
    SARs may be exercised only if and to the extent the Options related thereto are then Vested and exercisable and shall be exercised
    in accordance with such procedures as may be established by the Board. For greater certainty, upon the expiry or forfeiture
    of the Option to which a Tandem SAR is attached, including in connection with a Participant’s Termination, as provided
    in Section 11, such Tandem SAR shall also expire or be forfeited, as the case may be.

 

    	20

    	 

    

 

	 	10.5	Stand-Alone
    SARs granted under the Plan shall become Vested at such times, in such installments and subject to the terms and conditions
    of this Plan (including satisfaction of Performance Conditions and/or continued employment) as may be determined by the Board
    and set forth in the applicable Grant Agreement. For greater certainty, except as set out in a Grant Agreement in respect
    of the Stand-Along SAR, no Stand-Alone SAR granted to a Participant shall Vest after the Participant’s Termination and
    any Stand-Alone SARs that are outstanding on the Participant’s date of Termination shall be forfeited and cancelled
    as of such date.
	 	 	 
	 	10.6	The
    Base Price for each Stand-Alone SAR shall not be less that one hundred percent of the Market Price on the Grant Date of such
    Stand-Alone SAR.
	 	 	 
	 	10.7	Unless
    the Board determines otherwise, Stand-Alone SARs covered by a Grant shall, when and to the extent Vested, be settled by payment
    in cash of the amount determined in accordance with Section 10.8.
	 	 	 
	 	10.8	Upon
    exercise thereof, or the settlement thereof in accordance with Section 10.7, and subject to payment or other satisfaction
    of all related withholding obligations in accordance with Section 7.2 hereof, Stock Appreciation Rights (and, in the case
    of Tandem SARs, the related Options) shall be settled by payment in cash, of an amount, or the delivery of Shares or a combination
    of cash and Shares, as determined by the Board with an aggregate value equal to the product of:

 

(A)
the excess of the Market Price on the date of exercise over the Exercise Price or Base Price under the applicable Stock Appreciation
Right,

 

multiplied by

 

(B)
the number of Stock Appreciation Rights exercised or settled.

 

	 	10.9	Any
    cash payment in settlement of a Stand-Alone SAR shall be payable in Canadian dollars. Any cash payment in settlement of a
    Tandem SAR shall be payable in the currency as the option to which it relates. Any portion of a Stock Appreciation Right that
    is to be settled in Shares shall be settled by delivery of the number of Shares having a Market Price on the date of exercise
    equal to the portion of the amount determined in accordance with Section 10.8 being settled, rounded down to the nearest whole
    Share.
	 	 	 
	 	10.10	If
    the normal expiry date of any Stock Appreciation Right falls within any Blackout Period or within ten business days (being
    a day other than a Saturday, Sunday or other than a day when banks in Vancouver, British Columbia are not generally open for
    business) following the end of any Blackout Period, then the expiry date of such Stock Appreciation Right shall, without any
    further action, be extended to the date that is ten business days following the end such Blackout Period. The foregoing extension
    applies to all SARs whatever, other than Tandem SARs attached to Options of a US Taxpayer which shall be governed by the provisions
    of Section 9.5 that apply to the related Options, and shall not be considered an extension of the term of the SARs as referred
    to in Section 7.5 hereof. 

 

    	21

    	 

    

 

	11.	Termination
    of Employment and Death of a Participant – Options and Tandem SARs

 

	 	11.1	Outstanding
    Options held by a Participant (or the executors or administrators of such Participant’s estate, any person or persons
    who acquire the right to exercise Options directly from the Participant by bequest or inheritance or any other permitted transferee
    of the Participant under Section 12 hereof) as of the Participant’s date of Termination shall be subject to the provisions
    of this Section 11, as applicable; except that, in all events, the period for exercise of Options shall end no later than
    the last day of the maximum term thereof established under Section 9.1(c), 9.5, 9.6(b) or 11.5, as the case may be. 
	 	 	 
	 	11.2	Subject
    to the applicable Grant Agreement, Section 11.1 and Section 11.6, in the case of a Participant’s Termination due to
    death, or in the case of the Participant’s Disability (i) those of the Participant’s outstanding Options that
    were granted prior to the year that includes the Participant’s date of death or Disability Date, as the case may be,
    that have not become Vested prior to such date of death or Disability Date shall continue to Vest and, upon Vesting, be exercisable
    during the thirty-six (36) month period following such date of death or Disability Date, as the case may be, as if the Participant
    had remained Employed throughout such period and (ii) those of the Participant’s outstanding Options that have become
    Vested prior to the Participant’s date of death or Disability Date shall continue to be exercisable during the thirty-six
    (36) month period following the such date of death or Disability Date, as the case may be.

 

The
number of Options granted to a Participant in the year that includes the Participant’s date of death or Disability Date
that remain eligible to Vest following such date of death or Disability Date (the “Special
Pro Rated Options”) shall be determined by the formula A x B/C where:

 

	 	A	equals
    the total number of Options included in the Grant that have not previously Vested,
	 	 	 
	 	B	equals
    the total number of days between January 1 of the year that includes the Grant Date of such Grant and the Participant’s
    date of death or Disability Date, and
	 	 	 
	 	C	365.

 

The
Special Pro Rated Options shall continue to Vest and, upon Vesting, be exercisable during the thirty-six (36) month period following
the Participant’s date of death or Disability Date, as the case may be as if the Participant had remained Employed throughout
such period. The balance of the Options granted to a Participant in the year that includes the Participant’s date of death
or Disability Date that are not Special Pro Rated Options shall be forfeited and cancelled as of the Participant’s date
of death or Disability Date, as the case may be.

 

    	22

    	 

    

 

	 	11.3	Subject
    to the applicable Grant Agreement, Section 11.1 and Section 11.6, in the case of a Participant’s Termination due to
    the termination of the Participant’s employment or termination of the Participant’s contract for services by the
    Corporation or an Affiliate without Cause, (i) those of the Participant’s outstanding Options that have not become Vested
    prior to the Participant’s Termination shall continue to Vest and, upon Vesting, be exercisable during the one hundred
    and twenty (120) day period following the Participant’s Termination as if the Participant had remained Employed throughout
    such period, and (ii) those of the Participant’s outstanding Options that have become Vested prior to the Participant’s
    Termination shall continue to be exercisable during the one hundred and twenty (120) day period following the Participant’s
    Date of Termination.
	 	 	 
	 	11.4	Subject
    to the applicable Grant Agreement and Section 11.6, in the case of a Participant’s Termination due to the Participant’s
    resignation (including the voluntary withdrawal of services by a Participant who is not an employee under Applicable Law),
    (i) those of the Participant’s outstanding Options that have not become Vested prior to the date on which the Participant
    provides notice to the Corporation of his or her resignation shall be forfeited and cancelled as of such date, and (ii) those
    of the Participant’s outstanding Options that have become Vested prior to the date on which the Participant provides
    notice to the Corporation of his or her resignation shall continue to be exercisable during the ninety (90) day period following
    the Participant’s date of Termination.
	 	 	 
	 	11.5	Notwithstanding
    the foregoing, with respect to any Option that is intended to be an Incentive Stock Option, such Option shall not be exercisable
    for a period that is longer than (i) three (3) months from the date of the Participant’s Termination for any reason
    other than death or disability (as defined in Code Section 22(e)), or (ii) twelve (12) months from the Participant’s
    Termination due to disability (as defined in Code Section 22(e)) or death.
	 	 	 
	 	11.6	In
    addition to the Board’s rights under Section 3.1, the Board may, at the time of a Participant’s Termination or
    Disability Date, extend the period for exercise of some or all of the Participant’s Options, but not beyond the original
    expiry date, and/or allow for the continued Vesting of some or all of the Participant’s Options during the period for
    exercise or a portion of it. Options that are not exercised prior to the expiration of the exercise period, including any
    extended exercise period authorized pursuant to this Section 11.6, following a Participant’s date of Termination or
    Disability Date, as the case may be, shall automatically expire on the last day of such period.
	 	 	 
	 	11.7	Notwithstanding
    any other provision hereof or in any Grant Agreement, in the case of a Participant’s termination of employment or termination
    of the Participant’s contract for services for Cause, any and all then outstanding unvested Options granted to the Participant
    shall be immediately forfeited and cancelled, without any consideration therefore, as of the commencement of the day that
    notice of such termination is given.
	 	 	 
	 	11.8	For
    greater certainty, a Participant shall have no right to receive Shares or a cash payment, as compensation, damages or otherwise,
    with respect to any Options that do not become Vested or that are not exercised before the date on which the Options expire.
    

 

    	23

    	 

    

 

	12.	Transferability
    of OPtions – us taxpayer

 

	 	12.1	Notwithstanding
    Section 7.11, with respect to Participants who are US Taxpayers, no Incentive Stock Option shall be transferable by the Participant,
    in whole or in part, other than by will or by the laws of descent and distribution. If the Participant shall attempt any transfer
    of any Incentive Stock Option, such transfer shall be void and the Incentive Stock Option shall terminate.
	 	 	 
	 	12.2	Further,
    with respect to Participants who are US Taxpayers, Options that are not Incentive Stock Options shall be transferable, in
    whole or in part, by the Participant by will or by the laws of descent and distribution. In addition, the Board may, in its
    sole discretion, permit the Participant to transfer any or all such Options to any member of the Participant’s “immediate
    family” as such term is defined in Rule 16a-1(e), or any successor provision, of the Securities Exchange Act of 1934,
    as amended, or to one or more trusts whose beneficiaries are members of such Participant’s “immediate family”
    or partnerships in which such family members are the only partners; provided, however, that the Participant cannot receive
    any consideration for the transfer and such transferred Stock Option shall continue to be subject to the same terms and conditions
    as were applicable to such Option immediately prior to its transfer. 

 

    	24

    	 

    

 

PART
III – SHARE UNITS

 

	13.	DEFINITIONS

 

	 	13.1	“Grant
    Value” means the dollar amount allocated to an Eligible Person in respect of a
    Grant of Share Units as contemplated by Section 3.
	 	 	 
	 	13.2	“Share
    Unit Account” has the meaning set out in Section
    15.1.
	 	 	 
	 	13.3	“Valuation
    Date” means the date as of which the Market
    Value is determined for purposes of calculating the number of Share Units included in a Grant, which unless otherwise determined
    by the Board shall be the Grant Date.
	 	 	 
	 	13.4	“Vesting
    Period” means, with respect to a Grant of Share
    Units, the period specified by the Board, commencing on the Grant Date and ending on the last Vesting Date for such Share
    Units.

 

	14.	Eligibility
and Grant Determination

 

	 	14.1	The
    Board may from time to time make one or more Grants of Share Units to Eligible Persons on such terms and conditions, consistent
    with the Plan, as the Board shall determine, provided that, in determining the Eligible Persons to whom Grants are to be made
    and the Grant Value for each Grant, the Board shall take into account the terms of any written employment agreement or contract
    for services between an Eligible Person and the Corporation or any Affiliate and may take into account such other factors
    as it shall determine in its sole and absolute discretion.
	 	 	 
	 	14.2	The
    Board shall determine the Grant Value and the Valuation Date (if not the Grant Date) for each Grant under this Part III. The
    number of Share Units to be covered by each such Grant shall be determined by dividing the Grant Value for such Grant by the
    Market Value of a Share as at the Valuation Date for such Grant, rounded up to the next whole number.
	 	 	 
	 	14.3	Each
    Grant Agreement issued in respect of Share Units shall set forth, at a minimum, the type of Share Units and Grant Date of
    the Grant evidenced thereby, the number of RSUs or PSUs subject to such Grant, the applicable Vesting conditions, the applicable
    Vesting Period(s) and the treatment of the Grant upon Termination and may specify such other terms and conditions consistent
    with the terms of the Plan as the Board shall determine or as shall be required under any other provision of the Plan. The
    Board may include in a Grant Agreement under this Part III terms or conditions pertaining to confidentiality of information
    relating to the Corporation’s operations or businesses which must be complied with by a Participant including as a condition
    of the grant or Vesting of Share Units.

 

    	25

    	 

    

 

	15.	ACCOUNTS
    AND DIVIDEND EQUIVALENTS 

 

	 	15.1	Share
    Unit Account.

 

An
account, called a “Share Unit Account”, shall be maintained by the Corporation, or an Affiliate, as specified
by the Board, for each Participant who has received a Grant of Share Units and will be credited with such Grants of Share Units
as are received by a Participant from time to time pursuant to Section 14 and any dividend equivalent Share Units pursuant to
Section 15.2. Share Units that fail to Vest to a Participant and are forfeited pursuant to Section 16, or that are paid out to
the Participant or his or her Beneficiary, shall be cancelled and shall cease to be recorded in the Participant’s Share
Unit Account as of the date on which such Share Units are forfeited or cancelled under the Plan or are paid out, as the case may
be. For greater certainty, where a Participant is granted both RSUs and PSUs, such RSUs and PSUs shall be recorded separately
in the Participant’s Share Unit Account.

 

	 	15.2	Dividend
    Equivalent Share Units.

 

Except
as otherwise provided in the Grant Agreement relating to a Grant of RSUs or PSUs, if and when cash dividends (other than extraordinary
or special dividends) are paid with respect to Shares to shareholders of record as of a record date occurring during the period
from the Grant Date under the Grant Agreement to the date of settlement of the RSUs or PSUs granted thereunder, a number of dividend
equivalent RSUs or PSUs, as the case may be, shall be credited to the Share Unit of Account of the Participant who is a party
to such Grant Agreement. The number of such additional RSUs or PSUs will be calculated by dividing the aggregate dividends or
distributions that would have been paid to such Participant if the RSUs or PSUs in the Participant’s Share Unit Account
had been Shares by the Market Value on the date on which the dividends or distributions were paid on the Shares. The additional
RSUs or PSUs granted to a Participant will be subject to the same terms and conditions, including Vesting and settlement terms,
as the corresponding RSUs or PSUs, as the case may be.

 

	16.	VESTING
    AND SETTLEMENT OF SHARE UNITS

 

	 	16.1	Continued
    Employment.

 

Subject
to this Section 16 and the applicable Grant Agreement, Share Units subject to a Grant and dividend equivalent Share Units credited
to the Participant’s Share Unit Account in respect of such Share Units shall Vest in such proportion(s) and on such Vesting
Date(s) as may be specified in the Grant Agreement governing such Grant provided that the Participant is Employed on the relevant
Vesting Date.

 

    	26

    	 

    

 

	 	16.2	Settlement.

 

A
Participant’s RSUs and PSUs, adjusted in accordance with the applicable multiplier, if any, as set out in the Grant Agreement,
and rounded down to the nearest whole number of RSUs or PSUs, as the case may be, shall be settled, by a distribution as provided
below to the Participant or his or her Beneficiary, upon, or as soon as reasonably practicable following the Vesting thereof in
accordance with Section 16.1 or 16.6, as the case may be, subject to the terms of the applicable Grant Agreement. In all events
RSUs and PSUs will be settled on or before the earlier of the ninetieth (90th) day following the Vesting Date and the
date that is two and one half (21⁄2) months after the end of the year in which Vesting occurred. Settlement shall be made
by the issuance of one Share for each RSU or PSU then being settled, a cash payment equal to the Market Value of the RSUs or PSUs
being settled in cash, or a combination of Shares and cash, all as determined by the Board in its discretion, or as specified
in the applicable Grant Agreement, and subject to payment or other satisfaction of all related withholding obligations in accordance
with Section 7.2.

 

	 	16.3	Postponed
    Settlement.

 

If
a Participant’s Share Units would, in the absence of this Section 16.3 be settled within a Blackout Period applicable to
such Participant, such settlement shall be postponed until the earlier of the sixth (6th) Trading Day following the
end of such Blackout Period and the otherwise applicable date for settlement of the Participant’s Share Units as determined
in accordance with Section 16.2.

 

	 	16.4	Failure
    to Vest. 

 

For
greater certainty, a Participant shall have no right to receive Shares or a cash payment, as compensation, damages or otherwise,
with respect to any RSUs or PSUs that do not become Vested.

 

	 	16.5	Resignation.
    

 

Subject
to the applicable Grant Agreement and Section 16.8, in the event a Participant’s employment is Terminated as a result of
the Participant’s resignation, no Share Units that have not Vested prior to the date of on which the Participant submits his or
her resignation, including dividend equivalent Share Units in respect of such Share Units, shall Vest and all such Share Units
shall be forfeited immediately.

 

	 	16.6	Death
    or Disability. 

 

Subject
to the applicable Grant Agreement, in the case of a Participant’s Termination due to death, or in the case of the Participant’s
Disability, all Share Units granted to the Participant that were granted prior to the year that includes the Participant’s
date of death or Disability Date, as the case may be, that have not Vested prior to the Participant’s date of death or Disability
Date, as the case may be, and related dividend equivalent Share Units credited prior to such date of death or Disability Date,
shall Vest at the end of the Vesting Period relating to such Grant(s) of such Share Units and in the case of a Grant of PSUs,
subject to the achievement of the applicable Performance Conditions and the adjustment of the number of PSUs that Vest to reflect
the extent to which such Performance Conditions were achieved, as if the Participant had remained Employed by the Corporation
or an Affiliate until the end of the Vesting Period applicable to such Share Units. 

 

    	27

    	 

    

 

The
number of Share Units granted to a Participant in the year that includes the Participant’s date of death or Disability Date
that remain eligible to Vest following such date of death or Disability Date (the “Special
Pro Rated Share Units”) shall be determined by the formula A x B/C where:

 

	 	A	equals
    the total number of Share Units relating to such Grant that have not previously Vested,
	 	 	 
	 	B	equals
    the total number of days between January 1 of the year that includes the Grant Date of such Grant and the Participant’s
    date of death or Disability Date, and
	 	 	 
	 	C	365.

 

The
Special Pro Rated Share Units, together with any dividend equivalent Share Units attributable thereto, shall Vest at the end of
the Vesting Period relating to such Grant(s) of such Share Units and in the case of a Grant of PSUs that are subject to Performance
Conditions, subject to the achievement of the applicable Performance Conditions and the adjustment of the number of Special Pro
Rated PSUs and related dividend equivalent PSUs that Vest to reflect the extent to which such Performance Conditions were achieved,
as if the Participant had remained Employed by the Corporation or an Affiliate until the end of the Vesting Period applicable
to such Share Units. The balance of the Share Units included in a Grant made in the year that includes the Participant’s
date of death or Disability Date that are not Special Pro Rated Share Units shall be forfeited and cancelled as of the Participant’s
date of death or Disability Date, as the case may be.

 

	 	16.7	Termination
    of Employment without Cause. 

 

Subject
to the applicable Grant Agreement and Section 16.8, in the event a Participant’s employment or contract for services is
terminated by the Corporation, or an Affiliate, as applicable, without Cause, prior to the end of a Vesting Period relating to
a Grant:

 

	 	(a)	the
    number of RSUs determined by the formula A x B/C, where

 

	 	A	equals
    the total number of RSUs relating to such Grant that have not previously Vested and dividend equivalent RSUs in respect of
    such RSUs,
	 	 	 
	 	B	equals
    the total number of days between the first day of the Vesting Period relating to such Grant and the Participant’s date
    of Termination, and
	 	 	 
	 	C	equals
    total number of days in the Vesting Period relating to such Grant, shall
become Vested RSUs at the end of the Vesting Period relating to such Grant; and

 

    	28

    	 

    

 

	 	(b)	the
    number of PSUs (if any) determined by the formula A x B/C, where

 

	 	A	equals
    the total number of PSUs relating to such Grant that have not previously Vested and dividend equivalent PSUs in respect of
    such PSUs that would have Vested had the Participant remained Employed until the end of the applicable Vesting Period having
    regard to the extent to which the applicable Performance Conditions were satisfied,
	 	 	 
	 	B	equals
    the total number of days between the first day of the Performance Period relating to such Grant and the Participant’s
    date of Termination, and
	 	 	 
	 	C	equals
    total number of days in the Performance Period relating to such Grant, shall
become Vested PSUs at the end of Vesting Period relating to such Grant.

 

	 	16.8	Extension
    of Vesting. 

 

The
Board may, at the time of Termination or a Disability Date, extend the period for Vesting of Share Units, but not beyond
the original end of the applicable Vesting Period.

 

	 	16.9	Termination
    of Employment for Cause. 

 

In
the event a Participant’s employment is Terminated for Cause by the Corporation, no Share Units, that have not Vested prior
to the date of the Participant’s Termination for Cause including dividend equivalent Share Units in respect of such Share
Units, shall Vest and all such Share Units shall be forfeited immediately.

 

	17.	SHAREHOLDER
    RIGHTS

 

	 	17.1	No
    Rights to Shares. 

 

Share
Units are not Shares and a Grant of Share Units will not entitle a Participant to any shareholder rights, including, without limitation,
voting rights, dividend entitlement or rights on liquidation.

 

    	29

    	 

    

 

PART
IV – RESTRICTED STOCK AND OTHER AWARDS

 

	18.	DEFINITIONS

 

	 	18.1	“Restriction”
    means any restriction on a Participant’s free enjoyment of the Shares granted as Restricted Stock. Restrictions may
    be based on the passage of time or the satisfaction of Performance Conditions or the occurrence of one or more events or conditions,
    and shall lapse separately or in combination upon satisfaction of such conditions and at such time or times, in instalments
    or otherwise, as the Board shall specify. 

 

	19.	Restricted
    Stock

 

	 	19.1	Dividends;
    Voting. 

 

While
any Restriction applies to any Participant’s Restricted Stock, (i) unless the Board provides otherwise, the Participant
shall receive the dividends paid on the Restricted Stock and shall not be required to return those dividends to the Corporation
in the event of the forfeiture of the Restricted Stock, (ii) the Participant shall receive the proceeds of the Restricted Stock
in the event of any change in the Shares in respect of which the Board has determined that an equitable adjustment should be made
pursuant to Section 5.1, which proceeds shall automatically and without need for any other action become Restricted Stock and
be subject to all Restrictions then existing as to the Participant’s Restricted Stock, and (iii) the Participant shall be
entitled to vote the Restricted Stock during the Restriction period.

 

	 	19.2	Transfer
    Restrictions. 

 

The
Participant shall not have the right to sell, transfer, assign, convey, pledge, hypothecate, grant any security interest in or
mortgage on, or otherwise dispose of or encumber any shares of Restricted Stock or any interest therein while the Restrictions
remain in effect. The Board may require, as a condition of a Grant of Restricted Stock, that the Participant deposit the shares
of Restricted Stock into an escrow account.

 

	 	19.3	Forfeiture.
    

 

Grants
of Restricted Stock shall be forfeited if the applicable Restriction does not lapse prior to such date or the occurrence of such
event or the satisfaction of such other criteria as is specified in the Grant Agreement. Further, unless expressly provided for
in the Grant Agreement, or as otherwise determined by the Board, any Restricted Stock held by the Participant at the time of the
Participant’s Termination shall be forfeited by the Participant to the Corporation.

 

	 	19.4	Evidence
    of Share Ownership. 

 

Restricted
Stock will be book-entry Shares only unless the Board decides to issue certificates to evidence shares of the Restricted Stock.

 

	20.	OTHER
    AWARDS

 

The
Board shall have the authority to grant other equity-based awards, which may be based on one or more criteria determined by the
Board, under the Plan that are consistent with the purpose of the Plan and the interests of the Corporation, including, without
limitation, bonuses or similar compensation payable in the form of Shares, subject to compliance with Applicable Law.

 

    	30

    	 

    

 

Exhibit
“A”

 

to

 

SciVac
Therapeutics Inc. Incentive Plan

 

Special
Provisions Applicable to US Taxpayer

 

This
Exhibit sets forth special provisions of the SciVac Therapeutics Inc. Incentive Plan (the “Plan”) that apply to Participants
who are US Taxpayers. This Exhibit shall apply to such Participants notwithstanding any other provisions of the Plan. Terms defined
elsewhere in the Plan and used herein shall have the meanings set forth in the Plan, as may be amended from time to time.

 

Definitions

 

“Disability”
means, solely with respect to an award that constitutes deferred compensation subject to Section 409A of the Code, a “disability”
as defined under Section 409A of the Code.

 

“Eligible
Person” means, solely with respect to Options and SARs, an individual Employed by the Corporation or any of its subsidiaries
who, by the nature of his or her position or job is, in the opinion of the Board, in a position to contribute to the success of
the Corporation; provided, however, that only officers and employees shall be eligible to receive Incentive Stock Options.

 

“Market
Price” means, solely with respect to the terms “Exercise Price” and “Base Price”, (a) if the
Shares are listed on the Stock Exchange, the closing price per Share on the Stock Exchange on the Effective Date of the Grant;
(b) if the Shares are listed on more than on Stock Exchange, the fair market value as determined in accordance with paragraph
(a) above for the primary Stock Exchange on which the Shares are listed, as determined by the Board; and (c) if the Shares not
listed for trading on a Stock Exchange, a price which is determined by the Board in good faith to be the fair market value of
the Shares in compliance with the Code Section 409A.

 

“Separation
From Service” means such employment or service with the Corporation and any entity that is to be treated as a single
employer with the Corporation for purposes of United States Treasury Regulation Section 1.409A-1(h) terminates such that it is
reasonably anticipated that no further services will be performed.

 

“Specified
Employee” means a US Taxpayer who meets the definition of “specified employee,” as defined in Section 409A(a)(2)(B)(i)
of the Code.

 

Change
in Control Treatment

 

Notwithstanding
anything to the contrary, if the Change in Control event does not constitute a change in ownership or effective control of the
Company or a change in ownership of a substantial portion of the assets of the Company under Section 409A of the Code, and if
the Corporation determines any award under the Plan constitutes deferred compensation subject to Section 409A of the Code, then
as determined in the sole discretion of the Board, the vesting of such award may be accelerated as of the effective date of the
Change in Control, but the Corporation shall pay such award on its original payment date, but in no event more than 90 days following
the original payment date.

 

    	31

    	 

    

 

Compliance
with Section 409A

 

The
intent of the parties is that payments and benefits under this Plan comply with Section 409A of the Code, to the extent subject
thereto, and accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in compliance
therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation
and/or tax penalties under Section 409A of the Code, a Participant shall not be considered to have terminated employment with
the Company for purposes of this Plan unless the Participant would be considered to have incurred a Separation from Service from
the Company. Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment
for purposes of Section 409A of the Code, and any payments described in this Plan that are due within the “short term deferral
period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires
otherwise. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required
in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable
and benefits that would otherwise be provided pursuant to this Plan (or any other plan or agreement of the Corporation) during
the six-month period immediately following the Specified Employee’s Separation from Service shall instead be paid on the
first business day after the date that is six months following the Specified Employee’s Separation from Service (or death,
if earlier). The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Board to be necessary
in order to preserve compliance with Section 409A of the Code. The Corporation makes no representation that any or all of the
payments described in this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude
Section 409A of the Code from applying to any such payment. Each Participant shall be solely responsible for the payment of any
taxes and penalties incurred under Section 409A of the Code.

 

    	32Exhibit

Exhibit 4.2
FORM OF
SPECTRUM PHARMACEUTICALS, INC.
___________________________
INDENTURE
Dated as of ________________
___________________________
[Name of Trustee]
Trustee

TABLE OF CONTENTS
	
				
	 
	 
	Page
	

	 
	ARTICLE I
	 

	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 

	Section 1.1
	Definitions
	1
	

	Section 1.2
	Other Definitions
	4
	

	Section 1.3
	Incorporation by Reference of Trust Indenture Act
	4
	

	Section 1.4
	Rules of Construction
	4
	

	 
	 
	 

	 
	ARTICLE II
	 

	 
	THE SECURITIES
	 

	Section 2.1
	Issuable in Series
	5
	

	Section 2.2
	Establishment of Terms of Series of Securities
	5
	

	Section 2.3
	Execution and Authentication
	7
	

	Section 2.4
	Registrar and Paying Agent
	7
	

	Section 2.5
	Paying Agent to Hold Money in Trust
	8
	

	Section 2.6
	Securityholder Lists    
	8
	

	Section 2.7
	Transfer and Exchange
	8
	

	Section 2.8
	Mutilated, Destroyed, Lost and Stolen Securities
	8
	

	Section 2.9
	Outstanding Securities
	9
	

	Section 2.10
	Treasury Securities
	9
	

	Section 2.11
	Temporary Securities
	9
	

	Section 2.12
	Cancellation
	10
	

	Section 2.13
	Defaulted Interest
	10
	

	Section 2.14
	Global Securities
	10
	

	 
	 
	 

	 
	ARTICLE III
	 

	 
	REDEMPTION
	 

	Section 3.1
	Notice to Trustee
	11
	

	Section 3.2
	Selection of Securities to be Redeemed
	11
	

	Section 3.3
	Notice of Redemption
	11
	

	Section 3.4
	Effect of Notice of Redemption
	12
	

	Section 3.5
	Deposit of Redemption Price
	12
	

	Section 3.6
	Securities Redeemed in Part
	12
	

	 
	 
	 

	 
	ARTICLE IV
	 

	 
	COVENANTS
	 

	Section 4.1
	Payment of Principal and Interest
	12
	

	Section 4.2
	SEC Reports
	12
	

	Section 4.3
	Compliance Certificate
	12
	

	Section 4.4
	Stay, Extension and Usury Laws
	12
	

	Section 4.5
	Corporate Existence
	13
	

	Section 4.6
	Taxes
	13
	

	 
	 
	 

	
				
	 
	ARTICLE V
	 

	 
	SUCCESSORS
	 

	Section 5.1
	When Company May Merge, Etc
	13
	

	Section 5.2
	Successor Corporation Substituted
	13
	

	 
	 
	 

	 
	ARTICLE VI
	 

	 
	DEFAULTS AND REMEDIES
	 

	Section 6.1
	Events of Default
	14
	

	Section 6.2
	Acceleration of Maturity; Rescission and Annulment
	15
	

	Section 6.3
	Collection of Indebtedness and Suits for Enforcement by Trustee
	15
	

	Section 6.4
	Trustee May File Proofs of Claim
	16
	

	Section 6.5
	Trustee May Enforce Claims Without Possession of Securities
	16
	

	Section 6.6
	Application of Money Collected
	16
	

	Section 6.7
	Limitation on Suits
	17
	

	Section 6.8
	Unconditional Right of Holders to Receive Principal and Interest
	17
	

	Section 6.9
	Restoration of Rights and Remedies
	17
	

	Section 6.10
	Rights and Remedies Cumulative
	17
	

	Section 6.11
	Delay or Omission Not Waiver
	18
	

	Section 6.12
	Control by Holders
	18
	

	Section 6.13
	Waiver of Past Defaults
	18
	

	Section 6.14
	Undertaking For Costs
	18
	

	 
	 
	 

	 
	ARTICLE VII
	 

	 
	TRUSTEE
	 

	Section 7.1
	Duties of Trustee
	19
	

	Section 7.2
	Rights of Trustee
	20
	

	Section 7.3
	Individual Rights of Trustee
	20
	

	Section 7.4
	Trustee’s Disclaimer
	20
	

	Section 7.5
	Notice of Defaults
	20
	

	Section 7.6
	Reports by Trustee to Holders
	20
	

	Section 7.7
	Compensation and Indemnity
	20
	

	Section 7.8
	Replacement of Trustee
	21
	

	Section 7.9
	Successor Trustee by Merger, Etc
	22
	

	Section 7.10
	Eligibility; Disqualification
	22
	

	Section 7.11
	Preferential Collection of Claims Against Company
	22
	

	 
	 
	 

	 
	ARTICLE VIII
	 

	 
	SATISFACTION AND DISCHARGE; DEFEASANCE
	 

	Section 8.1
	Satisfaction and Discharge of Indenture
	22
	

	Section 8.2
	Application of Trust Funds; Indemnification
	23
	

	Section 8.3
	Legal Defeasance of Securities of Any Series
	23
	

	Section 8.4
	Covenant Defeasance
	24
	

	Section 8.5
	Repayment to Company
	25
	

	 
	 
	 

	
				
	 
	ARTICLE IX
	 

	 
	AMENDMENTS AND WAIVERS
	 

	Section 9.1
	Without Consent of Holders
	25
	

	Section 9.2
	With Consent of Holders
	26
	

	Section 9.3
	Limitations
	26
	

	Section 9.4
	Compliance with Trust Indenture Act
	27
	

	Section 9.5
	Revocation and Effect of Consents
	27
	

	Section 9.6
	Notation on or Exchange of Securities
	27
	

	Section 9.7
	Trustee Protected
	27
	

	 
	 
	 

	 
	ARTICLE X
	 

	 
	MISCELLANEOUS
	 

	Section 10.1
	Trust Indenture Act Controls
	27
	

	Section 10.2
	Notices
	27
	

	Section 10.3
	Communication by Holders with other Holders
	28
	

	Section 10.4
	Certificate and Opinion as to Conditions Precedent
	28
	

	Section 10.5
	Statements Required in Certificate or Opinion
	28
	

	Section 10.6
	Rules by Trustee and Agents    
	29
	

	Section 10.7
	Legal Holidays
	29
	

	Section 10.8
	No Recourse Against Others
	29
	

	Section 10.9
	Counterparts
	29
	

	Section 10.10
	Governing Laws
	29
	

	Section 10.11
	No Adverse Interpretation of Other Agreements
	29
	

	Section 10.12
	Successors
	29
	

	Section 10.13
	Severability
	29
	

	Section 10.14
	Table of Contents, Headings, Etc
	29
	

	Section 10.15
	Securities in a Foreign Currency or in ECU
	29
	

	Section 10.16
	Judgment Currency
	30
	

	 
	 
	 

	 
	ARTICLE XI
	 

	 
	SINKING FUNDS
	 

	Section 11.1
	Applicability of Article
	30
	

	Section 11.2
	Satisfaction of Sinking Fund Payments with Securities
	30
	

	Section 11.3
	Redemption of Securities for Sinking Fund
	31
	

SPECTRUM PHARMACEUTICALS, INC.
Reconciliation and tie between Trust Indenture Act of 1939 and
Indenture, dated as of ________________ 
	
		
	Section. 310(a)(1)
	7.10

	(a)(2)
	7.10

	(a)(3)
	Not Applicable

	(a)(4)
	Not Applicable

	(a)(5)
	7.10

	(b)
	7.10

	Section. 311(a)
	7.11

	(b)
	7.11

	(c)
	Not Applicable

	Section. 312(a)
	2.6

	(b)
	10.3

	(c)
	10.3

	Section. 313(a)
	7.6

	(b)(1)
	7.6

	(b)(2)
	7.6

	(c)(1)
	7.6

	(d)
	7.6

	Section. 314(a)
	4.2, 10.5

	(b)
	Not Applicable

	(c)(1)
	10.4

	(c)(2)
	10.4

	(c)(3)
	Not Applicable

	(d)
	Not Applicable

	(e)
	10.5

	(f)
	Not Applicable

	Section. 315(a)
	7.1

	(b)
	7.5

	(c)
	7.1

	(d)
	7.1

	(e)
	6.14

	Section. 316(a)
	2.10

	(a)(1)(A)
	6.12

	(a)(1)(B)
	6.13

	(b)
	6.8

	Section. 317(a)(1)
	6.3

	(a)(2)
	6.4

	(b)
	2.5

	Section. 318(a)
	10.1

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

Indenture dated as of ______ _____, 20___ between Spectrum Pharmaceuticals, Inc., a Delaware corporation (“Company”), and [Name of Trustee], a ___________________________  (“Trustee”).
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.
ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.1     Definitions.

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.
“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.
“Agent” means any Registrar, Paying Agent or Service Agent.
“Authorized Newspaper” means a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used.  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 that is made or given by the Trustee shall constitute a sufficient publication of such notice.
“Bearer” means anyone in possession from time to time of a Bearer Security.
“Bearer Security” means any Security, including any interest coupon appertaining thereto, that does not provide for the identification of the Holder thereof.
“Board of Directors” means the Board of Directors of the Company or any duly authorized committee thereof.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.
“Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York or The City of Irvine on which banking institutions are authorized or required by law, regulation or executive order to close.
“Company” means the party named as such above until a successor replaces it and thereafter means the successor.
“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.
“Company Request” means a written request signed in the name of the Company by any Officer and delivered to the Trustee.
“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.
“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

“Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.
“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.
“Dollars” means the currency of the United States of America.
“ECU” means the European Currency Unit as determined by the Commission of the European Union.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States of America.
“Foreign Government Obligations” means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.
“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.
“Holder” or “Securityholder” means a person in whose name a Security is registered or the holder of a Bearer Security.
“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
“Maturity,” when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise.
“Officer” means the Chairman of the Board, any President, any Vice-President, the Chief Financial Officer, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.
“Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.
“Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company.
“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.

“SEC” means the Securities and Exchange Commission.
“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.
“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.
“Significant Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date hereof.
“Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.
“Subsidiary” of any specified person means any corporation of which at least a majority of the outstanding stock having by the terms thereof ordinary voting power for the election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by such person, or by one or more other Subsidiaries, or by such person and one or more other Subsidiaries.
“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.
“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.
“U.S. Government Obligations” means securities which are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.

Section 1.2     Other Definitions.
	
		
	Term
	Defined in Section

	“Bankruptcy Law”
	6.1

	“Custodian”
	6.1

	“Event of Default”
	6.1

	“Journal”
	10.15

	“Judgment Currency”
	10.16

	“Legal Holiday”
	10.7

	“mandatory sinking fund payment”
	11.1

	“Market Exchange Rate”
	10.15

	“New York Banking Day”
	10.16

	“optional sinking fund payment”
	11.1

	“Paying Agent”
	2.4

	“Registrar”
	2.4

	“Required Currency”
	10.16

	“Service Agent”
	2.4

	“successor person”
	5.1

Section 1.3     Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

“Commission” means the SEC.

“indenture securities” mean the Securities.

“indenture security holder” means a Securityholder.

“indenture to be qualified” means this Indenture.

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

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

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

Section 1.4     Rules of Construction.  Unless the context otherwise requires:

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

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

(c)references to “generally accepted accounting principles” shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied;

(d)“or” is not exclusive;

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

(f)provisions apply to successive events and transactions.

ARTICLE II

THE SECURITIES

Section 2.1    Issuable in Series.  The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The Securities may be issued in one or more Series.  All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution.  In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

Section 2.2    Establishment of Terms of Series of Securities.  At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.21) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution:

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

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

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

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

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

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

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

2.2.9    the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;
2.2.10    if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

2.2.11    the forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities);
    
2.2.12    if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

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

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

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

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

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

2.2.18    the provisions, if any, relating to the subordination of the debt securities;

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

2.2.20    any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;
2.2.21    any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series); and

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

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.
Section 2.3    Execution and Authentication.  Two Officers shall sign the Securities for the Company by manual or facsimile signature.

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.
The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.  Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.  Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.
The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on:  (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of Securities of that Series or of Securities within that Series and the terms of Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.
The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series:  (a) if the Trustee, being advised by counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.
The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.
Section 2.4    Registrar and Paying Agent.  The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of Securities of such Series and this Indenture may be served (“Service Agent”).  The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent.  If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional service agent.  The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent” includes any additional service agent.
The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.
Section 2.5    Paying Agent to Hold Money in Trust.  The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.  If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold all money held by it as Paying Agent in a separate trust fund for the benefit of Securityholders of any Series of Securities.

Section 2.6    Securityholder Lists.  The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.

Section 2.7    Transfer and Exchange.  Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.  To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.  No service charge 

shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.
Section 2.8    Mutilated, Destroyed, Lost and Stolen Securities.  If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity 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 the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Section 2.9    Outstanding Securities.  The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.
If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.
A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.
In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.
Section 2.10    Treasury Securities.  In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver Securities of a Series owned by the Company or an Affiliate of the Company shall be disregarded, except that for the purposes of determining 

whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded.

Section 2.11    Temporary Securities.  Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order.  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee, upon request, shall authenticate definitive Securities of the same Series and date of Maturity in exchange for temporary Securities.  Until so exchanged, temporary Securities shall have the same rights under this Indenture as the definitive Securities.

Section 2.12    Cancellation.  The Company at any time may deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment.  The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Company, unless the Company otherwise directs.  The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

Section 2.13    Defaulted Interest.  If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date.  The Company shall fix the record date and payment date.  At least 30 days before the record date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any other lawful manner.

Section 2.14    Global Securities.

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

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

Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.
2.14.3    Legend.  Any Global Security issued hereunder shall bear a legend in substantially the following form:

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

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

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

2.14.6    Consents, Declaration and Directions.  Except as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depository with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

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

ARTICLE III

REDEMPTION

Section 3.1    Notice to Trustee.  The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be redeemed.  The Company shall give the notice at least 45 days before the redemption date (or such shorter notice as may be acceptable to the Trustee).

Section 3.2    Selection of Securities to be Redeemed.  Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate.  The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption.  The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000.  Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral multiples thereof.  Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

Section 3.3    Notice of Redemption.  Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on one occasion a notice in an Authorized Newspaper.
The notice shall identify the Securities of the Series to be redeemed and shall state:
(g)the redemption date;
(h)the redemption price;
(i)the name and address of the Paying Agent;
(j)that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(k)that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; and
(l)any other information as may be required by the terms of the particular Series or Securities of a Series being redeemed.

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

Section 3.4    Effect of Notice of Redemption.  Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price.  A notice of redemption may not be conditional.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

Section 3.5    Deposit of Redemption Price.  On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

Section 3.6    Securities Redeemed in Part.  Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same Maturity equal in principal amount to the unredeemed portion of the Security surrendered.

ARTICLE IV

COVENANTS

Section 4.1    Payment of Principal and Interest.  The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on Securities of that Series in accordance with the terms of such Securities and this Indenture.

Section 4.2    SEC Reports.  The Company shall deliver to the Trustee, within 15 days after it files them with the SEC, copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.  The Company also shall comply with the other provisions of TIA Section 314(a).

Section 4.3    Compliance Certificate.  The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of the Company, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of such Officer’s knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge).

The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.
Section 4.4    Stay, Extension and Usury Laws.  The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

Section 4.5    Corporate Existence.  Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership or other existence of each Significant Subsidiary in accordance with the respective organizational documents of each Significant Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Significant Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Significant Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

Section 4.6    Taxes.  The Company shall, and shall cause each of its Significant Subsidiaries to, pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by appropriate proceedings.

ARTICLE V

SUCCESSORS

Section 5.1    When Company May Merge, Etc.  The Company shall not consolidate with or merge into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”), and may not permit any person to merge into, or convey, transfer or lease its properties and assets substantially as an entirety to, the Company, unless:

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

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

The Company shall deliver to the Trustee, prior to the consummation of the proposed transaction, an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.
Section 5.2    Successor Corporation Substituted.  Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, lease, conveyance or other disposition shall not be released from the obligation to pay the principal of and interest, if any, on the Securities.

ARTICLE VI

DEFAULTS AND REMEDIES

Section 6.1    Events of Default.  “Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

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

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

(c)    default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or

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

(e)    the Company or any of its Significant Subsidiaries pursuant to or within the meaning of any Bankruptcy Law:
(i)commences a voluntary case,

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

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

(iv)makes a general assignment for the benefit of its creditors, or
(v)generally is unable to pay its debts as the same become due; or

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

(vi)is for relief against the Company or any of its Significant Subsidiaries in an involuntary case,

(vii)appoints a Custodian of the Company or any of its Significant Subsidiaries or for all or substantially all of its property, or

(viii)orders the liquidation of the Company or any of its Significant Subsidiaries, and the order or decree remains unstayed and in effect for 60 days; or

(g)    any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18.
The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
Section 6.2    Acceleration of Maturity; Rescission and Annulment.  If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of not less than a majority in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable.  If an Event of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:
(a)    the Company has paid or deposited with the Trustee a sum sufficient to pay:

(ix)all overdue interest, if any, on all Securities of that Series,

(x)the principal of any Securities of that Series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities,

(xi)to the extent that payment of such interest is lawful, interest upon any overdue principal and overdue interest at the rate or rates prescribed therefor in such Securities, and

(xii)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

(b)    all Events of Default with respect to Securities of that Series, other than the non-payment of the principal of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

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

Section 6.3    Collection of Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that if
(a)    default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or

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

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

then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal or any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.
If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.
Section 6.4    Trustee May File Proofs of Claim.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

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

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

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section 6.5    Trustee May Enforce Claims Without Possession of Securities.  All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

Section 6.6    Application of Money Collected.  Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

First:  To the payment of all amounts due the Trustee under Section 7.7; and
Second:  To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and
Third:  To the Company.
Section 6.7    Limitation on Suits.  No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

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

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

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

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

(e)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that 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 to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.
Section 6.8    Unconditional Right of Holders to Receive Principal and Interest.  Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of, premium and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

Section 6.9    Restoration of Rights and Remedies.  If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

Section 6.10    Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 6.11    Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

Section 6.12    Control by Holders.  The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that
    
(a)    such direction shall not be in conflict with any rule of law or with this Indenture,

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

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

Section 6.13    Waiver of Past Defaults.  The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default (i) in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration) and (ii) in respect of a covenant or provision hereof which 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 shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

Section 6.14    Undertaking For Costs.  All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).

ARTICLE VII

TRUSTEE
Section 7.1    Duties of Trustee.

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

(b)    Except during the continuance of an Event of Default:
(xiii)The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.
(xiv)In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.

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

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

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

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

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

(e)    The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense.

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

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

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

Section 7.2    Rights of Trustee.

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

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

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

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

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

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

Section 7.3    Individual Rights of Trustee.  The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee is also subject to Sections 7.10 and 7.11.

Section 7.4    Trustee’s Disclaimer.  The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

Section 7.5    Notice of Defaults.  If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default.  Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

Section 7.6    Reports by Trustee to Holders.  Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA Section 313.

A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.
Section 7.7    Compensation and Indemnity.  The Company shall pay to the Trustee from time to time reasonable compensation for its services.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it.  Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

The Company shall indemnify the Trustee (including the cost of defending itself) against any loss, liability or expense incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent.  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.  The Company shall defend the claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.  This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.
The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith.
To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or (f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.
Section 7.8    Replacement of Trustee.  A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

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

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

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

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

(d)    the Trustee becomes incapable of acting.
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.
If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.
If the Trustee with respect to the Securities of any one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series and, if any Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper.  Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.
Section 7.9    Successor Trustee by Merger, Etc.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

Section 7.10    Eligibility; Disqualification.  This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5).  The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA Section 310(b).

Section 7.11    Preferential Collection of Claims Against Company.  The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).  A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

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

(a)    either

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

(ii)    all such Securities not theretofore delivered to the Trustee for cancellation
(1)have become due and payable, or

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

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

(4)are deemed paid and discharged pursuant to Section 8.3, as applicable;
and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;
(b)    the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

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

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1 8.2 and 8.5 shall survive.
Section 8.2    Application of Trust Funds; Indemnification.

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

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

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

Section 8.3    Legal Defeasance of Securities of Any Series.  Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2.20, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:
    
(a)    the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of 

any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;

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

(c)    the rights, powers, trust and immunities of the Trustee hereunder;
provided that, the following conditions shall have been satisfied:
(d)    the Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or principal are due;
(e)    such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;

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

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

(h)    the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;

(i)    such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and

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

Section 8.4    Covenant Defeasance.  Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under Section 6.1) with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

(a)    With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite 

currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due;

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

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

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

(e)    the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

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

Section 8.5    Repayment to Company.  The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years.  After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.

ARTICLE IX

AMENDMENTS AND WAIVERS

Section 9.1    Without Consent of Holders.  The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

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

(b)    to comply with Article V;

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

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

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

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

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

Section 9.2    With Consent of Holders.  The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for 

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

It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver.  Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.
Section 9.3    Limitations.  Without the consent of each Securityholder affected, an amendment or waiver may not:
(a)    change the amount of Securities whose Holders must consent to an amendment, supplement or waiver;

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

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

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

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

(f)    make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;
    
(g)    make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

(h)    waive a redemption payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities.

Section 9.4    Compliance with Trust Indenture Act.  Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

Section 9.5    Revocation and Effect of Consents.  Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.  However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.

Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3.  In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
Section 9.6    Notation on or Exchange of Securities.  The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.  The Company in exchange for Securities of that 

Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver.
    
Section 9.7    Trustee Protected.  In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

ARTICLE X

MISCELLANEOUS

Section 10.1    Trust Indenture Act Controls.  If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.

Section 10.2    Notices.  Unless otherwise provided herein, any notice or communication by the Company or the Trustee to the other shall be in writing and delivered in person or by courier, telegraphed, telexed or by facsimile transmission or mailed by first-class mail as follows:

		
	if to the Company:
	Spectrum Pharmaceuticals, Inc.

11500 South Eastern Ave. Suite 240
Henderson, Nevada  89052
Attention:  Chief Financial Officer
Facsimile:  (702) 260-7405

		
	with a copy to:
	Stradling Yocca Carlson & Rauth

660 Newport Center Drive, Suite 1600
Newport Beach, California  92660
Attention:  Marc G. Alcser, Esq.
Facsimile:  (949) 725-4100

		
	if to the Trustee:
	[Name of Trustee]

[Address]
    
Attention:      
The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper.  Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.
If a notice or communication is mailed in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.  If a notice or communication is delivered in person, by courier, telegraphed, telexed or by facsimile transmission (with confirmation of receipt) within the time prescribed, it is duly given.
If the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.
Section 10.3    Communication by Holders with other Holders.  Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).

Section 10.4    Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

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

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

Section 10.5    Statements Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

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

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

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

Section 10.6    Rules by Trustee and Agents.  The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements for its functions.

Section 10.7    Legal Holidays.  Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture for a particular Series, a “Legal Holiday” is any day that is not a Business Day.  If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

Section 10.8    No Recourse Against Others.  A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.

Section 10.9    Counterparts.  This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

Section 10.10    Governing Laws.  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

Section 10.11    No Adverse Interpretation of Other Agreements.  This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

Section 10.12    Successors.  All agreements of the Company in this Indenture and the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.

Section 10.13    Severability.  In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 10.14    Table of Contents, Headings, Etc.  The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

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

All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.
Section 10.16    Judgment Currency.  The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.  For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.
ARTICLE XI

SINKING FUNDS

Section 11.1    Applicability of Article.  The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash 

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

Section 11.3    Redemption of Securities for Sinking Fund.  Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.  Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

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

	Name:
	 

	Title:
	 

[NAME OF TRUSTEE]	
		
	By:
	 

	Name:
	 

	Title:

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