Document:

Exhibit 4.8

 

AMICUS THERAPEUTICS, INC.

 

and

 

____________________, as Trustee

 

INDENTURE

 

Dated as of _______________, _____

 

     

     

    

 

TABLE
OF CONTENTS

 

 

	 	 	Page
	 	 	 
	 Article 1 DEFINITIONS AND INCORPORATION BY REFERENCE

	 	1
	 	1.1.	 	DEFINITIONS	 	1
	 	1.2.	 	OTHER DEFINITIONS	 	4
	 	1.3.	 	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	 	4
	 	1.4.	 	RULES OF CONSTRUCTION	 	5
	 	 	 	 	 	 
	Article 2 THE SECURITIES	 	5
	 	2.1.	 	ISSUABLE IN SERIES	 	5
	 	2.2.	 	ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES	 	5
	 	2.3.	 	EXECUTION AND AUTHENTICATION	 	7
	 	2.4.	 	REGISTRAR AND PAYING AGENT	 	8
	 	2.5.	 	PAYING AGENT TO HOLD ASSETS IN TRUST	 	9
	 	2.6.	 	SECURITYHOLDER LISTS	 	9
	 	2.7.	 	TRANSFER AND EXCHANGE	 	9
	 	2.8.	 	REPLACEMENT SECURITIES	 	10
	 	2.9.	 	OUTSTANDING SECURITIES	 	10
	 	2.10.	 	WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION	 	10
	 	2.11.	 	TEMPORARY SECURITIES	 	11
	 	2.12.	 	CANCELLATION	 	11
	 	2.13.	 	PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST	 	11
	 	2.14.	 	CUSIP NUMBER	 	11
	 	2.15.	 	PROVISIONS FOR GLOBAL SECURITIES	 	12
	 	2.16.	 	PERSONS DEEMED OWNERS	 	13
	 	 	 	 	 	 
	Article 3 REDEMPTION	 	13
	 	3.1.	 	NOTICES TO TRUSTEE	 	13
	 	3.2.	 	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED	 	13
	 	3.3.	 	NOTICE OF REDEMPTION	 	13
	 	3.4.	 	EFFECT OF NOTICE OF REDEMPTION	 	14
	 	3.5.	 	DEPOSIT OF REDEMPTION PRICE	 	14
	 	3.6.	 	SECURITIES REDEEMED IN PART	 	15
	 	3.7.	 	OPEN MARKET PURCHASES	 	15
	 	 	 	 	 	 
	Article 4 COVENANTS	 	15
	 	4.1.	 	PAYMENT OF SECURITIES	 	15
	 	4.2.	 	SEC REPORTS	 	15
	 	4.3.	 	WAIVER OF STAY, EXTENSION OR USURY LAWS	 	15
	 	4.4.	 	COMPLIANCE CERTIFICATE	 	16
	 	4.5.	 	CORPORATE EXISTENCE	 	16
	 	 	 	 	 	 
	Article 5 SUCCESSOR CORPORATION	 	16
	 	5.1.	 	LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS	 	16
	 	5.2.	 	SUCCESSOR PERSON SUBSTITUTED	 	17
	 	 	 	 	 	 
	Article 6 DEFAULTS AND REMEDIES	 	17
	 	6.1.	 	EVENTS OF DEFAULT	 	17
	 	6.2.	 	ACCELERATION	 	18
	 	6.3.	 	REMEDIES	 	18
	 	6.4.	 	WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT	 	19
	 	6.5.	 	CONTROL BY MAJORITY	 	19
	 	6.6.	 	LIMITATION ON SUITS	 	19

 

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	 	 	 	 	 	Page
	 	 	 	 	 	 
	 	6.7.	 	RIGHTS OF HOLDERS TO RECEIVE PAYMENT	 	20
	 	6.8.	 	COLLECTION SUIT BY TRUSTEE	 	20
	 	6.9.	 	TRUSTEE MAY FILE PROOFS OF CLAIM	 	20
	 	6.10.	 	PRIORITIES	 	20
	 	6.11.	 	UNDERTAKING FOR COSTS	 	21
	 	 	 	 	 	 
	Article 7 TRUSTEE	 	21
	 	7.1.	 	DUTIES OF TRUSTEE	 	21
	 	7.2.	 	RIGHTS OF TRUSTEE	 	22
	 	7.3.	 	INDIVIDUAL RIGHTS OF TRUSTEE	 	22
	 	7.4.	 	TRUSTEE’S DISCLAIMER	 	23
	 	7.5.	 	NOTICE OF DEFAULT	 	23
	 	7.6.	 	REPORTS BY TRUSTEE TO HOLDERS	 	23
	 	7.7.	 	COMPENSATION AND INDEMNITY	 	23
	 	7.8.	 	REPLACEMENT OF TRUSTEE	 	24
	 	7.9.	 	SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION	 	24
	 	7.10.	 	ELIGIBILITY; DISQUALIFICATION	 	25
	 	7.11.	 	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	 	25
	 	7.12.	 	PAYING AGENTS	 	25
	 	 	 	 	 	 
	Article 8 AMENDMENTS, SUPPLEMENTS AND WAIVERS	 	25
	 	8.1.	 	WITHOUT CONSENT OF HOLDERS	 	25
	 	8.2.	 	WITH CONSENT OF HOLDERS	 	26
	 	8.3.	 	COMPLIANCE WITH TRUST INDENTURE ACT	 	27
	 	8.4.	 	REVOCATION AND EFFECT OF CONSENTS	 	27
	 	8.5.	 	NOTATION ON OR EXCHANGE OF SECURITIES	 	27
	 	8.6.	 	TRUSTEE TO SIGN AMENDMENTS, ETC	 	28
	 	 	 	 	 	 
	Article 9 DISCHARGE OF INDENTURE; DEFEASANCE	 	28
	 	9.1.	 	DISCHARGE OF INDENTURE	 	28
	 	9.2.	 	LEGAL DEFEASANCE	 	28
	 	9.3.	 	COVENANT DEFEASANCE	 	29
	 	9.4.	 	CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE	 	29
	 	9.5.	 	DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS	 	30
	 	9.6.	 	REINSTATEMENT	 	30
	 	9.7.	 	MONEYS HELD BY PAYING AGENT	 	31
	 	9.8.	 	MONEYS HELD BY TRUSTEE	 	31
	 	 	 	 	 	 
	Article 10 MISCELLANEOUS		31
	 	10.1.	 	TRUST INDENTURE ACT CONTROLS	 	31
	 	10.2.	 	NOTICES	 	31
	 	10.3.	 	COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS	 	32
	 	10.4.	 	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	 	33
	 	10.5.	 	STATEMENT REQUIRED IN CERTIFICATE AND OPINION	 	33
	 	10.6.	 	RULES BY TRUSTEE AND AGENTS	 	33
	 	10.7.	 	BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT	 	33
	 	10.8.	 	GOVERNING LAW	 	33
	 	10.9.	 	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	 	34
	 	10.10.	 	SUCCESSORS	 	34
	 	10.11.	 	MULTIPLE COUNTERPARTS	 	34
	 	10.12.	 	TABLE OF CONTENTS, HEADINGS, ETC	 	34
	 	10.13.	 	SEVERABILITY	 	34
	 	10.14.	 	SECURITIES IN A FOREIGN CURRENCY OR IN EUROS	 	34
	 	10.15.	 	JUDGMENT CURRENCY	 	35

 

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CROSS-REFERENCE TABLE

 

	TIA SECTION	 	INDENTURE SECTION
	310(a)(1)(2)(5)	 	7.10
	310(a)(3)(4)	 	Inapplicable
	310(b)	 	7.8; 7.10
	310(c)	 	Inapplicable
	311(a)(b)	 	7.11
	311(c)	 	Inapplicable
	312(a)	 	2.6
	312(b)(c)	 	10.3
	313(a)(b)	 	7.6
	313(c)	 	7.6; 10.2
	313(d)	 	7.6
	314(a)	 	4.2; 4.4; 10.2
	314(b)	 	Inapplicable
	314(c)(1)(2)	 	10.4; 10.5
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.5
	314(f)	 	Inapplicable
	315(a)	 	7.1, 7.2
	315(b)	 	7.5; 10.2
	315(c)	 	7.1
	315(d)	 	7.1; 7.2
	315(e)	 	6.11
	316(a)(flush language)	 	2.10
	316(a)(1)(A)	 	6.5
	316(a)(1)(B)	 	6.4
	316(a)(2)	 	8.2
	316(b)	 	6.7
	316(c)	 	8.4
	317(a)(1)	 	6.8
	317(a)(2)	 	6.9
	317(b)	 	2.5; 7.12
	318(a)	 	10.1

 

Note: This Cross-Reference Table shall not, for any purpose, be deemed
to be a part of the Indenture.

 

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INDENTURE, dated as of _______________, _____,
by and between Amicus Therapeutics, Inc., a Delaware corporation, as Issuer (the “Company”), and ______________________________,
a _______________ organized under the laws of _______________, as Trustee (the “Trustee”).

 

RECITALS
OF THE COMPANY

 

The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness to
be issued in one or more series (the “Securities”), as herein provided, up to such principal amount as may from time to time
be authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture.

 

All things necessary to make this Indenture a valid
agreement of the Company in accordance with its terms have been done, and the execution and delivery thereof have been in all respects
duly authorized by the parties hereto.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the
Securities of a Series thereof, as follows:

 

Article 1

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

		1.1.	DEFINITIONS.

 

“Affiliate” of any specified Person
means any other Person which, directly or indirectly through one or more intermediaries, controls, or is controlled by or is under common
control with, such specified Person. For the purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect to
any Person, means 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, by agreement or otherwise.

 

“Agent” means any Registrar, Paying
Agent, co-registrar or agent for service of notices and demands.

 

“Board of Directors” means the Board
of Directors of the Company or any committee duly authorized to act therefor.

 

“Board Resolution” means a copy of
a resolution certified pursuant to an Officers’ Certificate to have been duly adopted by the Board of Directors of the Company and
to be in full force and effect on the date of such certification which has been delivered to the Trustee.

 

“Capital Stock” means, with respect
to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership interests or any other participation,
right or other interest in the nature of an equity interest in such Person or any option, warrant or other security convertible into any
of the foregoing.

 

“Company” means the party named as
such in the first paragraph of this Indenture until a successor replaces such party pursuant to Article 5 of this Indenture, and
thereafter means the successor and any other primary obligor on the Securities.

 

“Company Order” means a written order
signed in the name of the Company by two of the Company’s executive Officers, one of whom must be its Chief Executive Officer or
its Chief Financial Officer.

 

     

     

    

 

 “Company Request” means any written request signed
in the name of the Company by its Chief Executive Officer, its President, any Vice President, its Chief Financial Officer or its Treasurer
and attested to by its Secretary or any Assistant Secretary.

 

“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 that is,
or that with the passing of time or giving of notice 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, until
a successor Depository shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depository”
shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such Person, such Persons.

 

“Dollars” means the currency of the
United States of America.

 

“Euro” means the single currency of
participating member states of the economic and monetary union as contemplated in the Treaty on 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 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) and (ii), are not callable
or redeemable at the option of the issuer thereof.

 

“GAAP” means generally accepted accounting
principles consistently applied as in effect in the United States of America from time to time.

 

“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, and bearing the legend set forth in Section 2.15(c) (or such other legend(s) as may be applied
to such Securities in accordance with Section 2.2(24)).

 

“Holder” or “Securityholder”
means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness” means (without duplication),
with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or otherwise, which is for borrowed
money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced
by bonds, notes, debentures or similar instruments, or representing the balance deferred and unpaid of the purchase price of any property
(excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities arising in the ordinary course
of business), if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person prepared
in accordance with GAAP.

 

“Indenture” means this Indenture as
amended, restated or supplemented from time to time.

 

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

 

“Lien” means, with respect to any property
or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien,
charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
on or with respect to such property or assets (including, without limitation, any capitalized lease obligation, conditional sales or other
title retention agreement having substantially the same economic effect as any of the foregoing).

 

“Maturity,” when used with respect
to any Security, means the date on which the principal of such Security, or an 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 payment
or otherwise.

 

“Officer” means the Chief Executive
Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the Secretary of the Company, or any other officer
designated by the Board of Directors, as the case may be.

 

“Officers’ Certificate” means,
with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or any Senior or Executive Vice President
and the Chief Financial Officer or any Treasurer of such Person, that shall comply with applicable provisions of this Indenture.

 

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

 

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

 

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

 

“Responsible Officer,” when used with
respect to the Trustee, means any officer within the corporate trust department or division of the Trustee (or any successor group of
the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of his knowledge of and familiarity with the particular subject.

 

“SEC” means the United States Securities
and Exchange Commission as constituted from time to time, or any successor performing substantially the same functions.

 

“Securities” has the meaning set forth
in the Recitals.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“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.

 

“Significant Subsidiary” means 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, 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, and when used with
respect to any other Indebtedness, means the date specified in the instrument governing such Indebtedness as the fixed date on which
the principal of such Indebtedness, or any installment of interest thereon, is due and payable. 

 

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“Subsidiary” of any specified Person
means any corporation, limited liability company, partnership, joint venture, association or other business entity, whether now existing
or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of the total voting power of the Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is held, directly or
indirectly, by such Person or any of its Subsidiaries; or (ii) in the case of a partnership, joint venture, association or other
business entity, with respect to which such Person or any of its Subsidiaries has the power to direct or cause the direction of the management
and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity is consolidated with such Person for financial
statement purposes.

 

“TIA” means the Trust Indenture Act
of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.3).

 

“Trustee” means the party named as
such in this Indenture until a successor replaces it pursuant to this Indenture, and thereafter means the successor, 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
direct non-callable obligations of, or non-callable obligations guaranteed by, the United States of America for the payment of which obligation
or guarantee the full faith and credit of the United States of America is pledged.

 

		1.2.	OTHER DEFINITIONS.

 

The definitions of the following terms may be found
in the sections indicated as follows:

 

	TERM	 	DEFINED IN SECTION	 
	“Bankruptcy Law”	 	 	6.1	 
	“Business Day”	 	 	10.7	 
	“Covenant Defeasance”	 	 	9.3	 
	“Custodian”	 	 	6.1	 
	“Event of Default”	 	 	6.1	 
	“Journal”	 	 	10.14	 
	“Judgment Currency”	 	 	10.15	 
	“Legal Defeasance	 	 	9.2	 
	“Legal Holiday”	 	 	10.7	 
	“Market Exchange Rate”	 	 	10.15	 
	“New York Paying Agent”	 	 	2.4	 
	“Paying Agent”	 	 	2.4	 
	“Place of Payment”	 	 	10.7	 
	“Registrar”	 	 	2.4	 
	“Required Currency”	 	 	10.15	 
	“Service Agent”	 	 	2.4	 

 

		1.3.	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 

Whenever this Indenture refers to a provision of
the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be qualified under the TIA is
incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the Securities.

 

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“indenture securityholder” means a
Holder or Securityholder.

 

“indenture to be qualified” means this
Indenture.

 

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

 

“obligor on the indenture securities”
means the Company.

 

All other terms used in this Indenture that are
defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned
to them.

 

		1.4.	RULES OF CONSTRUCTION.

 

Unless the context otherwise requires:

 

(1)            a
term has the meaning assigned to it herein, whether defined expressly or by reference;

 

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

 

(3)            “or”
is not exclusive;

 

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

 

(5)            words
used herein implying any gender shall apply to each gender; and

 

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

 

Article 2

 

THE
SECURITIES

 

		2.1.	ISSUABLE IN SERIES.

 

The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is $[·]. 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, Stated Maturity, 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.

 

		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(25)) by a
Board Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant to authority granted under a Board
Resolution:

 

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

 

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(2)            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 8.5);

 

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

 

(4)            the
date or dates on which the principal of the Securities of the Series is payable;

 

(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;

 

(6)            the
place or places where the principal of, and interest and premium, 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;

 

(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;

 

(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;

 

(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;

 

(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;

 

(11)            the
forms of the Securities of the Series in bearer (if to be issued outside of the United States of America) or fully registered form
(and, if in fully registered form, whether the Securities will be issuable as Global Securities);

 

(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;

 

(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 Euro, and, if such currency of denomination is a composite currency other than the Euro, the agency or organization, if any, responsible
for overseeing such composite currency;

 

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

 

(15)            if
payments of principal of, or interest or premium, 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;

 

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(16)            the
manner in which the amounts of payment of principal of, or interest and premium, 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;

 

(17)            the
provisions, if any, relating to any collateral provided for the Securities of the Series;

 

(18)            any
addition to or change in the covenants set forth in Articles 4 or 5 that applies to Securities of the Series;

 

(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;

 

(20)            the
terms and conditions, if any, for conversion of the Securities into or exchange of the Securities for shares of common stock or preferred
stock of the Company that apply to Securities of the Series;

 

(21)            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;

 

(22)            the
provisions, if any, relating to any guaranties of the Securities;

 

(23)            the
terms and conditions, if any, upon which the Securities shall be subordinated in right of payment to other Indebtedness of the Company;

 

(24)            if
applicable, that the Securities of the Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and

 

(25)            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 8.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series).

 

All Securities of any one Series need not
be issued at the same time, and may be issued from time to time, consistent with the terms of this Indenture. The Company may, without
the consent of the Holders and notwithstanding Section 2.1, reopen this Indenture and issue additional Securities hereunder with
the same terms as the Securities initially issued hereunder (other than differences in the issue price and the interest accrued prior
to the issue date of such additional Securities) in an unlimited aggregate principal amount. Any such issuance of additional Securities
shall be provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, however,
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.

 

		2.3.	EXECUTION AND AUTHENTICATION.

 

The Securities shall be executed on behalf of the
Company by two Officers of the Company or an Officer and an Assistant Secretary of the Company. Each such signature may be either manual
or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form.

 

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.

 

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A Security shall not be valid until authenticated
by the manual or facsimile signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture. The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or 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.

 

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 7.1) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an 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 any Series: (a) if the Trustee, being advised in writing by outside 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 reasonably determine that such action would expose the Trustee
to personal liability, or cause it to have a conflict of interest with respect 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. Any appointment shall be evidenced by an instrument signed by an authorized officer of the Trustee, a copy of which shall be furnished
to the Company. 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.

 

		2.4.	REGISTRAR AND PAYING AGENT.

 

The Company shall maintain in each Place of Payment
for any Series of Securities (i) an office or agency where such Securities may be presented for registration of transfer or
for exchange (“Registrar”), (ii) an office or agency where such Securities may be presented for payment (“Paying
Agent”) (PROVIDED that the Company shall at all times maintain a Paying Agent in the Borough of Manhattan, City of New York, State
of New York (the “New York Paying Agent”), and PROVIDED, FURTHER, 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 register for the Securities
maintained by the Registrar), and (iii) an office or agency where notices and demands to or upon the Company in respect of the Securities
and this Indenture may be served (“Service Agent”). The Registrar shall keep a register of the Securities and of their transfer
and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The Company shall give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office, or to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the address of the Trustee as set forth in Section 10.2. If the Company acts as Paying Agent, it
shall segregate the money held by it for the payment of principal of, and interest and premium, if any, on, the Securities and hold it
as a separate trust fund. The Company may change any Paying Agent, Registrar, co-registrar or any other Agent without notice to any Securityholder.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes, and may from
time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an office or agency in each Place of Payment for Securities of any Series for such purposes. The Company
hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company. The Company shall give prompt written
notice to the Trustee of such designation or rescission, and of any change in the location of any such other office or agency.

 

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The Company shall enter into an appropriate agency
agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture
that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails to maintain
a Registrar or Paying Agent, or agent for service of notices and demands, or fails to give the foregoing notice, the Trustee shall act
as such. The Company hereby appoints the Trustee as 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. The Company designates ______________________________, as the New York Paying Agent, with offices at _______________________.

 

		2.5.	PAYING AGENT TO HOLD ASSETS IN TRUST.

 

The Trustee as Paying Agent shall, and the Company
shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall, hold in trust for the benefit
of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent for the payment of principal of, or
interest or premium, if any, on, such Series of Securities (whether such assets have been distributed to it by the Company or any
other obligor on such Series of Securities), and the Company and the Paying Agent shall notify the Trustee in writing of any Default
by the Company (or any other obligor on such Series of Securities) in making any such payment. The Company at any time may require
a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed, and the Trustee may, at any time
during the continuance of any payment default with respect to any Series of Securities, upon written request to a Paying Agent, require
such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the
Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability
for such assets.

 

		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 as of each regular record date for the payment of interest on the Securities of a Series and before each related 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.

 

		2.7.	TRANSFER AND EXCHANGE.

 

When Securities of a Series are presented
to the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested if the requirements
of applicable law are met, and when such Securities of a Series are presented to the Registrar with a request to exchange them for
an equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall make the exchange as
requested. To permit transfers and exchanges, upon surrender of any Security for registration of transfer at the office or agency maintained
pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request.

 

If Securities are issued as Global Securities,
the provisions of Section 2.15 shall apply.

 

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

 

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

 

    -9-

     

    

 

Any exchange or transfer shall be without charge,
except that the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.6 or
8.5. The Trustee shall not be required to register transfers of Securities of any Series, or to exchange Securities of any Series, for
a period of 15 days before the record date for selection for redemption of such Securities. The Trustee shall not be required to exchange
or register transfers of Securities of any Series called or being called for redemption in whole or in part, except the unredeemed
portion of such Security being redeemed in part.

 

		2.8.	REPLACEMENT SECURITIES.

 

If a mutilated Security is surrendered to the Trustee,
or if the Holder of a Security presents evidence to the satisfaction of the Company and the Trustee that the Security has been lost, destroyed
or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security of the same Series and of
like tenor and principal amount and bearing a number not contemporaneously outstanding. An indemnity bond may be required by the Company
or the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee, as the case may be, to protect the Company,
the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced. The Company may charge such Holder for
the Company’s out-of-pocket expenses in replacing a Security, including the fees and expenses of the Trustee. Every replacement
Security shall constitute an original additional 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.

 

		2.9.	OUTSTANDING SECURITIES.

 

Securities outstanding at any time are all Securities
authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.9
as not outstanding.

 

If a Security is replaced pursuant to Section 2.8
(other than a mutilated Security surrendered for replacement), it ceases to be outstanding until the Company and the Trustee receive proof
satisfactory to each of them that the replaced Security is held by a bona fide purchaser. A mutilated Security ceases to be outstanding
upon surrender of such Security and replacement thereof pursuant to Section 2.8.

 

If a Paying Agent holds on a Redemption Date or
the Stated Maturity money sufficient to pay the principal of, premium, if any, and accrued interest on, Securities payable on that date,
and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture (PROVIDED, that if such Securities
are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made), then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue.

 

A Security does not cease to be outstanding solely
because the Company or an Affiliate holds the Security.

 

		2.10.	WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION.

 

In determining whether the Holders of the required
aggregate principal amount of the Securities of any Series have concurred in any direction, waiver or consent, the Securities of
any Series owned by the Company or any other obligor on such Securities, or by any Affiliate of any of them, shall be disregarded,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent,
only Securities of such Series which the Trustee actually knows are so owned shall be so disregarded. Securities of such Series so
owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to the Securities of such Series and that the pledgee is not the Company or any other
obligor on the Securities of such Series, or an Affiliate of any of them.

 

    -10-

     

    

 

		2.11.	TEMPORARY SECURITIES.

 

Until definitive Securities are ready for delivery,
the Company may prepare and execute, and the Trustee shall authenticate, temporary Securities. Temporary Securities shall be substantially
in the form, and shall carry all rights, of definitive Securities, but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and execute, and the Trustee shall authenticate, definitive
Securities in exchange for temporary Securities without charge to the Holder.

 

		2.12.	CANCELLATION.

 

All Securities surrendered for payment, redemption
or registration of transfer or exchange, or for credit against any sinking fund payment, shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee for cancellation. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which
the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them
for transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent, and no one else,
shall cancel, and at the written request of the Company shall dispose of, all Securities surrendered for transfer, exchange, payment or
cancellation. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of
the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to
this Section 2.12. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this
Section 2.12, except as expressly permitted by this Indenture.

 

		2.13.	PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST.

 

Except as otherwise provided as contemplated by
Section 2.2 with respect to any Series of Securities, interest on any Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security is registered at the close of business
on the regular record date for such interest, as provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate
establishing the terms of such Series.

 

If the Company defaults in a payment of interest
on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section 4.1, to
the Persons who are Securityholders on a subsequent special record date, which date shall be the 15th day next preceding the date fixed
by the Company for the payment of defaulted interest, or the next succeeding Business Day if such date is not a Business Day. At least
15 days before the special record date, the Company shall mail or cause to be mailed to each Securityholder, with a copy to the Trustee,
a notice that states the special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted
interest, if any, to be paid.

 

Except as otherwise specified as contemplated by
Section 2.2 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

		2.14.	CUSIP NUMBER.

 

The Company in issuing the Securities may use one
or more “CUSIP” numbers, and, if the Company does so, the Trustee shall use the CUSIP number(s) in notices of redemption
or exchange as a convenience to Holders, PROVIDED, that any such notice may state that no representation is made as to the correctness
or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that reliance may be placed only on the other
identification numbers printed on the Securities, and that any such redemption or exchange shall not be affected by any defect in or omission
of any such numbers.

 

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		2.15.	PROVISIONS FOR GLOBAL SECURITIES.

 

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

 

(b)            Notwithstanding
any provisions to the contrary contained in Section 2.7 and in addition thereto, any Global Security shall be exchangeable if (i) the
Depository at any time is unwilling or unable to continue as Depository for such Global Security or ceases to be a clearing agency registered
under the Exchange Act and a successor Depository is not appointed by the Company within 90 days after the date the Company is so informed
in writing or becomes aware of the same, or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate
to the effect that such Global Security shall be so exchangeable. In either case, the Company promptly will execute and deliver to the
Trustee definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive
Securities (which the Company will promptly execute and deliver to the Trustee), will authenticate and deliver definitive Securities,
without charge, registered in such names and in such authorized denominations as the Depository shall direct in writing (pursuant to instructions
from its direct and indirect participants or otherwise) in an aggregate principal amount equal to the principal amount of the Global Security
with like tenor and terms. Upon the exchange of a Global Security for definitive Securities, such Global Security shall be canceled by
the Trustee. Unless and until it is exchanged in whole or in part for definitive Securities, as provided in this Section 2.15(b),
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.

 

(c)            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.”

 

(d)            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.

 

(e)            Notwithstanding
the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of, and
interest and premium, if any, on, any Global Security shall be made to the Depository or its nominee in its capacity as the Holder thereof.

 

(f)            Except
as provided in Section 2.15(e) above, the Company, the Trustee and any Agent shall treat a Person as the Holder of such principal
amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written statement of the
Depository (which may be in the form of a participants’ list for such Series) 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, PROVIDED,
that until the Trustee is so provided with a written statement, it may treat the Depository or any other Person in whose name a Global
Security is registered as the owner of such Global Security for the purpose of receiving payment of the principal of, and any premium
and (subject to Section 2.13) any interest on, such Global Security and for all other purposes whatsoever, and none of the Company,
the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

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		2.16.	PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Security for registration
of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the Trustee may treat the Person in
whose name such Security is registered in the Registrar’s books as the owner of such Security for the purpose of receiving payment
of the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for all other purposes whatsoever,
and none of the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar shall be affected by notice
to the contrary.

 

Article 3

 

REDEMPTION

 

		3.1.	NOTICES 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 or the related
Board Resolution, supplemental indenture or Officers’ Certificate. If a Series of Securities is redeemable and the Company
elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the Redemption Date and the principal amount
of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) before the Redemption Date.
Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder, and shall thereby be void and
of no effect.

 

		3.2.	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

Unless otherwise indicated for a particular Series of
Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all of the Securities of a
Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot or by any other
method that the Trustee considers fair and appropriate (unless the Company specifically directs the Trustee otherwise and subject to the
Depository’s procedures) and, if such Securities are listed on any securities exchange, by a method that complies with the requirements
of such exchange.

 

The Trustee shall make the selection from Securities
of a Series outstanding and not previously called for redemption, and shall promptly notify the Company in writing of the Securities
selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed
at least 35 but not more than 60 days before the Redemption Date. Securities of a Series in denominations of $1,000 may be redeemed
only in whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations
larger than $1,000. Securities of a Series and portions of them it selects shall be in amounts 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 called for redemption also apply to portions of Securities
called for redemption.

 

		3.3.	NOTICE OF REDEMPTION.

 

Unless otherwise indicated for a particular Series by
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days, and no more than 60 days, before
a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of Securities
to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar. Notwithstanding the foregoing,
a redemption notice may be mailed more than 60 days before a Redemption Date if it is issued in connection with a defeasance of the Securities
or a satisfaction and discharge of this Indenture. The notice shall identify the Securities to be redeemed and shall state:

 

(1)            the
Redemption Date;

 

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(2)            the
redemption price, and that such redemption price shall become due and payable on the Redemption Date;

 

(3)            if
any Security of a Series is being redeemed in part, the portion of the principal amount of such Security of a Series to be redeemed
and that, after the Redemption Date and upon surrender of such Security of a Series, a new Security or Securities in principal amount
equal to the unredeemed portion will be issued;

 

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

 

(5)            that
Securities of a Series called for redemption must be surrendered to the Paying Agent to collect the redemption price, and the place
or places where each such Security is to be surrendered for such payment;

 

(6)            that,
unless the Company defaults in making the redemption payment, interest on the Securities of a Series called for redemption ceases
to accrue on the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the redemption
price upon surrender to the Paying Agent of the Securities redeemed;

 

(7)            if
fewer than all of the Securities of a Series are to be redeemed, the identification of the particular Securities of a Series (or
portion thereof) to be redeemed, as well as the aggregate principal amount of Securities of a Series to be redeemed and the aggregate
principal amount of Securities of a Series to be outstanding after such partial redemption.

 

(8)            the
CUSIP number, if any, printed on the Securities being redeemed; and

 

(9)            that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.

 

At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at the Company’s sole expense. A notice mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the Holder actually receives the notice. Failure to give
such notice by mail or any defect in the notice to a Holder shall not affect the validity of the proceeding for the redemption of any
Security.

 

		3.4.	EFFECT OF NOTICE OF REDEMPTION.

 

Once the notice of redemption described in Section 3.3
is mailed, Securities of a Series called for redemption become due and payable on the Redemption Date and at the redemption price,
plus interest, if any, accrued to the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall
be paid at the redemption price, plus accrued interest, if any, to the Redemption Date; PROVIDED, that if the Redemption Date is after
a regular interest payment record date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the
Holder of the redeemed Securities registered on the relevant record date, as specified by the Company in the notice to the Trustee pursuant
to Section 3.1.

 

		3.5.	DEPOSIT OF REDEMPTION PRICE.

 

On or prior to the Redemption Date (but no later
than 11:00 A.M. Eastern Time on such 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 other than Securities or portions thereof called
for redemption on that date which have been delivered by the Company to the Trustee for cancellation.

 

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On and after any Redemption Date, if money sufficient
to pay the redemption price of, and accrued interest on, Securities called for redemption shall have been made available in accordance
with the preceding paragraph and the Company and the Paying Agent are not prohibited from paying such moneys to Holders, the Securities
called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be to receive payment of
the redemption price of and, subject to the proviso in Section 3.4, accrued and unpaid interest on such Securities to the Redemption
Date. If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption
payment is made, on the unpaid principal of the Security and any interest or premium, if any, not paid on such unpaid principal, in each
case, at the rate and in the manner provided in the Securities.

 

		3.6.	SECURITIES REDEEMED IN PART.

 

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

 

		3.7.	OPEN MARKET PURCHASES

 

The Company may at any time, and from time to time,
purchase the Securities in the open market or otherwise, subject to compliance with applicable securities laws; provided that any
such Securities acquired, directly or indirectly, by the Company, any of its Subsidiaries may not (other than with respect to matters
requiring the consent of each affected Holder) vote on, and shall be disregarded for purposes of determining whether the requisite percentage
of outstanding Securities has been obtained in connection with, waivers, amendments, consents and modifications of the Securities and
the Indenture.

 

Article 4

 

COVENANTS

 

		4.1.	PAYMENT OF SECURITIES.

 

The Company shall pay the principal of, and interest
and premium, if any, on, each Series of Securities on the dates and in the manner provided in such Securities and this Indenture.

 

An installment of principal or interest shall be
considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay such
installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise.

 

The Company shall pay interest on overdue principal,
and overdue interest, to the extent lawful, at the rate specified in the Series of Securities.

 

		4.2.	SEC REPORTS.

 

The Company will deliver to the Trustee within
15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the information, documents and other
reports, if any, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; PROVIDED,
HOWEVER, that each such report or document will be deemed to be so delivered to the Trustee if the Company files such report or document
with the SEC through the SEC’s EDGAR database no later than the time such report or document is required to be filed with the SEC
pursuant to the Exchange Act.

 

		4.3.	WAIVER OF STAY, EXTENSION OR USURY LAWS.

 

The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension, usury or other law which would prohibit or forgive the Company from paying all or any
portion of the principal of, and/or interest and premium, if any, on, the Securities as contemplated herein, wherever enacted, now or
at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and the Company hereby expressly
waives (to the extent that it may lawfully do so) all benefit or advantage of any such law, and covenants that it will not hinder, delay
or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

 

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		4.4.	COMPLIANCE CERTIFICATE.

 

(a)            The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate
which complies with TIA Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during
such fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in
this Indenture and that there is no 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 he or she may have knowledge
and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event
has occurred and remains in existence by reason of which payments on account of the principal of, or interest or premium, if any, on,
the Securities is prohibited, or if such event has occurred, a description of the event and what action the Company is taking or proposes
to take with respect thereto.

 

(b)            (i) If
any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy hereunder with
respect to a claimed Default under this Indenture or the Securities, within five Business Days after the Company becoming aware of such
occurrence the Company shall deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action and what
action the Company is taking or proposes to take with respect thereto.

 

		4.5.	CORPORATE EXISTENCE.

 

Subject to Article 5, the Company shall do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, in accordance with the
organizational documents (as the same may be amended from time to time) of the Company and the rights (charter and statutory), licenses
and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such right, license or franchise,
or its corporate existence, 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 that the loss thereof is not adverse in any material respect to the Holders.

 

Article 5

 

SUCCESSOR
CORPORATION

 

		5.1.	LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS.

 

(a)            Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate,
the Company will not, in any transaction or series of transactions, merge or consolidate with or into, or sell, assign, convey, transfer,
lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or substantially as an entirety in
one transaction or a series of related transactions), to any Person or Persons, unless at the time of and after giving effect thereto
(i) either (A) if the transaction or series of transactions is a merger or consolidation, the Company shall be the surviving
Person of such merger or consolidation, or (B) the Person formed by such consolidation or into which the Company is merged or to
which the properties and assets of the Company are transferred (any such surviving Person or transferee Person being the “Surviving
Entity”) shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the
District of Columbia, or a corporation or comparable legal entity organized under the laws of a foreign jurisdiction and shall expressly
assume by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations
of the Company (including, without limitation, the obligation to pay the principal of, and premium and interest, if any, on, the Securities
and the performance of the other covenants) under the Securities of each Series and this Indenture, and in each case, this Indenture
shall remain in full force and effect; and (ii) immediately before and immediately after giving effect to such transaction or series
of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred or anticipated to be incurred in connection
with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing.

 

    -16-

     

    

 

The preceding paragraph will not prohibit:

 

(i)            a
merger between the Company and a wholly owned Subsidiary of the Company; or

 

(ii)            a
merger between the Company and an Affiliate incorporated solely for the purpose of converting the Company into a corporation organized
under the laws of the United States or any political subdivision or state thereof or for the purpose of creating or collapsing a holding
company structure.

 

(b)            In
connection with any consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver, or cause
to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion
of Counsel, each stating that such consolidation, merger or transfer, and the supplemental indenture in respect thereto, comply with this
Section 5.1, and that all conditions precedent herein provided for relating to such transaction or transactions have been complied
with.

 

		5.2.	SUCCESSOR PERSON SUBSTITUTED.

 

Upon any consolidation, merger or transfer of all
or substantially all of the assets of the Company in accordance with Section 5.1 above, the successor corporation formed by such
consolidation, or into which the Company is merged or to which such transfer is made, shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named
as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Securities.

 

Article 6

DEFAULTS AND REMEDIES

 

		6.1.	EVENTS OF DEFAULT.

 

“Events 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:

 

(1)            there
is a default in the payment of any principal of, or premium, if any, on, the Securities when the same becomes due and payable at Maturity,
upon acceleration, redemption or otherwise;

 

(2)            there
is a default in the payment of any interest on any Security of a Series when the same becomes due and payable, and the default continues
for a period of 30 days;

 

(3)            the
Company defaults in the observance or performance of any other covenant in the Securities of a Series or in this Indenture for 60
days after written notice from the Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of
such Series then outstanding, which notice must specify the default, demand that it be remedied and state that the notice is a “Notice
of Default”;

 

(4)            the
Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)            commences
a voluntary case,

 

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

 

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

 

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

 

(E)            generally
is not paying its debts as they become due;

 

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

 

(A)            is
for relief against the Company or any Significant Subsidiary in an involuntary case;

 

(B)            appoints
a Custodian of the Company or any Significant Subsidiary, or for all or substantially all of the property of the Company or any Significant
Subsidiary; or

 

(C)            orders
the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 consecutive
days; or

 

(6)            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(19).

 

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.

 

The Trustee may withhold notice of any Default
(except in the payment of the principal of, or interest or premium, if any, on, the Securities) to the Holders of the Securities of any
Series in accordance with Section 7.5. When a Default is cured, it ceases to exist.

 

		6.2.	ACCELERATION.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(4) or (5)) occurs and is
continuing, the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities
of that Series then outstanding by written notice to the Company and the Trustee, may declare that the entire principal amount of
all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of acceleration are immediately due
and payable, in which case such amounts shall become immediately due and payable; PROVIDED, HOWEVER, that after such acceleration but
before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount
of the outstanding Securities of that Series may rescind and annul such acceleration and its consequences if (i) all existing
Events of Default, other than the nonpayment of accelerated principal, interest or premium, if any, that has become due solely because
of the acceleration, have been cured or waived, (ii) to the extent the payment of such interest is lawful, interest on overdue installments
of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid and (iii) the
rescission would not conflict with any judgment or decree. No such rescission shall affect any subsequent Default or impair any right
consequent thereto. In case an Event of Default specified in Section 6.1(4) or (5) with respect to the Company occurs,
such principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall be due and payable
immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities of that Series.

 

		6.3.	REMEDIES.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law
or in equity to collect the payment of the principal of, or interest and premium, if any, on, the Securities of that Series, or to enforce
the performance of any provision of the Securities of that Series or this Indenture.

 

    -18-

     

    

 

The Trustee may maintain a proceeding even if it
does not possess any of the Securities of that Series or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies
are cumulative to the extent permitted by law.

 

		6.4.	WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders
of a majority in principal amount of the Securities of any Series then outstanding have the right to waive any existing Default or
Event of Default with respect to such Series or compliance with any provision of this Indenture (with respect to such Series) or
the Securities of such Series. Upon any such waiver, such Default with respect to such Series shall cease to exist, and any Event
of Default with respect to such Series 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 Event of Default or impair any right consequent thereto. This Section 6.4
shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section 316(a)(1)(B) is hereby expressly excluded from this Indenture
and Section as permitted by the TIA.

 

		6.5.	CONTROL BY MAJORITY.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders
of a majority in principal amount of the Securities of any Series then outstanding may 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 by this Indenture with
respect to such Series. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture, or that the
Trustee determines may be unduly prejudicial to the rights of another Securityholder, or that may involve the Trustee in personal liability;
PROVIDED, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. This
Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A), and TIA Section 316(a)(1)(A) is hereby expressly excluded
from this Indenture and Section as permitted by the TIA.

 

		6.6.	LIMITATION ON SUITS.

 

Subject to Section 6.7, a Securityholder may
not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities of a Series unless:

 

(1)            the
Holder gives to the Trustee written notice of a continuing Event of Default with respect to the Securities of that Series;

 

(2)            the
Holders of at least 25% in aggregate principal amount of the Securities of such Series then outstanding make a written request to
the Trustee to pursue the remedy;

 

(3)            such
Holder or Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred
in compliance with such request;

 

(4)            the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

 

(5)            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 aggregate principal amount of the Securities of such Series then outstanding.

 

A Securityholder may not use this Indenture to
prejudice the rights of another Securityholder, or to obtain a preference or priority over another Securityholder.

 

    -19-

     

    

 

		6.7.	RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this Indenture,
the right of any Holder of a Security of a Series to receive payment of the principal of, and interest and premium, if any, on, the
Security of such Series on or after the respective due dates expressed in the Security of such Series, or to bring suit for the enforcement
of any such payment on or after such respective dates, is absolute and unconditional, and shall not be impaired or affected without the
consent of the Holder.

 

		6.8.	COLLECTION SUIT BY TRUSTEE.

 

If an Event of Default in payment of principal,
interest or premium, if any, specified in Section 6.1(1) or (2) with respect to Securities of any Series at the time
outstanding occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the
Company (or any other obligor on the Securities of that Series) for the whole amount of unpaid principal and premium, if any, and accrued
interest remaining unpaid, together with interest on overdue principal and premium, if any, and, to the extent that payment of such interest
is lawful, interest on overdue installments of interest, in each case at the rate then borne by the Securities of that Series, and such
further amounts 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, as set forth in Section 7.7.

 

		6.9.	TRUSTEE MAY FILE PROOFS OF CLAIM.

 

The Trustee may file such proofs of claim and other
papers or documents, and take other actions (including sitting on a committee of creditors), 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 the Securityholders allowed in any judicial proceedings relative to the Company (or any other obligor on the
Securities), any of their respective creditors or any of their respective property, and the Trustee shall be entitled and empowered to
collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after deduction
of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings, and
any custodian in any such judicial proceeding is hereby authorized by each Securityholder to make such payments to the Trustee, and in
the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, 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 Securityholder, any plan of reorganization, arrangement, adjustment
or composition affecting the Securities of a Series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Securityholder in any such proceedings.

 

		6.10.	PRIORITIES.

 

If the Trustee collects any money pursuant to this
Article 6, it shall pay out the money in the following order:

 

FIRST: to the Trustee for amounts due under Section 7.7;

 

SECOND: to Securityholders for amounts then due
and unpaid for the principal of, and interest and premium, if any, 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 any premium and interest, respectively; and

 

THIRD: to the Company.

 

    -20-

     

    

 

The Trustee may fix a record date and payment date
for any payment to Securityholders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall mail
to each Securityholder a notice that states the record date, the payment date and amount to be paid.

 

		6.11.	UNDERTAKING FOR COSTS.

 

In any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of the Securities of
a Series then outstanding.

 

Article 7

 

TRUSTEE

 

		7.1.	DUTIES OF TRUSTEE.

 

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

 

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

 

(1)            The
Trustee need perform only those duties that are specifically set forth in this Indenture, and no covenants or obligations shall be implied
in this Indenture against the Trustee.

 

(2)            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 certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture,
but, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform 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:

 

(1)            This
paragraph does not limit the effect of paragraph (b) of this Section 7.1.

 

(2)            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.

 

(3)            The
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Sections 6.2 and 6.5.

 

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

 

(e)            Whether
or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision
of this Indenture that in any way relates to the Trustee.

 

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(f)            The
Trustee and Paying Agent shall not be liable for interest on any money received by either of them, except as the Trustee and Paying Agent
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 the law.

 

(g)           The
Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care set forth
in paragraphs (a), (b), (c), (d) and (f) of this Section 7.1 and in Section 7.2 with respect to the Trustee.

 

		7.2.	RIGHTS OF TRUSTEE.

 

(a)            Subject
to Section 7.1:

 

(1)            The
Trustee may rely on, and shall be protected in acting or refraining from acting upon, any document reasonably 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.

 

(2)            Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both, which shall
conform to the provisions of Section 10.5. The Trustee shall be protected and shall not be liable for any action it takes or omits
to take in good faith in reliance on such certificate or opinion.

 

(3)            The
Trustee may act through agents and attorneys, and shall not be responsible for the misconduct or negligence of any agent appointed by
it with due care.

 

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

 

(5)            The
Trustee may consult with counsel reasonably acceptable to the Trustee, which may be counsel to the Company, and the advice or opinion
of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(6)            The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security
or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(7)            The
Trustee shall not be deemed to have knowledge of any fact or matter (including, without limitation, a Default or Event of Default) unless
such fact or matter is known to a Responsible Officer of the Trustee.

 

(8)            Unless
otherwise expressly provided herein or in the Securities of a Series or the related Board Resolution, supplemental indenture or Officers’
Certificate, the Trustee shall not have any responsibility with respect to reports, notices, certificates or other documents filed with
it hereunder, except to make them available for inspection, at reasonable times, by Securityholders, it being understood that delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall
not constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (except as set forth in Section 4.4).

 

		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 make loans to, accept deposits from, perform services for or otherwise deal with
the Company, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do the same with like
rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

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		7.4.	TRUSTEE’S DISCLAIMER.

 

The Trustee makes no representation as to the validity
or adequacy of this Indenture or the Securities (except that the Trustee represents that it is duly authorized to execute and deliver
this Indenture and authenticate the Securities and perform its obligations hereunder), and the Trustee shall not be accountable for the
Company’s use of the proceeds from the sale of Securities or any money paid to the Company pursuant to the terms of this Indenture,
and the Trustee shall not be responsible for any statement in the Securities other than its certificates of authentication.

 

		7.5.	NOTICE OF DEFAULT.

 

If a Default or an Event of Default occurs and
is continuing with respect to the Securities of any Series, and if it is known to the Trustee, the Trustee shall mail to each Securityholder
of the Securities of that Series notice of the Default or the Event of Default, as the case may be, 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 if such Default or
Event of Default has been validly cured or waived before the giving of such notice). Except in the case of a Default or an Event of Default
in payment of the principal of, or interest or premium, if any, on, any Security of any Series, the Trustee may withhold the notice if
and so long as the Board of Directors of the Trustee, the executive committee or any trust committee of such board and/or its Responsible
Officers in good faith determine(s) that withholding the notice is in the interests of the Securityholders of that Series.

 

		7.6.	REPORTS BY TRUSTEE TO HOLDERS.

 

If and to the extent required by the TIA, within
60 days after April 1 of each year, commencing the April 1 following the date of this Indenture, the Trustee shall mail to each
Securityholder a brief report dated as of such April 1 that complies with TIA Section 313(a). The Trustee also shall comply
with TIA Sections 313(b) and 313(c).

 

A copy of each report at the time of its mailing
to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that Series are listed. The Company
shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange or any delisting thereof, and
the Trustee shall comply with TIA Section 313(d).

 

		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 provision of law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee within 45 days after receipt of request for all reasonable out-of-pocket
disbursements and expenses incurred or made by it in connection with its duties under this Indenture, including the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify the Trustee for, and
hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance or performance of its duties
under this Indenture including the reasonable costs and expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly of any claim asserted
against the Trustee for which it may seek indemnity.

 

The failure by the Trustee to so notify the Company
shall not however relieve the Company of its obligations. Notwithstanding the foregoing, the Company need not reimburse the Trustee for
any expense or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad faith. To secure the payment
obligations of the Company in this Section 7.7, 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 such money or property held in trust to pay the principal of, interest and premium,
if any, on particular Securities of that Series.

 

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When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.7, the term
 “Trustee” shall include any trustee appointed pursuant to this Article 7.

 

		7.8.	REPLACEMENT OF TRUSTEE.

 

The Trustee may resign with respect to the Securities
of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation.

 

The Holders of a majority in principal amount of
the outstanding Securities of any Series may remove the Trustee with respect to that Series by notifying the removed Trustee
in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company, which consent shall not
be unreasonably withheld. The Company may remove the Trustee with respect to that Series at its election if:

 

(1)            the
Trustee fails to comply with, or ceases to be eligible under, Section 7.10;

 

(2)            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;

 

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

 

(4)            the
Trustee otherwise becomes incapable of acting.

 

(5)            If
the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee, with respect to any Series of Securities for
any reason, the Company shall promptly appoint, by Board Resolution, a successor Trustee.

 

If a successor Trustee with respect to the Securities
of 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 outstanding 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
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 following such delivery, (i) the retiring Trustee with
respect to one or more Series shall, subject to its rights under Section 7.7, transfer all property held by it as Trustee with
respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring Trustee shall become effective
and (iii) the successor Trustee with respect to such Series shall have all the rights, powers and duties of the Trustee under
this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession to each
Securityholder of such Series.

 

		7.9.	SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION.

 

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

 

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		7.10.	ELIGIBILITY; DISQUALIFICATION.

 

This Indenture shall always have a Trustee who
satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee (or in the case of a Trustee
that is a Person included in a bank holding company system, the related bank holding company) shall have a combined capital and surplus
of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b),
including the provision in Section 310(b)(1). In addition, if the Trustee is a Person included in a bank holding company system,
the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section 310(a)(2). If at any
time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it shall resign immediately in
the manner and with the effect specified in this Article 7.

 

		7.11.	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

The Trustee shall comply with 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 therein.

 

		7.12.	PAYING AGENTS.

 

The Company shall cause each Paying Agent other
than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section 7.12:

 

(1)            that
it will hold all sums held by it as agent for the payment of the principal of, or interest or premium, if any, on, the Securities (whether
such sums have been paid to it by the Company or by any obligor on the Securities) in trust for the benefit of Holders of the Securities
or the Trustee;

 

(2)            that
it will at any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee all
sums so held in trust by it together with a full accounting thereof; and

 

(3)            that
it will give the Trustee written notice within three Business Days after any failure of the Company (or by any obligor on the Securities)
in the payment of any installment of the principal of, or interest or premium, if any, on, the Securities when the same shall be due and
payable.

 

Article 8

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

		8.1.	WITHOUT CONSENT OF HOLDERS.

 

Unless otherwise indicated for a particular Series by
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, the Company, when authorized by a Board Resolution,
and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without notice to or consent of any
Securityholder:

 

(1)            to
comply with Section 5.1;

 

(2)            to
provide for certificated Securities in addition to uncertificated Securities;

 

(3)            to
comply with any requirements of the SEC under the TIA;

 

(4)            to
cure any ambiguity, defect or inconsistency, or to make any other change herein or in the Securities that does not materially and adversely
affect the rights of any Securityholder;

 

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(5)            to
provide for the issuance of, and establish the form and terms and conditions of, Securities of any Series (including additional Securities
of such Series), in each case, as permitted by this Indenture;

 

(6)            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

 

(7)            to
add a guarantor or to release a guarantor or release collateral in each case in accordance with this Indenture, or to add additional assets
as collateral.

 

The Trustee is hereby authorized to join with the
Company in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture, and to make any further
appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such
supplemental indenture which adversely affects its own rights, duties or immunities under this Indenture.

 

		8.2.	WITH CONSENT OF HOLDERS.

 

(a)            The
Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more
Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities
of such Series affected by such amendment or supplement without notice to any Securityholder. The Holders of not less than a majority
in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive
compliance by the Company in a particular instance with any provision of this Indenture or the Securities of such Series without
notice to any Securityholder. Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto
or an Officers’ Certificate, subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment,
supplement or waiver may not:

 

(1)            reduce
the amount of Securities whose Holders must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 

(2)            reduce
the rate of, or change the time for payment of, interest on any Security;

 

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

 

(4)            make
any Security payable in money other than that stated in the Security;

 

(5)            change
the amount or time of any payment required by the Securities, or reduce the premium payable upon any redemption of the Securities, or
change the time before which no such redemption may be made;

 

(6)            waive
a Default or Event of Default in the payment of the principal of, or interest or premium, 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);

 

(7)            waive
a redemption payment with respect to any Security, or change any of the provisions with respect to the redemption of any Securities;

 

(8)            make
any changes in Section 6.6 or this Section 8.2, except to increase any percentage of Securities the Holders of which must consent
to any matter; or

 

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(9)            take
any other action otherwise prohibited by this Indenture to be taken without the consent of each Holder affected thereby.

 

(b)            Upon
the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the
receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and of the
documents described in Section 8.6, the Trustee shall join with the Company in the execution of such supplemental indenture, unless
such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee
may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

(c)            It
shall not be necessary for the consent of the Holders under this section to approve the particular form of any proposed amendment, supplement
or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment or supplement under this Section becomes
effective, the Company shall mail to Securityholders a notice briefly describing the amendment or supplement. Any failure of the Company
to mail any such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any supplemental indenture.

 

		8.3.	COMPLIANCE WITH TRUST INDENTURE ACT.

 

Every amendment to, or supplement of, this Indenture
or the Securities shall comply with the TIA as then in effect.

 

		8.4.	REVOCATION AND EFFECT OF CONSENTS.

 

Until an amendment, supplement, waiver or other
action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such Holder and
every subsequent Holder of the same Security or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor
or in place thereof, even if notation of the consent is not made on any such Security. Any such Holder or subsequent Holder, however,
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, supplement, waiver or other action becomes effective.

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which record
date shall be at least 15 days prior to the first solicitation of such consent. If a record date is fixed, then, notwithstanding the preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled
to consent to such amendment, supplement or waiver, or to revoke any consent previously given, whether or not such Persons continue to
be Holders after such record date.

 

After an amendment, supplement, waiver or other
action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through (9) of
Section 8.2. In that case, the amendment, supplement, waiver or other action 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; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to receive payment of the principal of, and
interest and premium, if any, on, a Security, on or after the respective due dates expressed in such Security, or to bring suit for the
enforcement of any such payment on or after such respective dates without the consent of such Holder.

 

		8.5.	NOTATION ON OR EXCHANGE OF SECURITIES.

 

If an amendment, supplement or waiver changes the
terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to the Trustee. In such case, the
Trustee shall place an appropriate notation on such Security about the changed terms and return it to the Holder. Alternatively, the Company,
in exchange for such Security, may issue, and the Trustee shall authenticate, a new security that reflects the changed terms. Failure
to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

 

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		8.6.	TRUSTEE TO SIGN AMENDMENTS, ETC.

 

The Trustee shall sign any amendment, supplement
or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment,
supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1, shall be fully protected in relying upon
an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted
by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors of the Company approves it.

 

Article 9

DISCHARGE OF INDENTURE; DEFEASANCE

 

		9.1.	DISCHARGE OF INDENTURE.

 

The Company may discharge its obligations under
the Securities of any Series and this Indenture with respect to such Series, except the obligations referred to in the last paragraph
of this Section 9.1, if:

 

(a)            Either
(1) there shall have been canceled by the Trustee, or delivered to the Trustee for cancellation, all Securities of such Series theretofore
authenticated and delivered (other than any Securities of such Series that are asserted to have been destroyed, lost or stolen and
that shall have been replaced as provided in Section 2.8) or (2) all such Securities not theretofore delivered to the Trustee
for cancellation (A) have become due and payable or (B) will become due and payable within one year or are to be called for
redemption within one year under irrevocable arrangements for the giving of notice of redemption by the Trustee;

 

(b)            the
Company has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire
indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and interest
to the Maturity or date of redemption;

 

(c)            the
Company has paid all other sums payable by it hereunder or deposited all other required sums with the Trustee; and

 

(d)            the
deposit will not result in a breach or violation of, or constitute a default under, any other instrument or agreement to which the Company
is a party or to which it is bound.

 

After such delivery the Trustee upon request shall acknowledge in a
writing prepared by or on behalf of the Company the discharge of the Company’s obligations under the Securities of such Series and
this Indenture, except for those surviving obligations specified below. Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company in Sections 7.7, 9.5 and 9.6 shall survive.

 

		9.2.	LEGAL DEFEASANCE.

 

The Company may at its option, by Board Resolution,
be discharged from its obligations with respect to the Securities of any Series on the date upon which the conditions set forth in
Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Securities of such Series and
to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the
Trustee, at the expense of the Company, shall, subject to Section 9.6, execute proper instruments acknowledging the same, as are
delivered to it by the Company), except for the following, which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of outstanding Securities of such Series to receive solely from the trust funds described in Section 9.4 and
as more fully set forth in such section, payments in respect of the principal of, and interest and premium, if any, on, the Securities
of such Series when such payments are due, (B) the Company’s obligations with respect to the Securities of such Series under
Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder (including
claims of, or payments to, the Trustee under or pursuant to Section 7.7) and (D) this Article 9. Subject to compliance
with this Article 9, the Company may exercise its option under this Section 9.2 with respect to the Securities of any Series notwithstanding
the prior exercise of its option under Section 9.3 below with respect to the Securities of such Series.

 

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		9.3.	COVENANT DEFEASANCE.

 

At the option of the Company, pursuant to a Board
Resolution, the Company shall be released from its obligations with respect to the outstanding Securities of any Series under Sections
4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding Securities of such Series, on and after the date the
conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, such Covenant
Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference elsewhere herein
to any such specified Section or portion thereof or by reason of any reference in any such specified section or portion thereof to
any other provision herein or in any other document, but the remainder of this Indenture and the Securities of any Series shall be
unaffected thereby.

 

		9.4.	CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to application
of Section 9.2 or Section 9.3 to the outstanding Securities of a Series:

 

(1)            the
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of
Section 7.10 who shall agree to comply with the provisions of this Article 9 applicable to it) as 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 the Securities,
(A) money in an amount, or (B) U.S. Government Obligations or Foreign Government Obligations which through the scheduled payment
of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment,
money in an amount, or (C) a combination thereof, sufficient to pay and discharge, and which shall be applied by the Trustee (or
other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the outstanding Securities
of such Series at the Stated Maturity of such principal, interest or premium, if any, or on dates for payment and redemption of such
principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities of such Series;

 

(2)            no
Event of Default or Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit, or shall have occurred and be continuing at the time of such deposit after giving effect thereto;

 

(3)            such
Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest for purposes of the TIA with respect
to any securities of the Company;

 

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

 

(5)            in
the case of an election under Section 9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there
has been a change in any applicable Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of the
outstanding Securities of such Series or Persons in their positions will not recognize income, gain or loss for Federal income tax
purposes solely as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner,
including as a result of prepayment, and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

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(6)            in
the case of an election under Section 9.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
the Holders of the outstanding Securities of such Series will not recognize income, gain or loss for Federal income tax purposes
as a result of such Covenant Defeasance, and will be subject to Federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Covenant Defeasance had not occurred;

 

(7)            the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Article 9 relating to either the Legal Defeasance under Section 9.2 or the Covenant Defeasance
under Section 9.3 (as the case may be) have been complied with;

 

(8)            the
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made
by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(9)            the
Company shall have paid, or duly provided for payment under terms mutually satisfactory to the Company and the Trustee, all amounts then
due to the Trustee pursuant to Section 7.7.

 

		9.5.	DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

All money, U.S. Government Obligations and Foreign
Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.4 in respect of the outstanding
Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture,
to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Holders of such Securities, of all sums
due and to become due thereon in respect of principal, accrued interest and premium, if any, but such money need not be segregated from
other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations and Foreign Government Obligations
deposited pursuant to Section 9.4 or the principal, interest and premium, if any, received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities.

 

Anything in this Article 9 to the contrary
notwithstanding, but subject to payment of any of its outstanding fees and expenses, the Trustee shall deliver or pay to the Company from
time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee as provided
in Section 9.4 which are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance.

 

		9.6.	REINSTATEMENT.

 

If the Trustee or Paying Agent is unable to apply
any money, U.S. Government Obligations or Foreign Government Obligations in accordance with Section 9.1, 9.2, 9.3 or 9.4 by reason
of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated
as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted to apply
all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with Section 9.1,
9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if the Company has made any payment of principal of, or accrued interest or premium, if any,
on, any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee or
Paying Agent.

 

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		9.7.	MONEYS HELD BY PAYING AGENT.

 

In connection with the satisfaction and discharge
of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company,
be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section 9.1, to the Company, and thereupon such
Paying Agent shall be released from all further liability with respect to such moneys.

 

		9.8.	MONEYS HELD BY TRUSTEE.

 

Any moneys deposited with the Trustee or any Paying
Agent or then held by the Company in trust for the payment of the principal of, or interest or premium, if any, on, any Security that
are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the principal of, or interest
or premium, if any, on, such Security shall have respectively become due and payable shall be repaid to the Company upon Company Request,
or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Security
entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; PROVIDED, HOWEVER, that
the Trustee or any such Paying Agent, before being required to make any such repayment, may, at the expense of the Company, either mail
to each Securityholder affected, at the address shown in the register of the Securities maintained by the Registrar, or cause to be published
once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of
general circulation in the City of New York, New York, a notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such mailing or publication, any unclaimed balance of such moneys then remaining
will be repaid to the Company. After payment to the Company or the release of any money held in trust by the Company, Securityholders
entitled to the money must look only to the Company for payment as general creditors, unless applicable abandoned property law designates
another Person.

 

Article 10

MISCELLANEOUS

 

		10.1.	TRUST INDENTURE ACT CONTROLS.

 

If any provision of this Indenture limits, qualifies
or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control.
If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision
shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

		10.2.	NOTICES.

 

Any notice or communication shall be given in writing
and delivered in Person, sent by facsimile (and receipt confirmed by telephone or electronic transmission report), delivered by commercial
courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

If to the Company:

 

Amicus Therapeutics, Inc.

3675 Market Street

Philadelphia, PA 19104

Fax: (609) 662-2001

Attention: Chief Financial Officer

 

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Copy to:

 

Troutman Pepper Hamilton Sanders LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Fax: (215) 827-5746

Attention: Scott R. Jones, Esq.

 

If to the Trustee:

 

_________________________

_________________________

_________________________

 

The Company or the Trustee by written notice to
the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication to the
Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when receipt is
confirmed by telephone or electronic transmission report, if sent by facsimile; and three Business Days after mailing if sent by registered
or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received
by the addressee).

 

Any notice or communication mailed to a Securityholder
shall be mailed to such Securityholder by first-class mail, postage prepaid, at such Securityholder’s address shown on the register
kept by the Registrar.

 

Failure to mail, or any defect in, a notice or
communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders. If a notice or communication
to a Securityholder is mailed in the manner provided above, it shall be deemed duly given, three Business Days after such mailing, whether
or not the addressee receives it.

 

In case by reason of the suspension of regular
mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method
of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

 

In the case of Global Securities, notices or communications
to be given to Securityholders shall be given to the Depository, in accordance with its applicable policies as in effect from time to
time.

 

In addition to the manner provided for in the foregoing
provisions, notices or communications to Securityholders shall be given by the Company by release made to Reuters Economic Services and
Bloomberg Business News.

 

		10.3.	COMMUNICATIONS 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 any other Series. The Company, the Trustee, the Registrar and any
other Person shall have the protection of TIA Section 312(c).

 

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		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:

 

(1)            an
Officers’ Certificate (which shall include the statements set forth in Section 10.5 below) 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

 

(2)            an
Opinion of Counsel (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

 

		10.5.	STATEMENT REQUIRED IN CERTIFICATE AND OPINION.

 

Each certificate and opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than pursuant to Section 4.4) shall include:

 

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

 

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

 

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

 

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

 

		10.6.	RULES BY TRUSTEE AND AGENTS.

 

The Trustee may make reasonable rules for
action by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable rules for their functions.

 

		10.7.	BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT.

 

A “Business Day” is a day that is not
a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday, a federally-recognized holiday or a day on which banking institutions
are not authorized or required by law, regulation or executive order to be open in the State of New York.

 

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. “Place of Payment” means the place or places where the principal of, and interest and premium, if
any, on, the Securities of a Series are payable as specified as contemplated by Section 2.2. If the regular record date is a
Legal Holiday, the record date shall not be affected.

 

		10.8.	GOVERNING LAW.

 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF
NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

    -33-

     

    

 

		10.9.	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 

This Indenture may not be used to interpret another
indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security or debt agreement
may be used to interpret this Indenture.

 

A director, officer, employee, stockholder or incorporator,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture. Each Securityholder
by accepting a Security waives and releases all such liability. Such waiver and release are part of the consideration for the issuance
of the Securities.

 

		10.10.	SUCCESSORS.

 

All covenants and agreements of the Company in
this Indenture and the Securities shall bind the Company’s successors and assigns, whether so expressed or not. All agreements of
the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns.

 

		10.11.	MULTIPLE COUNTERPARTS.

 

The parties may sign multiple counterparts of this
Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.

 

		10.12.	TABLE OF CONTENTS, HEADINGS, ETC.

 

The table of contents, cross-reference sheet 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.

 

		10.13.	SEVERABILITY.

 

Each provision of this Indenture shall be considered
separable, and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture or 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, and a Holder shall have no claim therefor against any party hereto.

 

		10.14.	SECURITIES IN A FOREIGN CURRENCY OR IN EUROS.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 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 Euros), 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 Euros, 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 Euros, the rate of exchange as published
in the Journal, as of the most recent available date, or quotations or, in the case of Euros, rates of exchange from one or more major
banks in New York City or in the country of issue of the currency in question or, in the case of Euros, in Luxembourg or such other quotations
or, in the case of Euros, 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 the Trustee’s
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.

 

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		10.15.	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 premium, if any, 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 Business Day, in which instance, 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 Business 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 or 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.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

 

	 	AMICUS THERAPEUTICS, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[Name of Trustee]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    -35-vapo-ex48_15.htm

 

Exhibit 4.8

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.5 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

WARRANT TO PURCHASE STOCK

 

	
Company:
	
Vapotherm, Inc., a Delaware corporation

	
 
	
 

	
Type/Series of Stock:
	
Common Stock of the Company (“Common Stock”)

	
 
	
 

	
Number of Shares:
	
16,875

	
 
	
 

	
Warrant Price:
	
$13.97 per share

	
 
	
 

	
Issue Date:
	
February 18, 2022

	
 
	
 

	
Expiration Date:
	
February 18, 2032 (See also Section 5.1(b))

	
 
	
 

	
Credit Facility:
	
This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement, dated as of February 18, 2022 among SLR Investment Corp., a Maryland corporation with an office located at 500 Park Avenue, 3rd Floor, New York, NY (“SLR”), as collateral agent, the lenders party thereto from time to time including SCP Private Corporate Lending Fund SPV LLC in its capacity as a lender, the Company, HGE Health Care Solutions, LLC, a Delaware limited liability company, Vapotherm Access Care Management Network, LLC, a Delaware limited liability company, and Vapotherm Access Management Services, LLC, an Oklahoma limited liability company (as amended, restated, or otherwise modified from time to time, the “Loan Agreement”).

 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SCP Private Corporate Lending Fund SPV LLC (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to SECTION 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 

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SECTION 1EXERCISE.

1.1Method of Exercise.

(a)Holder may at any time and from time to time through the Expiration Date exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

(b)Delivery of Shares Upon Exercise.  As promptly as practicable after the Company receives the duly executed Notice of Exercise and payment of the Warrant Price for the exercised Shares in the manner set forth in Section 1.1 or 1.2 of this Warrant, as applicable, the Company shall deliver to Holder the Shares purchased hereunder upon such exercise.  

1.2Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised in accordance with this Section 1.2 (a “Cashless Exercise”). Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares, rounded down to the nearest whole number, as are computed using the following formula: 

X = Y(A-B)/A

where:

X =the number of Shares to be issued to the Holder;

Y =the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

A =the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

B =the Warrant Price.

1.3Fair Market Value. If the Common Stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is Common Stock, the fair market value of a Share shall be the closing price or last sale price of a share of Common Stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Common Stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

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1.4Delivery of New Warrant. Promptly after Holder exercises this Warrant in the manner set forth in Sections 1.1 and/or 1.2 above, if this Warrant has not been fully exercised and has not expired, the Company shall deliver to Holder a new warrant of like tenor representing the Shares not so acquired.

1.5Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement and bond reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

1.6Treatment of Warrant Upon Acquisition of Company.

(a)Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. For the avoidance of any doubt, an Acquisition shall not include any transaction or series of transactions principally for bona fide equity financing purposes.

(b)Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in SECTION 4 of the Warrant as the date thereof, and the Company shall promptly notify the Holder of the amount of cash or number of securities issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire without value or payment immediately prior to the consummation of such Cash/Public Acquisition and shall no longer be exercisable.

(c)Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant.

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(d)As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information under the Securities Act of 1933, as amended (the “Act”) and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or immediately following the closing thereof will be traded in a Trading Market; and (iii) Holder would be able to publicly re-sell, within six (6) months following the closing of such Acquisition, all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

SECTION 2ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

2.1Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class payable in Common Stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased, provided the aggregate purchase price shall remain the same. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased, provided the aggregate purchase price shall remain the same.

2.2Reclassification, Exchange, Combinations or Substitution. Upon any event, other than an Acquisition, whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, provided the aggregate purchase price shall remain the same and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 

2.3No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (a) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (b) the then-effective Warrant Price.

2.4Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, 

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furnish Holder with a certificate of its Chief Executive Officer or Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment.

SECTION 3REPRESENTATIONS AND COVENANTS OF THE COMPANY.

3.1Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows: 

(a)This Warrant is duly authorized and validly issued, and all shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any taxes, liens, charges and encumbrances except for (i) such taxes or charges that the Company is not responsible for as provided for in Section 5.8 and (ii) restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of Common Stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into Common Stock or such other securities. 

(b)The Company’s capitalization as disclosed in its filings with the Commission is true and complete, in all material respects, as of the Issue Date.

(c)The Company has all requisite corporate power and authority, and has taken all requisite corporate action, to execute and deliver this Warrant, sell and issue the Shares and carry out and perform all of its obligations under this Warrant. If at any time the Company does not have a sufficient number of Shares authorized and available, then the Company shall take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock or other securities to such number of shares or other securities as shall be sufficient for such purposes.  This Warrant constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally, including any specific performance.

(d)No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, or local governmental authority on the part of the Company is required in connection with the consummation of the transactions contemplated by this Warrant except for (i) the filing of a Form D with the Securities and Exchange Commission (the “Commission”) under the Securities Act and compliance with the securities and blue sky laws in the states and other jurisdictions in which shares of Common Stock are offered and/or sold, which compliance will be effected in accordance with such laws, (ii) the approval by the New York Stock Exchange (“NYSE”) of the listing of the Shares and (iii) the filing of one or more registration statements and all amendments thereto with the Commission.

(e)Neither the execution, delivery or performance of this Warrant by the Company nor the consummation of any of the transactions contemplated thereby (including, without limitation, the issuance and sale by the Company of the Shares) will conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, (i) the charter or by-laws of the Company, (ii) the terms of any indenture, contract, lease, 

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mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its properties, except in the case of clauses (ii) and (iii) above, for any conflict, breach or violation of, or imposition that would not, individually or in the aggregate have (x) a material adverse effect on the validity or enforceability of this Warrant, (y) a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company, or (z) a material adverse effect on the Company’s ability to perform in any material respect its obligations under this Warrant (any of (x), (y) or (z)) (a “Material Adverse Effect”).

(f)The Company is in compliance in all material respects with applicable NYSE continued listing requirements. To the Company’s knowledge, there are no proceedings pending or threatened against the Company relating to the continued listing of the Shares on the NYSE and the Company has not received any notice of, nor to the Company’s knowledge is there any reasonable basis for, the delisting of the Shares from the NYSE.

 

(g)The Company has not taken, directly or indirectly, any action designed to cause or result in, or that has constituted or that might reasonably be expected to constitute the stabilization or manipulation of the price of any securities of the Company in the fifteen days prior to the issuance of this Warrant.

 

3.2Notice of Certain Events. If the Company proposes at any time to:

(a)declare any dividend or distribution upon the outstanding shares of the Class or Common Stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; 

(b)offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c)effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class; or

(d)effect an Acquisition or to liquidate, dissolve or wind up.

then, in connection with each such event, the Company shall give Holder: 

(1)at least five (5) Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and

(2)in the case of the matters referred to in (c) and (d) above at least five (5) Business Days prior written notice of the estimated date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled 

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to exchange their shares for the securities or other property deliverable upon the occurrence of such event).

The Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

SECTION 4REPRESENTATIONS AND WARRANTIES OF THE HOLDER.

The Holder represents and warrants to the Company as follows:

4.1Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act, and the Holder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

4.2Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

4.3Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

4.4Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

4.5The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

4.6No Voting Rights; No Stockholder Rights. Holder, as a Holder of this Warrant, will not have any voting rights or otherwise be entitled to any other rights afforded to a stockholder of the 

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Company, except such rights as are expressly granted herein such as notice and other rights, until the exercise of this Warrant.

4.7No Short Sales. Holder has not at any time on or prior to the Issue Date engaged in any short sales or equivalent transactions in the Common Stock. Holder agrees that at all times from and after the Issue Date and on or before the expiration or earlier termination of this Warrant, it shall not engage in any short sales or equivalent transactions in the Common Stock.

SECTION 5MISCELLANEOUS.

5.1Expiration.

(a)Term and Automatic Conversion Upon Expiration. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 P.M. Pacific time, on the Expiration Date and shall be void thereafter. 

(b)Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder.

5.2Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form:

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SCP Private Corporate Lending Fund SPV LLC DATED FEBRUARY 18, 2022, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

5.3Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). Upon any assignment of the Warrant (other than to an affiliate of the Holder), the Holder and assignee shall complete an assignment in the form attached hereto as Appendix 2.

5.4No Impairment; Further Assurances. The Company will not, by amendment of its charter or through any reorganization, transfer of assets, consolidation, merger or dissolution, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by Holder 

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in order to protect the exercise privilege of Holder against dilution or other impairment, consistent with the tenor and purpose of this Warrant. The Company will not increase the par value of any Shares above the Warrant Price then in effect, and will take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Shares upon the exercise of this Warrant.

5.5Transfer Procedure. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee shall be deemed to make to the Company each of the representations and warranties set forth in SECTION 4 as of the date of such transfer and be bound by all of the terms and conditions of this Warrant. 

5.6[Reserved].

 

5.7Binding on Successors. This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets.

5.8Taxes. The Company will pay all taxes (other than taxes based upon income) and other governmental charges that may be imposed with respect to the issuance or delivery of the Shares,  other than any tax or other charge imposed in connection with any transfer involved in the issue and delivery of the Shares in a name other than that of the Holder.

5.9Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.9. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

SCP PRIVATE CORPORATE LENDING FUND SPV LLC

c/o SLR Investment Corp.

500 Park Avenue, 3rd Floor

New York, NY 10022

Attention: Anthony Storino

Fax: (212) 993-1698

Email: astorino@slrcp.com

 

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

9

 

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LATHAM & WATKINS LLP
505 Montgomery Street, Suite 2000
San Francisco, CA 94111
Attention: Haim Zaltzman
Facsimile: (415) 395-8095
Email: haim.zaltzman@lw.com

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

VAPOTHERM, INC.
100 Domain Drive

Exeter, NH 03833

Attn: John Landry, VP & CFO

Fax:  (603) 658-0181

Email: jlandry@vtherm.com

 

5.10Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

5.11Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

5.12Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of law principles that would result in the application of any other than the laws of the State of New York.

5.13Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

5.14Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

5.15Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which banks in the State of New York are closed.

[Signature page follows]

 

10

 

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IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

	
“COMPANY”

	
 
	
 

	
VAPOTHERM, INC.

	
 
	
 

	
By:
	
 

	
Name:
	
John Landry

	
Title:
	
Senior Vice President and Chief Financial Officer

 

 

 

	
“HOLDER”

	
 
	
 

	
SCP Private Corporate Lending Fund SPV LLC

	
 
	
 

	
By:
	
 

	
Name:
	
Anthony Storino

	
Title:
	
Authorized Signatory

 

 

 

Signature Page to Warrant to Purchase Stock

 

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APPENDIX 1

NOTICE OF EXERCISE

1.The undersigned Holder hereby exercises its right purchase ___________ shares of the Common Stock of Vapotherm, Inc. (the “Company”) in accordance with the attached Warrant to Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 

	
 
	
[ ]
	
check in the amount of $________ payable to order of the Company enclosed herewith

	
 
	
[ ]
	
Wire transfer of immediately available funds to the Company’s account 

	
 
	
[ ]
	
Cashless Exercise pursuant to Section 1.2 of the Warrant

	
 
	
[ ]
	
Other [Describe] __________________________________________

2.Please issue a certificate or certificates representing the Shares in the name specified below:

___________________________________________
Holder’s Name

___________________________________________

___________________________________________
(Address)

3. By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in SECTION 4 of the Warrant to Purchase Stock as of the date hereof.

 

	
HOLDER:

	
 
	
 

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

	
(Date):
	
 

 

 

 

Appendix 1

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APPENDIX 2

ASSIGNMENT

For value received, SCP Private Corporate Lending Fund SPV LLC hereby sells, assigns and transfers unto

Name:

Address:

Tax ID:

that certain Warrant to Purchase Stock issued by Vapotherm, Inc. (the “Company” on February 18, 2022 (the “Warrant”) together with all rights, title and interest therein.

 

	
SCP PRIVATE CORPORATE LENDING FUND SPV LLC

	
 
	
 

	
 
	
 

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

	
Date:
	
 

 

 

By its execution below, and for the benefit of the Company, [SLR TRANSFEREE] makes each of the representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 

 

	
[SLR TRANSFEREE]

	
 
	
 

	
 
	
 

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

	
Date:
	
 

 

 

Appendix 2

 

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