Document:

EX-4.2

 Exhibit 4.2 

MAGELLAN MIDSTREAM PARTNERS, L.P. 

as Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 

$500,000,000 
 3.250%
SENIOR NOTES DUE 2030 
 ELEVENTH SUPPLEMENTAL INDENTURE 

Dated as of May 20, 2020 

 TABLE OF CONTENTS 

 

									
	 ARTICLE I. ESTABLISHMENT OF NEW SERIES
	  	 	1	 
				
	         
	 	Section 1.01	  	Establishment of New Series	  	 	1	 
		
	 ARTICLE II. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	 
				
		 	Section 2.01	  	Definitions	  	 	2	 
		
	 ARTICLE III. THE NOTES
	  	 	5	 
				
		 	Section 3.01	  	Form	  	 	5	 
		 	Section 3.02	  	Issuance of Additional Notes	  	 	5	 
		 	Section 3.03	  	Transfer of Notes	  	 	5	 
		 	Section 3.04	  	Restrictive Legend	  	 	5	 
		
	 ARTICLE IV. REDEMPTION
	  	 	5	 
				
		 	Section 4.01	  	Optional Redemption	  	 	5	 
		 	Section 4.02	  	Mandatory Redemption	  	 	6	 
		
	 ARTICLE V. COVENANT SUPPLEMENTS AND AMENDMENTS
	  	 	6	 
				
		 	Section 5.01	  	Covenants of the Partnership	  	 	6	 
		
	 ARTICLE VI. ADDITIONAL EVENT OF DEFAULTS
	  	 	9	 
				
		 	Section 6.01	  	Events of Default	  	 	9	 
		
	 ARTICLE VII. MODIFICATION OF INDENTURE
	  	 	10	 
				
		 	Section 7.01	  	Modification of Indenture with Consent of Holders of Debt Securities	  	 	10	 
		
	 ARTICLE VIII. MISCELLANEOUS
	  	 	11	 
				
		 	Section 8.01	  	Integral Part	  	 	11	 
		 	Section 8.02	  	Adoption, Ratification and Confirmation	  	 	11	 
		 	Section 8.03	  	Counterparts	  	 	11	 
		 	Section 8.04	  	Governing Law	  	 	11	 
		 	Section 8.05	  	Trustee Makes No Representation	  	 	11	 

  

			
	 EXHIBIT A: FORM OF NOTE

	 EXHIBIT B: FORM OF SUPPLEMENTAL INDENTURE (Subsidiary
Guarantees)

 ELEVENTH SUPPLEMENTAL INDENTURE dated as of May 20, 2020 (this “Eleventh
Supplemental Indenture”) between Magellan Midstream Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), and U.S. Bank National Association, a national
banking association, as trustee (the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Issuer has previously entered into an Indenture, dated as of August 11, 2010 (the “Original
Indenture”), with the Trustee which provides for the issuance by the Partnership from time to time of Debt Securities, in one or more series as provided therein; 

WHEREAS, the Original Indenture, as amended and supplemented pursuant to this Eleventh Supplemental Indenture, is herein called the
“Indenture”; 
 WHEREAS, the Issuer proposes to create under the Indenture a new series of Debt Securities; 

WHEREAS, additional Debt Securities of other series hereafter established, except as may be limited in the Original Indenture as at the time
supplemented and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented and modified by a supplemental indenture; and 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Eleventh Supplemental Indenture and to make it, when duly
executed and delivered, a valid and binding obligation of the Issuer have been done or performed; 
 NOW, THEREFORE, in consideration of the
agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I. 

ESTABLISHMENT OF NEW SERIES 

Section 1.01 Establishment of New Series. 

(a) There is hereby established a new series of Notes to be issued under the Indenture, to be designated as the Issuer’s
3.250% Senior Notes due 2030 (the “Notes”). 
 (b) There are initially to be authenticated and
delivered $500,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter there may be authenticated and delivered an unlimited principal amount of Additional Notes. 

(c) The Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out in
Exhibit A hereto. The Depositary with respect to the Notes shall be The Depository Trust Company. 

  
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 (d) Initially, there shall be no Subsidiary Guarantors. Each Note shall be
dated the date of authentication thereof and shall bear interest as provided in paragraph number 1 of the form of Note in Exhibit A hereto. 

(e) If and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with, the
provisions of this Eleventh Supplemental Indenture, the provisions of this Eleventh Supplemental Indenture shall govern. 
 ARTICLE II.

 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 2.01 Definitions. All capitalized terms used herein and not otherwise defined below shall have the meanings
ascribed thereto in the Original Indenture. The following are additional definitions used in this Eleventh Supplemental Indenture: 

“Additional Notes” has the meaning assigned to it in Section 3.02 hereof. 

“Commodity Trading Obligations” with respect to any Person, means the obligations of such Person under (1) any
commodity swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, and any put, call or other agreement or arrangement, or
combination thereof, designed to protect such Person against fluctuations in commodity prices or (2) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity hedge agreement, and any put, call or other
agreement or arrangement, or combination thereof (including an agreement or arrangement to hedge foreign exchange risks) in respect of commodities entered into by the Partnership pursuant to asset optimization and risk management policies and
procedures adopted in good faith by the Board of Directors. 
 “Consolidated Net Tangible Assets” means, at any date
of determination, the total amount of assets after deducting therefrom (1) all current liabilities (excluding (A) any current liabilities that by their terms are extendible or renewable at the option of the obligor thereon to a time more
than 12 months after the time as of which the amount thereof is being computed, and (B) current maturities of long-term debt), and (2) the amount (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and other
like intangible assets, all as set forth on the consolidated balance sheet of the Partnership and its consolidated subsidiaries for the Partnership’s most recently completed fiscal quarter, prepared in accordance with GAAP. 

“Debt” means any obligation created or assumed by any Person for the repayment of money borrowed, any purchase money
obligation created or assumed by such Person and any guarantee of the foregoing. 
 “Funded Debt” means all Debt
maturing one year or more from the date of the creation thereof, all Debt directly or indirectly renewable or extendible, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one year
or more from the date of the creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more. 

“Issue Date” means the date on which the Notes are initially issued. 

  
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 “Lien” means, as to any Person, any mortgage, lien, pledge, security
interest or other encumbrance in or on, or adverse interest or title of any vendor, lessor, lender or other secured party to or of such Person under conditional sale or other title retention agreement or capital lease with respect to, any property
or asset of such Person. 
 “Notes” has the meaning assigned to it in Section 1.01(a) hereof. 

“Permitted Hedging Obligations” of any Person shall mean (1) hedging obligations entered into in the ordinary
course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates and which in the case
of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the Debt being hedged thereby and (2) Commodity Trading Obligations. 

“Permitted Liens” means (1) Liens upon
rights-of-way for pipeline purposes; (2) any statutory or governmental Lien, mechanics’, materialmen’s, carriers’ or similar Lien incurred in the
ordinary course of business which is not yet due or which is being contested in good faith by appropriate proceedings and any undetermined Lien which is incidental to construction; (3) the right reserved to, or vested in, any municipality or
public authority by the terms of any right, power, franchise, grant, license, permit or by any provision of law, to purchase or recapture or to designate a purchaser of, any property or assets; (4) Liens for taxes and assessments which are
(A) for the then current year, (B) not at the time delinquent, or (C) delinquent but the validity of which is being contested at the time by the Partnership or any Restricted Subsidiary in good faith; (5) Liens arising under, or
to secure performance of, leases, other than capital leases; (6) any Lien upon, or deposits of, any assets in favor of any surety company or clerk of court for the purpose of obtaining indemnity or stay of judicial proceedings; (7) any
Lien upon property or assets acquired or sold by the Partnership or any Restricted Subsidiary resulting from the exercise of any rights arising out of defaults on receivables; (8) any Lien incurred in the ordinary course of business in
connection with workmen’s compensation, unemployment insurance, temporary disability, social security, retiree health or similar laws or regulations or to secure obligations imposed by statute or governmental regulations; (9) any Lien in
favor of the United States of America or any state thereof, or any other country, or any political subdivision of any of the foregoing, to secure partial, progress, advance or other payments pursuant to any contract or statute, or any Lien securing
industrial development, pollution control or similar revenue bonds; (10) any easements, exceptions or reservations in any property or assets of the Partnership or any Restricted Subsidiary granted or reserved for the purpose of pipelines,
roads, the removal of oil, gas, coal or other minerals, and other like purposes, or for the joint or common use of real property, facilities and equipment, which are incidental to, and do not materially interfere with, the ordinary conduct of its
business or the business of the Partnership and its Subsidiaries, taken as a whole; (11) Liens securing Permitted Hedging Obligations; or (12) Liens arising by reason of any judgment, decree or order of any court not giving rise to an
Event of Default, so long as any such Lien is being contested in good faith, and any appropriate legal proceedings that may have been duly initiated for the review of such judgment, decree or order have not been finally terminated or the period
within which such proceedings may be initiated has not expired. 

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

“Principal Property” means any pipeline, terminal or terminal facility property or asset owned or leased by the
Partnership or any Subsidiary, including any related property or asset employed in the transportation (including vehicles that generate transportation revenues), distribution, terminalling, gathering, treating, processing, marketing or storage of
crude oil or refined petroleum products, natural gas, natural gas liquids, fuel additives, petrochemicals or ammonia, except (1) any property or asset consisting of inventories, furniture, office fixtures and equipment (including data
processing equipment), vehicles and equipment used on, or useful with, vehicles (but excluding vehicles that generate transportation revenues as provided above), and (2) any such property or asset, plant or terminal which, in the opinion of the
Board of Directors, is not material in relation to the activities of the Partnership and its Subsidiaries, taken as a whole. 

“Ratings Affirmation” means, with respect to any particular action or proposed action, each of Standard &
Poor’s Rating Services and Moody’s Investors Service, Inc. or, if either or both of such ratings agencies do not then rate the Notes, such other nationally recognized statistical rating organization (as defined in the rules and regulations
of the SEC) then having issued long-term debt ratings for the Notes, affirms that such long-term debt ratings will not be lowered as a result of the taking of such action or proposed action. 

“Restricted Subsidiary” means any Subsidiary of the Partnership that owns or leases, directly or indirectly through
the ownership of or an ownership interest in another Subsidiary, any Principal Property. 
 “Sale-Leaseback
Transaction” means the sale or transfer by the Partnership or any Restricted Subsidiary of any Principal Property to a Person (other than the Partnership or a Restricted Subsidiary) and the taking back by the Partnership or any
Restricted Subsidiary, as the case may be, of a lease of such Principal Property. 
 “Subsidiary” means, with
respect to any Person, 
 (1) any other Person of which more than 50% of the total voting power of capital interests (without regard to any
contingency to vote in the election of directors, managers, trustees, or equivalent persons), at the time of such determination, is owned or controlled, directly or indirectly, by such Person or one or more of the Subsidiaries of such Person; 

(2) in the case of a partnership, any Person of which more than 50% of the partners’ capital interests (considering all partners’
capital interests as a single class), at the time of such determination, is owned or controlled, directly or indirectly, by such Person or one or more of the Subsidiaries of such Person; or 

(3) any other Person in which such Person or one or more of the Subsidiaries of such Person have the power to control, by contract or
otherwise, the board of directors, managers, trustees or equivalent governing body of, or otherwise control, such other Person. 

  
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 ARTICLE III. 

THE NOTES 

Section 3.01 Form. The Notes shall be issued in the form of one or more Global Securities, and the Notes and Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this Eleventh Supplemental Indenture, and the Issuer and the Trustee, by their execution and
delivery of this Eleventh Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby in accordance with the terms of the Indenture. 

Section 3.02 Issuance of Additional Notes. The Issuer may, from time to time, issue in one or more series an unlimited
amount of additional Notes (“Additional Notes”) under the Indenture, which shall be issued in the same form as the Notes issued on the Issue Date and which shall have the same terms as the Notes issued on the Issue Date
(except for the issue date of such Additional Notes, the public offering price of such Additional Notes and, if applicable, the date for the first payment of interest following the issue date of such Additional Notes). The Notes issued on the Issue
Date shall be limited in aggregate principal amount to $500,000,000. The Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated as a single series for purposes of giving of notices, consents, waivers, amendments
and taking any other action permitted under the Indenture and for purposes of interest accrual (except as may be otherwise specified in connection with the issuance of such Additional Notes) and redemptions. 

Section 3.03 Transfer of Notes. When Notes are presented to the Registrar with the request to register the transfer of such
Notes or exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange in accordance with Article II of the Original Indenture. 

Section 3.04 Restrictive Legend. Each security certificate evidencing the Global Securities shall bear a legend
substantially in the form set forth in Section 2.15(a) of the Original Indenture. 
 ARTICLE IV. 

REDEMPTION 

Section 4.01 Optional Redemption. 

(a) At any time prior to March 1, 2030 (the date that is three months prior to the Stated Maturity), at its option, the
Issuer may choose to redeem all or any portion of the Notes, at once or from time to time, at a redemption price determined by the Issuer equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of
the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on March 1, 2030, but for the redemption (exclusive of interest accrued to such Redemption Date)
discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in paragraph 5 of
the form of Note attached as Exhibit A) plus 40 basis points, plus, in either case, accrued and unpaid interest, if any, to such Redemption Date. 

  
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 (b) At any time on or after March 1, 2030 (the date that is three
months prior to the Stated Maturity), at its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from time to time, at a redemption price determined by the Issuer equal to 100% of the principal amount of the Notes to
be redeemed, plus accrued and unpaid interest, if any, to such Redemption Date. 
 (c) Any redemption pursuant to this
Section 4.01 shall be made pursuant to the provisions of Sections 3.01 through 3.03 of the Original Indenture. The actual redemption price, calculated as provided in this Section 4.01 and paragraph 5 of the form of Note in Exhibit A
hereto, shall be certified in writing to the Issuer and the Trustee by the Independent Investment Banker (as defined in such paragraph 5) no later than two Business Days prior to each Redemption Date. 

Section 4.02 Mandatory Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments
pursuant to Section 3.04 of the Original Indenture with respect to the Notes and shall have no obligation to repurchase any Notes at the option of the Holders. 

ARTICLE V. 
 COVENANT
SUPPLEMENTS AND AMENDMENTS 
 Section 5.01 Covenants of the Partnership. Article IV of the Original Indenture is
hereby supplemented, but only in relation to the Notes, by the addition of the following new Sections at the end of Article IV: 

“Section 4.08. Subsidiary Guarantees. If any Subsidiary of the Partnership that is not then a Subsidiary
Guarantor becomes a guarantor or co-obligor of any Funded Debt of the Partnership, in either case after the Issue Date, then the Partnership shall cause such Subsidiary to promptly execute and deliver a
supplemental Indenture, substantially in the form of Exhibit B to the Eleventh Supplemental Indenture, providing for the Guarantee of the payment of the Notes pursuant to Article XIV hereof. 

Section 4.09. Limitations on Liens. The Partnership will not, nor will it permit any Subsidiary to, create, assume,
incur or suffer to exist any Lien upon any Principal Property or upon any capital stock of any Restricted Subsidiary, whether owned or leased on the date of this Indenture or thereafter acquired, to secure any Debt of the Partnership or any other
Person (other than the Debt Securities issued hereunder), without in any such case making effective provision whereby all of the Debt Securities Outstanding hereunder shall be secured equally and ratably with, or prior to, such Debt so long as such
Debt shall be so secured. This restriction shall not apply to or prevent the creation or existence of: 
 (a) any Lien on any
property or assets of the Partnership or any Restricted Subsidiary in existence on the Issue Date or created pursuant to an “after-acquired property” clause or similar term in existence on the Issue Date in any mortgage, pledge agreement,
security agreement or other similar instrument applicable to the Partnership or any Restricted Subsidiary and in existence on the Issue Date; 

  
 6 

 (b) any Lien on any property or assets created at the time of acquisition of
such property or assets by the Partnership or any Restricted Subsidiary or within one year after such time to secure all or a portion of the purchase price for such property or assets or Debt incurred to finance such purchase price, whether such
Debt was incurred prior to, at the time of or within one year of such acquisition; 
 (c) any Lien on any property or assets
existing thereon at the time of the acquisition thereof by the Partnership or any Restricted Subsidiary (whether or not the obligations secured thereby are assumed by the Partnership or any Restricted Subsidiary), provided that such Lien only
encumbers the property or assets so acquired; 
 (d) any Lien on any property or assets of a Person existing thereon at the
time such Person becomes a Restricted Subsidiary by acquisition, merger or otherwise, provided that such Lien is not incurred in anticipation of such Person becoming a Restricted Subsidiary; 

(e) any Lien on any property or assets to secure all or part of the cost of construction, development, repair or improvements
thereon or to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any
such purpose; 
 (f) any Lien in favor of the Partnership or any Restricted Subsidiary; 

(g) any Lien created or assumed by the Partnership or any Restricted Subsidiary in connection with the issuance of Debt the
interest on which is excludable from gross income of the holder of such Debt pursuant to the Internal Revenue Code of 1986, as amended, or any successor statute, for the purpose of financing, in whole or in part, the acquisition or construction of
property or assets to be used by the Partnership or any Subsidiary; 
 (h) Permitted Liens; 

(i) any Lien on any additions, improvements, replacements, repairs, fixtures, appurtenances or component parts thereof,
attaching to or required to be attached to property or assets pursuant to the terms of any mortgage, pledge agreement, security agreement or other similar instrument, creating a Lien upon such property or assets permitted by Clauses (a) through
(h), inclusive, of this Section; or 
 (j) any extension, renewal, refinancing, refunding or replacement (or successive
extensions, renewals, refinancings, refundings or replacements) of any Lien, in whole or in part, that is referred to in Clauses (a) through (i), inclusive, of this Section, or of any Debt secured thereby; provided, however, that the principal
amount of Debt secured thereby shall not exceed the greater of (1) the principal amount of Debt so secured at the time of such extension, renewal, refinancing, refunding or replacement (plus the aggregate amount of premiums, other payments,
costs and expenses required to be paid or incurred in connection with such extension, renewal, refinancing, refunding or replacement) and (2) the maximum committed principal amount of Debt so secured at such time; provided

  
 7 

 
further, however, that such extension, renewal, refinancing, refunding or replacement shall be limited to all or a part of the property or assets (including improvements, alterations and repairs
on such property or assets) subject to the Lien so extended, renewed, refinanced, refunded or replaced (plus improvements, alterations and repairs on such property or assets). 

Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Subsidiary to, create,
assume, incur or suffer to exist any Lien upon any Principal Property or capital stock of a Restricted Subsidiary to secure Debt of the Partnership or any other Person (other than the Debt Securities) that is not excepted by Clauses (a) through
(j), inclusive, of this Section without securing the Debt Securities issued hereunder, provided that the aggregate principal amount of all Debt then outstanding secured by such Lien and all other Liens not excepted by Clauses (a) through (j),
inclusive, of this Section, together with all net sale proceeds from Sale-Leaseback Transactions (excluding Sale-Leaseback Transactions permitted by Clauses (a) through (d), inclusive, of Section 4.10), does not exceed at any one time 15%
of Consolidated Net Tangible Assets. 
 Section 4.10. Restriction of Sale-Leaseback Transaction. The Partnership
will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: 
 (a) the
Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later;

 (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; 

(c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on
the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or 

(d) the Partnership or such Restricted Subsidiary, within a one-year period after such
Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the
Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2) investment in another Principal Property. 

Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to,
effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then
outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets. 

  
 8 

 Section 4.11. Compliance with and Modification of Organizational
Documents. The Partnership shall comply with the terms and provisions of Sections 7.9 and 12.9 of its Fifth Amended and Restated Agreement of Limited Partnership, dated as of September 28, 2009, as amended, and shall not amend, supplement
or otherwise modify (pursuant to a waiver or otherwise) any of such Sections in a manner materially adverse to the interests of the Holders of the Notes unless the Partnership obtains a Ratings Affirmation in connection with any such amendment,
supplement or modification or failure to comply.” 
 ARTICLE VI. 

ADDITIONAL EVENT OF DEFAULTS 

Section 6.01 Events of Default. With respect to the Notes only, the following additional Events of Default are hereby added
to and supplement Section 6.01(h) of the Original Indenture: 
 “(h-1)
default by the Partnership or any of its Subsidiaries in the payment at the Stated Maturity, after the expiration of any applicable grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in
excess of the greater of $50.0 million or 5% of the Partnership’s total consolidated partners’ capital, or acceleration of any Debt having a principal amount in excess of such amount so that it becomes due and payable prior to its
Stated Maturity and such acceleration is not rescinded within 60 days after the date on which written notice specifying such default shall have been given to the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at
least 25% in aggregate principal amount of the Notes at the time Outstanding; 

(h-2) a final judgment or order for the payment of money in excess of the greater of
$50.0 million or 5% of the Partnership’s total consolidated partners’ capital (in each case, net of applicable insurance coverage) having been rendered against the Partnership or any Subsidiary and such judgment or order shall
continue unsatisfied and unstayed for a period of 60 days; and 
 (h-3) the failure
of the General Partner to comply with the terms and provisions of Section 7.10(c) of its Third Amended and Restated Limited Liability Company Agreement, dated September 28, 2009, or the amendment, supplementation or other modification of
(pursuant to a waiver or otherwise) either of such Sections in a manner materially adverse to the interests of the Holders of the Notes unless the Partnership obtains a Ratings Affirmation in connection with any such amendment, supplementation or
modification or failure to comply.” 

  
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 ARTICLE VII. 

MODIFICATION OF INDENTURE 

Section 7.01 Modification of Indenture with Consent of Holders of Debt Securities. The first paragraph of Section 9.02
of the Original Indenture is hereby amended and restated in its entirety, but only in relation to the Notes, as follows: 

“Without notice to any Holder but with the consent (evidenced as provided in Section 8.01) of the Holders of not less
than a majority in aggregate principal amount of the Outstanding Debt Securities of each series affected by such supplemental Indenture (including consents obtained in connection with a tender offer or exchange offer for any such series of Debt
Securities), the Partnership and the Subsidiary Guarantors, when authorized by resolutions of the Board of Directors, and the Trustee may from time to time and at any time enter into an Indenture or Indentures supplemental hereto (which shall
conform to the provisions of the TIA as in force at the date of execution thereof) 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 Holders of the Debt Securities of such series; provided, with respect to amending the Indenture as to matters that require the consent of the Holders of not less than a majority in aggregate principal amount
of all Debt Securities of each series that would be affected by such amendment, the Notes and any Additional Notes shall vote together as a single class with any future series of the Partnership’s senior Debt Securities (unless otherwise
provided in the prospectus relating to such future series of senior Debt Securities) and any other series of the Partnership’s senior Debt Securities then Outstanding which are entitled by their terms to vote on the amendment in question;
provided further, that no such supplemental Indenture, without the consent of the Holders of each Debt Security so affected, shall: reduce the percentage in principal amount of Debt Securities of any series whose Holders must consent to an
amendment; reduce the rate of or extend the time for payment of interest on any Debt Security; reduce the principal of or extend the Stated Maturity of any Debt Security; reduce any premium payable upon the redemption of any Debt Security or change
the time at which any Debt Security may or shall be redeemed in accordance with Article III; make any Debt Security payable in currency other than the Dollar; impair the right of any Holder to receive payment of premium, if any, principal of and
interest on such Holder’s Debt Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Debt Securities; release any security that may have been granted in
respect of the Debt Securities, other than in accordance with this Indenture; make any change in Section 6.06 or this Section 9.02; or, except as provided in Section 11.02(b) or Section 14.04, release the Subsidiary Guarantors
other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders.” 

  
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 ARTICLE VIII. 

MISCELLANEOUS 

Section 8.01 Integral Part. This Eleventh Supplemental Indenture constitutes an integral part of the Indenture. 

Section 8.02 Adoption, Ratification and Confirmation. The Original Indenture, as supplemented and amended by this Eleventh
Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 
 Section 8.03 Counterparts. This
Eleventh Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 

Section 8.04 Governing Law. THIS ELEVENTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 8.05 Trustee Makes No Representation. The recitals in this
Eleventh Supplemental Indenture are made by the Issuer only and not by the Trustee. The Trustee makes no representations or warranties as to the validity, accuracy or sufficiency of this Eleventh Supplemental Indenture. All of the provisions
contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee, Registrar and paying agent shall be applicable in respect of the Notes and of this Eleventh Supplemental Indenture as fully and
with like effect as if set forth herein in full. 
 (Signatures on following page) 

  
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 SIGNATURES 

 

					
	ISSUER:
	
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	By:	 	Magellan GP, LLC, its General Partner
			
		 	By: 	 	/s/ Jeff Holman
		 		 	Jeff Holman
		 		 	Senior Vice President, Chief Financial Officer and Treasurer of Magellan GP, LLC

  

			
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	/s/ George Hogan
		 	George Hogan
		 	Vice President

 Signature Page to Eleventh Supplemental Indenture 

 EXHIBIT A 

(Form of Face of Note) 

No. 
 CUSIP 559080 AQ9

 $500,000,000 

ISIN US559080AQ99 

MAGELLAN MIDSTREAM PARTNERS, L.P. 

3.250% Senior Note due 2030 

Magellan Midstream Partners, L.P., a Delaware limited partnership, promises to pay to __________________, or registered assigns, the principal
sum of __________ Dollars [or such greater or lesser amount as may be endorsed on the Schedule attached hereto]1 on June 1, 2030. 

Interest Payment Dates:    June 1 and December 1 

Record Dates:    May 15 and November 15 

 

					
	MAGELLAN MIDSTREAM PARTNERS, L.P.

 
					
			
	  	 	By:	 	Magellan GP, LLC, its General Partner
			
	  	 		 	By:
		 		 	Name:
		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

  

			
	Dated:	 	   

  

	1 	 To be included only if the Note is issued in global form. 

  
 Exhibit A-1 

 (Form of Back of Note) 

3.250% Senior Note due 2030 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]2 
 Capitalized terms used herein shall
have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Interest. Magellan Midstream
Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), promises to pay interest on the principal amount of this Note at 3.250% per annum from May 20, 2020 until
maturity. The Issuer shall pay interest semi-annually on June 1 and December 1 of each such year, or if any such day is not a Business Day, on the next succeeding Business Day (each an
“Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance, May 20, 2020; provided that if there is
no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be December 1, 2020. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from
time to time on demand at the same rate; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time
on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.2 
  

	2 	 To be included only if the Note is issued in global form.

  
 Exhibit A-2 

 2. Method of Payment. The Issuer shall pay interest on the Notes (except Defaulted
Interest) to the Persons who are registered Holders of Notes at the close of business on the regular record date for such interest, May 15 and November 15, next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as provided in Section 2.17 of the Original Indenture with respect to Defaulted Interest, and the Issuer shall pay principal (and premium, if any) of the Notes upon surrender
thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Trustee maintained for such purpose in New York, New York
(which initially is U.S. Bank National Association, 100 Wall Street, Suite 1600, New York, New York 10005, Attn: Global Corporate Trust), or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their
addresses set forth in the Debt Security Register, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of, and interest and premium, if any, on, (a) each Global Security and
(b) all other Notes aggregating at least $1,000,000 in principal amount the Holder of which shall have provided wire transfer instructions to the Issuer or the paying agent on or prior to the applicable record date. Such payment shall be in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as paying agent
and Registrar. The Issuer may change any paying agent or Registrar without notice to any Holder. The Partnership may act in any such capacity. 

4. Indenture. The Issuer issued the Notes under an Indenture dated as of August 11, 2010 (the “Original
Indenture”), as amended and supplemented by the Eleventh Supplemental Indenture, dated as of May 20, 2020 (the “Eleventh Supplemental Indenture,” and, together with the Original Indenture the
“Indenture”), between the Issuer and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a complete statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are the obligation of the Issuer, initially issued in the aggregate principal amount of $500.0 million. The Issuer may issue an unlimited aggregate principal
amount of Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as the same series with the same terms (except for the issue date of such Additional Notes, the
public offering price of such Additional Notes and, if applicable, the date for the first payment of interest following the issue date of such Additional Notes) as the initial Notes for the purposes indicated in Section 3.02 of the Eleventh
Supplemental Indenture). Initially, the Notes are not guaranteed, but in the future they may be guaranteed by one or more Subsidiary Guarantors on the conditions and subject to the terms provided in Section 4.08 (which is set forth in
Section 5.01 of the Eleventh Supplemental Indenture) and Article XIV of the Original Indenture. 
 5. Optional Redemption.
(a) At any time prior to March 1, 2030 (the date that is three months prior to the Stated Maturity), at its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from time to time, at a redemption price
determined by the Issuer equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that
would be due if the Notes matured on March 1, 2030, but for the redemption 

  
 Exhibit A-3 

 
(exclusive of interest accrued to such Redemption Date), discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate (as defined below) plus 40 basis points, plus, in either case, accrued and unpaid interest, if any, to such Redemption Date. 

(b) At any time on or after March 1, 2030 (the date that is three months prior to the Stated Maturity), at its option, the Issuer may
choose to redeem all or any portion of the Notes, at once or from time to time, at a redemption price determined by the Issuer equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to such
Redemption Date. 
 For purposes of determining the redemption price, the following definitions shall apply: 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by the Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the notes matured on March 1, 2030) that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Treasury Price” means, for any Redemption Date, (1) the average of five Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest of all of the Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Independent Investment Banker” means J.P. Morgan Securities LLC,
Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc., as specified by the Partnership, or any of their respective successor firms, or if each such firm is unwilling or unable to
select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Partnership. 

“Primary Treasury Dealer” means a primary U.S. government securities dealer in New York City. 

“Reference Treasury Dealer” means each of (1) J.P. Morgan Securities LLC or any of its successors;
(2) Mizuho Securities USA LLC or any of its successors; (3) RBC Capital Markets, LLC or any of its successors; (4) a Primary Treasury Dealer selected by SMBC Nikko Securities America, Inc.; (5) a Primary Treasury Dealer selected by
U.S. Bancorp Investments, Inc.; and (6) one other Primary Treasury Dealer (or its affiliates and successors) that the Issuer specifies from time to time; provided that if any of the Reference Treasury Dealers specifically named above resigns,
its successor dealer shall be a Primary Treasury Dealer selected by the Issuer. 
 “Reference Treasury Dealer
Quotations” means, for each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date for the notes being redeemed. 

  
 Exhibit A-4 

 “Treasury Rate” means, with respect to any Redemption Date,
(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Notes to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week in
which the calculation date falls (or in the immediately preceding week if the calculation date falls on any day prior to the usual publication date for such release) or does not contain such yields, the rate per year equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. Any weekly average yields calculated by interpolation or extrapolation will be rounded to the nearest 1/100th of 1%, with any figure of 1/200th of 1% or above
being rounded upward. 
 6. Mandatory Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes or to repurchase them at the option of the Holders. 
 7. Notice of Redemption. Notice of
redemption shall be mailed by first class mail at least 30 days but not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed
in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof called for redemption and with respect to which
the redemption price has been paid. 
 8. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any taxes or other governmental charges imposed in relation thereto. 

9. Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. 

  
 Exhibit A-5 

 10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture
may be amended or supplemented with the consent of the Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes, and any existing default or compliance with any provision of the Indenture relating to the Notes
may be waived with the consent of the Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes; provided, with respect to amending the Original Indenture as to matters that require the consent of the Holders of
not less than a majority in aggregate principal amount of all Debt Securities of each series that would be affected by such amendment, the Notes and any Additional Notes shall vote together as a single class with any future series of the
Partnership’s senior Debt Securities (unless otherwise provided in the prospectus relating to such future series of senior Debt Securities) and any other series of the Partnership’s senior Debt Securities then Outstanding which are
entitled by their terms to vote on the amendment in question. Without the consent of any Holder of a Note, the Indenture may be amended or supplemented for any of the purposes set forth in Section 9.01 of the Indenture, including to provide for
the assumption of the Issuer’s obligations to Holders of the Notes in case of a merger or consolidation of the Issuer or sale of all or substantially all of the Issuer’s assets, to add to the covenants of the Issuer or any Subsidiary
Guarantor, to cure any ambiguity or omission or to correct any defect or inconsistency, to permit the qualification of the Indenture under the TIA, to add or release Subsidiary Guarantors pursuant to the terms of the Indenture, to make any change
that does not adversely affect the rights under the Indenture of any Holder of the Notes, to add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Debt Securities in certain circumstances, to evidence
or provide for the acceptance of appointment under the Indenture of a successor or separate Trustee or to establish the form or terms of any other series of Debt Securities. 

11. Defaults and Remedies. Events of Default with respect to the Notes include: (i) default for 30 days in the payment when due of
interest on the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes when due at Stated Maturity, upon redemption or otherwise; (iii) failure by the Partnership or any Subsidiary Guarantor, if
applicable, to comply for 60 days after notice with any of its other covenants or agreements in the Indenture relating to the Notes; (iv) certain events of bankruptcy, insolvency or reorganization with respect to the Issuer or, if and so long
as the Notes are guaranteed by a Subsidiary Guarantor, such Subsidiary Guarantor; (v) any Guarantee ceasing to be in full force and effect or held in any judicial proceeding to be null and void, or any Subsidiary Guarantor denying or
disaffirming its obligations under the Indenture or its Guarantee, if and so long as the Notes are guaranteed by a Subsidiary Guarantor; (vi) default by the Partnership or any of its Subsidiaries, if applicable, in the payment at the Stated
Maturity, after the expiration of any applicable grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in excess of the greater of $50.0 million or 5% of the Issuer’s total
consolidated partners’ capital, or acceleration of any Debt having a principal amount in excess of such amount so that it becomes due and payable prior to its Stated Maturity and such acceleration is not rescinded within 60 days after notice;
(vii) a final judgment or order for the payment of money in excess of the greater of $50.0 million or 5% of the Issuer’s total consolidated partners’ capital (in each case, net of applicable insurance coverage) having been
rendered against the Partnership or any Subsidiary and such judgment or order continues unsatisfied and unstayed for a period of 60 days and (viii) the failure of the General Partner to comply with certain bankruptcy related provisions of its
limited liability company agreement or the amendment or modification of such provisions. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may
declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or 

  
 Exhibit A-6 

 
insolvency, all Outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any
continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if the Trustee determines in good faith that withholding notice is in the Holders’ interests. The Holders of not less than a majority in
aggregate principal amount of the Notes then Outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any past Default or Event of Default and its consequences under the Indenture except a Default or Event of
Default in the payment of interest on, the principal of, or premium, if any, on, the Notes or an Event of Default relating to a provision of the Indenture that cannot be amended without the consent of each Holder affected thereby. The Partnership is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Partnership is required within 30 days after the occurrence of any Default or Event of Default, to deliver to the Trustee a statement
specifying such Default or Event of Default and certain additional information. 
 12. Trustee Dealings with Issuer. The Trustee, in
its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. 

13. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 14. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

15. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Magellan Midstream Partners, L.P. 

P.O. Box 22186 
 Tulsa, Oklahoma
74121-2186 
 Attention: General Counsel 

  
 Exhibit A-7 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint 
  

 
 agent to transfer this Note on the books of the
Issuer. The agent may substitute another to act for him. 
  

			
	Date:	 	 

  

			
	Your Signature:	 	 

 
			
	(Sign exactly as your name appears on the face of this Note).

  

					
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion Program
(“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Registrar in addition to, or in substitution for,
STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

  
 Exhibit A-8 

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE3 
 The original principal amount of this Global Note is $500,000,000. The following
increases or decreases in this Global Note have been made: 
  

									
	Date of Exchange	 	Amount of decrease in
Principal Amount	 	Amount of increase in
Principal Amount	  	Principal Amount of this
Global Note following such
decrease or increase	  	Signature of authorized
signatory of Trustee or
Note Custodian
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

  

	3	 To be included only if the Note is issued in global form. 

  
 Exhibit A-9 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE 

(Subsidiary Guarantees) 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of ___________, among Magellan Midstream Partners,
L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), ____________________ (the “Subsidiary Guarantor”), a direct or indirect subsidiary of the Partnership,
and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E
S S E T H: 
 WHEREAS, the Issuer has previously executed and delivered to the Trustee an indenture (the “Original
Indenture”), dated as of August 11, 2010, as amended and supplemented by the Eleventh Supplemental Indenture (the “Eleventh Supplemental Indenture,” and, together with the Original Indenture,
the “Indenture”) dated as of May 20, 2020, between the Issuer and the Trustee, providing for the issuance of the Issuer’s 3.250% Senior Notes due 2030 (the “Notes”); 

WHEREAS, Section 4.08 of the Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Issuer’s obligations under the Notes pursuant to a Guarantee on the terms and
conditions set forth herein; and 
 WHEREAS, pursuant to Section 9.01(g) of the Original Indenture, the Issuer, the Subsidiary
Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture; 
 NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as
follows: 
 1. Definitions. 

(a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

(b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context
otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and
other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

  
 Exhibit B-1 

 2. Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and
severally with any other Subsidiary Guarantors under the Indenture, to guarantee the Issuer’s obligations under the Notes and all other amounts due and payable under the Indenture on the terms and subject to the conditions set forth in Article
XIV of the Original Indenture and to be bound by all other applicable provisions of the Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall
remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

3. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4. Trustee Makes No Representation. The Trustee makes no representations or
warranties as to the validity, accuracy or sufficiency of this Supplemental Indenture. 
 5. Counterparts. The parties may sign any
number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

6. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 

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

 

					
	ISSUER:
	
	MAGELLAN MIDSTREAM PARTNERS, L.P.
	
	By: Magellan GP, LLC, its General Partner
			
	        	 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	[SUBSIDIARY GUARANTOR]
			
	        	 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 Exhibit B-2 

 
					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
	        	 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 Exhibit B-3Exhibit
10.1

 

KOPIN
CORPORATION

 

2020
EQUITY INCENTIVE PLAN

 

Effective
as of the Effective Date (as defined below), the Kopin Corporation 2020 Incentive Equity Plan (as in effect from time to time,
the “Plan”) is hereby established.

 

The
purpose of the Plan is to provide employees of Kopin Corporation, a Delaware corporation (together with its successors, the “Company”),
and its subsidiaries, certain consultants and advisors who perform services for the Company or its subsidiaries, and non-employee
members of the Board of Directors of the Company, with the opportunity to receive grants of incentive stock options, nonqualified
stock options, stock appreciation rights, stock awards, stock units, and other stock-based awards.

 

The
Company believes that the Plan will encourage the participants to contribute materially to the growth of the Company, thereby
benefitting the Company’s stockholders, and will align the economic interests of the participants with those of the stockholders.

 

The
Plan is a successor to the Kopin Corporation 2010 Equity Incentive Plan, as amended and restated (the “Prior Plan”).
No additional grants shall be made under the Prior Plan after the Effective Date. Outstanding grants under the Prior Plan shall
continue in effect according to their terms, consistent with the applicable terms of the Prior Plan.

 

Section
1. Definitions

 

The
following terms shall have the meanings set forth below for purposes of the Plan:

 

(a)
“Board” shall mean the Board of Directors of the Company.

 

(b)
“Cause” shall have the meaning given to that term in any written employment agreement, offer letter or severance
agreement between the Employer and the Participant, or if no such agreement exists or if such term is not defined therein, and
unless otherwise defined in the Grant Instrument, Cause shall mean a finding by the Committee that the Participant (i) has breached
his or her employment or service contract with the Employer, (ii) has engaged in disloyalty to the Employer, including, without
limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii) has disclosed trade secrets or confidential
information of the Employer to persons not entitled to receive such information, (iv) has breached any written non-competition,
non-solicitation, invention assignment or confidentiality agreement between the Participant and the Employer or (v) has engaged
in such other behavior detrimental to the interests of the Employer as the Committee determines.

 

(c)
“CEO” shall mean the Chief Executive Officer of the Company.

 

(d)
Unless otherwise set forth in a Grant Instrument, a “Change of Control” shall be deemed to have occurred if:

 

(i)
Any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange Act) becomes a “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than
50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed
to occur as a result of a transaction in which the Company becomes a direct or indirect subsidiary of another Person and in which
the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction,
shares of such other Person representing more than 50% of the voting power of the then outstanding securities of such other Person.

 

    	 	 	 

    	 	 	 

    

 

(ii)
The consummation of (A) a merger or consolidation of the Company with another Person where, immediately after the merger or consolidation,
the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, in substantially
the same proportion as ownership immediately prior to the merger or consolidation, shares entitling such stockholders to more
than 50% of all votes to which all stockholders of the surviving Person would be entitled in the election of directors, or where
the members of the Board, immediately prior to the merger or consolidation, will not, immediately after the merger or consolidation,
constitute a majority of the board of directors of the surviving Person or (B) a sale or other disposition of all or substantially
all of the assets of the Company.

 

(iii)
A change in the composition of the Board over a period of 12 consecutive months or less such that a majority of the Board members
ceases, by reason of one or more contested elections, or threatened election contests, for Board membership, to be comprised of
individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or
nominated for election as Board members during such period by at least a majority of the Board members described in clause (A)
who were still in office at the time the Board approved such election or nomination.

 

(iv)
The consummation of a complete dissolution or liquidation of the Company.

 

The
Committee may modify the definition of Change of Control for a particular Grant as the Committee deems appropriate to comply with
section 409A of the Code or otherwise. Notwithstanding the foregoing, if a Grant constitutes deferred compensation subject to
section 409A of the Code and the Grant provides for payment upon a Change of Control, then, for purposes of such payment provisions,
no Change of Control shall be deemed to have occurred upon an event described in items (i) – (iv) above unless the event
would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of
the assets of, the Company under section 409A of the Code.

 

(e)
“Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

 

(f)
“Committee” shall mean the Compensation Committee of the Board or another committee appointed by the Board
to administer the Plan. The Committee shall consist of directors who are “non-employee directors” as defined under
Rule 16b-3 promulgated under the Exchange Act and “independent directors,” as determined in accordance with the independence
standards established by the stock exchange on which the Company Stock is at the time primarily traded.

 

(g)
“Company Stock” shall mean common stock, par value $0.01 per share, of the Company, and such other securities
as may be substituted for Company Stock pursuant to Section 4(c).

 

(h)
“Disability” or “Disabled” shall mean, unless otherwise set forth in the Grant Instrument,
a Participant’s becoming disabled within the meaning of the Employer’s long-term disability plan applicable to the
Participant.

 

(i)
“Dividend Equivalent” shall mean an amount determined by multiplying the number of shares of Company Stock
subject to a Stock Unit or Other Stock-Based Award by the per-share cash dividend paid by the Company on its outstanding Company
Stock, or the per-share Fair Market Value of any dividend paid on its outstanding Company Stock in consideration other than cash.
If interest is credited on accumulated divided equivalents, the term “Dividend Equivalent” shall include the accrued
interest.

 

    	 	 	 

    	 	 	 

    

 

(j)
“Effective Date” shall mean the date of the Annual Meeting of Stockholders to be held on May 20, 2020 or such
other date upon which the Company’s stockholders approve the Plan.

 

(k)
“Employee” shall mean an employee of the Employer (including an officer or director who is also an employee),
but excluding any person who is classified by the Employer as a “contractor” or “consultant,” no matter
how characterized by the Internal Revenue Service, other governmental agency or a court. Any change of characterization of an
individual by the Internal Revenue Service or any court or government agency shall have no effect upon the classification of an
individual as an Employee for purposes of this Plan, unless the Committee determines otherwise.

 

(l)
“Employed by, or providing service to, the Employer” shall mean employment or service as an Employee, Key Advisor
or member of the Board (so that, for purposes of exercising Options and SARs and satisfying conditions with respect to Stock Awards,
Stock Units, and Other Stock-Based Awards, a Participant shall not be considered to have terminated employment or service until
the Participant ceases to be an Employee, Key Advisor and member of the Board), unless the Committee determines otherwise. If
a Participant’s relationship is with a subsidiary of the Company and that entity ceases to be a subsidiary of the Company,
the Participant will be deemed to cease employment or service when the entity ceases to be a subsidiary of the Company, unless
the Participant transfers employment or service to an Employer. If a Participant has military, sick leave or other bona fide leave,
the Participant will not be deemed to cease employment or service solely as a result of such leave; provided that such leave does
not exceed the longer of 90 days or the period during which the absent Participant’s reemployment rights, if any, are guaranteed
by statute or contract. To the extent consistent with applicable law, the Committee may provide that Grants continue to vest for
all or a portion of the period of such leave, or that vesting shall be tolled during such leave and only recommence upon the Participant’s
return from such leave.

 

(m)
“Employer” shall mean the Company and its subsidiaries.

 

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

 

(o)
“Exercise Price” shall mean the per share price at which shares of Company Stock may be purchased under an
Option, as designated by the Committee.

 

(p)
“Fair Market Value” shall mean:

 

(i)
If the Company Stock is publicly traded, the Fair Market Value per share shall be determined as follows: (A) if the principal
trading market for the Company Stock is a national securities exchange, the closing sales price during regular trading hours on
the relevant date or, if there were no trades on that date, the latest preceding date upon which a sale was reported, or (B) if
the Company Stock is not principally traded on any such exchange, the last reported sale price of a share of Company Stock during
regular trading hours on the relevant date, as reported by the OTC Bulletin Board.

 

(ii)
If the Company Stock is not publicly traded or, if publicly traded, is not subject to reported transactions as set forth above,
the Fair Market Value per share shall be determined by the Committee through any reasonable valuation method authorized under
the Code.

 

(q)
“GAAP” shall mean United States generally accepted accounting principles.

 

    	 	 	 

    	 	 	 

    

 

(r)
“Grant” shall mean an Option, SAR, Stock Award, Stock Unit or Other Stock-Based Award granted under the Plan.

 

(s)
“Grant Instrument” shall mean the written agreement that sets forth the terms and conditions of a Grant, including
all amendments thereto.

 

(t)
“Incentive Stock Option” shall mean an Option that is intended to meet the requirements of an incentive stock
option under section 422 of the Code.

 

(u)
“Key Advisor” shall mean a consultant or advisor of the Employer.

 

(v)
“Non-Employee Director” shall mean a member of the Board who is not an Employee.

 

(w)
“Nonqualified Stock Option” shall mean an Option that is not intended to be taxed as an incentive stock option
under section 422 of the Code.

 

(x)
“Option” shall mean an option to purchase shares of Company Stock, as described in Section 6.

 

(y)
“Other Stock-Based Award” shall mean any Grant based on, measured by or payable in Company Stock (other than
an Option, Stock Unit, Stock Award, or SAR), as described in Section 10.

 

(z)
“Participant” shall mean an Employee, Key Advisor or Non-Employee Director designated by the Committee to participate
in the Plan.

 

(aa)
“Performance Goals” shall mean the business criteria selected by the Company to measure the level of performance
of the Company or an affiliate during a performance period, which may include, but are not limited to, one or more of the following
criteria: cash flow; free cash flow; earnings (including gross margin, earnings before interest and taxes, earnings before taxes,
earnings before interest, taxes, depreciation, amortization and charges for stock-based compensation, earnings before interest,
taxes, depreciation and amortization, adjusted earnings before interest, taxes, depreciation and amortization and net earnings);
earnings per share; growth in earnings or earnings per share; book value growth; stock price; return on equity or average stockholder
equity; total stockholder return or growth in total stockholder return either directly or in relation to a comparative group;
return on capital; return on assets or net assets; revenue, growth in revenue or return on sales; sales; expense reduction or
expense control; expense to revenue ratio; income, net income or adjusted net income; operating income, net operating income,
adjusted operating income or net operating income after tax; operating profit or net operating profit; operating margin; gross
profit margin; return on operating revenue or return on operating profit; regulatory filings; regulatory approvals, litigation
and regulatory resolution goals; other operational, regulatory or departmental objectives; budget comparisons; growth in stockholder
value relative to established indexes, or another peer group or peer group index; development and implementation of strategic
plans and/or organizational restructuring goals; development and implementation of risk and crisis management programs; improvement
in workforce diversity; compliance requirements and compliance relief; safety goals; productivity goals; workforce management
and succession planning goals; economic value added (including typical adjustments consistently applied from generally accepted
accounting principles required to determine economic value added performance measures); measures of customer satisfaction, employee
satisfaction or staff development; development or marketing collaborations, formations of joint ventures or partnerships or the
completion of other similar transactions intended to enhance the Company’s revenue or profitability or enhance its customer
base; merger and acquisitions; and other similar criteria as determined by the Committee. Performance goals applicable to a Grant
shall be determined by the Committee, and may be established on an absolute or relative basis and may be established on a corporate-wide
basis or with respect to one or more business units, divisions, subsidiaries or business segments. Relative performance may be
measured against a group of peer companies, a financial market index or other objective and quantifiable indices.

 

    	 	 	 

    	 	 	 

    

 

(bb)
“Person” shall mean any natural person, corporation, limited liability company, partnership, trust, joint stock
company, business trust, unincorporated association, joint venture, governmental authority or other legal entity of any nature
whatsoever.

 

(cc)
“Restriction Period” shall have the meaning given that term in Section 7(a).

 

(dd)
“SAR” shall mean a stock appreciation right, as described in Section 9.

 

(ee)
“Stock Award” shall mean an award of Company Stock, as described in Section 7.

 

(ff)
“Stock Unit” shall mean an award of a phantom unit representing a share of Company Stock, as described in Section
8.

 

(gg)
“Substitute Awards” shall have the meaning given that term in Section 4(c).

 

Section
2. Administration

 

(a)
Committee. The Plan shall be administered and interpreted by the Committee; provided, however, that any Grants to members
of the Board must be authorized by a majority of the Board. The Committee may delegate authority to one or more subcommittees,
as it deems appropriate. Subject to compliance with applicable law and the applicable stock exchange rules, the Board, in its
discretion, may perform any action of the Committee hereunder. To the extent that the Board, a subcommittee or the CEO, as described
below administers the Plan, references in the Plan to the “Committee” shall be deemed to refer to the Board
or such subcommittee or the CEO.

 

(b)
Delegation to CEO. Subject to compliance with applicable law and applicable stock exchange requirements, the Committee
may delegate all or part of its authority and power to the CEO, as it deems appropriate, with respect to Grants to Employees or
Key Advisors who are not executive officers under section 16 of the Exchange Act.

 

(c)
Committee Authority. The Committee shall have the sole authority to (i) determine the individuals to whom Grants shall
be made under the Plan, (ii) determine the type, size, terms and conditions of the Grants to be made to each such individual,
(iii) determine the time when the Grants will be made and the duration of any applicable exercise or restriction period, including
the criteria for exercisability and the acceleration of exercisability, (v) amend the terms of any previously issued Grant, subject
to the provisions of Section 17 below, (vi) determine and adopt terms, guidelines, and provisions, not inconsistent with the Plan
and applicable law, that apply to individuals residing outside of the United States who receive Grants under the Plan, and (vii)
deal with any other matters arising under the Plan.

 

(d)
Committee Determinations. The Committee shall have full power and express discretionary authority to administer and interpret
the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing
the Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion. The Committee’s
interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be
conclusive and binding on all persons having any interest in the Plan or in any awards granted hereunder. All powers of the Committee
shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives
of the Plan and need not be uniform as to similarly situated individuals.

 

    	 	 	 

    	 	 	 

    

 

(e)
Indemnification. No member of the Committee or the Board, and no employee of the Company shall be liable for any act or
failure to act with respect to the Plan, except in circumstances involving his or her bad faith or willful misconduct, or for
any act or failure to act hereunder by any other member of the Committee or employee or by any agent to whom duties in connection
with the administration of this Plan have been delegated. The Company shall indemnify members of the Committee and the Board and
any agent of the Committee or the Board who is an employee of the Company or a subsidiary against any and all liabilities or expenses
to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except
in circumstances involving such person’s bad faith or willful misconduct.

 

Section
3. Grants

 

Grants
under the Plan may consist of Options as described in Section 6, Stock Awards as described in Section 7, Stock Units as described
in Section 8, SARs as described in Section 9, and Other Stock-Based Awards as described in Section 10. All Grants shall be subject
to the terms and conditions set forth herein and to such other terms and conditions consistent with this Plan as the Committee
deems appropriate and as are specified in writing by the Committee to the individual in the Grant Instrument. All Grants shall
be made conditional upon the Participant’s acknowledgement, in writing or by acceptance of the Grant, that all decisions
and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and any other person
having or claiming an interest under such Grant. Grants under a particular Section of the Plan need not be uniform as among the
Participants.

 

Section
4. Shares Subject to the Plan

 

(a)
Shares Authorized. Subject to adjustment as described below in Sections 4(b) and 4(e) below, the aggregate number of shares
of Company Stock that may be issued or transferred under the Plan shall be 4,000,000 shares of Company Stock. In addition, shares
of the Company Stock underlying any outstanding award granted under the Prior Plan that, following the Effective Date, expires,
or is terminated, surrendered or forfeited for any reason without issuance of such shares shall be available for the award of
new Grants under this Plan. Subject to adjustment as described below in Sections 4(b) and 4(e) below, the aggregate number of
shares of Company Stock that may be issued or transferred under the Plan pursuant to Incentive Stock Options shall not exceed
4,000,000 shares of Company Stock.

 

(b)
Source of Shares; Share Counting. Shares issued or transferred under the Plan may be authorized but unissued shares of
Company Stock or reacquired shares of Company Stock, including shares purchased by the Company on the open market for purposes
of the Plan. If and to the extent Options or SARs granted under the Plan, expire or are canceled, forfeited, exchanged or surrendered
without having been exercised, or if any Stock Awards, Stock Units or Other Stock-Based Awards are forfeited, terminated or otherwise
not paid in full, the shares subject to such Grants shall again be available for purposes of the Plan. If shares of Company Stock
otherwise issuable under the Plan are surrendered in payment of the Exercise Price of an Option, then the number of shares of
Company Stock available for issuance under the Plan shall be reduced only by the net number of shares actually issued by the Company
upon such exercise and not by the gross number of shares as to which such Option is exercised. Upon the exercise of any SAR under
the Plan, the number of shares of Company Stock available for issuance under the Plan shall be reduced by only by the net number
of shares actually issued by the Company upon such exercise. If shares of Company Stock otherwise issuable under the Plan are
withheld by the Company in satisfaction of the withholding taxes incurred in connection with the issuance, vesting or exercise
of any Grant or the issuance of Company Stock thereunder, then the number of shares of Company Stock available for issuance under
the Plan shall be reduced by the net number of shares issued, vested or exercised under such Grant, calculated in each instance
after payment of such share withholding. To the extent any Grants are paid in cash, and not in shares of Company Stock, any shares
previously subject to such Grants shall again be available for issuance or transfer under the Plan. For the avoidance of doubt,
if shares are repurchased by the Company on the open market with the proceeds of the Exercise Price of Options, such shares may
not again be made available for issuance under the Plan.

 

    	 	 	 

    	 	 	 

    

 

(c)
Substitute Awards. Shares issued or transferred under Grants made pursuant to an assumption, substitution or exchange for
previously granted awards of a company acquired by the Company in a transaction (“Substitute Awards”) shall
not reduce the number of shares of Company Stock available under the Plan and available shares under a stockholder approved plan
of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Grants under the Plan and shall
not reduce the Plan’s share reserve (subject to applicable stock exchange listing and Code requirements).

 

(d)
Individual Limits for Non-Employee Directors. Subject to adjustment as described below in Section 4(e), the maximum aggregate
grant date value of shares of Company Stock subject to Grants granted to any Non-Employee Director during any calendar year, taken
together with any cash fees earned by such Non-Employee Director for services rendered during the calendar year, shall not exceed
$250,000 in total value. For purposes of this limit, the value of such Grants shall be calculated based on the grant date fair
value of such Grants for financial reporting purposes.

 

(e)
Adjustments. If there is any change in the number or kind of shares of Company Stock outstanding by reason of (i) a stock
dividend, spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) a merger, reorganization or consolidation,
(iii) a reclassification or change in par value, or (iv) any other extraordinary or unusual event affecting the outstanding Company
Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Company Stock
is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution,
the maximum number and kind of shares of Company Stock available for issuance under the Plan, the maximum amount of Grants which
a Non-Employee Director may receive in any year, the number and kind of shares covered by outstanding Grants, the number and kind
of shares issued and to be issued under the Plan, and the price per share or the applicable market value of such Grants shall
be equitably adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of,
the issued shares of Company Stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits
under the Plan and such outstanding Grants; provided, however, that any fractional shares resulting from such adjustment shall
be eliminated. In addition, in the event of a Change of Control, the provisions of Section 12 of the Plan shall apply. Any adjustments
to outstanding Grants shall be consistent with section 409A or 424 of the Code, to the extent applicable. The adjustments of Grants
under this Section 4(e) shall include adjustment of shares, Exercise Price of Stock Options, base amount of SARs, Performance
Goals or other terms and conditions, as the Committee deems appropriate. The Committee shall have the sole discretion and authority
to determine what appropriate adjustments shall be made and any adjustments determined by the Committee shall be final, binding
and conclusive.

 

Section
5. Eligibility for Participation

 

(a)
Eligible Persons. All Employees and Non-Employee Directors shall be eligible to participate in the Plan. Key Advisors shall
be eligible to participate in the Plan if the Key Advisors render bona fide services to the Employer, the services are not in
connection with the offer and sale of securities in a capital-raising transaction and the Key Advisors do not directly or indirectly
promote or maintain a market for the Company’s securities.

 

    	 	 	 

    	 	 	 

    

 

(b)
Selection of Participants. The Committee shall select the Employees, Non-Employee Directors and Key Advisors to receive
Grants and shall determine the number of shares of Company Stock subject to a particular Grant in such manner as the Committee
determines.

 

Section
6. Options

 

The
Committee may grant Options to an Employee, Non-Employee Director or Key Advisor upon such terms as the Committee deems appropriate.
The following provisions are applicable to Options:

 

(a)
Number of Shares. The Committee shall determine the number of shares of Company Stock that will be subject to each Grant
of Options to Employees, Non-Employee Directors and Key Advisors.

 

(b)
Type of Option and Exercise Price.

 

(i)
The Committee may grant Incentive Stock Options or Nonqualified Stock Options or any combination of the two, all in accordance
with the terms and conditions set forth herein. Incentive Stock Options may be granted only to employees of the Company or its
parent or subsidiary corporations, as defined in section 424 of the Code. Nonqualified Stock Options may be granted to Employees,
Non-Employee Directors and Key Advisors.

 

(ii)
The Exercise Price of Company Stock subject to an Option shall be determined by the Committee and shall be equal to or greater
than the Fair Market Value of a share of Company Stock on the date the Option is granted. However, an Incentive Stock Option may
not be granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company, or any parent or subsidiary corporation of the Company, as defined in section 424 of the
Code, unless the Exercise Price per share is not less than 110% of the Fair Market Value of a share of Company Stock on the date
of grant.

 

(c)
Option Term. The Committee shall determine the term of each Option. The term of any Option shall not exceed ten years from
the date of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company, or any parent or subsidiary corporation
of the Company, as defined in section 424 of the Code, may not have a term that exceeds five years from the date of grant. Notwithstanding
the foregoing, in the event that on the last business day of the term of an Option (other than an Incentive Stock Option), the
exercise of the Option is prohibited by applicable law, including a prohibition on purchases or sales of Company Stock under the
Company’s insider trading policy, the term of the Option shall be extended for a period of 30 days following the end of
the legal prohibition, unless the Committee determines otherwise.

 

(d)
Exercisability of Options. Options shall become exercisable in accordance with such terms and conditions, consistent with
the Plan, as may be determined by the Committee and specified in the Grant Instrument. The Committee may accelerate the exercisability
of any or all outstanding Options at any time for any reason.

 

(e)
Grants to Non-Exempt Employees. Notwithstanding the foregoing, Options granted to persons who are non-exempt employees
under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months after the date of grant
(except that such Options may become exercisable, as determined by the Committee, upon the Participant’s death, Disability
or retirement, or upon a Change of Control or other circumstances permitted by applicable regulations).

 

    	 	 	 

    	 	 	 

    

 

(f)
Termination of Employment or Service. Except as provided in the Grant Instrument, an Option may only be exercised while
the Participant is employed by, or providing services to, the Employer. The Committee shall determine in the Grant Instrument
under what circumstances and during what time periods a Participant may exercise an Option after termination of employment or
service.

 

(g)
Exercise of Options. A Participant may exercise an Option that has become exercisable, in whole or in part, by delivering
a notice of exercise to the Company. The Participant shall pay the Exercise Price for an Option as specified by the Committee
(i) in cash, (ii) unless the Committee determines otherwise, by delivering shares of Company Stock owned by the Participant and
having a Fair Market Value on the date of exercise at least equal to the Exercise Price or by attestation (on a form prescribed
by the Committee) to ownership of shares of Company Stock having a Fair Market Value on the date of exercise at least equal to
the Exercise Price, (iii) by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve
Board, (iv) if permitted by the Committee, by withholding shares of Company Stock subject to the exercisable Option, which have
a Fair Market Value on the date of exercise equal to the Exercise Price, or (v) by such other method as the Committee may approve.
Shares of Company Stock used to exercise an Option shall have been held by the Participant for the requisite period of time necessary
to avoid adverse accounting consequences to the Company with respect to the Option. Payment for the shares to be issued or transferred
pursuant to the Option, and any required withholding taxes, must be received by the Company by the time specified by the Committee
depending on the type of payment being made, but in all cases prior to the issuance or transfer of such shares.

 

(h)
Limits on Incentive Stock Options. Each Incentive Stock Option shall provide that, if the aggregate Fair Market Value of
the Company Stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by
a Participant during any calendar year, under the Plan or any other stock option plan of the Company or a parent or subsidiary,
exceeds $100,000, then the Option, as to the excess, shall be treated as a Nonqualified Stock Option.

 

Section
7. Stock Awards

 

The
Committee may issue or transfer shares of Company Stock to an Employee, Non-Employee Director or Key Advisor under a Stock Award,
upon such terms as the Committee deems appropriate. The following provisions are applicable to Stock Awards:

 

(a)
General Requirements. Shares of Company Stock issued or transferred pursuant to Stock Awards may be issued or transferred
for consideration or for no consideration, and subject to restrictions or no restrictions, as determined by the Committee. The
Committee may, but shall not be required to, establish conditions under which restrictions on Stock Awards shall lapse over a
period of time or according to such other criteria as the Committee deems appropriate, including, without limitation, restrictions
based on the achievement of specific Performance Goals. The period of time during which the Stock Awards will remain subject to
restrictions will be designated in the Grant Instrument as the “Restriction Period.”

 

(b)
Number of Shares. The Committee shall determine the number of shares of Company Stock to be issued or transferred pursuant
to a Stock Award and the restrictions applicable to such shares.

 

(c)
Requirement of Employment or Service. If the Participant ceases to be employed by, or provide service to, the Employer
during a period designated in the Grant Instrument as the Restriction Period, or if other specified conditions are not met, the
Stock Award shall terminate as to all shares covered by the Grant as to which the restrictions have not lapsed, and those shares
of Company Stock must be immediately returned to the Company. The Committee may, however, provide for complete or partial exceptions
to this requirement as it deems appropriate.

 

    	 	 	 

    	 	 	 

    

 

(d)
Restrictions on Transfer and Legend on Stock Certificate. During the Restriction Period, a Participant may not sell, assign,
transfer, pledge or otherwise dispose of the shares of a Stock Award except under Section 15 below. Unless otherwise determined
by the Committee, the Company will retain possession of certificates for shares of Stock Awards until all restrictions on such
shares have lapsed. Each certificate for a Stock Award, unless held by the Company, shall contain a legend giving appropriate
notice of the restrictions in the Grant. The Participant shall be entitled to have the legend removed from the stock certificate
covering the shares subject to restrictions when all restrictions on such shares have lapsed. The Committee may determine that
the Company will not issue certificates for Stock Awards until all restrictions on such shares have lapsed.

 

(e)
Right to Vote and to Receive Dividends. Unless the Committee determines otherwise, during the Restriction Period, the Participant
shall have the right to vote shares of Stock Awards and to receive any dividends or other distributions paid on such shares, subject
to any restrictions deemed appropriate by the Committee, including, without limitation, the achievement of specific Performance
Goals. Dividends with respect to Stock Awards that vest based on performance shall vest if and to the extent that the underlying
Stock Award vests, as determined by the Committee.

 

(f)
Lapse of Restrictions. All restrictions imposed on Stock Awards shall lapse upon the expiration of the applicable Restriction
Period and the satisfaction of all conditions, if any, imposed by the Committee. The Committee may determine, as to any or all
Stock Awards, that the restrictions shall lapse without regard to any Restriction Period.

 

Section
8. Stock Units

 

The
Committee may grant Stock Units, each of which shall represent one hypothetical share of Company Stock, to an Employee, Non-Employee
Director or Key Advisor upon such terms and conditions as the Committee deems appropriate. The following provisions are applicable
to Stock Units:

 

(a)
Crediting of Units. Each Stock Unit shall represent the right of the Participant to receive a share of Company Stock or
an amount of cash based on the value of a share of Company Stock, if and when specified conditions are met. All Stock Units shall
be credited to bookkeeping accounts established on the Company’s records for purposes of the Plan.

 

(b)
Terms of Stock Units. The Committee may grant Stock Units that vest and are payable if specified Performance Goals or other
conditions are met, or under other circumstances. Stock Units may be paid at the end of a specified performance period or other
period, or payment may be deferred to a date authorized by the Committee. The Committee may accelerate vesting or payment, as
to any or all Stock Units at any time for any reason, provided such acceleration complies with section 409A of the Code. The Committee
shall determine the number of Stock Units to be granted and the requirements applicable to such Stock Units.

 

(c)
Requirement of Employment or Service. If the Participant ceases to be employed by, or provide service to, the Employer
prior to the vesting of Stock Units, or if other conditions established by the Committee are not met, the Participant’s
Stock Units shall be forfeited. The Committee may, however, provide for complete or partial exceptions to this requirement as
it deems appropriate.

 

(d)
Payment With Respect to Stock Units. Payments with respect to Stock Units shall be made in cash, Company Stock or any combination
of the foregoing, as the Committee shall determine.

 

    	 	 	 

    	 	 	 

    

 

Section
9. Stock Appreciation Rights

 

The
Committee may grant SARs to an Employee, Non-Employee Director or Key Advisor separately or in tandem with any Option. The following
provisions are applicable to SARs:

 

(a)
General Requirements. The Committee may grant SARs to an Employee, Non-Employee Director or Key Advisor separately or in
tandem with any Option (for all or a portion of the applicable Option). Tandem SARs may be granted either at the time the Option
is granted or at any time thereafter while the Option remains outstanding; provided, however, that, in the case of an Incentive
Stock Option, SARs may be granted only at the time of the grant of the Incentive Stock Option. The Committee shall establish the
base amount of the SAR at the time the SAR is granted. The base amount of each SAR shall be equal to or greater than the Fair
Market Value of a share of Company Stock as of the date of grant of the SAR. The term of any SAR shall not exceed ten years from
the date of grant. Notwithstanding the foregoing, in the event that on the last business day of the term of a SAR, the exercise
of the SAR is prohibited by applicable law, including a prohibition on purchases or sales of Company Stock under the Company’s
insider trading policy, the term shall be extended for a period of 30 days following the end of the legal prohibition, unless
the Committee determines otherwise.

 

(b)
Tandem SARs. In the case of tandem SARs, the number of SARs granted to a Participant that shall be exercisable during a
specified period shall not exceed the number of shares of Company Stock that the Participant may purchase upon the exercise of
the related Option during such period. Upon the exercise of an Option, the SARs relating to the Company Stock covered by such
Option shall terminate. Upon the exercise of SARs, the related Option shall terminate to the extent of an equal number of shares
of Company Stock.

 

(c)
Exercisability. A SAR shall be exercisable during the period specified by the Committee in the Grant Instrument and shall
be subject to such vesting and other restrictions as may be specified in the Grant Instrument. The Committee may accelerate the
exercisability of any or all outstanding SARs at any time for any reason. SARs may only be exercised while the Participant is
employed by, or providing service to, the Employer or during the applicable period after termination of employment or service
as specified by the Committee. A tandem SAR shall be exercisable only during the period when the Option to which it is related
is also exercisable.

 

(d)
Grants to Non-Exempt Employees. Notwithstanding the foregoing, SARs granted to persons who are non-exempt employees under
the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months after the date of grant (except
that such SARs may become exercisable, as determined by the Committee, upon the Participant’s death, Disability or retirement,
or upon a Change of Control or other circumstances permitted by applicable regulations).

 

(e)
Value of SARs. When a Participant exercises SARs, the Participant shall receive in settlement of such SARs an amount equal
to the value of the stock appreciation for the number of SARs exercised. The stock appreciation for a SAR is the amount by which
the Fair Market Value of the underlying Company Stock on the date of exercise of the SAR exceeds the base amount of the SAR as
described in subsection (a).

 

(f)
Form of Payment. The appreciation in a SAR shall be paid in shares of Company Stock, cash or any combination of the foregoing,
as the Committee shall determine. For purposes of calculating the number of shares of Company Stock to be received, shares of
Company Stock shall be valued at their Fair Market Value on the date of exercise of the SAR.

 

    	 	 	 

    	 	 	 

    

 

Section
10. Other Stock-Based Awards

 

The
Committee may grant Other Stock-Based Awards, which are awards (other than those described in Sections 6, 7, 8 and 9 of the Plan)
that are based on or measured by Company Stock, to any Employee, Non-Employee Director or Key Advisor, on such terms and conditions
as the Committee shall determine. Other Stock-Based Awards may be awarded subject to the achievement of Performance Goals or other
criteria or other conditions and may be payable in cash, Company Stock or any combination of the foregoing, as the Committee shall
determine.

 

Section
11. Dividend Equivalents

 

The
Committee may grant Dividend Equivalents in connection with Stock Units or Other Stock-Based Awards. Dividend Equivalents may
be paid currently or accrued as contingent cash obligations and may be payable in cash or shares of Company Stock, and upon such
terms and conditions as the Committee shall determine. Dividend Equivalents with respect to Stock Units or Other Stock-Based Awards
that vest based on performance shall vest and be paid only if and to the extent the underlying Stock Units or Other Stock-Based
Awards vest and are paid, as determined by the Committee.

 

Section
12. Consequences of a Change of Control

 

(a)
Assumption of Outstanding Grants. Upon a Change of Control where the Company is not the surviving corporation (or survives
only as a subsidiary of another corporation), unless the Committee determines otherwise, all outstanding Grants that are not exercised
or paid at the time of the Change of Control shall be assumed by, or replaced with grants (with respect to cash, securities, or
a combination thereof) that have comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation).
After a Change of Control, references to the “Company” as they relate to employment matters shall include the successor
employer in the transaction, subject to applicable law.

 

(b)
Vesting Upon Certain Terminations of Employment. Unless the Grant Instrument provides otherwise, if a Participant’s
employment is terminated by the Employer without Cause upon or within 12 months following a Change of Control, the Participant’s
outstanding Grants shall become fully vested as of the date of such termination; provided that if the vesting of any such Grants
is based, in whole or in part, on performance, the applicable Grant Instrument shall specify how the portion of the Grant that
becomes vested pursuant to this Section 12(b) shall be calculated.

 

(c)
Other Alternatives. In the event of a Change of Control, if any outstanding Grants are not assumed by, or replaced with
grants that have comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation), the
Committee may (but is not obligated to) make adjustments to the terms and conditions of outstanding Grants, including, without
limitation, taking any of the following actions (or combination thereof) with respect to any or all outstanding Grants, without
the consent of any Participant: (i) the Committee may determine that outstanding Stock Options and SARs shall automatically accelerate
and become fully exercisable and the restrictions and conditions on outstanding Stock Awards, Stock Units and Dividend Equivalents
shall immediately lapse; (ii) the Committee may determine that Participants shall receive a payment in settlement of outstanding
Stock Units or Dividend Equivalents, in such amount and form as may be determined by the Committee; (iii) the Committee may require
that Participants surrender their outstanding Stock Options and SARs in exchange for a payment by the Company, in cash or Company
Stock as determined by the Committee, in an amount equal to the amount, if any, by which the then Fair Market Value of the shares
of Company Stock subject to the Participant’s unexercised Stock Options and SARs exceeds the Stock Option Exercise Price
or SAR base amount, and (iv) after giving Participants an opportunity to exercise all of their outstanding Stock Options and SARs,
the Committee may terminate any or all unexercised Stock Options and SARs at such time as the Committee deems appropriate. Such
surrender, termination or payment shall take place as of the date of the Change of Control or such other date as the Committee
may specify. Without limiting the foregoing, if the per share Fair Market Value of the Company Stock does not exceed the per share
Stock Option Exercise Price or SAR base amount, as applicable, the Company shall not be required to make any payment to the Participant
upon surrender of the Stock Option or SAR.

 

    	 	 	 

    	 	 	 

    

 

Section
13. Deferrals

 

The
Committee may permit or require a Participant to defer receipt of the payment of cash or the delivery of shares that would otherwise
be due to such Participant in connection with any Grant. If any such deferral election is permitted or required, the Committee
shall establish rules and procedures for such deferrals and may provide for interest or other earnings to be paid on such deferrals.
The rules and procedures for any such deferrals shall be consistent with applicable requirements of section 409A of the Code.

 

Section
14. Withholding of Taxes

 

(a)
Required Withholding. All Grants under the Plan shall be subject to applicable United States federal (including FICA),
state and local, foreign country or other tax withholding requirements. The Employer may require that the Participant or other
person receiving Grants or exercising Grants pay to the Employer an amount sufficient to satisfy such tax withholding requirements
with respect to such Grants, or the Employer may deduct from other wages and compensation paid by the Employer the amount of any
withholding taxes due with respect to such Grants.

 

(b)
Share Withholding. The Committee may permit or require the Employer’s tax withholding obligation with respect to
Grants paid in Company Stock to be satisfied by having shares withheld up to an amount that does not exceed the Participant’s
applicable withholding tax rate for United States federal (including FICA), state and local, foreign country or other tax liabilities.
The Committee may, in its discretion, and subject to such rules as the Committee may adopt, allow Participants to elect to have
such share withholding applied to all or a portion of the tax withholding obligation arising in connection with any particular
Grant. Unless the Committee determines otherwise, share withholding for taxes shall not exceed the Participant’s minimum
applicable tax withholding amount.

 

Section
15. Transferability of Grants

 

(a)
Nontransferability of Grants. Except as described in subsection (b) below, only the Participant may exercise rights under
a Grant during the Participant’s lifetime. A Participant may not transfer those rights except (i) by will or by the laws
of descent and distribution or (ii) with respect to Grants other than Incentive Stock Options, pursuant to a domestic relations
order. When a Participant dies, the personal representative or other person entitled to succeed to the rights of the Participant
may exercise such rights. Any such successor must furnish proof satisfactory to the Company of his or her right to receive the
Grant under the Participant’s will or under the applicable laws of descent and distribution.

 

(b)
Transfer of Nonqualified Stock Options and Stock Awards. Notwithstanding the foregoing, the Committee may provide, in a
Grant Instrument or at such other time after the grant of an award, that a Participant may transfer Nonqualified Stock Options
or Stock Awards to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent
with the applicable securities laws, according to such terms as the Committee may determine; provided that the Participant receives
no consideration for the transfer of an Option or Stock Award and the transferred Option or Stock Award shall continue to be subject
to the same terms and conditions as were applicable to the Option or Stock Award immediately before the transfer.

 

    	 	 	 

    	 	 	 

    

 

Section
16. Requirements for Issuance or Transfer of Shares

 

No
Company Stock shall be issued or transferred in connection with any Grant hereunder unless and until all legal requirements applicable
to the issuance or transfer of such Company Stock have been complied with to the satisfaction of the Committee. The Committee
shall have the right to condition any Grant on the Participant’s undertaking in writing to comply with such restrictions
on his or her subsequent disposition of the shares of Company Stock as the Committee shall deem necessary or advisable, and certificates
representing such shares may be legended to reflect any such restrictions. Certificates representing shares of Company Stock issued
or transferred under the Plan may be subject to such stop-transfer orders and other restrictions as the Committee deems appropriate
to comply with applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon.

 

Section
17. Amendment and Termination of the Plan

 

(a)
Amendment. The Board may amend or terminate the Plan at any time; provided, however, that the Board shall not amend the
Plan without stockholder approval if such approval is required in order to comply with the Code or other applicable law, or to
comply with applicable stock exchange requirements.

 

(b)
No Repricing of Options or SARs. Except in connection with a corporate transaction involving the Company (including, without
limitation, any stock dividend, distribution (whether in the form of cash, Company Stock, other securities or property), stock
split, extraordinary cash dividend, recapitalization, change in control, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of shares of Company Stock or other securities, or similar transactions), the Company may
not, without obtaining stockholder approval, (i) amend the terms of outstanding Stock Options or SARs to reduce the Exercise Price
of such outstanding Stock Options or base price of such SARs, (ii) cancel outstanding Stock Options or SARs in exchange for Stock
Options or SARs with an Exercise Price or base price, as applicable, that is less than the Exercise Price or base price of the
original Stock Options or SARs or (iii) cancel outstanding Stock Options or SARs with an Exercise Price or base price, as applicable,
above the current stock price in exchange for cash or other securities.

 

(c)
Termination of Plan. The Plan shall terminate on the day immediately preceding the tenth anniversary of its Effective Date,
unless the Plan is terminated earlier by the Board or is extended by the Board with the approval of the stockholders.

 

(d)
Termination and Amendment of Outstanding Grants. A termination or amendment of the Plan that occurs after a Grant is made
shall not materially impair the rights of a Participant with respect to such Grant unless the Participant consents or unless the
Committee acts under Section 18(f) below. The termination of the Plan shall not impair the power and authority of the Committee
with respect to an outstanding Grant. Whether or not the Plan has terminated, an outstanding Grant may be terminated or amended
under Section 18(f) below or may be amended by agreement of the Company and the Participant consistent with the Plan.

 

Section
18. Miscellaneous

 

(a)
Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in the Plan shall be construed to (i)
limit the right of the Committee to make Grants under the Plan in connection with the acquisition, by purchase, lease, merger,
consolidation or otherwise, of the business or assets of any corporation, firm or association, including Grants to employees thereof
who become Employees, or (ii) limit the right of the Company to grant stock options or make other awards outside of the Plan.
The Committee may make a Grant to an employee of another corporation who becomes an Employee by reason of a corporate merger,
consolidation, acquisition of stock or property, reorganization or liquidation involving the Company, in substitution for a stock
option or stock awards grant made by such corporation. Notwithstanding anything in the Plan to the contrary, the Committee may
establish such terms and conditions of the new Grants as it deems appropriate, including setting the Exercise Price of Options
or the base price of SARs at a price necessary to retain for the Participant the same economic value as the prior options or rights.

 

    	 	 	 

    	 	 	 

    

 

(b)
Governing Document. The Plan shall be the controlling document. No other statements, representations, explanatory materials
or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company
and its successors and assigns.

 

(c)
Funding of the Plan. The Plan shall be unfunded. The Company shall not be required to establish any special or separate
fund or to make any other segregation of assets to assure the payment of any Grants under the Plan.

 

(d)
Rights of Participants. Nothing in the Plan shall entitle any Employee, Non-Employee Director, Key Advisor or other person
to any claim or right to receive a Grant under the Plan. Neither the Plan nor any action taken hereunder shall be construed as
giving any individual any rights to be retained by or in the employ of the Employer or any other employment rights.

 

(e)
No Fractional Shares. No fractional shares of Company Stock shall be issued or delivered pursuant to the Plan or any Grant.
Except as otherwise provided under the Plan, the Committee shall determine whether cash, other awards or other property shall
be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited
or otherwise eliminated.

 

(f)
Compliance with Law.

 

(i)
The Plan, the exercise of Options and SARs and the obligations of the Company to issue or transfer shares of Company Stock under
Grants shall be subject to all applicable laws and regulations, and to approvals by any governmental or regulatory agency as may
be required. With respect to persons subject to section 16 of the Exchange Act, it is the intent of the Company that the Plan
and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act.
In addition, it is the intent of the Company that Incentive Stock Options comply with the applicable provisions of section 422
of the Code, and that, to the extent applicable, Grants comply with the requirements of section 409A of the Code. To the extent
that any legal requirement of section 16 of the Exchange Act or section 422 or 409A of the Code as set forth in the Plan ceases
to be required under section 16 of the Exchange Act or section 422 or 409A of the Code, that Plan provision shall cease to apply.
The Committee may revoke any Grant if it is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory
government regulation. The Committee may also adopt rules regarding the withholding of taxes on payments to Participants. The
Committee may, in its sole discretion, agree to limit its authority under this Section.

 

(ii)
The Plan is intended to comply with the requirements of section 409A of the Code, to the extent applicable. Each Grant shall be
construed and administered such that the Grant either (A) qualifies for an exemption from the requirements of section 409A of
the Code or (B) satisfies the requirements of section 409A of the Code. If a Grant is subject to section 409A of the Code, (I)
distributions shall only be made in a manner and upon an event permitted under section 409A of the Code, (II) payments to be made
upon a termination of employment or service shall only be made upon a “separation from service” under section 409A
of the Code, (III) unless the Grant specifies otherwise, each installment payment shall be treated as a separate payment for purposes
of section 409A of the Code, and (IV) in no event shall a Participant, directly or indirectly, designate the calendar year in
which a distribution is made except in accordance with section 409A of the Code.

 

    	 	 	 

    	 	 	 

    

 

(iii)
Any Grant that is subject to section 409A of the Code and that is to be distributed to a Key Employee (as defined below) upon
separation from service shall be administered so that any distribution with respect to such Grant shall be postponed for six months
following the date of the Participant’s separation from service, if required by section 409A of the Code. If a distribution
is delayed pursuant to section 409A of the Code, the distribution shall be paid within 15 days after the end of the six-month
period. If the Participant dies during such six-month period, any postponed amounts shall be paid within 90 days of the Participant’s
death. The determination of Key Employees, including the number and identity of persons considered Key Employees and the identification
date, shall be made by the Committee or its delegate each year in accordance with section 416(i) of the Code and the “specified
employee” requirements of section 409A of the Code.

 

(iv)
Notwithstanding anything in the Plan or any Grant agreement to the contrary, each Participant shall be solely responsible for
the tax consequences of Grants under the Plan, and in no event shall the Company or any subsidiary or affiliate of the Company
have any responsibility or liability if a Grant does not meet any applicable requirements of section 409A of the Code. Although
the Company intends to administer the Plan to prevent taxation under section 409A of the Code, the Company does not represent
or warrant that the Plan or any Grant complies with any provision of federal, state, local or other tax law.

 

(g)
Grants in Foreign Countries; Establishment of Subplans. The Committee has the authority to award Grants to Participants
who are foreign nationals or employed outside the United States on any different terms and conditions than those specified in
the Plan that the Committee, in its discretion, believes to be necessary or desirable to accommodate differences in applicable
law, tax policy, or custom, while furthering the purposes of the Plan. The Board may from time to time establish one or more sub-plans
under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall
establish such sub-plans by adopting supplements to the Plan setting forth (i) such limitations on the Committee’s discretion
under the Plan as the Board deems necessary or desirable and (ii) such additional terms and conditions not otherwise inconsistent
with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part
of the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Employer shall not
be required to provide copies of any supplement to Participants in any jurisdiction that is not affected. Notwithstanding the
foregoing, the Committee may not approve any sub-plan inconsistent with the terms or share limits in the Plan or which would otherwise
cause the Plan to cease to satisfy any conditions under Rule 16b-3 under the 1934 Act.

 

(h)
Clawback Rights. Subject to the requirements of applicable law, the Committee may provide in any Grant Instrument that,
if a Participant breaches any restrictive covenant agreement between the Participant and the Employer (which may be set forth
in any Grant Instrument) or otherwise engages in activities that constitute Cause either while employed by, or providing service
to, the Employer or within a specified period of time thereafter, all Grants held by the Participant shall terminate, and the
Company may rescind any exercise of an Option or SAR and the vesting of any other Grant and delivery of shares upon such exercise
or vesting (including pursuant to dividends and Dividend Equivalents), as applicable on such terms as the Committee shall determine,
including the right to require that in the event of any such rescission, (i) the Participant shall return to the Company the shares
received upon the exercise of any Option or SAR and/or the vesting and payment of any other Grant (including pursuant to dividends
and Dividend Equivalents) or, (ii) if the Participant no longer owns the shares, the Participant shall pay to the Company the
amount of any gain realized or payment received as a result of any sale or other disposition of the shares (or, in the event the
Participant transfers the shares by gift or otherwise without consideration, the Fair Market Value of the shares on the date of
the breach of the restrictive covenant agreement (including a Participant’s Grant Instrument containing restrictive covenants)
or activity constituting Cause), net of the price originally paid by the Participant for the shares. Payment by the Participant
shall be made in such manner and on such terms and conditions as may be required by the Committee. The Employer shall be entitled
to set off against the amount of any such payment any amounts otherwise owed to the Participant by the Employer. In addition,
all Grants under the Plan shall be subject to any applicable clawback or recoupment policies, share trading policies and other
policies that may be implemented by the Board from time to time.

 

(i)
Governing Law; Jurisdiction. The validity, construction, interpretation and effect of the Plan and Grant Instruments issued
under the Plan shall be governed and construed by and determined in accordance with the laws of the Commonwealth of Massachusetts,
without giving effect to the conflict of laws provisions thereof. Any action arising out of, or relating to, any of the provisions
of the Plan and Grants made hereunder shall be brought only in the United States District Court for the District of Massachusetts,
or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Massachusetts,
and the jurisdiction of such court in any such proceeding shall be exclusive.

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