Document:

Exhibit 10.7

 

SUBSIDIARY GUARANTEE

 

GUARANTEE, dated as of December
10, 2021, made by Nightfood, Inc., a New York corporation, and MJ Munchies, Inc., a Nevada corporation (the “Guarantors”),
in favor of  [      ] (the “Purchasers”).

 

W I T N E S S E T H:

 

Whereas, pursuant to that certain
Securities Purchase Agreement, dated as of December 10, 2021, by and between Nightfood Holdings, Inc., a Nevada corporation (the “Company”),
and the Purchasers (the “Purchase Agreement”), the Company agreed to sell and issue to each of the Purchasers, and each of
the Purchasers has agreed to purchase from the Company, among other things, the Company’s Senior Secured Notes due December 10,
2022, in the aggregate principal amount of $1,086,956.52 (the “Notes”);

 

Whereas, the Guarantors have
and will directly benefit from the extension of credit to the Company; and

 

NOW, THEREFORE, in consideration
of the premises and to induce the Purchaser to enter into the transactions in connection therewith, the Guarantors hereby agree with the
Purchasers as follows:

 

1. Definitions.
Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein and not otherwise defined herein shall have the
meanings given to them in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision of
this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to terms defined
herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Obligations”
means the collective reference to all obligations and undertakings of the Company of whatever nature, monetary or otherwise under the
Notes, the Security Agreement of even date herewith by and between the Company, its Subsidiaries, and the Purchaser (the “Security
Agreement”), and the other Transaction Documents or any other future agreement or obligations undertaken by the Company, its Subsidiaries
to the Purchaser, together with all reasonable attorneys’ fees, disbursements and all other costs and expenses of collection incurred
by Purchasers in enforcing any of such Obligations and/or this Guarantee.

 

2. Guarantee.

 

(a) Guarantee.

 

		(i)	The Guarantors hereby unconditionally and irrevocably, jointly and severally, guarantee to each of the
Purchasers and its successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Company and
its Subsidiaries when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.

 

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		(ii)	Anything herein or in any other Transaction Document (as defined in Notes) to the contrary notwithstanding,
the maximum liability of the Guarantors hereunder and under the other Transaction Documents shall in no event exceed the amount which
can be guaranteed by such Guarantors under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent
conveyance or transfer or laws affecting the rights of creditors generally.

 

		(iii)	The Guarantors agree that the Obligations may at any time and from time to time exceed the amount of the
liability of such Guarantors hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies
of the Purchaser hereunder.

 

		(iv)	The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations
and the obligations of the Guarantors under the guarantee contained in this Section 2 shall have been satisfied by payment in full.

 

		(v)	No payment made by the Company, its Subsidiaries, the Guarantors, any other Guarantors or any other Person
or received or collected by the Purchaser from the Company, its Subsidiaries, the Guarantors, any other Guarantors or any other Person
by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of
or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantors hereunder
which shall, notwithstanding any such payment (other than any payment made by such Guarantors in respect of the Obligations or any payment
received or collected from such Guarantors in respect of the Obligations), remain jointly and severally liable for the Obligations until
the Obligations are paid in full.

 

		(vi)	Notwithstanding anything to the contrary in this Agreement, with respect to any defaulted non-monetary
Obligations the specific performance of which by the Guarantors are not reasonably possible (e.g. the issuance of the Company’s Common
Stock), the Guarantors shall only be jointly and severally liable for making the Purchaser whole on a monetary basis for the Company’s
and its Subsidiaries’ failure to perform such Obligations in accordance with the Transaction Documents.

 

(b) No
Subrogation. Notwithstanding any payment made by the Guarantors hereunder or any set-off or application of funds of the Guarantors
by the Purchaser, the Guarantors shall not be entitled to be subrogated to any of the rights of the Purchaser against the Company, its
Subsidiaries, or any other Guarantors or any collateral security or guarantee or right of offset held by the Purchaser for the payment
of the Obligations, nor shall the Guarantors seek or be entitled to seek any contribution or reimbursement from the Company, its Subsidiaries,
or any other Guarantors in respect of payments made by such Guarantors hereunder, until all amounts owing to the Purchaser by the Company,
its Subsidiaries on account of the Obligations are paid in full. If any amount shall be paid to the Guarantors on account of such subrogation
rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantors in trust
for the Purchaser, segregated from other funds of such Guarantors, and shall, forthwith upon receipt by such Guarantors, be turned over
to the Purchaser in the exact form received by such Guarantors (duly indorsed by such Guarantors to the Purchaser, if required), to be
applied against the Obligations, whether matured or unmatured, in such order as the Purchaser may determine.

 

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(c) Amendments,
Etc. With Respect to the Obligations. The Guarantors shall remain jointly and severally obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantors and without notice to or further assent by any Guarantors, any demand for payment
of any of the Obligations made by the Purchaser may be rescinded by the Purchaser and any of the Obligations continued, and the Obligations,
or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised,
waived, surrendered or released by the Purchaser, and the Purchase Agreement and the other Transaction Documents and any other documents
executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Purchaser
may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Purchaser for
the payment of the Obligations may be sold, exchanged, waived, surrendered or released. The Purchaser shall have no obligation to protect,
secure or perfect any Lien at any time held by them as security for the Obligations or for the guarantee contained in this Section 2 or
any property subject thereto.

 

(d) Guarantee
Absolute and Unconditional. The Guarantors waive any and all notice of the creation, renewal, extension or accrual of any of the Obligations
and notice of or proof of reliance by the Purchaser upon the guarantee contained in this Section 2 or acceptance of the guarantee contained
in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Company, its Subsidiaries,
and any of the Guarantors, on the one hand, and the Purchaser, on the other hand, likewise shall be conclusively presumed to have been
had or consummated in reliance upon the guarantee contained in this Section 2. The Guarantors waive to the extent permitted by law diligence,
presentment, protest, demand for payment and notice of default or nonpayment to or upon the Company, its Subsidiaries, or any of the Guarantors
with respect to the Obligations. The Guarantors understand and agree that the guarantee contained in this Section 2 shall be construed
as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of any Transaction
Document or document entered into in connection with the Purchase Agreement, any of the Obligations or any other collateral security therefor
or guarantee or right of offset with respect thereto at any time or from time to time held by the Purchaser, (b) any defense, set-off
or counterclaim (other than a defense of payment or performance or fraud or misconduct by Purchaser) which may at any time be available
to or be asserted by the Company, its Subsidiaries or any other Person against the Purchaser, or (c) any other circumstance whatsoever
(with or without notice to or knowledge of the Company, its Subsidiaries, or the Guarantors) which constitutes, or might be construed
to constitute, an equitable or legal discharge of the Company, for the Obligations, or of the Guarantors under the guarantee contained
in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies
hereunder against any Guarantor, the Purchaser may, but shall be under no obligation to, make a similar demand on or otherwise pursue
such rights and remedies as it may have against the Company, any other Guarantor or any other Person or against any collateral security
or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Purchaser to make any such demand,
to pursue such other rights or remedies or to collect any payments from the Company, any other Guarantors or any other Person or to realize
upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantors
or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor, of any obligation
or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law,
of the Purchaser against any Guarantors. For the purposes hereof, “demand” shall include the commencement and continuance of
any legal proceedings.

 

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(e) Reinstatement.
The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment,
or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Purchaser upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Company, its Subsidiaries or any Guarantors, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company, its Subsidiaries, or any Guarantors
or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

(f) Payments.
The Guarantors hereby jointly and severally guarantee that payments hereunder will be paid to the Purchaser without set-off or counterclaim
in U.S. dollars at the address set forth or referred to in the Purchase Agreement.

 

3. Representations
and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchaser as of the date hereof

 

(a) Organization
and Qualification. The Guarantors is a corporation or limited liability company, duly incorporated, validly existing and in good standing
under the laws of its jurisdiction of incorporation, with the requisite corporate power and authority to own and use its properties and
assets and to carry on its business as currently conducted. The Guarantors are duly qualified to do business and is in good standing as
a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate,
(x) adversely affect the legality, validity or enforceability of any of this Guaranty in any material respect, (y) have a material adverse
effect on the results of operations, assets, prospects, or financial condition of the Guarantors or (z) adversely impair in any material
respect the Guarantor’ ability to perform fully on a timely basis its obligations under this Guaranty (a “Material Adverse Effect”).

 

(b) Authorization;
Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Guarantee and otherwise to carry out its obligations hereunder. The execution and delivery of this Guarantee by the Guarantors
and the consummation by it of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the
part of the Guarantor. This Guarantee has been duly executed and delivered by the Guarantors and constitutes the valid and binding obligation
of the Guarantors enforceable against the Guarantor in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of,
creditors’ rights and remedies or by other equitable principles of general application.

 

(c) No
Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantors of the
transactions contemplated thereby do not and will not, to Guarantors’ knowledge (i) conflict with or violate any provision of its
Certificate of Incorporation or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or
both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Guarantors are a party, or (iii) result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Guarantors is subject (including Federal and
state securities laws and regulations), or by which any material property or asset of the Guarantors is bound or affected, except in the
case of each of clauses (i) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as could not, individually or in the aggregate, adversely impair in any material respect the Guarantors’ ability to perform fully
on a timely basis its obligations under this Guaranty (a “Material Adverse Effect”). The business of the Guarantors are not
being conducted in violation of any law, ordinance or regulation of any governmental authority, except for violations which, individually
or in the aggregate, do not have a Material Adverse Effect.

 

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(d) Consents
and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or registration
with, any court or other federal, state, local, foreign or other governmental authority or other person in connection with the execution,
delivery and performance by the Guarantors of this Guaranty.

 

(e) Purchase
Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such Guarantor,
each of which is hereby incorporated herein by reference, are true and correct as of each time such representations are deemed to be made
pursuant to such Purchase Agreement, and the Purchaser shall be entitled to rely on each of them as if they were fully set forth herein,
provided, that each reference in each such representation and warranty to the Guarantors’ knowledge shall, for the purposes of this Section
3, be deemed to be a reference to such Guarantors’ knowledge

 

4. Covenants.
The Guarantor covenants and agrees with the Purchasers that, from and after the date of this Guarantee until the Obligations shall have
been paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially reasonable action
that is necessary to be taken or not taken, as the case may be, so that no Event of Default is caused by the failure to take such action
or to refrain from taking such action by the Guarantors. Additionally, the Guarantors agree to be bound by the covenants set forth in
Notes as if fully set forth herein.

 

5. Miscellaneous.

 

(a) Amendments
in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except in
writing by the Majority Purchaser (as defined in the Purchase Agreement).

 

(b) Notices.
All notices, requests and demands to or upon the Purchaser or any Guarantors hereunder shall be affected in the manner provided for in
the Purchase Agreement at their respective addresses (in the case of the Guarantors, at the address listed on page 1 hereof).

 

(c) No
Waiver By Course Of Conduct; Cumulative Remedies. The Purchasers shall not by any act (except by a written instrument pursuant to
Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in
any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the
Purchaser, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A
waiver by the Purchaser of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which
the Purchaser would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly
or concurrently and are not exclusive of any other rights or remedies provided by law.

 

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(d) Enforcement
Expenses; Indemnification.

 

		(i)	The Guarantor agree to pay, or reimburse the Purchasers for, all its costs and expenses incurred in collecting
against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee
and the other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements
of counsel to the Purchaser.

 

		(ii)	The Guarantor agree to pay, and to save the Purchasers harmless from, any and all liabilities with respect
to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable
in connection with any of the transactions contemplated by this Guarantee.

 

		(iii)	The Guarantor agree to pay, and to save the Purchasers harmless from, any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect
to the execution, delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required
to do so pursuant to the Notes, Pledge Agreement or Security Agreement.

 

		(iv)	The agreements in this Section shall survive repayment of the Obligations.

 

(e) Successor
and Assigns. This Guarantee shall be binding upon the successors and assigns of the Guarantors and shall inure to the benefit of the
Purchasers and their respective successors and assigns; provided that the Guarantors may not assign, transfer or delegate any of its rights
or obligations under this Guarantee without the prior written consent of the Purchasers.

 

(f) Set-Off.
Each Guarantor hereby irrevocably authorizes the Purchasers at any time and from time to time while an Event of Default under the Notes
shall have occurred and be continuing, without notice to such Guarantor or any other Guarantors, any such notice being expressly waived
by each Guarantor, to set-off and appropriate and apply any and all deposits, credits, indebtedness or claims, in any currency, in each
case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Purchaser to or for the
credit or the account of such Guarantor, or any part thereof in such amounts as the Purchaser may elect, against and on account of the
obligations and liabilities of such Guarantor to the Purchaser hereunder and claims of every nature and description of the Purchaser against
such Guarantor, in any currency, whether arising hereunder, under the Notes or otherwise, as the Purchaser may elect, whether or not the
Purchaser have made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Purchasers
shall notify such Guarantor promptly of any such set-off and the application made by the Purchaser of the proceeds thereof, provided that
the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Purchasers under this
Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Purchaser may
have.

 

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(g) Severability.
Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(h) Section
Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

 

(i) Integration.
This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchasers with respect to the subject
matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Purchaser relative to subject
matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.

 

(j) Governing
Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS.

 

(k) Submission
to Jurisdictional; Waiver. Each Guarantor hereby irrevocably and unconditionally:

 

		(i)	submits for itself and its property in any legal action or proceeding relating to this Guarantee and the
other Transaction Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive
general jurisdiction of the Courts of the State of New York, located in New York County, New York, the courts of the United States of
America for the Southern District of New York, and appellate courts from any thereof;

 

		(ii)	consents that any such action or proceeding may be brought in such courts and waives any objection that
it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;

 

		(iii)	agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof
by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred
to above or at such other address of which the Purchaser shall have been notified pursuant thereto;

 

		(iv)	agrees that nothing herein shall affect the right to effect service of process in any other manner permitted
by law or shall limit the right to sue in any other jurisdiction; and

 

		(v)	waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any
legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.

 

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(l) Acknowledgements.
Each Guarantor hereby acknowledges that:

 

		(i)	it has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other
Transaction Documents to which it is a party;

 

		(ii)	the Purchaser has no fiduciary relationship with or duty to any Guarantor arising out of or in connection
with this Guarantee or any of the other Transaction Documents, and the relationship between the Guarantor, on the one hand, and the Purchaser,
on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

		(iii)	no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue
of the transactions contemplated hereby among the Guarantors and the Purchaser.

 

(m) Release
of Guarantors. The Guarantors will be released from all liability hereunder concurrently with the repayment in full of all amounts
in connection with the Obligations.

 

(n) Waiver
of Jury Trial. THE GUARANTORS AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASER, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

(o) Seniority.
The obligations of the Guarantors under this Guarantee shall be senior in right of payment to its other obligations and will be secured
be a first lien in all of the Guarantors’ tangible and intangible assets.

 

[SIGNATURE PAGE TO FOLLOW]

 

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IN WITNESS WHEREOF, each of
the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.

 

	Nightfood, Inc.	 
	 	 	 
	By:	 	 
	Name:	Sean Folkson	 
	Title:	CEO	 
	 	 	 
	 	MJ Munchies, Inc.	 
	 	 	 
	By:	 	 
	Name:	Sean Folkson	 
	Title:	CEO	 

 

 

Page 9 of 9Exhibit 4.2

 

FORM OF 

 

FOURTH SUPPLEMENTAL INDENTURE 

 

between 

 

SACHEM CAPITAL CORP. 

 

and 

 

U.S. BANK NATIONAL ASSOCIATION

 

as Trustee 

 

Dated as of December 20, 2021

 

 

 

FOURTH SUPPLEMENTAL INDENTURE 

 

THIS FOURTH SUPPLEMENTAL INDENTURE
(this “Fourth Supplemental Indenture”), dated as of December 20, 2021, is between Sachem Capital Corp., a New York corporation
(the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). Except as otherwise set forth
in this Fourth Supplemental Indenture, all capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined
below).

 

RECITALS OF THE COMPANY 

 

The Company and the Trustee
executed and delivered an Indenture, dated as of June 21, 2019 (the “Base Indenture” and, as supplemented by this Fourth Supplemental
Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured
debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in
the Indenture.

 

The Company desires to issue
and sell up to $45,000,000 aggregate principal amount (or up to $51,750,000 aggregate principal amount if the underwriters’ option
to purchase additional Securities is exercised in full) of the Company’s 6.00% Notes due December 30, 2026 (the “Notes”).

 

The Company previously entered
into the First Supplemental Indenture, dated as of June 21, 2019 (the “First Supplemental Indenture”), the Second Supplemental
Indenture, dated as of November 7, 2019 (the “Second Supplemental Indenture”) and the Third Supplemental Indenture, dated
as of September 4, 2020 (the “Third Supplemental Indenture”), each of which amended and supplemented the Base Indenture. None
of the First Supplemental Indenture, the Second Supplemental Indenture or the Third Supplemental Indenture are applicable to the Notes.

 

Sections 901(4) and 901(6)
of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Base Indenture when there is no Security
Outstanding of any series created prior to the execution of the supplemental indenture that is entitled to the benefit of such provision
and (ii) establish the form or terms of Securities of any series as permitted by Section 201 and Section 301 of the Base
Indenture.

 

 

 

     

     

    

 

The Company desires to establish
the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of
the Holders of the Notes (except as may be provided in a future supplemental indenture to the Base Indenture (“Future Supplemental
Indenture”).

 

The Company has duly authorized
the execution and delivery of this Fourth Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary
to make this Fourth Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of
the Company, in accordance with its terms, have been done and performed.

 

NOW, THEREFORE, for and in
consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Notes, as follows:

 

ARTICLE I.

 

TERMS OF THE NOTES

 

Section 1.01.  Terms of the Notes.
The following terms relating to the Notes are hereby established:

 

(a)   The Notes shall
constitute a series of Senior Securities having the title “6.00% Notes due December 30, 2026.” The Notes shall bear a CUSIP
number of 78590A 604 and an ISIN of US78590A6047.

 

(b)   The aggregate
principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and
delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906, 1107
or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never
to have been authenticated and delivered under the Indenture) shall be up to $45,000,000 (or up to $51,750,000 aggregate principal amount
if the underwriters’ option to purchase additional Securities is exercised in full). Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes,
issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity
and other terms as the Notes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all
references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires.

 

(c)   The entire outstanding
principal of the Notes shall be payable on December 30, 2026, unless earlier redeemed or repurchased in accordance with the provisions
of the Indenture.

 

 

(d)   The rate at
which the Notes shall bear interest shall be 6.00% per annum. The Interest Payment Dates for the Notes shall be March 30, June 30, September
30 and December 30 of each year, commencing March 30, 2022 (if an Interest Payment Date falls on a day that is not a Business Day, then
the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of
such delayed payment). The initial interest period will be the period from and including December 20, 2021, to, but excluding, March 30,
2022, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next
Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which shall be March 15, June 15, September 15, or December 15 (whether
or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Payment of principal of (and premium, if
any, on) and any such interest on the Notes will be made at the office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107,
Attention: Sachem Capital Corp. (6.00% Notes Due December 30, 2026) (Karen R. Beard, Vice President) or at such other address as designated
by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that
so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures
established by The Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of
twelve 30-day months.

 

     

     

    

 

(e)   The Notes shall
be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s certificate
of authentication thereon shall be substantially in the form of Exhibit A to this Fourth Supplemental Indenture. Each Global Note
shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount
of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from
time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Security
Registrar, in accordance with Sections 203 and 305 of the Base Indenture.

 

(f)    The depositary
for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security Registrar
with respect to the Global Notes shall be the Trustee.

 

(g)   The Notes shall
be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section 1403
of the Base Indenture shall apply to the covenants contained in Sections 1006, 1008 and 1009 of the Indenture.

 

(h)   The Notes
shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows:

 

(i)          
The Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after December
20, 2023, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest payments
otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

(ii)       
Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption
Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth
in Section 1104 of the Base Indenture.

 

(iii)     
If the Company elects to redeem only a portion of the Notes, the Trustee will determine the method for selecting the particular Notes
to be redeemed, in accordance with Section 1103 of the Base Indenture and the Investment Company Act and the rules of any national
securities exchange or quotation system on which the Notes are listed, in each case to the extent applicable.

 

(iv)      
Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Notes called for redemption hereunder.

 

(i)     The Notes shall not
be subject to any sinking fund pursuant to Section 1201 of the Base Indenture.

 

(j)     The Notes shall be
issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(k)   Holders of the Notes will not
have the option to have the Notes repaid prior to the Stated Maturity.

 

(l)     The Notes are hereby
designated as “Senior Securities” under the Indenture.

 

     

     

    

 

ARTICLE II.

 

COVENANTS

 

Section 2.01.  Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections
1009, and 1010 thereto, each as set forth below:

 

“Section 1009. Asset Coverage Ratio.

 

The Company hereby agrees
that for the period of time during which Notes are Outstanding, the Company will not pay any dividends or make any distributions in excess
of 90% of its taxable income, incur any Indebtedness or purchase any shares of its outstanding capital stock, unless, in every such case,
at the time of the incurrence of such Indebtedness or at the time of any such dividend, distribution or purchase, the Company has an Asset
Coverage of at least 150% after giving effect to the incurrence of such Indebtedness and the application of the net proceeds therefrom
or after deducting the amount of such purchase, price as the case may be. “Asset Coverage” means the ratio (expressed as a
percentage) which the total assets of the Company bears to the aggregate amount of indebtedness (including the aggregate principal amount
of the involuntary liquidation preference of redeemable preferred stock, if any), of the Company. For purposes of the Supplemental Indenture,
 “Indebtedness” means, without duplication: (a) all indebtedness for borrowed money; (b) all obligations evidenced by notes,
bonds, debentures or similar instruments; and (c) any lease of, or other arrangement conveying the right to use, any property by a Person
as lessee that has been or should be accounted for as a capital lease on a balance sheet of such Person prepared in accordance with GAAP.

 

“Section 1010. Commission Reports and Reports to Holders.

 

If, at any time, the Company
is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission,
the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within
90 days after the end of the each fiscal year of the Company (which fiscal year ends on December 31), audited annual consolidated financial
statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s
fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared,
in all material respects, in accordance with GAAP.”

 

ARTICLE III.

 

MEETINGS OF HOLDERS OF SECURITIES

 

Section 3.01.  Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended by replacing clause (c) thereof
with the following:

 

“(c) At any meeting
of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $25.00 principal amount of the Outstanding
Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.”

 

ARTICLE IV.

 

MISCELLANEOUS

 

Section 4.01.  This FourthSupplemental
Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws. This Fourth Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to
be part of the Indenture and shall, to the extent applicable, be governed by such provisions.

 

     

     

    

 

Section 4.02.  In case any provision
in this Fourth Supplemental Indenture or in the Notes 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 4.03.  This Fourth Supplemental
Indenture may be executed in counterparts, each of which will be an original, but such counterparts will together constitute but one and
the same Fourth Supplemental Indenture. The exchange of copies of this Fourth Supplemental Indenture and of signature pages by facsimile,
..pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Fourth Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall
be deemed to be their original signatures for all purposes.

 

Section 4.04.  The Base Indenture,
as supplemented and amended by this Fourth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and
this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions
included in this Fourth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the
Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Fourth Supplemental
Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Fourth Supplemental
Indenture.

 

Section 4.05.  The provisions of this
Fourth Supplemental Indenture shall become effective as of the date hereof.

 

Section 4.06.  Notwithstanding anything
else to the contrary herein, the terms and provisions of this Fourth Supplemental Indenture shall apply only to the Notes and shall not
apply to any other series of Securities under the Base Indenture and this Fourth Supplemental Indenture shall not and does not otherwise
affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Base Indenture, whether
now or hereafter issued and Outstanding.

 

Section 4.07.For the avoidance of doubt,
all notices, approvals, consents, requests and any communications hereunder or with respect to the Notes must be in writing (provided
that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature
provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative),
in English.  The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to
submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of
interception and misuse by Fourth parties.

 

Section 4.08.  The recitals contained
herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture, the Notes or any Additional
Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Fourth Supplemental Indenture, authenticate
the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application
by the Company of the Notes or any Additional Notes or the proceeds thereof. In acting hereunder and with respect to the Notes, the rights,
privileges, protections, immunities and benefits afforded to the Trustee under the Base Indenture, including, without limitation, its
right to be indemnified, are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in each of its capacities
hereunder as if set forth herein in full.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Fourth Supplemental Indenture to be duly executed as of the date first above written.

 

	 	SACHEM CAPITAL CORP.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	John L. Villano	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 
	 	U.S. BANK NATIONAL

ASSOCIATION, as Trustee	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

[Signature page to Fourth Supplemental Indenture]

 

     

     

    

 

Exhibit A – Form of Global Note 

 

This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or
a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security
in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a nominee thereof, except
in the limited circumstances described in the Indenture.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or
such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof
for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein. 

 

Sachem Capital Corp. 

 

	No.	
    $                    

    CUSIP No.: 78590A 604

    ISIN:  US78590A6047

     

 

6.00% Notes due December 30, 2026

 

Sachem Capital Corp., a corporation
duly organized and existing under the laws of New York (herein called the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of FORTY-FIVE MILLION AND 00/100 Dollars (U.S. $45,000,000) on December 30, 2026 and to pay interest thereon from December
20, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on March 30, June
30, September 30 and December 30 in each year, commencing March 30, 2022, at the rate of 6.00% per annum, until the principal hereof is
paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular
Record Date for such interest, which shall be March 15, June 15, September 15, or December 15 (whether or not a Business
Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
This Security may be issued as part of a series.

 

Payment of the principal of
(and premium, if any, on) and any such interest on this Security will be made at the office of the Trustee located at 111 Fillmore Avenue,
St. Paul, MN55107, Attention: Sachem Capital Corp. (6.00% Notes Due December 30, 2026) or at such other address as designated by the Trustee,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that so long as this
Security is registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established
by The Depository Trust Company and the Trustee.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

     

     

    

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

Dated:

 

	 	SACHEM CAPITAL CORP.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

	Attest	 
	 	 
	By:	 	 	 
	 	Name:	 
	 	Title:	 

 

[Global Note - Fourth Supplemental Indenture]

 

 

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 
	 	 	 	 
	 	By:	 	 
	 	Authorized Signatory	 

 

[Global Note - Fourth Supplemental Indenture]

 

     

     

    

 

Sachem Capital Corp. 

 

6.00% Notes due December 30, 2026

 

This Security is one of a
duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of June 21, 2019 (herein called the “Base Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Fourth Supplemental
Indenture, dated as of December 20, 2021, by and between the Company and the Trustee (herein called the “Fourth Supplemental Indenture”;
the Fourth Supplemental Indenture and the Base Indenture collectively are herein called the “Indenture”). In the event of
any conflict between the Base Indenture and the Fourth Supplemental Indenture, the Fourth Supplemental Indenture shall govern and control.

 

This Security is one of the
series designated on the face hereof, which series is initially limited in aggregate principal amount to $45,000,000. Under a Board Resolution,
Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent
of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the existing Securities
will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional
Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions.

 

The Securities of this series
are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, on or after December 20,
2023, at a redemption price per security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments
otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

Notice of redemption shall
be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of
the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104
of the Base Indenture.

 

If the Company elects to redeem
only a portion of the Securities, the Trustee will determine the method for selecting the particular Securities to be redeemed, in accordance
with Section 1.01 of the Fourth Supplemental Indenture and Section 1103 of the Base Indenture. In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.

 

Unless the Company defaults
in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Holders of Securities do not have the option to
have the Securities repaid prior to December 30, 2026.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

     

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to
be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

As provided in and subject
to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity, security, or both reasonably satisfactory
to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request
and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will
be issued to the designated transferee or transferees.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company, the Trustee, or the Security Registrar may require payment of
a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee, or the Security Registrar and any agent of the Company, the Trustee,
or the Security Registrar may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and none of the Company, the Trustee, the Security Registrar or any agent thereof shall be affected by
notice to the contrary.

 

All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of
laws.

 

To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

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