Document:

Exhibit 4.11

 

 

MONMOUTH
REAL ESTATE INVESTMENT CORPORATION

 

INDENTURE

 

Dated
as of ___________ __, 20__

 

_________________________________

 

Trustee

 

 

    	 	 	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	PAGE
	 	 	 
	ARTICLE I       DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.1	Definitions.	1
	 	 	 
	Section 1.2	Other Definitions.	4
	 	 	 
	Section 1.3	Incorporation by Reference of Trust Indenture Act.	4
	 	 	 
	Section 1.4	Rules of Construction.	5
	 	 	 
	ARTICLE II	THE SECURITIES	5
	 	 	 
	Section 2.1	Issuable in Series.	5
	 	 	 
	Section 2.2	Establishment of Terms of Series of Securities.	6
	 	 	 
	Section 2.3	Execution and Authentication.	8
	 	 	 
	Section 2.4	Registrar and Paying Agent.	9
	 	 	 
	Section 2.5	Paying Agent to Hold Money in Trust.	9
	 	 	 
	Section 2.6	Securityholder Lists.	10
	 	 	 
	Section 2.7	Transfer and Exchange.	10
	 	 	 
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities.	10
	 	 	 
	Section 2.9	Outstanding Securities.	11
	 	 	 
	Section 2.10	Treasury Securities.	12
	 	 	 
	Section 2.11	Temporary Securities.	12
	 	 	 
	Section 2.12	Cancellation.	12
	 	 	 
	Section 2.13	Defaulted Interest.	12
	 	 	 
	Section 2.14	Global Securities.	13
	 	 	 
	Section 2.15	CUSIP Numbers.	14
	 	 	 
	ARTICLE III	REDEMPTION	14
	 	 	 
	Section 3.1	Notice to Trustee.	14
	 	 	 
	Section 3.2	Selection of Securities to be Redeemed.	14
	 	 	 
	Section 3.3	Notice of Redemption.	15
	 	 	 
	Section 3.4	Effect of Notice of Redemption.	15
	 	 	 
	Section 3.5	Deposit of Redemption Price.	16
	 	 	 
	Section 3.6	Securities Redeemed in Part.	16
	 	 	 
	ARTICLE IV	COVENANTS	16
	 	 	 
	Section 4.1	Payment of Principal and Interest.	16
	 	 	 
	Section 4.2	SEC Reports.	16

 

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	Section 4.3	Compliance Certificate.	17
	 	 	 
	Section 4.4	Stay, Extension and Usury Laws.	17
	 	 	 
	Section 4.5	Corporate Existence.	17
	 	 	 
	ARTICLE V	SUCCESSORS	17
	 	 	 
	Section 5.1	When Company May Merge, Etc.	17
	 	 	 
	Section 5.2	Successor Corporation Substituted.	18
	 	 	 
	ARTICLE VI	DEFAULTS AND REMEDIES	18
	 	 	 
	Section 6.1	Events of Default.	18
	 	 	 
	Section 6.2	Acceleration of Maturity; Rescission and Annulment.	19
	 	 	 
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	20
	 	 	 
	Section 6.4	Trustee May File Proofs of Claim.	21
	 	 	 
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities.	21
	 	 	 
	Section 6.6	Application of Money Collected.	22
	 	 	 
	Section 6.7	Limitation on Suits.	22
	 	 	 
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest.	23
	 	 	 
	Section 6.9	Restoration of Rights and Remedies.	23
	 	 	 
	Section 6.10	Rights and Remedies Cumulative.	23
	 	 	 
	Section 6.11	Delay or Omission Not Waiver.	23
	 	 	 
	Section 6.12	Control by Holders.	23
	 	 	 
	Section 6.13	Waiver of Past Defaults.	24
	 	 	 
	Section 6.14	Undertaking for Costs.	24
	 	 	 
	ARTICLE VII	TRUSTEE	24
	 	 	 
	Section 7.1	Duties of Trustee.	24
	 	 	 
	Section 7.2	Rights of Trustee.	26
	 	 	 
	Section 7.3	Individual Rights of Trustee.	27
	 	 	 
	Section 7.4	Trustee’s Disclaimer.	27
	 	 	 
	Section 7.5	Notice of Defaults.	27
	 	 	 
	Section 7.6	Reports by Trustee to Holders.	27
	 	 	 
	Section 7.7	Compensation and Indemnity.	28
	 	 	 
	Section 7.8	Replacement of Trustee.	28
	 	 	 
	Section 7.9	Successor Trustee by Merger, etc.	29
	 	 	 
	Section 7.10	Eligibility; Disqualification.	29
	 	 	 
	Section 7.11	Preferential Collection of Claims Against Company.	30
	 	 	 
	ARTICLE VIII	SATISFACTION AND DISCHARGE; DEFEASANCE	30

 

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	Section 8.1	Satisfaction and Discharge of Indenture.	30
	 	 	 
	Section 8.2	Application of Trust Funds; Indemnification.	31
	 	 	 
	Section 8.3	Legal Defeasance of Securities of any Series.	31
	 	 	 
	Section 8.4	Covenant Defeasance.	33
	 	 	 
	Section 8.5	Repayment to Company.	34
	 	 	 
	Section 8.6	Reinstatement.	34
	 	 	 
	ARTICLE IX	AMENDMENTS AND WAIVERS	34
	 	 	 
	Section 9.1	Without Consent of Holders.	34
	 	 	 
	Section 9.2	With Consent of Holders.	35
	 	 	 
	Section 9.3	Limitations.	35
	 	 	 
	Section 9.4	Compliance with Trust Indenture Act.	36
	 	 	 
	Section 9.5	Revocation and Effect of Consents.	36
	 	 	 
	Section 9.6	Notation on or Exchange of Securities.	36
	 	 	 
	Section 9.7	Trustee Protected.	37
	 	 	 
	ARTICLE X	MISCELLANEOUS	37
	 	 	 
	Section 10.1	Trust Indenture Act Controls.	37
	 	 	 
	Section 10.2	Notices.	37
	 	 	 
	Section 10.3	Communication by Holders with Other Holders.	38
	 	 	 
	Section 10.4	Certificate and Opinion as to Conditions Precedent.	38
	 	 	 
	Section 10.5	Statements Required in Certificate or Opinion.	38
	 	 	 
	Section 10.6	Rules by Trustee and Agents.	39
	 	 	 
	Section 10.7	Legal Holidays.	39
	 	 	 
	Section 10.8	No Recourse Against Others.	39
	 	 	 
	Section 10.9	Counterparts.	39
	 	 	 
	Section 10.10	Governing Laws.	39
	 	 	 
	Section 10.11	No Adverse Interpretation of Other Agreements.	40
	 	 	 
	Section 10.12	Successors.	40
	 	 	 
	Section 10.13	Severability.	40
	 	 	 
	Section 10.14	Table of Contents, Headings, Etc.	40
	 	 	 
	Section 10.15	Securities in a Foreign Currency.	40
	 	 	 
	Section 10.16	Judgment Currency.	41
	 	 	 
	Section 10.17	Force Majeure.	41
	 	 	 
	ARTICLE XI	SINKING FUNDS	41
	 	 	 
	Section 11.1	Applicability of Article.	41

 

	Section 11.2	Satisfaction of Sinking Fund Payments with Securities.	42
	 	 	 
	Section 11.3	Redemption of Securities for Sinking Fund.	42

 

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MONMOUTH REAL ESTATE INVESTMENT CORPORATION

Reconciliation and tie between Trust
Indenture Act of 1939 and

Indenture, dated as of _________ __,
20__

 

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

 

 

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

 

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Indenture dated as of _______ ___,
20__ between Monmouth Real Estate Investment Corporation, a Maryland corporation (the “Company”) and [],
as trustee (the “Trustee”).

 

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

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1          Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	 	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“GAAP”
means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, which are in effect as of the date of determination.

 

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

 

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

 

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

 

    	-2-

    	 

    

 

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

 

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

 

“Officer”
means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary
or any Assistant Secretary, and any Vice President of the Company.

 

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

 

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

 

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

 

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

 

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

 

“SEC” means
the Securities and Exchange Commission.

 

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

 

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

 

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

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other
Subsidiaries of that person or a combination thereof.

 

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

 

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

 

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

 

Section 1.2          Other
Definitions.

 

	TERM	 	DEFINED IN

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

 

Section 1.3          Incorporation
by Reference of Trust Indenture Act.

 

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

 

“Commission”
means the SEC.

 

    	-4-

    	 

    

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Securityholder.

 

“indenture to
be qualified” means this Indenture.

 

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

 

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

 

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

 

Section 1.4          Rules
of Construction.

 

Unless the context
otherwise requires:

 

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

 

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

 

(c)          “or”
is not exclusive;

 

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

 

(e)          provisions
apply to successive events and transactions.

 

ARTICLE II.

THE SECURITIES

 

Section 2.1          Issuable
in Series.

 

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

 

    	-5-

    	 

    

 

Section 2.2          Establishment
of Terms of Series of Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-6-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-7-

    	 

    

 

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

 

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

 

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

 

Section 2.3          Execution
and Authentication.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-8-

    	 

    

 

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

 

Section 2.4          Registrar
and Paying Agent.

 

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

 

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

 

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

 

Section 2.5          Paying
Agent to Hold Money in Trust.

 

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

 

    	-9-

    	 

    

 

Section 2.6          Securityholder
Lists.

 

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

 

Section 2.7          Transfer
and Exchange.

 

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

 

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

 

Section 2.8          Mutilated,
Destroyed, Lost and Stolen Securities.

 

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

 

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

 

    	-10-

    	 

    

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

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

 

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

 

Section 2.9          Outstanding
Securities.

 

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

 

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

 

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

 

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

 

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

 

    	-11-

    	 

    

 

Section 2.10        Treasury
Securities.

 

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

 

Section 2.11        Temporary
Securities.

 

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

 

Section 2.12        Cancellation.

 

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

 

Section 2.13        Defaulted
Interest.

 

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

 

    	-12-

    	 

    

 

Section 2.14        Global
Securities.

 

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

 

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

 

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

 

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

 

“THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

 

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

 

    	-13-

    	 

    

 

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

 

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

 

Section 2.15        CUSIP
Numbers.

 

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

 

ARTICLE III.

REDEMPTION

 

Section 3.1          Notice
to Trustee.

 

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

 

Section 3.2          Selection
of Securities to be Redeemed.

 

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

 

    	-14-

    	 

    

 

Section 3.3           Notice
of Redemption.

 

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

 

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

 

(a)          the
redemption date;

 

(b)          the
redemption price;

 

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

 

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

 

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

 

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

 

(g)          the
CUSIP number, if any; and

 

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

 

At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, however, that
the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to
the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice.

 

Section 3.4           Effect
of Notice of Redemption.

 

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

 

    	-15-

    	 

    

 

Section 3.5           Deposit
of Redemption Price.

 

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

 

Section 3.6           Securities
Redeemed in Part.

 

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

 

ARTICLE IV.

COVENANTS

 

Section 4.1           Payment
of Principal and Interest.

 

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

 

Section 4.2           SEC
Reports.

 

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

 

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

 

    	-16-

    	 

    

 

Section 4.3           Compliance
Certificate.

 

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

 

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

 

Section 4.4           Stay,
Extension and Usury Laws.

 

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

 

Section 4.5           Corporate
Existence.

 

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

 

ARTICLE V.

SUCCESSORS

 

Section 5.1           When
Company May Merge, Etc.

 

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

 

    	-17-

    	 

    

 

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

 

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

 

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

 

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

 

Section 5.2           Successor
Corporation Substituted.

 

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

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1           Events
of Default.

 

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

 

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

 

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

 

    	-18-

    	 

    

 

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

 

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

 

(i)          commences
a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.2           Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default
with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred
to in Section 6.1(d) or (e)), then in every such case the Trustee or the Holders of a majority in principal amount of the outstanding
Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such
portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any,
on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest,
if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

    	-19-

    	 

    

 

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

 

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

 

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

 

The Company covenants
that if

 

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

 

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

 

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

 

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

 

If the Company fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.

 

    	-20-

    	 

    

 

If an Event of Default
with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4           Trustee
May File Proofs of Claim.

 

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

 

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

 

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

 

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

 

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

 

Section 6.5           Trustee
May Enforce Claims Without Possession of Securities.

 

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

 

    	-21-

    	 

    

 

Section 6.6           Application
of Money Collected.

 

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

 

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

 

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

 

Third: To the Company.

 

Section 6.7           Limitation
on Suits.

 

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

 

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

 

(b)          the
Holders of a majority in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

    	-22-

    	 

    

 

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

 

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

 

Section 6.9           Restoration
of Rights and Remedies.

 

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

 

Section 6.10         Rights
and Remedies Cumulative.

 

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

 

Section 6.11         Delay
or Omission Not Waiver.

 

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

 

Section 6.12         Control
by Holders.

 

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

 

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

 

    	-23-

    	 

    

 

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

 

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

 

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

 

Section 6.13         Waiver
of Past Defaults.

 

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

 

Section 6.14         Undertaking
for Costs.

 

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

 

ARTICLE VII.

TRUSTEE

 

Section 7.1           Duties
of Trustee.

 

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

 

    	-24-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-25-

    	 

    

 

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

 

Section 7.2           Rights
of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-26-

    	 

    

 

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

 

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

 

Section 7.3           Individual
Rights of Trustee.

 

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

 

Section 7.4           Trustee’s
Disclaimer.

 

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

 

Section 7.5           Notice
of Defaults.

 

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

 

Section 7.6           Reports
by Trustee to Holders.

 

Within 60 days after
May 15 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register
kept by the Registrar a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA Section
313.

 

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

 

    	-27-

    	 

    

 

Section 7.7           Compensation
and Indemnity.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.8           Replacement
of Trustee.

 

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

 

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

 

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

 

    	-28-

    	 

    

 

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

 

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

 

(d)          the
Trustee becomes incapable of acting.

 

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

 

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

 

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

 

Section 7.9           Successor
Trustee by Merger, etc.

 

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

 

Section 7.10         Eligibility;
Disqualification.

 

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

 

    	-29-

    	 

    
 

Section 7.11         Preferential
Collection of Claims Against Company.

 

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

  

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1           Satisfaction
and Discharge of Indenture.

 

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

 

(a)          either

 

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

 

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

 

(1)         have
become due and payable, or

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-30-

    	 

    

 

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

 

Section 8.2           Application
of Trust Funds; Indemnification.

 

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

 

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

 

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

 

Section 8.3           Legal
Defeasance of Securities of any Series.

 

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

 

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

 

    	-31-

    	 

    

 

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

 

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

 

provided that, the following conditions
shall have been satisfied:

 

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

 

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

 

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

 

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

 

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

 

    	-32-

    	 

    

 

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

 

Section 8.4           Covenant
Defeasance.

 

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

 

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

 

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

 

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

 

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

 

    	-33-

    	 

    

 

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

 

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

 

Section 8.5           Repayment
to Company.

 

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

 

Section 8.6           Reinstatement.

 

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

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1           Without
Consent of Holders.

 

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

 

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

 

(b)          to
comply with Article V;

 

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

 

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

 

    	-34-

    	 

    

 

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

 

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

 

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

 

Section 9.2           With
Consent of Holders.

 

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

 

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

 

Section 9.3           Limitations.

 

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

 

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

 

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

 

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

 

    	-35-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

Section 9.4           Compliance
with Trust Indenture Act.

 

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

 

Section 9.5           Revocation
and Effect of Consents.

 

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

 

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

 

Section 9.6           Notation
on or Exchange of Securities. 

 

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

 

    	-36-

    	 

    

 

Section 9.7           Trustee
Protected.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying
upon, an Officer’s Certificate or an Opinion of Counsel or both stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures authorized or permitted by this
Indenture, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

ARTICLE X.

MISCELLANEOUS

 

Section 10.1         Trust
Indenture Act Controls.

 

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

 

Section 10.2         Notices.

 

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

 

if to the Company:

 

Monmouth Real Estate Investment
Corporation

Juniper Business Plaza, Suite 3-C

3499 Route 9 North

Freehold, NJ 07728

Attention: General Counsel

Telephone: (732) 577-9996

 

with a copy to:

 

Venable LLP

750 E. Pratt Street, Suite 900

Baltimore, MD 21202

Attention: Michael Leber, Esq.

Telephone: (410) 244-7400

 

if to the Trustee:

	 	 	 
	 	 	 
	 	 	 
	 	Attention: 	 	 
	 	Telephone: 	 	 
	 	Facsimile: 	 	 

 

    	-37-

    	 

    
 

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

 

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

 

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

 

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

 

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

 

Section 10.3         Communication
by Holders with Other Holders.

 

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

 

Section 10.4         Certificate
and Opinion as to Conditions Precedent.

 

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

 

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

 

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

 

Section 10.5         Statements
Required in Certificate or Opinion.

 

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

 

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

 

    	-38-

    	 

    
 

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

 

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

 

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

 

Section 10.6         Rules
by Trustee and Agents.

 

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

 

Section 10.7         Legal
Holidays.

 

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

 

Section 10.8         No
Recourse Against Others.

 

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

 

Section 10.9         Counterparts.

 

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

 

Section 10.10         Governing
Laws.

 

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

 

    	-39-

    	 

    
 

Section 10.11         No
Adverse Interpretation of Other Agreements.

 

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

 

Section 10.12         Successors.

 

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

 

Section 10.13         Severability.

 

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

 

Section 10.14         Table
of Contents, Headings, Etc.

 

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

 

Section 10.15         Securities
in a Foreign Currency.

 

Unless otherwise specified
in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this
Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular
action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more
than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose
of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance
of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities,
such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the
“Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available
in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. 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
provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive
for all purposes and irrevocably binding upon the Trustee and all Holders.

 

    	-40-

    	 

    
 

Section 10.16         Judgment
Currency.

 

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

 

Section 10.17         Force
Majeure.

 

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

 

ARTICLE XI.

SINKING FUNDS

 

Section 11.1         Applicability
of Article.

 

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

 

    	-41-

    	 

    
 

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

 

Section 11.2         Satisfaction
of Sinking Fund Payments with Securities.

 

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

 

Section 11.3         Redemption
of Securities for Sinking Fund.

 

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

 

    	-42-

    	 

    

 

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

 

	 	Monmouth Real Estate Investment Corporation 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[	], as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

SIGNATURE PAGE TO INDENTUREExhibit 4.1

  

AGFEED INDUSTRIES, INC.

 

and

 

BROADRIDGE CORPORATE ISSUER SOLUTIONS,
INC.

 

Rights Agent

 

 

RIGHTS AGREEMENT

 

Dated as of August 10, 2012

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	Number
	 	 	 
	Section 1.	Definitions	1
	 	 	 
	Section 2.	Appointment of Rights Agent	5
	 	 	 
	Section 3.	Issue of Right Certificates.	5
	 	 	 
	Section 4.	Form of Right Certificates	7
	 	 	 
	Section 5.	Countersignature and Registration.	7
	 	 	 
	Section 6.	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.	8
	 	 	 
	Section 7.	Exercise of Rights; Purchase Price; Expiration Date of Rights.	9
	 	 	 
	Section 8.	Cancellation and Destruction of Right Certificates	10
	 	 	 
	Section 9.	Availability of Common Shares	10
	 	 	 
	Section 10.	Common Shares Record Date	10
	 	 	 
	Section 11.	Adjustment of Purchase Price, Number of Shares or Number of Rights	11
	 	 	 
	Section 12.	Certificate of Adjusted Purchase Price or Number of Shares	16
	 	 	 
	Section 13.	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	16
	 	 	 
	Section 14.	Fractional Rights and Fractional Shares.	17
	 	 	 
	Section 15.	Rights of Action	18
	 	 	 
	Section 16.	Agreement of Right Holders	18
	 	 	 
	Section 17.	Right Certificate Holder Not Deemed a Shareholder	19
	 	 	 
	Section 18.	Concerning the Rights Agent	19
	 	 	 
	Section 19.	Merger or Consolidation or Change of Name of Rights Agent.	20
	 	 	 
	Section 20.	Duties of Rights Agent	20
	 	 	 
	Section 21.	Change of Rights Agent	22

 

    	i

    	 

    

 

	Section 22.	Issuance of New Right Certificates	23
	 	 	 
	Section 23.	Redemption.	23
	 	 	 
	Section 24.	Exchange.	24
	 	 	 
	Section 25.	Notice of Certain Events.	25
	 	 	 
	Section 26.	Notices	25
	 	 	 
	Section 27.	Supplements and Amendments	26
	 	 	 
	Section 28.	Successors	26
	 	 	 
	Section 29.	Determinations and Actions by the Board of Directors	26
	 	 	 
	Section 30.	Benefits of this Agreement	27
	 	 	 
	Section 31.	Severability	27
	 	 	 
	Section 32.	Governing Law	27
	 	 	 
	Section 33.	Counterparts	27
	 	 	 
	Section 34.	Descriptive Headings; Section References	27
	 	 	 
	Section 35.	Force Majeure	27
	 	 	 
	Exhibit A – Form of Right Certificate	 
	 	 
	Exhibit B - Summary of Rights to Purchase Common Shares	 

 

    	ii

    	 

    

 

RIGHTS AGREEMENT

 

RIGHTS AGREEMENT, dated as of August
10, 2012 (the “Agreement”), between AGFEED INDUSTRIES, INC., a Nevada corporation (the “Company”),
and BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC., a Pennsylvania corporation, as rights agent (the “Rights Agent”).

 

WHEREAS, the Board
of Directors of the Company has authorized and declared a dividend of one common share purchase right (a “Right”)
for each Common Share (as hereinafter defined) of the Company outstanding on August 20, 2012 (the “Record Date”),
each Right representing the right to purchase one-quarter of one Common Share, upon the terms and subject to the conditions herein
set forth, and has further authorized and directed the issuance of one Right with respect to each Common Share that shall become
outstanding between the Record Date and the earliest of the Distribution Date, the Redemption Date and the Final Expiration Date
(as such terms are hereinafter defined).

 

NOW, THEREFORE,
in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1.          Definitions.
For purposes of this Agreement, the following terms have the meanings indicated:

 

(a)          “Acquiring
Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, shall be the
Beneficial Owner of 15% or more of the Common Shares of the Company then outstanding, but shall not include the Company, any Subsidiary
of the Company, any employee benefit plan of the Company or any Subsidiary of the Company, any entity holding Common Shares for
or pursuant to the terms of any such plan, or any trustee, administrator or fiduciary of any such plan appointed by the Company;
provided, however, that no Person who Beneficially Owns, as of the time of the public announcement of this Agreement,
15% or more of the Common Shares of the Company then outstanding shall become an Acquiring Person unless such Person shall, after
the time of the public announcement of this Agreement, increase its Beneficial Ownership of the then outstanding Common Shares
(other than as a result of an acquisition of Common Shares by the Company) to an amount equal to or greater than the greater of
(x) 15% or (y) the sum of (i) the lowest Beneficial Ownership of such Person as a percentage of the outstanding Common Shares as
of any date on or after the date of the public announcement of this Agreement plus (ii) 0.001%. Notwithstanding the foregoing,
no Person shall become an “Acquiring Person” as the result of an acquisition of Common Shares by the Company which,
by reducing the number of Common Shares of the Company outstanding, increases the proportionate number of Common Shares of the
Company Beneficially Owned by such Person to 15% or more of the Common Shares of the Company then outstanding; provided,
however, that, if a Person shall become the Beneficial Owner of 15% or more of the Common Shares of the Company then outstanding
by reason of share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of
any additional Common Shares of the Company, then such Person shall be deemed to be an “Acquiring Person.” Notwithstanding
the foregoing, if the Board of Directors of the Company determines in good faith that a Person who would otherwise be an “Acquiring
Person,” as defined pursuant to the foregoing provisions of this Section 1(a), has become such inadvertently, and such Person
divests as promptly as practicable a sufficient number of Common Shares so that such Person would no longer be an “Acquiring
Person,” as defined pursuant to the foregoing provisions of this Section 1(a), then such Person shall not be deemed to be
an “Acquiring Person” for any purposes of this Agreement. Notwithstanding the foregoing, if a bona fide swaps dealer
who would otherwise be an “Acquiring Person” has become so as a result of its actions in the ordinary course of its
business that the Board of Directors of the Company determines, in its sole discretion, were taken without the intent or effect
of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or
influence the management or policies of the Company, then, and unless and until the Board of Directors shall otherwise determine,
such Person shall not be deemed to be an “Acquiring Person” for any purposes of this Agreement.

 

    	 

    	 

    

 

(b)          “Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act as in effect
on the date of this Agreement.

 

(c)          “Associate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act as in effect
on the date of this Agreement.

 

(d)          A
Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own”
any securities:

 

(i)          which
such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly;

 

(ii)         which
such Person or any of such Person’s Affiliates or Associates has (A) the right or the obligation to acquire (whether such
right is exercisable, or such obligation is required to be performed, immediately or only after the passage of time) pursuant to
any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members
with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights,
rights (other than these Rights), warrants or options, or otherwise; provided, however, that a Person shall not be
deemed the Beneficial Owner of, or to Beneficially Own, securities tendered pursuant to a tender or exchange offer made by or on
behalf of such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase
or exchange; or (B) the right to vote pursuant to any agreement, arrangement or understanding; provided, however,
that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, any security if the agreement, arrangement or
understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public
proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations promulgated under
the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report);

 

    	2

    	 

    

 

(iii)        which
are beneficially owned, directly or indirectly, by any other Person with which such Person or any of such Person’s Affiliates
or Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and
selling group members with respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting
(except to the extent contemplated by the proviso to Section 1(d)(ii)(B)) or disposing of any securities of the Company; or

 

(iv)        which
are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Affiliates or Associates)
under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract)
to which such Person or any of such Person’s Affiliates or Associates is a Receiving Party (as such terms are defined in
the immediately following paragraph); provided, however, that the number of Common Shares that a Person is deemed
to Beneficially Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall not exceed the number
of Notional Common Shares with respect to such Derivatives Contract; provided, further, that the number of securities
beneficially owned by each Counterparty (including its Affiliates and Associates) under a Derivatives Contract shall for purposes
of this clause (iv) be deemed to include all securities that are beneficially owned, directly or indirectly, by any other Counterparty
(or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty
(or any of such first Counterparty’s Affiliates or Associates) is a Receiving Party, with this proviso being applied to successive
Counterparties as appropriate.

 

A “Derivatives
Contract” is a contract between two parties (the “Receiving Party” and the “Counterparty”)
that is designed to produce economic benefits and risks to the Receiving Party that correspond substantially to the ownership by
the Receiving Party of a number of Common Shares specified or referenced in such contract (the number corresponding to such economic
benefits and risks, the “Notional Common Shares”), regardless of whether obligations under such contract are
required or permitted to be settled through the delivery of cash, Common Shares or other property, without regard to any short
position under the same or any other Derivative Contract.

 

Notwithstanding
anything in this definition of Beneficial Ownership to the contrary, the phrase “then outstanding,” when used with
reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then
issued and outstanding together with the number of such securities not then actually issued and outstanding which are issuable
by the Company and which such Person would be deemed to Beneficially Own hereunder.

 

    	3

    	 

    

 

(e)          “Business
Day” shall mean any day other than a Saturday, a Sunday, or a day on which banking institutions in the States of Colorado
or New York are authorized or obligated by law or executive order to close.

 

(f)          “Close
of Business” on any given date shall mean 5:00 P.M., Grand Junction, Colorado time, on such date; provided, however,
that, if such date is not a Business Day, it shall mean 5:00 P.M., Grand Junction, Colorado time, on the next succeeding Business
Day.

 

(g)          “Common
Shares” when used with reference to the Company shall mean the shares of common stock, par value $0.001 per share, of
the Company. “Common Shares” when used with reference to any Person other than the Company shall mean the capital stock
(or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person,
the Person or Persons that ultimately control such first-mentioned Person.

 

(h)          “Distribution
Date” shall have the meaning set forth in Section 3(a).

 

(i)          “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(j)          “Exchange
Ratio” shall have the meaning set forth in Section 24(a).

 

(k)          “Final
Expiration Date” shall have the meaning set forth in Section 7(a).

 

(l)          “NASDAQ”
shall mean the National Association of Securities Dealers, Inc. Automated Quotation System.

 

(m)          “Person”
shall mean any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization
or other entity, and shall include any successor (by merger or otherwise) of such entity, as well as any group under Rule 13d-5(b)(1)
of the Exchange Act.

 

(n)          “Purchase
Price” shall have the meaning set forth in Section 4.

 

(o)          “Record
Date” shall have the meaning set forth in the recitals of this Agreement.

 

(p)          “Redemption
Date” shall have the meaning set forth in Section 7(a).

 

(q)          “Redemption
Price” shall have the meaning set forth in Section 23(a).

 

(r)          “Right”
shall have the meaning set forth in the recitals of this Agreement.

 

(s)          “Right
Certificate” shall have the meaning set forth in Section 3(a).

 

    	4

    	 

    

 

(t)          “Shares
Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed or amended pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring
Person that an Acquiring Person has become such.

 

(u)          “Subsidiary”
of any Person shall mean any corporation or other entity of which a majority of the voting power of the voting equity securities
or equity interest is owned, directly or indirectly, by such Person.

 

(v)         “Summary
of Rights” shall have the meaning set forth in Section 3(b).

 

(w)          “Trading
Day” shall have the meaning set forth in Section 11(d).

 

Section 2.          Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the terms
and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-Rights
Agents as it may deem necessary or desirable, upon ten (10) days’ prior written notice to the Rights Agent. The Rights Agent
shall have no duty to supervise, and shall in no event be liable for the acts or omissions of any such co-Rights Agent.

 

Section 3.          Issue
of Right Certificates.

 

(a)          Until
the earlier of (i) the tenth day after the Shares Acquisition Date (or, if the tenth day after the Shares Acquisition Date occurs
before the Record Date, the Close of Business on the Record Date) or (ii) the Close of Business on the tenth Business Day (or such
later date as the Board of Directors of the Company shall determine prior to such time as any Person becomes an Acquiring Person)
after the date that a tender or exchange offer by any Person (the Company, any Subsidiary of the Company, any employee benefit
plan of the Company or any Subsidiary of the Company, any entity holding Common Shares for or pursuant to the terms of any such
plan, or any trustee, administrator or fiduciary of any such plan appointed by the Company) is first published or sent or given
within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if upon consummation thereof,
such Person would become an Acquiring Person (including in either case any such date which is after the date of this Agreement
and prior to the issuance of the Rights; the earlier of such dates being herein referred to as the “Distribution Date”),
(x) the Rights will be evidenced (subject to the provisions of Section 3(b)) by the certificates for Common Shares of the Company
registered in the names of the holders thereof (which certificates shall also be deemed to be Right Certificates) and not by separate
Right Certificates (or, for shares participating in the direct registration system, by notations in the respective book entry accounts
for the Common Stock), and (y) the right to receive Right Certificates will be transferable only in connection with the transfer
of Common Shares of the Company. As soon as practicable after the Distribution Date, the Company will prepare and execute, the
Rights Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if requested, send) by
first-class, insured, postage-prepaid mail, to each record holder of Common Shares of the Company as of the Close of Business on
the Distribution Date, at the address of such holder shown on the records of the Company, a Right Certificate, in substantially
the form of Exhibit A hereto (a “Right Certificate”), evidencing one Right for each Common Share of the Company
so held, subject to adjustment as provided herein. As of the Distribution Date, the Rights will be evidenced solely by such Right
Certificates.

 

    	5

    	 

    

 

(b)          On
the Record Date, or as soon as practicable thereafter, the Company will make available a Summary of Rights to Purchase Common Shares,
in substantially the form of Exhibit B hereto (the “Summary of Rights”), to any holder of Rights who may so
request from time to time prior to the earlier of the Final Expiration Date or the Redemption Date. With respect to certificates
for Common Shares of the Company outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by
such certificates for the Common Shares of the Company (or, in the case of shares reflected on the direct registration system,
the notations in the book entry account) and the registered holders of Common Sharers of the Company shall also be the registered
holders of the associated Rights. Until the Distribution Date (or the earlier of the Redemption Date or the Final Expiration Date),
the surrender for transfer of any certificate for Common Shares of the Company outstanding on the Record Date, with or without
a copy of the Summary of Rights attached thereto, shall also constitute the transfer of the Rights associated with the Common Shares
of the Company represented thereby.

 

(c)          Certificates
for Common Shares of the Company that become outstanding (including, without limitation, reacquired Common Shares referred to in
the last sentence of this Section 3(c)) after the Record Date but prior to the earliest of the Distribution Date, the Redemption
Date or the Final Expiration Date shall have impressed on, printed on, written on or otherwise affixed to them the following legend:

 

This certificate also evidences
and entitles the holder hereof to certain rights as set forth in the Rights Agreement between AgFeed Industries, Inc. and Broadridge
Corporate Issuer Solutions, Inc., dated as of August 10, 2012, as it may be amended from time to time (the “Agreement”),
the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices
of AgFeed Industries, Inc. Under certain circumstances, as set forth in the Agreement, such Rights (as defined in the Agreement)
will be evidenced by separate certificates and will no longer be evidenced by this certificate. AgFeed Industries, Inc. will mail
to the holder of this certificate a copy of the Agreement without charge after receipt of a written request therefor. As set forth
in the Agreement, Rights Beneficially Owned by any Person (as defined in the Agreement) who becomes an Acquiring Person (as defined
in the Agreement) become null and void.

 

    	6

    	 

    

 

With respect to such certificates
containing the foregoing legend, until the Distribution Date, the Rights associated with the Common Shares of the Company represented
by such certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall
also constitute the transfer of the Rights associated with the Common Shares of the Company represented thereby. Similarly, during
such time periods, transfers of shares participating in the direct registration system shall also be deemed to be transfers of
the associated Rights. In the case of any shares participating in the direct registration system, the Company shall cause the transfer
agent for the Common Shares of the Company to include on each direct registration account statement with respect thereto issued
prior to the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date a notation to the effect that
references to Common Shares of the Company also includes the associated Rights. To the extent that Common Shares of the
Company are not represented by certificates, references in this Agreement to certificates shall be deemed to refer to the notations
in the book entry accounts reflecting ownership of such shares. In the event that the Company purchases or acquires any Common
Shares of the Company after the Record Date but prior to the Distribution Date, any Rights associated with such Common Shares of
the Company shall be deemed cancelled and retired so that the Company shall not be entitled to exercise any Rights associated with
the Common Shares of the Company which are no longer outstanding. Notwithstanding this Section 3(c), the omission of a legend shall
not affect the enforceability of any part of this Rights Agreement or the rights of any holder of the Rights.

 

Section 4.          Form
of Right Certificates. The Right Certificates (and the forms of election to purchase Common Shares and of assignment to be
printed on the reverse thereof) shall be substantially the same as Exhibit A hereto, and may have such marks of identification
or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any applicable law or with any applicable rule or regulation
made pursuant thereto or with any applicable rule or regulation of any stock exchange or the Financial Industry Regulatory Authority,
or to conform to usage. Subject to the provisions of Section 22, the Right Certificates shall entitle the holders thereof to purchase
such number of Common Shares as shall be set forth therein at the price per Common Share set forth therein (the “Purchase
Price”), but the number of such Common Shares and the Purchase Price shall be subject to adjustment as provided herein.

 

Section 5.          Countersignature
and Registration.

 

(a)          The
Right Certificates shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President,
any of its Vice Presidents, its Treasurer or an Assistant Treasurer, either manually or by facsimile signature, and shall be attested
by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall
be countersigned, either manually or by facsimile signature, by the Rights Agent and shall not be valid for any purpose unless
countersigned. In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer
of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless,
may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the individual
who signed such Right Certificates had not ceased to be such officer of the Company; and any Right Certificate may be signed on
behalf of the Company by any individual who, at the actual date of the execution of such Right Certificate, shall be a proper officer
of the Company to sign such Right Certificate, although at the date of the execution of this Agreement any such individual was
not such an officer.

 

    	7

    	 

    

 

(b)          Following
the Distribution Date, the Rights Agent will keep or cause to be kept, at its principal office, books for registration and transfer
of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right
Certificates, the number of Rights evidenced on its face by each of the Right Certificates and the date of each of the Right Certificates.

 

Section 6.          Transfer,
Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.

 

(a)          Subject
to the provisions of Section 14, at any time after the Close of Business on the Distribution Date, and at or prior to the Close
of Business on the earlier of the Redemption Date or the Final Expiration Date, any Right Certificate or Right Certificates (other
than Right Certificates representing Rights that have become void pursuant to Section 11(a)(ii) or that have been exchanged pursuant
to Section 24) may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates entitling
the registered holder to purchase a like number of Common Shares as the Right Certificate or Right Certificates surrendered then
entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate
or Right Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Right Certificate
or Right Certificates to be transferred, split up, combined or exchanged at the principal office of the Rights Agent. Thereupon
the Rights Agent shall countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the
case may be, as so requested. The Company may require payment of a sum sufficient to cover any tax or charge that may be imposed
in connection with any transfer, split up, combination or exchange of Right Certificates.

 

(b)          Upon
receipt by the Company and the Rights Agent of evidence reasonably satisfactory to each of them of the loss, theft, destruction
or mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to each of them, and, at the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses
incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company
will make and deliver a new Right Certificate of like tenor to the Rights Agent for delivery to the registered holder in lieu of
the Right Certificate so lost, stolen, destroyed or mutilated.

 

(c)          Notwithstanding
any other provisions hereof, the Company and the Rights Agent may amend this Rights Agreement to provide for uncertificated Rights
in addition to or in place of Rights evidenced by Rights Certificates.

 

    	8

    	 

    

 

Section 7.          Exercise
of Rights; Purchase Price; Expiration Date of Rights.

 

(a)          Each
Right shall be exercisable to purchase one-quarter of one Common Share, subject to further adjustment as provided herein. The registered
holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein), in whole or in
part, at any time after the Distribution Date, upon surrender of the Right Certificate, with the form of election to purchase on
the reverse side thereof duly executed, to the Rights Agent at the principal office of the Rights Agent, together with payment
of the Purchase Price for each one Common Share as to which the Rights are exercised, at or prior to the earliest of (i) the Close
of Business on August 10, 2022 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed
as provided in Section 23 (the “Redemption Date”), or (iii) the time at which such Rights are exchanged as provided
in Section 24; provided, however, that if the number of Rights exercised would entitle the holder thereof
to receive any fraction of a Common Share greater than one-quarter of a Common Share, then the holder thereof shall not be entitled
to exercise such Rights unless such holder concurrently purchases from the Company (and in such event the Company shall sell to
such holder), at a price in proportion to the Purchase Price, an additional fraction of a Common Share which, when added to the
number of Common Shares to be received upon such exercise, will equal an integral number of Common Shares.

 

(b)          The
Purchase Price for each full Common Share purchasable pursuant to the exercise of a Right shall initially be $5.00 (equivalent
to $1.25 for each one-quarter of one Common Share), and shall be subject to adjustment from time to time as provided in Section
11 or 13, and shall be payable in lawful money of the United States of America in accordance with Section 7(c).

 

(c)          Upon
receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase duly executed, accompanied
by payment of the Purchase Price for the shares to be purchased and an amount equal to any applicable transfer tax required to
be paid by the holder of such Right Certificate in accordance with Section 9 by cash or by certified check, cashier’s check
or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i) requisition from any transfer
agent of the Common Shares certificates for the number of Common Shares to be purchased and the Company hereby irrevocably authorizes
any such transfer agent to comply with all such requests; (ii) when appropriate, requisition from the Company the amount of cash
to be paid in lieu of issuance of fractional Common Shares in accordance with Section 14; (iii) after receipt of such certificates,
cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name
or names as may be designated by such holder; and (iv) when appropriate, after receipt, deliver such cash to or upon the order
of the registered holder of such Right Certificate.

 

(d)          In
case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of
such Right Certificate or to such holder’s duly authorized assigns, subject to the provisions of Section 14.

 

    	9

    	 

    

 

Section 8.          Cancellation
and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split up,
combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation
or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Right Certificates shall be issued
in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights
Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or
acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all cancelled Right Certificates
to the Company, or shall, at the written request of the Company, destroy such cancelled Right Certificates, and, in such case,
shall deliver a certificate of destruction thereof to the Company.

 

Section 9.          Availability
of Common Shares. The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized
and unissued Common Shares or any Common Shares held in its treasury the number of Common Shares that will be sufficient to permit
the exercise in full of all outstanding Rights in accordance with Section 7. The Company covenants and agrees that it will take
all such action as may be necessary to ensure that all Common Shares delivered upon exercise of Rights shall, at the time of delivery
of the certificates for such Common Shares (subject to payment of the Purchase Price), be duly and validly authorized and issued
and fully paid and nonassessable shares.

 

The Company further covenants
and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable
in respect of the issuance or delivery of the Right Certificates or of any Common Shares upon the exercise of Rights. The Company
shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery of Right Certificates
to a Person other than, or the issuance or delivery of certificates or depositary receipts for the Common Shares in a name other
than that of, the registered holder of the Right Certificate evidencing Rights surrendered for exercise or to issue or to deliver
any certificates or depositary receipts for Common Shares upon the exercise of any Rights until any such tax shall have been paid
(any such tax being payable by the holder of such Right Certificate at the time of surrender) or until it has been established
to the Company’s reasonable satisfaction that no such tax is due.

 

Section 10.         Common
Shares Record Date. Each Person in whose name any certificate for Common Shares is issued upon the exercise of Rights shall
for all purposes be deemed to have become the holder of record of the Common Shares represented thereby on, and such certificate
shall be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase
Price (and any applicable transfer taxes) was made; provided, however, that, if the date of such surrender and payment
is a date upon which the Common Shares transfer books of the Company are closed, such Person shall be deemed to have become the
record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Common Shares
transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate
shall not be entitled to any rights of a holder of Common Shares for which the Rights shall be exercisable, including, without
limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not
be entitled to receive any notice of any proceedings of the Company, except as provided herein.

 

    	10

    	 

    

 

Section 11.         Adjustment
of Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number of Common Shares covered by each Right
and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.

 

(a)          (i)          In
the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Common Shares payable in
Common Shares, (B) subdivide the outstanding Common Shares, (C) combine the outstanding Common Shares into a smaller number of
Common Shares or (D) issue any shares of its capital stock in a reclassification of the Common Shares (including any such reclassification
in connection with a share exchange, consolidation or merger in which the Company is the continuing or surviving corporation),
except as otherwise provided in this Section 11(a), the Purchase Price in effect at the time of the record date for such dividend
or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock
issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled
to receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to
such date and at a time when the Common Shares transfer books of the Company were open, such holder would have owned upon such
exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided,
however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par
value of the shares of capital stock of the Company issuable upon exercise of one Right.

 

(ii)         Subject
to Section 24, in the event any Person becomes an Acquiring Person, each holder of a Right shall thereafter have a right to receive,
upon exercise thereof at a price equal to four times the then current Purchase Price per full Common Share multiplied by the number
of Common Shares for which a Right is then exercisable, in accordance with the terms of this Agreement, such number of Common Shares
of the Company as shall equal the result obtained by (A) multiplying four times the then current Purchase Price per full Common
Share by the number of Common Shares for which a Right is then exercisable and dividing that product by (B) 50% of the then current
per share market price of the Common Shares of the Company (determined pursuant to Section 11(d)) on the date of the occurrence
of such event. In the event that any Person shall become an Acquiring Person and the Rights shall then be outstanding, the Company
shall not take any action which would eliminate or diminish the benefits intended to be afforded by the Rights.

 

    	11

    	 

    

 

From and after
the occurrence of such event, any Rights that are or were acquired or Beneficially Owned by any Acquiring Person (or any Associate
or Affiliate of such Acquiring Person) shall be null and void without any further action, and any holder of such Rights shall thereafter
have no right to exercise such Rights under any provision of this Agreement or otherwise. Neither the Company nor the Rights Agent
shall have liability to any holder of Right Certificates or other Person as a result of its failure to make any determinations
with respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder. No Right Certificate shall be issued
pursuant to Section 3 that represents Rights Beneficially Owned by an Acquiring Person whose Rights would be void pursuant to the
preceding sentence or any Associate or Affiliate thereof; no Right Certificate shall be issued at any time upon the transfer of
any Rights to an Acquiring Person whose Rights would be void pursuant to the preceding sentence or any Associate or Affiliate thereof
or to any nominee of such Acquiring Person, Associate or Affiliate or with respect to any Common Shares otherwise deemed to be
Beneficially Owned by any of the foregoing; and any Right Certificate delivered to the Rights Agent for transfer to an Acquiring
Person or other Person whose Rights would be void pursuant to the preceding sentence shall be cancelled.

 

(iii)        In
the event that there shall not be sufficient Common Shares issued but not outstanding or authorized but unissued to permit the
exercise in full of the Rights in accordance with subparagraph (ii) above, the Company shall take all such action as may be necessary
to authorize additional Common Shares for issuance upon exercise of the Rights. In the event the Company shall, after good faith
effort, be unable to take all such action as may be necessary to authorize such additional Common Shares, the Company shall substitute,
for each Common Share that would otherwise be issuable upon exercise of a Right, other equity securities of the Company (including,
without limitation, shares, or units of shares, of preferred stock, if any, which the Board of Directors of the Company has deemed
to have the same value as Common Shares (such other equity securities, hereinafter referred to as “common stock equivalents”)).

 

(b)          In
case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Common Shares entitling
them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Common Shares or securities
convertible into Common Shares at a price per Common Share (or having a conversion price per share, if a security convertible into
Common Shares less than the then current per share market price of the Common Shares (as defined in Section 11(d)) on such record
date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect
immediately prior to such record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on
such record date plus the number of Common Shares which the aggregate offering price of the total number of Common Shares so to
be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such
current market price and the denominator of which shall be the number of Common Shares outstanding on such record date plus the
number of additional Common Shares to be offered for subscription or purchase (or into which the convertible securities so to be
offered are initially convertible); provided, however, that in no event shall the consideration to be paid upon the
exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise
of one Right. Any such determination shall be described in a statement filed with the Rights Agent and shall be binding on the
Rights Agent and holders of the Rights. In case such subscription price may be paid in a consideration part or all of which shall
be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors of
the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights
Agent and holders of the Rights. Common Shares owned by or held for the account of the Company or any Subsidiary of the Company
shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such
a record date is fixed; and, in the event that such rights, options or warrants are not so issued, the Purchase Price shall be
adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.

 

    	12

    	 

    

 

(c)          In
case the Company shall fix a record date for the making of a distribution to all holders of the Common Shares (including any such
distribution made in connection with a share exchange, consolidation or merger in which the Company is the continuing or surviving
corporation) of evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in Common
Shares) or subscription rights or warrants (excluding those referred to in Section 11(b)), the Purchase Price to be in effect after
such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction,
the numerator of which shall be the then-current per share market price of the Common Shares on such record date, less the fair
market value (as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a
statement filed with the Rights Agent and shall be binding on the Rights Agent and holders of the Rights) of the portion of the
assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to one Common Share
and the denominator of which shall be such then-current per share market price of the Common Shares on such record date; provided,
however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par
value of the shares of capital stock of the Company to be issued upon exercise of one Right. Such adjustments shall be made successively
whenever such a record date is fixed; and, in the event that such distribution is not so made, the Purchase Price shall again be
adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.

 

(d)          For
the purpose of any computation hereunder, the “current per share market price” of the Common Shares on any date shall
be deemed to be the average of the daily closing prices per Common Share for the 30 consecutive Trading Days immediately prior
to such date; provided, however, that, in the event that the current per share market price of the Common Shares
is determined during a period following the announcement by the issuer of the Common Shares of (A) a dividend or distribution on
such Common Shares payable in shares of such Common Shares or Securities convertible into such Common Shares, or (B) any subdivision,
combination or reclassification of Common Shares and prior to the expiration of 30 Trading Days after the ex-dividend date for
such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such
case, the current per share market price shall be appropriately adjusted to reflect the current market price per Common Share.
The closing price for each day shall be the last sale price, regular way, reported at or prior to 4:00 P.M. Eastern time or, in
case no such sale takes place on such day, the average of the bid and asked prices, regular way, reported as of 4:00 P.M. Eastern
time, in either case, as reported in the principal consolidated transaction reporting system with respect to securities listed
on the principal national securities exchange on which the Common Shares are listed or admitted to trading or, if the Common Shares
are not listed or admitted to trading on any national securities exchange, the last quoted price reported at or prior to 4:00 P.M.
Eastern time or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported
as of 4:00 P.M. Eastern time by NASDAQ or such other system then in use, or, if on any such date the Common Shares are not quoted
by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a
market in the Common Shares selected by the Board of Directors of the Company. If on any such date no such market maker is making
a market in the Rights, the current per share market price of the Common Shares on such date as determined in good faith by the
Board of Directors of the Company shall be used, provided, however, that if at the time of such determination there
is an Acquiring Person, the current per share market price of the Common Shares on such date shall be determined by a nationally
recognized investment banking firm selected by the Board of Directors of the Company, which determination shall be described in
a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. The term “Trading
Day” shall mean a day on which the principal national securities exchange on which the Common Shares are listed or admitted
to trading is open for the transaction of business, or, if the Common Shares are not listed or admitted to trading on any national
securities exchange, a Business Day.

 

    	13

    	 

    

 

(e)          No
adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at least 1%
in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required
to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11
shall be made to the nearest cent or to the nearest one ten-thousandth of a share as the case may be. Notwithstanding the first
sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three
years from the date of the transaction which requires such adjustment or (ii) the date of the expiration of the right to exercise
any Rights.

 

(f)          If,
as a result of an adjustment made pursuant to Section 11(a), the holder of any Right thereafter exercised shall become entitled
to receive any shares of capital stock of the Company other than Common Shares, thereafter the number of such other shares so receivable
upon exercise of any Right shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to the Common Shares contained in Section 11(a) through (c), inclusive, and the provisions of Sections
7, 9, 10 and 13 with respect to the Common Shares shall apply on like terms to any such other shares.

 

(g)          All
Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right
to purchase, at the adjusted Purchase Price, the number of Common Shares purchasable from time to time hereunder upon exercise
of the Rights, all subject to further adjustment as provided herein.

 

    	14

    	 

    

 

 

(h)          Unless
the Company shall have exercised its election as provided in Section 11(i), upon each adjustment of the Purchase Price as a result
of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall
thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of Common Shares (calculated to the nearest
one-millionth of a Common Share) obtained by (A) multiplying (x) the number of Common Shares covered by a Right immediately prior
to this adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (B) dividing
the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

 

(i)          The
Company may elect, on or after the date of any adjustment of the Purchase Price, to adjust the number of Rights in substitution
for any adjustment in the number of Common Shares purchasable upon the exercise of a Right. Each of the Rights outstanding after
such adjustment of the number of Rights shall be exercisable for the number of Common Shares for which a Right was exercisable
immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that
number of Rights (calculated to the nearest ten-thousandth) obtained by dividing the Purchase Price in effect immediately prior
to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company
shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment,
and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Purchase Price
is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least 10 days later than the date
of the public announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this
Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates
on such record date Right Certificates evidencing, subject to Section 14, the additional Rights to which such holders shall be
entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record
in substitution and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender
thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after
such adjustment. Right Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for
herein, and shall be registered in the names of the holders of record of Right Certificates on the record date specified in the
public announcement.

 

(j)          Irrespective
of any adjustment or change in the Purchase Price or in the number of Common Shares issuable upon the exercise of the Rights, the
Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of Common Shares
which were expressed in the initial Right Certificates issued hereunder.

 

(k)          Before
taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the Common Shares
issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be
necessary in order that the Company may validly and legally issue fully paid and nonassessable Common Shares at such adjusted Purchase
Price.

 

    	15

    	 

    

 

(l)          In
any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date
for a specified event, the Company may elect to defer until the occurrence of such event the issuing to the holder of any Right
exercised after such record date of the Common Shares and other capital stock or securities of the Company, if any, issuable upon
such exercise over and above the Common Shares and other capital stock or securities of the Company, if any, issuable upon such
exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company
shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional
shares upon the occurrence of the event requiring such adjustment.

 

(m)          Anything
in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price,
in addition to those adjustments expressly required by this Section 11, as and to the extent that it, in its sole discretion, shall
determine to be advisable in order that any consolidation or subdivision of the Common Shares, issuance wholly for cash of any
Common Shares at less than the current market price, issuance wholly for cash of Common Shares or securities which by their terms
are convertible into or exchangeable for Common Shares, dividends on Common Shares payable in Common Shares or issuance of rights,
options or warrants referred to in Section 11(b), hereafter made by the Company to holders of the Common Shares shall not be taxable
to such shareholders.

 

Section 12.         Certificate
of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Sections 11 or 13, the Company
shall promptly (a) prepare a certificate setting forth such adjustment or describing such event and a brief statement of the facts
accounting for such adjustment or describing such event, (b) file with the Rights Agent and with each transfer agent for the Common
Shares a copy of such certificate and (c) if such adjustment occurs at any time after the Distribution Date, mail a brief summary
thereof to each holder of a Right Certificate in accordance with Section 25.

 

Section 13.         Consolidation,
Merger or Sale or Transfer of Assets or Earning Power. In the event, directly or indirectly, at any time after a Person has
become an Acquiring Person, (a) the Company shall effect a share exchange, consolidate with, or merge with and into, any other
Person, (b) any Person shall effect a share exchange, consolidate with the Company, or merge with and into the Company and the
Company shall be the continuing or surviving corporation of such share exchange, consolidation or merger and, in connection with
such share exchange, consolidation or merger, all or part of the Common Shares of the Company shall be changed into or exchanged
for stock or other securities of any other Person (or the Company) or cash or any other property, or (c) the Company shall sell
or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets
or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole)
to any other Person other than the Company or one or more of its wholly-owned Subsidiaries, then, and in each such case, proper
provision shall be made so that (i) each holder of a Right (except as otherwise provided herein) shall thereafter have the right
to receive, upon the exercise thereof at a price equal to four times the then current Purchase Price per full Common Share multiplied
by the number of Common Shares for which a Right is then exercisable, in accordance with the terms of this Agreement and in lieu
of Common Shares, such number of Common Shares of such other Person (including the Company as successor thereto or as the surviving
corporation) as shall equal the result obtained by (A) multiplying four times the then current Purchase Price per full Common
Share by the number of Common Shares for which a Right is then exercisable and dividing that product by (B) 50% of the then current
per share market price of the Common Shares of such other Person (determined pursuant to Section 11(d)) on the date of consummation
of such share exchange, consolidation, merger, sale or transfer; (ii) the issuer of such Common Shares shall thereafter be liable
for, and shall assume, by virtue of such share exchange, consolidation, merger, sale or transfer, all the obligations and duties
of the Company pursuant to this Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such issuer;
and (iv) such issuer shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common
Shares in accordance with Section 9) in connection with such consummation as may be necessary to assure that the provisions hereof
shall thereafter be applicable, as nearly as reasonably may be, in relation to the Common Shares of the Company thereafter deliverable
upon the exercise of the Rights. The Company shall not consummate any such share exchange, consolidation, merger, sale or transfer
unless, prior thereto, the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental agreement
so providing. The Company shall not enter into any transaction of the kind referred to in this Section 13 if at the time of such
transaction there are any rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as
a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded
by the Rights. The provisions of this Section 13 shall similarly apply to successive mergers, share exchanges, or consolidations
or sales or other transfers.

 

    	16

    	 

    

 

Section 14.         Fractional
Rights and Fractional Shares.

 

(a)          The
Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights.
In lieu of such fractional Rights, there shall be paid to the registered holders of the Right Certificates with regard to which
such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of
a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of
the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable.
The closing price for any day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the
average of the closing bid and asked prices, regular way, in either case, as reported in the principal consolidated transaction
reporting system with respect to securities listed on the principal national securities exchange on which the Rights are listed
or admitted to trading or, if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted
price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by NASDAQ
or such other system then in use or, if on any such date the Rights are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board of
Directors of the Company. If on any such date no such market maker is making a market in the Rights, the fair value of the Rights
on such date as determined in good faith by the Board of Directors of the Company shall be used.

 

    	17

    	 

    

 

(b)          The
Company shall not be required to issue fractions of Common Shares upon exercise of the Rights or to distribute certificates which
evidence fractional Common Shares. In lieu of fractional Common Shares, equal to one-quarter of a Common Share or less, the Company
shall pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in
cash equal to the same fraction of the current market value of one Common Share. Any exercise of Rights that would entitle the
holder thereof to receive any fraction of a Common Share greater than one-quarter of a Common Share shall be governed by Section
7(a). For the purposes of this Section 14(b), the current market value of a Common Share shall be the closing price of a Common
Share (as determined pursuant to the second sentence of Section 11(d)(i)) for the Trading Day immediately prior to the date of
such exercise.

 

(c)          The
holder of a Right, by the acceptance of the Right, expressly waives such holder’s right to receive any fractional Rights
or any fractional shares upon exercise of a Right (except as provided above).

 

Section 15.         Rights
of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under
Section 18, are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the
registered holders of the Common Shares); and any registered holder of any Right Certificate (or, prior to the Distribution Date,
of the Common Shares), without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the
Distribution Date, of the Common Shares), may, in such holder’s own behalf and for such holder’s own benefit, enforce,
and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such
holder’s right to exercise the Rights evidenced by such Right Certificate in the manner provided in such Right Certificate
and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged
that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement, and will be entitled to specific
performance of the obligations under, and injunctive relief against actual or threatened violations of the obligations of any Person
subject to, this Agreement.

 

Section 16.         Agreement
of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that:

 

(a)          prior
to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares;

 

(b)          after
the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered at
the principal office of the Rights Agent, duly endorsed or accompanied by a proper instrument of transfer, as determined by the
Rights Agent; and

 

    	18

    	 

    

 

(c)          the
Company and the Rights Agent may deem and treat the person in whose name the Right Certificate (or, prior to the Distribution Date,
the associated Common Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding
any notations of ownership or writing on the Right Certificate or the associated Common Shares certificate made by anyone other
than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected
by any notice to the contrary.

 

Section 17.         Right
Certificate Holder Not Deemed a Shareholder. No holder, as such, of any Right Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the Common Shares or any other securities of the Company which may at any
time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate
be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a shareholder of the Company or
any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give
or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as
provided in Section 25), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such
Right Certificate shall have been exercised in accordance with the provisions hereof.

 

Section 18.         Concerning
the Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder,
as mutually agreed in writing by the Rights Agent, and, from time to time, on demand of the Rights Agent, its reasonable expenses
and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance
of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss,
liability, or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything
done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs
and expenses of defending against any claim of liability in the premises.

 

The Rights Agent shall
be protected and shall incur no liability for, or in respect of any action taken, suffered or omitted by it in connection with,
its administration of this Agreement in reliance upon any Right Certificate or certificate for the Common Shares or for other securities
of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, oral or written
direction, consent, certificate, instruction, statement, or other paper or document or oral instruction believed by it to be genuine
and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the
advice of counsel as set forth in Section 20. The Rights Agent’s aggregate liability during any
term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided
or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, other than liabilities attributable
to the Rights Agent’s gross negligence willful misconduct or bad faith, is limited to, and shall not exceed, the amounts
paid or payable hereunder by the Company to Rights Agent as fees and charges, but not including reimbursable expenses.

 

    	19

    	 

    

 

Section 19.         Merger
or Consolidation or Change of Name of Rights Agent.

 

(a)          Any
corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may effect a share exchange,
be consolidated, or any Person resulting from any merger, share exchange, or consolidation to which the Rights Agent or any successor
Rights Agent shall be a party, or any Person succeeding to the stock transfer or corporate trust powers of the Rights Agent or
any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of
any paper or document or any further act on the part of any of the parties hereto; provided that such Person would be eligible
for appointment as a successor Rights Agent under the provisions of Section 21. In case at the time such successor Rights Agent
shall succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered,
any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates
so countersigned; and, in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights
Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor
Rights Agent; and, in all such cases, such Right Certificates shall have the full force provided in the Right Certificates and
in this Agreement.

 

(b)          In
case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and, in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such
Right Certificates either in its prior name or in its changed name; and, in all such cases, such Right Certificates shall have
the full force provided in the Right Certificates and in this Agreement.

 

Section 20.         Duties
of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following terms
and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound:

 

(a)          The
Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall be
full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in
accordance with such opinion.

 

(b)          Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate
signed by any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Treasurer,
any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate
shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this
Agreement in reliance upon such certificate.

 

    	20

    	 

    

 

(c)          The
Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful
misconduct.

 

(d)          The
Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in
the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals
are and shall be deemed to have been made by the Company only.

 

(e)          The
Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the exercisability of the Rights (including
the Rights becoming void pursuant to Section 11(a)(ii)) or any adjustment in the terms of the Rights (including the manner, method
or amount thereof) provided for in Section 3, 11, 13, 23 or 24, or the ascertaining of the existence of facts that would require
any such change or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a
certificate pursuant to Section 12 describing such change or adjustment); nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any Common Shares to be issued pursuant to this Agreement
or any Right Certificate or as to whether any Common Shares will, when issued, be validly authorized and issued, fully paid and
nonassessable.

 

(f)          The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying
out or performing by the Rights Agent of the provisions of this Agreement.

 

(g)          The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from
any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Secretary, any Assistant
Secretary, the Treasurer or any Assistant Treasurer of the Company, and to apply to such officers for advice or instructions in
connection with its duties, and it shall not be liable for any action taken or suffered by it in good faith in accordance with
instructions of any such officer or for any delay in acting while waiting for those instructions.

 

(h)          The
Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this
Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person.

 

    	21

    	 

    

 

The Rights Agent may
execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct
of any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act, default, neglect
or misconduct, provided that reasonable care was exercised in the selection and continued employment thereof.

 

Section 21.         Change
of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement
upon 30 days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates is
not also the transfer agent for the Company, to each transfer agent of the Common Shares by registered or certified mail. In the
event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be
deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination,
and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor
Rights Agent (with or without cause) upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent,
as the case may be, and to each transfer agent of the Common Shares by registered or certified mail, and, if such removal occurs
after the Distribution Date, to the holders of the Right Certificates by first-class mail. If the Rights Agent shall resign or
be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company
shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has been notified
in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate
(which holder shall, with such notice, submit such holder’s Right Certificate for inspection by the Company), then the registered
holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any
successor Rights Agent, but not the current Rights Agent, whether appointed by the Company or by such a court, shall be either
(a) a Person organized and doing business under the laws of the United States or of the states of New York or Nevada (or of any
other state of the United States so long as such Person is authorized to do business as a banking institution in such state), in
good standing, which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to supervision
or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and
surplus of at least $50 million or (b) an Affiliate or direct or indirect wholly-owned Subsidiary of such Person or its wholly-owning
parent. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities
as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver
and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall
file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares, and, if such appointment
occurs after the Distribution Date, mail a notice thereof in writing to the registered holders of the Right Certificates. Failure
to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of
the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

    	22

    	 

    

 

Section 22.         Issuance
of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of Directors of
the Company to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities
or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement.

 

Section 23.         Redemption.

 

(a)          The
Board of Directors of the Company may, at its option, at any time prior to such time as any Person becomes an Acquiring Person,
redeem all but not less than all the then outstanding Rights at a redemption price of $.001 per Right, appropriately adjusted to
reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter
referred to as the “Redemption Price”). The redemption of the Rights by the Board of Directors of the Company
may be made effective at such time, on such basis and with such conditions as the Board of Directors of the Company, in its sole
discretion, may establish.

 

(b)          Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights pursuant to Section 23(a), and without
any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the
holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption;
provided, however, that the failure to give, or any defect in, any such notice shall not affect the validity of such
redemption. Within 10 days after such action of the Board of Directors of the Company ordering the redemption of the Rights, the
Company shall mail a notice of redemption to all the holders of the then outstanding Rights at their last addresses as they appear
upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for
the Common Shares. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives
the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. Neither
the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner
other than that specifically set forth in this Section 23 or in Section 24, and other than in connection with the purchase of Common
Shares prior to the Distribution Date.

 

    	23

    	 

    

 

Section 24.         Exchange.

 

(a)          The
Board of Directors of the Company may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or
part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions
of Section 11(a)(ii)) for Common Shares of the Company at an exchange ratio of one Common Share per Right, appropriately adjusted
to reflect any adjustment in the number of Rights pursuant to Section 11(i) (such exchange ratio being hereinafter referred to
as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors of the Company shall not be
empowered to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee
benefit plan of the Company or any such Subsidiary, any entity holding Common Shares for or pursuant to the terms of any such plan,
or any trustee, administrator or fiduciary of any such plan appointed by the Company), together with all Affiliates and Associates
of such Person, becomes the Beneficial Owner of 50% or more of the Common Shares of the Company then outstanding.

 

(b)          Immediately
upon the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to Section 24(a) and without
any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a
holder of such Rights shall be to receive that number of Common Shares of the Company equal to the number of such Rights held by
such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange; provided,
however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company
promptly shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon
the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether
or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Common Shares
of the Company for Rights will be effected, and, in the event of any partial exchange, the number of Rights which will be exchanged.
Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become
void pursuant to the provisions of Section 11(a)(ii)) held by each holder of Rights.

 

(c)          In
the event that there shall not be sufficient Common Shares of the Company issued but not outstanding or authorized but unissued
to permit any exchange of Rights as contemplated in accordance with this Section 24, the Company shall take all such action as
may be necessary to authorize additional Common Shares of the Company for issuance upon exchange of the Rights. In the event the
Company shall, after good faith effort, be unable to take all such action as may be necessary to authorize such additional Common
Shares of the Company, the Company shall substitute, for each Common Share that would otherwise be issuable upon exchange of a
Right, common stock equivalents (as such term is defined in Section 11(a)(iii)) for some or all of the Common Shares exchangeable
for Rights.

 

(d)          The
Company shall not be required to issue fractions of Common Shares of the Company or to distribute certificates which evidence fractional
Common Shares of the Company. In lieu of such fractional Common Shares of the Company, the Company shall pay to the registered
holders of the Right Certificates with regard to which such fractional Common Shares of the Company would otherwise be issuable
an amount in cash equal to the same fraction of the current market value of a whole Common Share. For the purposes of this Section
24(d), the current market value of a whole Common Share shall be the closing price of a Common Share (as determined pursuant to
the second sentence of Section 11(d)(i)) for the Trading Day immediately prior to the date of exchange pursuant to this Section
24.

 

    	24

    	 

    

 

Section 25.         Notice
of Certain Events.

 

(a)          In
case the Company shall, at any time after the Distribution Date, propose (i) to pay any dividend payable in stock of any class
to the holders of the Common Shares or to make any other distribution to the holders of the Common Shares (other than a regular
quarterly cash dividend), (ii) to offer to the holders of the Common Shares rights or warrants to subscribe for or to purchase
any additional Common Shares or shares of stock of any class or any other securities, rights or options, (iii) to effect any reclassification
of the Common Shares (other than a reclassification involving only the subdivision of outstanding Common Shares), (iv) to effect
any share exchange, consolidation or merger into or with, or to effect any sale or other transfer (or to permit one or more of
its Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% or more of the assets or earning power
of the Company and its Subsidiaries (taken as a whole) to, any other Person, or (v) to effect the liquidation, dissolution or winding
up of the Company, then, in each such case, the Company shall give to each holder of a Right Certificate, in accordance with Section
26, a notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, or distribution
of rights or warrants, or the date on which such reclassification, share exchange, consolidation, merger, sale, transfer, liquidation,
dissolution, or winding up is to take place and the date of participation therein by the holders of the Common Shares, if any such
date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least 10
days prior to the record date for determining holders of the Common Shares for purposes of such action, and, in the case of any
such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation therein
by the holders of the Common Shares, whichever shall be the earlier.

 

(b)          In
case the event set forth in Section 11(a)(ii) shall occur, then the Company shall, as soon as practicable thereafter, give to each
holder of a Right Certificate, in accordance with Section 26, a notice of the occurrence of such event, which notice shall describe
such event and the consequences of such event to holders of Rights under Section 11(a)(ii).

 

Section 26.         Notices.
Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate
to or on the Company shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid,
addressed (until another address is filed in writing with the Rights Agent) as follows:

 

AgFeed Industries, Inc.

744 Horizon Court, Suite 350

Grand Junction, Colorado 81506

Attention: Secretary

 

    	25

    	 

    

 

Subject to the provisions
of Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right
Certificate to or on the Rights Agent shall be sufficiently given or made if sent by overnight delivery service or first-class
mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows:

 

Broadridge Corporate Issuer Solutions,
Inc.

1717 Arch Street, Suite 1300

Philadelphia, PA 19103

Attn:
Reorganization Department

 

With a copy
to:

 

Broadridge Financial Solutions,
Inc.

2 Journal Square Plaza

Jersey City, NJ 07306

Attn:
General Counsel

 

Notices or demands authorized
by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on
the registry books of the Company.

 

Section 27.         Supplements
and Amendments. The Company may from time to time supplement or amend this Agreement without the approval of any holders of
Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective
or inconsistent with any other provisions herein, or to make any other provisions with respect to the Rights which the Company
may deem necessary or desirable, any such supplement or amendment to be evidenced by a writing signed by the Company and the Rights
Agent, if acceptable to Rights Agent; provided, however, that, from and after such time as any Person becomes an
Acquiring Person, this Agreement shall not be amended in any manner which would adversely affect the interests of the holders of
Rights.

 

Section 28.         Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure
to the benefit of their respective successors and assigns hereunder.

 

Section 29.         Determinations
and Actions by the Board of Directors. For all purposes of this Agreement, any calculation of the number of Common Shares of
the Company outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding
Common Shares of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i)
of the General Rules and Regulations under the Exchange Act. The Board of Directors of the Company shall have the exclusive power
and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board of Directors
or to the Company, or as may be necessary or advisable in the administration of this Agreement, including, without limitation,
the right and power to (i) interpret the provisions of this Agreement, and (ii) make all determinations deemed necessary or advisable
for the administration of this Agreement (including, without limitation, a determination to redeem or not redeem the Rights or
to amend the Agreement and any determination as to whether actions or any Person shall be such as to cause such Person to beneficially
own shares held by another Person). All such actions, calculations, interpretations and determinations (including, for purposes
of clause (A) below, all omissions with respect to the foregoing) which are done or made by the Board of Directors of the Company
in good faith, shall (A) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other
parties, and (B) not subject the Board of Directors of the Company to any liability to the holders of the Rights or to any other
Person.

 

    	26

    	 

    

 

Section 30.         Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent
and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares of the Company) any
legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit
of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the
Common Shares of the Company).

 

Section 31.         Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

Section 32.         Governing
Law. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under the laws of the
State of Nevada and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to
contracts to be made and performed entirely within such State.

 

Section 33.         Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement
transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

Section 34.         Descriptive
Headings; Section References. Descriptive headings of the several Sections of this Agreement are inserted for convenience
only and shall not control or affect the meaning or construction of any of the provisions hereof. All references in this Agreement
to Sections mean the Section of this Agreement.

 

Section 35.         Force
Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or
failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due
to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war or civil unrest.

 

    	27

    	 

    

 

Section 36.         Consequential
Damages

 

Neither party to this Agreement shall be liable for any consequential, indirect, special or incidental damages under
any provision of this Agreement or for any consequential, indirect, penal, special or incidental damages arising out of any act
or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages.

 

Section 37.         Confidentiality

 

The
Rights Agent and the Company agree that all books, records, information and data pertaining to the business of the other
party which are received pursuant to the negotiation or the carrying out of this Agreement, including the fees for services, shall
remain confidential and shall not be voluntarily disclosed to any other person (except the party’s attorneys and advisors),
except with the written approval of the other party or as may be required by law.

 

    	28

    	 

    

 

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

  

	Attest:	AGFEED INDUSTRIES, INC.

 

	By:	/s/ Clayton T. Marshall	 	By:	/s/ K. Ivan F. Gothner
	 	Clayton T. Marshall	 	 	K. Ivan F. Gothner
	 	Chief Financial Officer	 	 	Chairman and Chief Executive Officer

 

	Attest:	BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC.

 

	By:	/s/ Gordon Stevenson	 	By:	/s/ James O’Kegan
	 	Name: Gordon Stevenson	 	 	Name: James O’Kegan
	 	Title: Senior Director	 	 	Title: Vice President

 

    	29

    	 

    

 

Exhibit A 

 

[Form of Right Certificate]

 

	Certificate No. R-	___ Rights

 

NOT EXERCISABLE AFTER AUGUST 10, 2022 OR
EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $.001 PER RIGHT AND TO EXCHANGE ON THE TERMS
SET FORTH IN THE AGREEMENT.

 

Right Certificate

 

AGFEED INDUSTRIES, INC.

 

This certifies that __________,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Agreement, dated as of August 10, 2012 (the “Agreement”),
between AgFeed Industries, Inc., a Nevada corporation (the “Company”), and Broadridge Corporate Issuer Solutions,
Inc. (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term
is defined in the Agreement) and prior to 5:00 P.M., Grand Junction, Colorado time, on August 10, 2022 at the principal office
of the Rights Agent, or at the office of its successor as Rights Agent, one-quarter of one fully paid non-assessable (except as
otherwise provided by any corporation law applicable to the Company) share of common stock, par value $0.001 per share (the “Common
Shares”), of the Company, at a purchase price of $5.00 per full Common Share (the “Purchase Price”)
(equivalent to $1.25 for each one-quarter of a Common Share), upon presentation and surrender of this Right Certificate with the
Form of Election to Purchase duly executed. The number of Rights evidenced by this Right Certificate (and the number of Common
Shares which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and
Purchase Price as of August 10, 2012, based on the Common Shares as constituted at such date. As provided in the Agreement, the
Purchase Price and the number of Common Shares which may be purchased upon the exercise of the Rights evidenced by this Right Certificate
are subject to modification and adjustment upon the happening of certain events.

 

This Right Certificate
is subject to all of the terms, provisions and conditions of the Agreement, which terms, provisions and conditions are hereby incorporated
herein by reference and made a part hereof and to which Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right
Certificates. Copies of the Agreement are on file at the principal executive offices of the Company and the offices of the Rights
Agent.

 

This Right Certificate,
with or without other Right Certificates, upon surrender at the principal office of the Rights Agent, may be exchanged for another
Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate
number of Common Shares as the Rights evidenced by the Right Certificate or Right Certificates surrendered shall have entitled
such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender
hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised.

 

    	A-1

    	 

    

 

Subject to the provisions
of the Agreement, the Rights evidenced by this Right Certificate (i) may be redeemed by the Company at a redemption price of $.001
per Right or (ii) may be exchanged in whole or in part for Common Shares.

 

No fractional Common
Shares will be issued upon the exercise of any Right or Rights evidenced hereby, but, in lieu thereof, a cash payment will be made,
as provided in the Agreement. No Rights may be exercised that would entitle the holder to any fraction of a Common Share greater
than one-quarter of a Common Share unless concurrently therewith such holder purchases an additional fraction of a Common Share
which, when added to the number of Common Shares to be received upon such exercise, equals an integral number of Common Shares,
as provided in the Rights Agreement.

 

No holder of this Right
Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Common Shares or of any
other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Agreement
or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in
the Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right
Certificate shall have been exercised as provided in the Agreement.

 

This Right Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

 

WITNESS the facsimile
signature of the proper officers of the Company. Dated as of ____________, 20__.

 

	ATTEST:	 	 	AGFEED INDUSTRIES, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

	Countersigned:	 
	 	 
	[_____________________________]	 

 

	By	 	 
	 	Name:	 
	 	Title:	 

 

    	A-2

    	 

    

 

[Form of Reverse Side of Right Certificate]

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such

holder desires to transfer the Right Certificate.)

 

	         FOR VALUE RECEIVED ___________________ hereby sells, assigns and transfers unto
	______________________________________________________________________________
	(Please print name and address of transferee)
	______________________________________________________________________________
	this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint __________ Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power of substitution.

 

	Dated:	 	 

 

	 	Signature	 

 

Signature Guaranteed:

 

Signatures must be guaranteed by a member
or participant in the Securities Transfer Agent Medallion Program, the New York Stock Exchange Medallion Signature Program or the
Stock Exchange Medallion Program.

 

The undersigned hereby
certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by an Acquiring Person or an Affiliate
or Associate thereof (as defined in the Agreement).

 

 

	 	Signature	 

 

    	A-3

    	 

    

 

[Form of Reverse Side of Right Certificate
– continued]

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if holder desires to exercise

Rights represented by the Right Certificate.)

 

To: AGFEED INDUSTRIES, INC.

 

The undersigned hereby
irrevocably elects to exercise __________ Rights represented by this Right Certificate to purchase the Common Shares issuable upon
the exercise of such Rights and requests that certificates for such Common Shares be issued in the name of:

 

Please insert social security

or other identifying number

 

	(Please print name and address)
	 

 

If such number of Rights shall not be all
the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered
in the name of and delivered to:

 

Please insert social security

or other identifying number

 

	(Please print name and address)
	 

 

	Dated:	 	 

 

 

	 	Signature	 

 

Signature Guaranteed:

 

Signatures must be guaranteed
by a member or participant in the Securities Transfer Agent Medallion Program, the New York Stock Exchange Medallion Signature
Program or the Stock Exchange Medallion Program.

 

    	A-4

    	 

    

 

The undersigned hereby
certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by an Acquiring Person or an Affiliate
or Associate thereof (as defined in the Agreement).

 

 

	 	Signature	 

 

NOTICE

 

 The signature in the Form of Assignment
or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this Right Certificate
in every particular, without alteration or enlargement or any change whatsoever.

 

In the event the certification
set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, the Company
and the Rights Agent will deem the Beneficial Owner of the Rights evidenced by this Right Certificate to be an Acquiring Person
or an Affiliate or Associate thereof (as defined in the Agreement) and such Assignment or Election to Purchase will not be honored.

 

    	A-5

    	 

    

 

Exhibit B

 

AGFEED INDUSTRIES, INC.

 

SUMMARY OF RIGHTS TO PURCHASE

COMMON SHARES

 

Effective August 10,
2012, the Board of Directors of our Company, AgFeed Industries, Inc., a Nevada corporation, declared a dividend of one common share
purchase right (a “Right”) for each outstanding share of common stock, par value $0.001 per share (the “Common
Shares”). The dividend is payable on August 20, 2012 to the shareholders of record on August 20, 2012.

 

Our Board has adopted
this Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by
imposing a significant penalty upon any person or group which acquires 15% or more of our outstanding common stock without the
approval of our Board. The Rights Agreement should not interfere with any merger or other business combination approved by our
Board.

 

For those interested
in the specific terms of the Rights Agreement as made between our Company and Broadridge Corporate Issuer Solutions, Inc., as the
Rights Agent, on August 10, 2012, we provide the following summary description. Please note, however, that this description is
only a summary, and is not complete, and should be read together with the entire Rights Agreement, which has been filed with the
Securities and Exchange Commission as an exhibit to a Registration Statement on Form 8-A dated August 10, 2012. A copy of the agreement
is available free of charge from our Company.

 

The Rights. Our Board authorized
the issuance of a Right with respect to each outstanding share of common stock on August 20, 2012. The Rights will initially trade
with, and will be inseparable from, the common stock. The Rights are evidenced only by certificates that represent shares of common
stock. New Rights will accompany any new shares of common stock we issue after August 20, 2012 until the Distribution Date described
below.

 

Exercise Price. Each Right will
allow its holder to purchase from our Company one-quarter of one Common Share for $5.00 per full Common Share (equivalent to $1.25
for each one-quarter of a Common Share), once the Rights become exercisable. Prior to exercise, the Right does not give its holder
any dividend, voting, or liquidation rights.

 

Exercisability. The Rights will
not be exercisable until the earlier of (1) 10 days after the public announcement that a person or group has become an “Acquiring
Person” by obtaining beneficial ownership of 15% or more of our outstanding common stock or (2) 10 business days (or such
later date as the Board shall determine) following the commencement of a tender offer or exchange offer that would result in a
person or group becoming an “Acquiring Person.”

 

    	B-1

    	 

    

 

Certain synthetic interests
in securities created by derivative positions — whether or not such interests are considered to be ownership of the underlying
common stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act — are treated as beneficial
ownership of the number of shares of the company’s common stock equivalent to the economic exposure created by the derivative
position, to the extent actual shares of the company’s common stock are directly or indirectly held by counterparties to
the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Plan
are excepted from such imputed beneficial ownership.

 

We refer to the date
when the Rights become exercisable as the “Distribution Date.” Until that date, the common stock certificates will
also evidence the Rights, and any transfer of shares of common stock will constitute a transfer of Rights. After that date, the
Rights will separate from the common stock and be evidenced by book entry credits or by Rights certificates that we will mail to
all eligible holders of common stock. Any Rights held by an Acquiring Person are void and may not be exercised.

 

Consequences of a Person or Group Becoming
an Acquiring Person.

 

		·	Flip In. If a person or group becomes an Acquiring Person, all holders of Rights except
the Acquiring Person may, for $5.00, purchase shares of our common stock with a market value of $10.00, based on the market price
of the common stock prior to such acquisition.

 

		·	Flip Over. If our Company is later acquired in a merger or similar transaction after the
Rights Distribution Date, all holders of Rights except the Acquiring Person may, for $5.00, purchase shares of the Acquiring Person
with a market value of $10.00 based on the market price of the Acquiring Person’s stock, prior to such merger.

 

Notional Shares. Shares held by
Affiliates and Associates of an Acquiring Person, and Notional Shares held by counterparties to a Derivatives Contract with an
Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person.

 

Expiration. The Rights will expire
on August 10, 2022, subject to extension or earlier expiration of the Rights as provided under the Rights Agreement.

 

Redemption. Our Board may redeem
the Rights for $.001 per Right at any time before any person or group becomes an Acquiring Person. If our Board redeems any Rights,
it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the
redemption price of $.001 per Right. The redemption price will be adjusted if we have a stock split or stock dividends of our common
stock.

 

Exchange. After a person or group
becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding common stock, our Board may extinguish
the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring
Person.

 

Anti-Dilution Provisions. Our Board
may adjust the purchase price of the Common Shares, the number of Common Shares issuable and the number of outstanding Rights to
prevent dilution that may occur from a stock dividend, a stock split or a reclassification of the Common Shares. No adjustments
to the Exercise Price of less than 1% will be made.

 

    	B-2

    	 

    

 

Amendments. The terms of the Rights
Agreement may be amended by our Board without the consent of the holders of the Rights. After a person or group becomes an Acquiring
Person, our Board may not amend the agreement in a way that adversely affects holders of the Rights.

 

    	B-3

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