Document:

Exhibit
4.3

 

ONDAS
HOLDINGS INC.

 

AND

 

[TRUSTEE]

 

Trustee

 

 

 

INDENTURE

 

DATED
AS OF ___________, 202__

 

 

 

 

SUBORDINATED
DEBT SECURITIES

 

 

 

     

     

    

 

ONDAS
HOLDINGS INC.

RECONCILIATION
AND TIE BETWEEN TRUST INDENTURE ACT OF 1939,

AS
AMENDED, AND INDENTURE, DATED AS OF ________, 202__

 

	TRUST
    INDENTURE ACT SECTION	 	INDENTURE
    SECTION
	 	 	 
	Section
    310(a)(1)	 	6.9
	(a)(2)	 	6.9
	(a)(3)	 	Not
    Applicable
	(a)(4)	 	Not
    Applicable
	(a)(5)	 	6.9
	(b)	 	6.8
	Section
    311	 	6.13
	Section
    312(a)	 	7.1,
    7.2(a)
	(b)	 	7.2(b)
	(c)	 	7.2(c)
	Section
    313(a)	 	7.3
	(b)	 	*
	(c)	 	*
	(d)	 	7.3
	Section
    314(a)	 	7.4
	(a)(4)	 	10.5
	(b)	 	Not
    Applicable
	(c)(1)	 	1.3
	(c)(2)	 	1.3
	(c)(3)	 	Not
    Applicable
	(d)	 	Not
    Applicable
	(e)	 	1.3
	Section
    315(a)	 	6.1(a)
	(b)	 	6.2
	(c)	 	6.1(b)
	(d)	 	6.1(c)
	(d)(1)	 	6.1(a)(1)
	(d)(2)	 	6.1(c)(2)
	(d)(3)	 	6.1(c)(3)
	(e)	 	5.14
	Section
    316(a)	 	1.1,
    1.2
	(a)(1)(A)	 	5.2,
    5.12
	(a)(1)(B)	 	5.13
	(a)(2)	 	Not
    Applicable
	(b)	 	5.8
	(c)	 	1.5(f)
	Section
    317(a)(1)	 	5.3
	(a)(2)	 	5.4
	(b)	 	10.3
	Section
    318(a)	 	1.8

 

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

 

 

		*	Deemed
included pursuant to Section 318(c) of the Trust Indenture Act

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    One	DEFINITIONS
    AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	1.1	Definitions	1
	1.2	Incorporation
    by Reference of Trust Indenture Act	8
	1.3	Compliance
    Certificates and Opinions	9
	1.4	Form
    of Documents Delivered to Trustee	9
	1.5	Acts
    of Holders; Record Dates	10
	1.6	Notices,
    Etc., to Trustee and Company	11
	1.7	Notice
    to Holders; Waiver	12
	1.8	Conflict
    with Trust Indenture Act	12
	1.9	Effect
    of Headings and Table of Contents	12
	1.1	Successors
    and Assigns	12
	1.11	Separability
    Clause	12
	1.12	Benefits
    of Indenture	12
	1.13	Governing
    Law	13
	1.14	Legal
    Holidays	13
	1.15	Securities
    in a Composite Currency, Currency Unit or Foreign Currency	13
	1.16	Payment
    in Required Currency; Judgment Currency	14
	1.17	Language
    of Notices, Etc	14
	1.18	Incorporators,
    Shareholders, Officers and Directors of the Company Exempt from Individual Liability	14
	ARTICLE
    Two	SECURITY
    FORMS	14
	2.1	Forms
    Generally	14
	2.2	Form
    of Face of Security	15
	2.3	Form
    of Reverse of Security	18
	2.4	Global
    Securities	22
	2.5	Form
    of Trustee’s Certificate of Authentication	22
	ARTICLE
    Three	THE
    SECURITIES	23
	3.1	Amount
    Unlimited; Issuable in Series	23
	3.2	Denominations	25
	3.3	Execution,
    Authentication, Delivery and Dating	26
	3.4	Temporary
    Securities	27
	3.5	Registration,
    Registration of Transfer and Exchange	28
	3.6	Mutilated,
    Destroyed, Lost and Stolen Securities	29
	3.7	Payment
    of Interest; Interest Rights Preserved	31
	3.8	Persons
    Deemed Owners	32
	3.9	Cancellation	32
	3.1	Computation
    of Interest	33
	3.11	CUSIP
    or CINS Numbers	33
	ARTICLE
    Four	SATISFACTION
    AND DISCHARGE	33
	4.1	Satisfaction
    and Discharge of Indenture	33
	4.2	Application
    of Trust Money	34

 

    i

     

    

 

	ARTICLE
    Five	REMEDIES	34
	5.1	Events
    of Default	34
	5.2	Acceleration
    of Maturity; Rescission and Annulment	35
	5.3	Collection
    of Indebtedness and Suits for Enforcement by Trustee	36
	5.4	Trustee
    May File Proofs of Claim	37
	5.5	Trustee
    May Enforce Claims Without Possession of Securities	38
	5.6	Application
    of Money Collected	38
	5.7	Limitation
    on Suits	38
	5.8	Unconditional
    Right of Holders to Receive Principal, Premium and Interest	39
	5.9	Restoration
    of Rights and Remedies	39
	5.1	Rights
    and Remedies Cumulative	39
	5.11	Delay
    or Omission Not Waiver	39
	5.12	Control
    by Holders	40
	5.13	Waiver
    of Past Defaults	40
	5.14	Undertaking
    for Costs	40
	5.15	Waiver
    of Stay or Extension Laws	41
	ARTICLE
    Six	THE
    TRUSTEE	41
	6.1	Certain
    Duties and Responsibilities	41
	6.2	Notice
    of Defaults	42
	6.3	Certain
    Rights of Trustee	42
	6.4	Not
    Responsible for Recitals or Issuance of Securities	44
	6.5	May
    Hold Securities	44
	6.6	Money
    Held in Trust	44
	6.7	Compensation
    and Reimbursement	44
	6.8	Disqualification;
    Conflicting Interests	45
	6.9	Corporate
    Trustee Required; Eligibility	45
	6.10	Resignation
    and Removal; Appointment of Successor	45
	6.11	Acceptance
    of Appointment by Successor	47
	6.12	Merger,
    Conversion, Consolidation or Succession to Business	48
	6.13	Preferential
    Collection of Claims Against Company	48
	6.14	Appointment
    of Authenticating Agent	49
	ARTICLE
    Seven	HOLDERS’
    LISTS AND REPORTS BY TRUSTEE AND COMPANY	50
	7.1	Company
    to Furnish Trustee Names and Addresses of Holders	50
	7.2	Preservation
    of Information; Communications to Holders	50
	7.3	Reports
    by Trustee	51
	7.4	Reports
    by Company	52

 

    ii

     

    

 

	ARTICLE
    Eight	CONSOLIDATION,
    AMALGAMATION, MERGER AND SALE	52
	8.1	Company
    May Consolidate, Etc., Only on Certain Terms	52
	8.2	Successor
    Substituted	53
	ARTICLE
    Nine	AMENDMENT,
    SUPPLEMENT AND WAIVER	53
	9.1	Without
    Consent of Holders	53
	9.2	With
    Consent of Holders	55
	9.3	Execution
    of Supplemental Indentures	56
	9.4	Effect
    of Supplemental Indentures	56
	9.5	Conformity
    with Trust Indenture Act	56
	9.6	Reference
    in Securities to Supplemental Indentures	56
	ARTICLE
    Ten	COVENANTS	56
	10.1	Payment
    of Principal, Premium and Interest	56
	10.2	Maintenance
    of Office or Agency	56
	10.3	Money
    for Securities Payments to be Held in Trust	58
	10.4	Existence	59
	10.5	Statement
    by Officers as to Default	59
	10.6	Additional
    Amounts	60
	ARTICLE
    Eleven	REDEMPTION
    OF SECURITIES	60
	11.1	Applicability
    of Article	60
	11.2	Election
    to Redeem; Notice to Trustee	61
	11.3	Selection
    by Trustee of Securities to be Redeemed	61
	11.4	Notice
    of Redemption	61
	11.5	Deposit
    of Redemption Price	62
	11.6	Securities
    Payable on Redemption Date	62
	11.7	Securities
    Redeemed in Part	62
	ARTICLE
    Twelve	SINKING
    FUNDS	63
	12.1	Applicability
    of Article	63
	12.2	Satisfaction
    of Sinking Fund Payments with Securities	63
	12.3	Redemption
    of Securities for Sinking Fund	63
	ARTICLE
    Thirteen	DEFEASANCE	64
	13.1	Option
    to Effect Legal Defeasance or Covenant Defeasance	64
	13.2	Legal
    Defeasance and Discharge	64
	13.3	Covenant
    Defeasance	65
	13.4	Conditions
    to Legal or Covenant Defeasance	65
	13.5	Deposited
    Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions	66
	13.6	Repayment	67
	13.7	Reinstatement	67
	ARTICLE
    Fourteen	SUBORDINATION
    OF SECURITIES	67
	14.1	Securities
    Subordinated to Senior Debt	67
	14.2	No
    Payment on Securities in Certain Circumstances	68
	14.3	Payment
    over Proceeds upon Dissolution, Etc	69
	14.4	Subrogation	71
	14.5	Obligations
    of Company Unconditional	71
	14.6	Notice
    to Trustee	72
	14.7	Reliance
    on Judicial Order or Certificate of Liquidating Agent	72
	14.8	Trustee’s
    Relation to Senior Debt	72
	14.9	Subordination
    Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt	73
	14.1	Holders
    Authorize Trustee to Effectuate Subordination of Securities	73
	14.11	Not
    to Prevent Events of Default	73
	14.12	Trustee’s
    Compensation Not Prejudiced	73
	14.13	No
    Waiver of Subordination Provisions	74
	14.14	Payments
    May Be Paid Prior to Dissolution	74
	14.15	Trust
    Moneys Not Subordinated	74

 

    iii

     

    

 

INDENTURE

 

INDENTURE,
dated as of __________, 202__, between ONDAS HOLDINGS INC., a corporation duly organized and existing under the laws of the State
of Nevada (herein called the “Company”), and [TRUSTEE], a banking corporation organized under the laws of the
United States, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of
its unsecured subordinated debentures, notes or other evidences of indebtedness (herein called the “Securities”),
to be issued in one or more series as provided in this Indenture;

 

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done; and

 

WHEREAS,
this Indenture is subject to the provisions of the Trust Indenture Act that are required to be a part of this Indenture and, to
the extent applicable, shall be governed by such provisions.

 

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

 

ARTICLE
ONE

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

1.1           Definitions.
For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)           the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(b)           all
terms used in this Indenture that are defined in the Trust Indenture Act, defined by a Trust Indenture Act reference to another
statute or defined by an SEC rule under the Trust Indenture Act have the meanings so assigned to them;

 

(c)           all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

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

 

    1

     

    

 

(e)           the
words “Article” and “Section” refer to an Article and Section, respectively, of this Indenture;
and

 

(f)           the
word “includes” and its derivatives means “includes, but is not limited to” and corresponding
derivative definitions.

 

Certain
terms, used principally in Article Six, are defined in that Article.

 

“Act,”
when used with respect to any Holder, has the meaning specified in Section 1.5.

 

“Additional
Defeasible Provision” means a covenant or other provision contained that is (a) made part of this Indenture pursuant
to a supplemental indenture hereto, a Board Resolution or an Officer’s Certificate delivered pursuant to Section 3.1,
and (b) pursuant to the terms set forth in such supplemental indenture, Board Resolution or Officer’s Certificate, made
subject to the provisions of Article Thirteen.

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.

 

“Banking
Day” means, in respect of any city, any date on which commercial banks are open for business in that city.

 

“Bankruptcy
Law” means any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law.

 

“Board
of Directors” means the board of directors of the Company or any duly authorized committee of that board to which the
powers of that board have been lawfully delegated.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company, the principal
financial officer of the Company, any other authorized officer of the Company, or a person duly authorized by any of them, in
each case as applicable, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of
such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant
to a Board Resolution (including the establishment of any series of the Securities and the forms and terms thereof), such action
may be taken by any committee, officer or employee of the Company authorized to take such action by the Board of Directors as
evidenced by a Board Resolution.

 

“Business
Day,” when used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which is
not a day on which banking institutions in that Place of Payment or other location are authorized or obligated by law, executive
order or regulation to close.

 

    2

     

    

  

“CINS”
means the CUSIP International Numbering System.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Company”
means the Person named as the “Company” in the first paragraph of this instrument until a successor or resulting corporation
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean
such successor or resulting corporation.

 

“Company
Request” or “Company Order” means, in the case of the Company, a written request or order signed
in the name of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its Chief Operating
Officer, its President, any of its Vice Presidents or any other duly authorized officer of the Company or any person duly authorized
by any of them, and delivered to the Trustee.

 

“Corporate
Trust Office” means the office of the Trustee at its address specified in Section 1.6 or such other address as
to which the Trustee may give notice to the Company.

 

“corporation”
includes corporations, companies, associations, partnerships, limited partnerships, limited liability companies, joint-stock companies
and trusts.

 

“Covenant
Defeasance” has the meaning specified in Section 13.3.

 

“CUSIP”
means the Committee on Uniform Securities Identification Procedures.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Debt”
means any obligation created or assumed by any Person for the repayment of money borrowed and any purchase money obligation created
or assumed by such Person and any guarantee of the foregoing.

 

“Default”
means, with respect to a series of Securities, any event that is, or after notice or lapse of time or both would be, an Event
of Default.

 

“Defaulted
Interest” has the meaning specified in Section 3.7.

 

“Definitive
Security” means a security other than a Global Security or a temporary Security.

 

“Depositary”
means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities,
a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated
by Section 3.1, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter shall mean or include each Person which is a Depositary hereunder, and if at any time there is more than one such
Person, shall be a collective reference to such Persons.

 

    3

     

    

 

“Designated
Senior Debt” shall have the meaning given to such term in any Board Resolution or indenture supplemental hereto.

 

“Dollar”
or “$” means the coin or currency of the United States of America, which at the time of payment is legal tender
for the payment of public and private debts.

 

“Event
of Default” has the meaning specified in Section 5.1.

 

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

 

“Foreign
Currency” means a currency used by the government of a country other than the United States of America.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time, including those
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as approved by a significant segment of the accounting profession. All ratios and computations based on GAAP contained
in this Indenture will be computed in conformity with GAAP.

 

“Global
Security” means a Security in global form that evidences all or part of a series of Securities and is authenticated
and delivered to, and registered in the name of, the Depositary for the Securities of such series or its nominee.

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument,
and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” also shall include the terms of a particular
series of Securities established as contemplated by Section 3.1.

 

“interest,”
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.

 

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

 

“Judgment
Currency” has the meaning specified in Section 1.16.

 

“Legal
Defeasance” has the meaning specified in Section 13.2.

 

    4

     

    

 

“mandatory
sinking fund payment” has the meaning specified in Section 12.1.

 

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

 

“Notice
of Default” means a written notice of the kind specified in Section 5.1(d).

 

“Officer’s
Certificate” means, in the case of the Company, a certificate signed by the Chairman of the Board, the Chief Executive
Officer, the Chief Financial Officer, the Chief Operating Officer, the President, any Vice President or any other duly authorized
officer of the Company, or a person duly authorized by any of them, and delivered to the Trustee.

 

“Opinion
of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company and who shall be
reasonably acceptable to the Trustee.

 

“optional
sinking fund payment” has the meaning specified in Section 12.1.

 

“Original
Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.

 

“Outstanding,”
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

 

(a)           Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(b)           Securities
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities; provided, however, that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(c)           Securities
which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are
valid obligations of the Company; and

 

    5

     

    

 

(d)           Securities,
except to the extent provided in Section 13.2 and Section 13.3, with respect to which the Company has effected Legal
Defeasance or Covenant Defeasance as provided in Article Thirteen, which Legal Defeasance or Covenant Defeasance then continues
in effect; provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal
amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant
to Section 5.2, (ii) the principal amount of a Security denominated in one or more currencies or currency units other
than U.S. dollars shall be the U.S. dollar equivalent of such currencies or currency units, determined in the manner provided
as contemplated by Section 3.1 on the date of original issuance of such Security or by Section 1.15, if not otherwise
so provided pursuant to Section 3.1, of the principal amount (or, in the case of an Original Issue Discount Security, the
U.S. dollar equivalent (as so determined) on the date of original issuance of such Security of the amount determined as provided
in clause (i) above) of such Security, and (iii) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned as described
in clause (iii) of the immediately preceding sentence which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor.

 

“Paying
Agent” means any Person authorized by the Company to pay the principal of and any premium or interest on any Securities
on behalf of the Company.

 

“Periodic
Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities, including,
without limitation, the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the
Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with
respect thereto, and any other terms specified as contemplated by Section 3.1 with respect thereto, are to be determined
by the Company upon the issuance of such Securities.

 

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

 

“Place
of Payment,” when used with respect to the Securities of any series, means, unless otherwise specifically provided for
with respect to such series as contemplated by Section 3.1, the office or agency of the Company in the City of New York
and such other place or places where, subject to the provisions of Section 10.2, the principal of and any premium and interest
on the Securities of that series are payable as contemplated by Section 3.1.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

 

    6

     

    

 

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

 

“Redemption
Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture.

 

“Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 3.1.

 

“Required
Currency” has the meaning specified in Section 1.16.

 

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

 

“SEC”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Security
Register” and “Security Registrar” have the respective meanings specified in Section 3.5.

 

“Senior
Debt” means (a) all Debt of the Company, whether currently outstanding or hereafter issued, unless, by the terms
of the instrument creating or evidencing such Debt, it is provided that such Debt is not superior in right of payment to the Securities,
and (b) any modifications, refunding, deferrals, renewals or extensions of any such Debt or securities, notes or other evidence
of Debt issued in exchange for such Debt; provided that in no event shall “Senior Debt” include (i) Debt of the
Company owed or owing to any Subsidiary of the Company or any officer, director or employee of the Company or any Subsidiary of
the Company, (ii) Debt to trade creditors or (iii) any liability for taxes owned or owing by the Company.

 

“Significant
Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning
of Rule 1-02 under Regulation S-X promulgated by the SEC.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

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

 

    7

     

    

 

“Subsidiary”
means (a) a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company
or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or (b) any partnership or similar
business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned.
For the purposes of this definition, “voting stock” means capital stock or equity interests which ordinarily
have voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting
power by reason of any contingency.

 

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

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument
was executed, except as provided in Section 9.5; provided, however, that if the Trust Indenture Act of 1939
is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended.

 

“U.S.
Person” shall have the meaning assigned to such term in Section 7701(a)(30) of the Code.

 

“U.S.
Government Obligations” means securities which are (a) direct obligations of the United States for the payment of which
its full faith and credit is pledged, or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States,
each of which are not callable or redeemable at the option of the issuer thereof.

 

“Vice
President,” when used with respect to the Company or the Trustee, means any vice president, regardless of whether designated
by a number or a word or words added before or after the title “vice president.”

 

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

 

“commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Holder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

    8

     

    

 

“obligor”
on the indenture securities means the Company or any other obligor on the indenture securities.

 

All
terms used in this Indenture that are defined by the Trust Indenture Act, defined by a Trust Indenture Act reference to another
statute or defined by an SEC rule under the Trust Indenture Act have the meanings so assigned to them.

 

1.3           Compliance
Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of
any such application or request as to which the furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no additional certificate or opinion need be furnished except as
required under Section 314(c) of the Trust Indenture Act.

 

Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates
provided for in Section 10.5) shall include:

 

(a)           a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

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

 

(c)           a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether such covenant or condition has been complied with; and

 

(d)           a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

1.4           Form
of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

 

Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows or, in the exercise of reasonable care, should know that
the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.
Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters
is in the possession of the Company unless such counsel knows that the certificate or opinion or representations with respect
to such matters are erroneous.

 

    9

     

    

 

Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

1.5           Acts
of Holders; Record Dates.

 

(a)           Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically
or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the
facilities of a Depositary) by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture
and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company if made in the
manner provided in this Section.

 

(b)        
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient.

 

(c)           The
ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person’s
holding of same, shall be proved by the Security Register.

 

(d)         
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, regardless of whether notation of such action is made upon such Security.

 

    10

     

    

 

(e)           Without
limiting the foregoing, a Holder entitled to give or take any action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any different part of such principal amount.

 

(f)           The
Company may set any day as the record date for the purpose of determining the Holders of Outstanding Securities of any series
entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted
by this Indenture to be given or taken by Holders of Securities of such series, but the Company shall have no obligation to do
so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series
on such record date (or their duly appointed agents), and only such Persons, shall be entitled to give or take the relevant action,
regardless of whether such Holders remain Holders after such record date.

 

1.6           Notices,
Etc., to Trustee and Company.

 

(a)           Any
notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or mailed
by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next
day delivery, to the others’ address:

 

If
to the Company:

 

Ondas
Holdings Inc.

61
Old South Rd. # 495

Nantucket,
MA 02554

Facsimile:
_________________

Attention:
Chief Executive Officer

 

If
to the Trustee:

 

[TRUSTEE],
as Trustee

_________________

_________________

Facsimile:
________

 

(b)           The
Company or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

(c)           All
notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; three Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

 

    11

     

    

 

1.7           Notice
to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by
such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, regardless of whether such Holder actually receives such notice.

 

Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

In
case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

 

1.8           Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act
that is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision
of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter
provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be.

 

1.9           Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

 

1.10           Successors
and Assigns. All covenants and agreements in this Indenture by the Company shall bind their respective successors and assigns,
whether so expressed or not.

 

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

 

1.12           Benefits
of Indenture. Nothing in this Indenture or in the Securities express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, the holders of Senior Debt and the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

    12

     

    

 

1.13           Governing
Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

1.14           Legal
Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business
Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision
of the Securities of any series that specifically states that such provision shall apply in lieu of this Section 1.14))
payment of interest or principal and any premium need not be made at such Place of Payment on such date, but may be made on the
next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be.

 

1.15           Securities
in a Composite Currency, Currency Unit or Foreign Currency. Unless otherwise specified in an Officer’s Certificate delivered
pursuant to Section 3.1 of this Indenture with respect to a particular series of Securities, whenever for purposes of this
Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all
series or all series affected by a particular action at the time Outstanding and, at such time, there are Outstanding Securities
of any series which are denominated in a coin, currency or currencies other than Dollars (including, but not limited to, any composite
currency, currency units or Foreign Currency), then the principal amount of Securities of such series which shall be deemed to
be Outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at
the Market Exchange Rate. For purposes of this Section 1.15, the term “Market Exchange Rate” shall mean
the noon Dollar buying rate in The City of New York for cable transfers of such currency or currencies as published by the Federal
Reserve Bank of New York, as of the most recent available date. If such Market Exchange Rate is not so available for any reason
with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation
of the Federal Reserve Bank of New York as of the most recent available date, or quotations or rates of exchange from one or more
major banks in The City of New York or in the country of issue of the currency in question, which for purposes of euros shall
be Brussels, Belgium, or such other quotations or rates of exchange as the Trustee shall deem appropriate. The provisions of this
paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series denominated in a currency
other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All
decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in
the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent
permitted by law for all purposes and irrevocably binding upon the Issuer and all Holders.

 

    13

     

    

 

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

 

1.17           Language
of Notices, Etc. Any request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under
this Indenture shall be in the English language, except that any published notice may be in an official language of the country
of publication.

 

1.18           Incorporators,
Shareholders, Officers and Directors of the Company Exempt from Individual Liability. No recourse under or upon any obligation,
covenant or agreement of or contained in this Indenture or of or contained in any Security or for any claim based thereon or otherwise
in respect thereof, or in any Security or because of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, member, officer, manager or director, as such, past, present or future, of the Company or any successor
Person, either directly or through the Company or any successor Person, whether by virtue of any constitution, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise, it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as a part of the consideration for, the execution of this Indenture
and the issue of the Securities.

 

ARTICLE
TWO

SECURITY
FORMS

 

2.1           Forms
Generally. The Securities of each series shall be in substantially the form set forth in this Article Two, or in such other
form or forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in
each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the
officers executing such Securities as evidenced by their execution thereof.

 

    14

     

    

 

The
definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities
of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by an authorized officer or other authorized person on behalf of the Company and delivered to the Trustee at or prior
to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.

 

The
forms of Global Securities of any series shall have such provisions and legends as are customary for Securities of such series
in global form, including without limitation any legend required by the Depositary for the Securities of such series.

 

2.2           Form
of Face of Security. [If the Security is an Original Issue Discount Security, insert—FOR PURPOSES OF SECTION 1275
OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS ________________,
THE ISSUE DATE IS _______________, 202____ [AND] [__________,] THE YIELD TO MATURITY IS _______________________[________,]
[AND THE ORIGINAL ISSUE DISCOUNT FOR THE SHORT ACCRUAL PERIOD IS ______________________ AND THE METHOD USED TO DETERMINE THE YIELD
THEREFOR IS _______________]]

 

[Insert
any other legend required by the Code or the regulations thereunder.]

 

[If
a Global Security,—insert legend required by Section 2.4 of the Indenture] [If applicable, insert —UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]

 

    15

     

    

 

ONDAS
HOLDINGS INC.

 

[TITLE
OF SECURITY]

 

	No
________________ 
	U.S.
$__________

 

[CUSIP
No. _________]

 

ONDAS
HOLDINGS INC., a company duly incorporated under the laws of the State of Nevada (herein called the “Company,”
which term includes any successor or resulting Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to _______________, or registered assigns, the principal sum of _______________ United States Dollars on _______________
[If the Security is to bear interest prior to Maturity, insert—, and to pay interest thereon from _______________ or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on _______________
and _______________ in each year, commencing _______________, at the rate of _____% per annum, until the principal hereof is paid
or made available for payment [if applicable, insert—, and at the rate of _____% per annum on any overdue principal and
premium and on any installment of interest (to the extent that the payment of such interest shall be legally enforceable)].
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the _______________ or _______________ (regardless of whether a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture].

 

[If
the Security is not to bear interest prior to Maturity, insert—The principal of this Security shall not bear interest except
in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the
overdue principal of this Security shall bear interest at the rate of _____% per annum (to the extent that the payment of such
interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such
principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest
on any overdue principal that is not so paid on demand shall bear interest at the rate of _____% per annum (to the extent that
the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the
date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]

 

    16

     

    

 

[If
a Global Security, insert—Payment of the principal of (and premium, if any) and [if applicable, insert—any such]
interest on this Security will be made by transfer of immediately available funds to a bank account in _______________ designated
by the Holder 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 [state other currency].]

 

[If
a Definitive Security, insert—Payment of the principal of (and premium, if any) and [if applicable, insert—any such]
interest on this Security will be made at the office or agency of the Company maintained for that purpose in _______________,
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] [state other currency] [or subject to any laws or regulations applicable thereto and to the right of the Company (as
provided in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of _______________ in
_______________, or at such other offices or agencies as the Company may designate, by [United States Dollar] [state other
currency] check drawn on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in The
City of New York (so long as the applicable Paying Agency has received proper transfer instructions in writing at least _____
days prior to the payment date)] [if applicable, insert—; provided, however, that payment of interest may
be made at the option of the Company by [United States Dollar] [state other currency] check mailed to the addresses of the
Persons entitled thereto as such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar]
[state other currency] account maintained by the payee with a bank in The City of New York [state other Place of Payment]
(so long as the applicable Paying Agent has received proper transfer instructions in writing by the record date prior to the
applicable Interest Payment Date)].]

 

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

 

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

 

    17

     

    

 

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

 

	Dated:_________________________________ 	ONDAS HOLDINGS INC.
	 	 
	 	By:	        

  

2.3           Form
of Reverse of Security. This Security is one of a duly authorized issue of subordinated securities of the Company (herein
called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of _______________,
202__ (herein called the “Indenture”), between the Company and [TRUSTEE] (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement, of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued
in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject
to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject
to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security is
one of the series designated on the face hereof [, limited in aggregate principal amount to $_______________].

 

This
security is the general, unsecured, subordinated obligation of the Company.

 

[If
applicable, insert—The Securities of this series are subject to redemption upon not less than _____ days’ notice by
mail, [if applicable, insert, —1) on _______________ in any year commencing with the year _____ and ending with the year
_____ through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)
] at any time [on or after _______________, 202__], as a whole or in part, at the election of the Company, at the following
Redemption Prices (expressed as percentages of the principal amount): If redeemed [on or before _______________, _____%, and
if redeemed] during the 12-month period beginning _______________ of the years indicated,

 

	Year	 	Redemption
    Price	 	Year	 	Redemption
    Price
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

and
thereafter at a Redemption Price equal to _____% of the principal amount, together in the case of any such redemption [if applicable,
insert—(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of business on the relevant record dates referred to on the face
hereof, all as provided in the Indenture.]

 

    18

     

    

 

[If
applicable, insert—The Securities of this series are subject to redemption upon not less than _____ nor more than _____
days’ notice by mail, (1) on _______________ in any year commencing with the year _____ and ending with the year _____ through
operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2) at any time [on or after _______________], as
a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of
the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning _______________ of the years indicated,

 

	Year	 	Redemption
                                         Price for

        Redemption
        Through

        Operation
        of the Sinking

        Fund
	 	Redemption
                                         Price for

        Redemption
        Otherwise

        Than
        Through Operation of

        the
        Sinking Fund

	 	 	 	 	 
	 	 	 	 	 

 

and
thereafter at a Redemption Price equal to __% of the principal amount, together in the case of any such redemption (whether through
operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in
the Indenture.]

 

[If
applicable, insert—Notwithstanding the foregoing, the Company may not, prior to _______________, redeem any Securities of
this series as contemplated by [clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in
accordance with generally accepted financial practice) of less than _____% per annum.]

 

[If
applicable, insert—The sinking fund for this series provides for the redemption on _______________ in each year beginning
with the year _____ and ending with the year _____ of [not less than] $_______________ [(“mandatory sinking fund”)
and not more than $_______________] aggregate principal amount of Securities of this series. [Securities of this series
acquired or redeemed by the Company otherwise than through [mandatory] sinking fund payments may be credited against subsequent
[mandatory] sinking fund payments otherwise required to be made [If applicable, insert— in the inverse order in
which they become due].]

 

[If
the Securities are subject to redemption in part of any kind, insert—In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof.]

 

[If
applicable, insert—The Securities of this series are not redeemable prior to Stated Maturity.]

 

[If
the Security is not an Original Issue Discount Security, insert—If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture.]

 

[If
the Security is an Original Issue Discount Security, insert—If an Event of Default with respect to Securities of this series
shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture. Such amount shall be equal to —insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue
principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all
of the Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this
series shall terminate.]

 

    19

     

    

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, regardless of whether notation of such consent or waiver is made upon this Security.

 

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

 

[If
a Global Security, insert—This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture. The holders of beneficial interests in this Global Security
will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]

 

[If
a Definitive Security, insert—As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in [If applicable, insert—any place where the principal of and any premium and interest
on this Security are payable] [If applicable, insert—The City of New York [, or, subject to any laws or regulations applicable
thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation of any such transfer
agent, at the [main] offices of _______________ in _______________ or at such other offices or agencies as the Company may designate]],
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.]

 

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

 

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

 

    20

     

    

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, regardless of whether
this Security be overdue, and none of the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This
Security is subordinated in right of payment to Senior Debt, to the extent and in the manner provided in the Indenture.

 

No
recourse under or upon any obligation, covenant or agreement of or contained in the Indenture or of or contained in any Security,
or for any claim based thereon or otherwise in respect thereof, or in any Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, member, officer, manager or director, as such, past,
present or future, of the Company or of any successor Person, either directly or through the Company or any successor Person,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment, penalty or otherwise;
it being expressly understood that all such liability is hereby expressly waived and released by the acceptance hereof and as
a condition of, and as part of the consideration for, the Securities and the execution of the Indenture.

 

The
Indenture provides that the Company (a) will be discharged from any and all obligations in respect of the Securities (except for
certain obligations described in the Indenture), or (b) need not comply with certain restrictive covenants of the Indenture, in
each case if the Company deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof)
which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount
sufficient to pay all the principal of and interest on the Securities, but such money need not be segregated from other funds
except to the extent required by law.

 

Except
as otherwise defined herein, all terms used in this Security which are defined in the Indenture shall have the meanings assigned
to them in the Indenture.

 

[If
a Definitive Security, insert as a separate page—

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

(Please
Print or Typewrite Name and Address of Assignee)

 

the
within instrument of ONDAS HOLDINGS INC. and does hereby irrevocably constitute and appoint _______________ Attorney to transfer
said instrument on the books of the within-named Company, with full power of substitution in the premises.

 

Please
Insert Social Security or Other Identifying Number of Assignee:

 

	Dated:	 	 
	 	 	(Signature) 

 

    21

     

    

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.]

 

2.4           Global
Securities. Every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following
form:

 

THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME
OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

 

EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE
A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

If
Securities of a series are issuable in whole or in part in the form of one or more Global Securities, as specified as contemplated
by Section 3.1, then, notwithstanding clause (i) of Section 3.1 and the provisions of Section 3.2, any
Global Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide
that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate
amount of Outstanding Securities represented thereby may from time to time be reduced or increased, as the case may be, to reflect
exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or increase in the amount, of Outstanding
Securities represented thereby shall be made in such manner and upon instructions given by such Person or Persons as shall be
specified therein or in a Company Order. Subject to the provisions of Section 3.3, Section 3.4 and Section 3.5,
the Trustee shall deliver and redeliver any Global Security in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery
or redelivery of a Global Security shall be in a Company Order (which need not comply with Section 1.3 and need not be
accompanied by an Opinion of Counsel).

 

The
provisions of the last sentence of Section 3.3 shall apply to any Security represented by a Global Security if such Security
was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order
(which need not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
or increase, as the case may be, in the principal amount of Securities represented thereby, together with the written statement
contemplated by the last sentence of Section 3.3.

 

    22

     

    

 

2.5           Form
of Trustee’s Certificate of Authentication. The Trustee’s certificate(s) of authentication shall be in substantially
the following form:

 

This
is one of the Securities of the series designated [insert title of applicable series] referred to in the within-mentioned
Indenture.

 

	 	 
	 	as
    Trustee
	 	 	 
	 	By:  	 
	 	 	As
    Authenticating Officer

 

ARTICLE
THREE

THE
SECURITIES

 

3.1           Amount
Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

 

The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth,
or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,

 

(a)           the
title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities and which
may be part of a series of Securities previously issued);

 

(b)           any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6
or Section 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated
and delivered hereunder);

 

(c)           the
Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(d)           the
date or dates on which the principal of the Securities of the series is payable or the method of determination thereof;

 

(e)           the
rate or rates at which the Securities of the series shall bear interest, if any, or the formula, method or provision pursuant
to which such rate or rates are determined, the date or dates from which such interest shall accrue or the method of determination
thereof, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable
on any Interest Payment Date;

 

(f)           the
place or places where, subject to the provisions of Section 10.2, the principal of and any premium and interest on Securities
of the series shall be payable, Securities of the series may be surrendered for registration of transfer, Securities of the series
may be surrendered for exchange and notices, and demands to or upon the Company in respect of the Securities of the series and
this Indenture may be served;

 

    23

     

    

 

(g)           the
period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Company;

 

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

 

(i)           if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall
be issuable;

 

(j)           whether
payment of principal of and premium, if any, and interest, if any, on the Securities of the series shall be without deduction
for taxes, assessments or governmental charges paid by Holders of the series;

 

(k)           if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;

 

(l)           if
the amount of payments of principal of and any premium or interest on the Securities of the series may be determined with reference
to an index, the manner in which such amounts shall be determined;

 

(m)           if
and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than
those set forth in Section 3.5 in which any such Global Security may be transferred to, and registered and exchanged for
Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in
which any such transfer may be registered;

 

(n)           any
deletions from, modifications of or additions to the Events of Default set forth in Section 5.1 or the covenants of the
Company set forth in Article Ten with respect to the Securities of such series;

 

(o)           whether
and under what circumstances the Company will pay additional amounts on the Securities of the series held by a Person who is not
a U.S. Person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will
have the option to redeem the Securities of the series rather than pay such additional amounts;

 

    24

     

    

 

(p)           if
the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;

 

(q)           if
the Securities of the series are to be convertible into or exchangeable for any other security or property of the Company, including,
without limitation, securities of another Person held by the Company or its Affiliates and, if so, the terms thereof;

 

(r)           if
other than as provided in Section 13.2 and Section 13.3, the means of Legal Defeasance or Covenant Defeasance as
may be specified for the Securities of the series;

 

(s)           if
other than the Trustee, the identity of the initial Security Registrar and any initial Paying Agent; and

 

(t)           any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).

 

All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided
in or pursuant to the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner
provided, in the Officer’s Certificate referred to above or in any such indenture supplemental hereto.

 

All
Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional
Securities of such series or for the establishment of additional terms with respect to the Securities of such series.

 

If
any of the terms of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by an authorized officer or other authorized person on behalf of the Company and delivered
to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth, or providing the manner for determining,
the terms of the series.

 

With
respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officer’s Certificate may provide
general terms for Securities of such series and provide either that the specific terms of particular Securities of such series
shall be specified in a Company Order or that such terms shall be determined by the Company or one or more agents thereof designated
in an Officer’s Certificate, in accordance with a Company Order.

 

3.2           Denominations.
The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified
as contemplated by Section 3.1. In the absence of any such provisions with respect to the Securities of any series, the
Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

 

    25

     

    

 

3.3           Execution,
Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Company by its Chairman of the Board,
its Chief Executive Officer, its President, its Chief Financial Officer or any of its Vice Presidents and need not be attested.
The signature of any of these officers on the Securities may be manual or facsimile.

 

Securities
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; provided,
however, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities
from time to time in accordance with such other procedures (including, without limitation, the receipt by the Trustee of oral
or electronic instructions from the Company or its duly authorized agents, thereafter promptly confirmed in writing) acceptable
to the Trustee as may be specified by or pursuant to a Company Order delivered to the Trustee prior to the time of the first authentication
of Securities of such series. If the forms or terms of the Securities of the series have been established in or pursuant to one
or more Board Resolutions as permitted by Section 2.1 and Section 3.1, in authenticating such Securities, and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive
such documents as it may reasonably request. The Trustee shall also be entitled to receive, and (subject to Section 6.1)
shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(a)           if
the form or forms of such Securities has been established in or pursuant to a Board Resolution as permitted by Section 2.1,
that each such form has been established in conformity with the provisions of this Indenture;

 

(b)           if
the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering will be, established
in or pursuant to a Board Resolution as permitted by Section 3.1, that such terms have been, or in the case of Securities
of a series offered in a Periodic Offering will be, established in conformity with the provisions of this Indenture, subject,
in the case of Securities of a series offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel;
and

 

(c)           that
such Securities when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
and assumptions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to the following limitations: (i) bankruptcy, insolvency, moratorium, reorganization,
liquidation, fraudulent conveyance or transfer and other similar laws of general applicability relating to or affecting the enforcement
of creditors’ rights, or to general equity principles, (ii) the availability of equitable remedies being subject to
the discretion of the court to which application therefor is made; and (iii) such other usual and customary matters as shall
be specified in such Opinion of Counsel.

 

    26

     

    

 

If
such form or forms or terms have been so established, the Trustee shall not be required to authenticate such Securities if the
issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Notwithstanding
the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued
at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.1
or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the time
of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

 

With
respect to Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Company
of any of such Securities, on the form or forms and terms thereof and the legality, validity, binding effect and enforceability
thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 2.1 and Section 3.1 and
this Section, as applicable, in connection with the first authentication of Securities of such series.

 

Each
Security shall be dated the date of its authentication.

 

No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears
on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual
signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9 for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled
to the benefits of this Indenture.

 

3.4           Temporary
Securities. Pending the preparation of Definitive Securities of any series, the Company may execute, and upon Company Order
the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Securities in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such Securities.

 

If
temporary Securities of any series are issued, the Company will cause Definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of Definitive Securities of such series, the temporary Securities of such series shall
be exchangeable for Definitive Securities of such series upon surrender of the temporary Securities of such series at the office
or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor a like principal amount of Definitive Securities of the same series and tenor of authorized denominations.
Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as Definitive Securities of such series.

 

    27

     

    

 

3.5           Registration,
Registration of Transfer and Exchange. The Company shall cause to be kept at the office or agency of the Company in the Borough
of Manhattan, the City of New York or in any other office or agency of the Company in a Place of Payment required by Section
10.2 a register (the register maintained in such office being herein sometimes referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby appointed as the initial “Security Registrar” for the
purpose of registering Securities and transfers of Securities as herein provided, and its corporate trust office in New York City,
which, at the date hereof, is located at [_____________________], New York, New York [_____], is the initial office or agency
in the Borough of Manhattan where the Securities Register will be maintained. The Company may at any time replace such Security
Registrar, change such office or agency or act as its own Security Registrar. The Company will give prompt written notice to the
Trustee of any change of the Security Registrar or of the location of such office or agency.

 

Upon
surrender for registration of transfer of any Security of any series at the office or agency maintained pursuant to Section
10.2 for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of the same series and tenor, of any authorized denominations and of a like
aggregate principal amount.

 

At
the option of the Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same
series and tenor, of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute and
the Trustee shall authenticate and deliver the Securities, which the Holder making the exchange is entitled to receive.

 

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

 

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

 

No
service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
or exchange of Securities, other than exchanges pursuant to Section 3.4, Section 9.6 or Section 11.7 not
involving any transfer.

 

    28

     

    

 

The
Company shall not be required (a) to issue, register the transfer of or exchange Securities of any series during a period beginning
at, the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected
for redemption under Section 11.3 and ending at the close of business on the day of such mailing, or (b) to register the
transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

 

Notwithstanding
any other provisions of this Indenture and except as otherwise specified with respect to any particular series of Securities as
contemplated by Section 3.1, a Global Security representing all or a portion of the Securities of a series may not be transferred,
except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such
series or a nominee of such successor Depositary. Every Security authenticated and delivered upon registration of, transfer of,
or in exchange for or in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs immediately
following.

 

If
at any time the Depositary for any Securities of a series represented by one or more Global Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such Securities or if at any time the Depositary for such Securities shall
no longer be eligible to continue as Depositary under Section 3.1 or ceases to be a clearing agency registered under the
Exchange Act, the Company shall appoint a successor Depositary with respect to such Securities. If a successor Depositary for
such Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election pursuant to Section 3.1 that such Securities be represented by one or more
Global Securities shall no longer be effective and the Company will execute and the Trustee, upon receipt of a Company Order for
the authentication and delivery of Definitive Securities of such series, will authenticate and deliver, Securities of such series
in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the
principal amount of the Global Security or Securities representing such Securities in exchange for such Global Security or Securities
registered in the names of such Persons as the Depositary shall direct.

 

The
Company may at any time and in its sole discretion determine that the Securities of any series issued in the form of one or more
Global Securities shall no longer be represented by a Global Security or Securities. In such event, the Company will execute and
the Trustee, upon receipt of a Company Order for the authentication and delivery of the Definitive Securities of such series,
will authenticate and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations,
in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such Securities
in exchange for such Global Security or Securities registered in the names of such Persons as the Depositary shall direct.

 

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If
specified by the Company pursuant to Section 3.1 with respect to Securities represented by a Global Security, the Depositary
for such Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series
and tenor in definitive registered form on such terms as are acceptable to the Company, the Trustee and such Depositary. Thereupon,
the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of Securities
in definitive registered form, shall authenticate and deliver, without service charge,

 

(a)           to
the Person specified by such Depositary, a new Security or Securities of the same series and tenor, of any authorized denominations
as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest
in the Global Security; and

 

(b)           to
such Depositary, a new Global Security in a denomination equal to the difference, if any, between the principal amount of the
surrendered Global Security and the aggregate principal amount of Securities authenticated and delivered pursuant to clause (a)
above.

 

Every
Person who takes or holds any beneficial interest in a Global Security agrees that:

 

(a)           the
Company and the Trustee may deal with the Depositary as sole owner of the Global Security and as the authorized representative
of such Person;

 

(b)           such
Person’s rights in the Global Security shall be exercised only through the Depositary and shall be limited to those established
by law and agreement between such Person and the Depositary and/or direct and indirect participants of the Depositary;

 

(c)           the
Depositary and its participants make book-entry transfers of beneficial ownership among, and receive and transmit distributions
of principal and interest on the Global Securities to, such Persons in accordance with their own procedures; and

 

(d)           none
of the Company, the Trustee, nor any agent of any of them will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests.

 

3.6           Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to the Trustee, together with, in proper cases,
such security or indemnity as may be required by the Company or the Trustee to save each of them and any agent of any of them
harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the
same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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If
there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of
any Security and (b) such security or indemnity as may be required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

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

 

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

 

Every
new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute
an original additional contractual obligation of the Company regardless of whether the destroyed, lost or stolen Security shall
be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series duly issued hereunder.

 

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

 

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3.7           Payment
of Interest; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 3.1 with respect to
any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest.

 

Any
interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant
Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election
in each case, as provided in clause (a) or (b) below:

  

(a)           The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not
more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date
and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his
address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be
paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b).

 

(b)           The
Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Subject
to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.

 

3.8           Persons
Deemed Owners. Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities,
prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent thereof may treat
the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 3.5 and Section 3.7) any interest on such Security and for all other
purposes whatsoever, regardless of whether such Security be overdue, and none of the Company, the Trustee nor any agent of any
of them shall be affected by notice to the contrary.

 

No
holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture
with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee and any agent thereof as
the owner of such Global Security for all purposes whatsoever.

 

3.9           Cancellation.
All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled
by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person
for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued
and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All
canceled Securities held by the Trustee shall be disposed of in accordance with its customary practices, and the Trustee shall
thereafter deliver to the Company a certificate with respect to such disposition from time to time upon written request.

 

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3.10           Computation
of Interest. Except as otherwise specified as contemplated by Section 3.1 for Securities of any series, interest on
the Securities of each series shall be computed on the basis of a year of twelve 30-day months.

 

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

 

ARTICLE
FOUR

SATISFACTION
AND DISCHARGE

 

4.1           Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect and will be discharged with respect to the
Securities of any series (except as to any surviving rights of registration of transfer or exchange of Securities and certain
rights of the Trustee, in each case, herein expressly provided for), and the Trustee, upon Company Request and at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to such
Securities, when:

 

(a)           either

 

(i)           all
such Securities theretofore authenticated and delivered (other than (A) such Securities which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 3.6, and (B) such Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or

 

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

 

(A)           have
become due and payable, or

 

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

 

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

 

and
the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in
trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, together with
instructions from the Company irrevocably directing the Trustee to apply such funds to the payment thereof at maturity or redemption,
as the case may be;

 

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

 

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

 

Notwithstanding
the satisfaction and discharge of this Indenture with respect to the Securities of any series, (x) the obligations of the Company
to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating Agent under Section 6.14
and the right of the Trustee to resign under Section 6.10 shall survive, and (y) if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the obligations of the Company and the Trustee under Section 4.2, Section
6.6 and Section 10.2 and the last paragraph of Section 10.3 shall survive.

 

4.2           Application
of Trust Money. Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the Trustee
pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Securities and
this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment
such money has been deposited with the Trustee.

 

ARTICLE
FIVE

REMEDIES

 

5.1           Events
of Default. “Event of Default,” wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

 

(a)           default
in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days (regardless of whether such payment is prohibited by the provisions of Article Fourteen hereof); or

 

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(b)           default
in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity (regardless of whether
such payment is prohibited by the provisions of Article Fourteen hereof); or

 

(c)           default
in the performance, or breach, of the covenant set forth in Section 8.1; or

 

(d)           default
in the performance, or breach, of any covenant in this Indenture (other than the covenant in Section 8.1 or any other covenant
a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default
or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series
a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

(e)           the
Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case
or proceeding, (ii) consents to the entry of any decree or order for relief against it in an involuntary case or proceeding,
(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, (iv) makes a
general assignment for the benefit of its creditors, (v) consents to or acquiesces in the institution of a bankruptcy or
an insolvency proceeding against it, (vi) takes any corporate action to authorize or effect any of the foregoing, or (vii) takes
any comparable action under any foreign laws relating to insolvency; or

 

(f)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company
or any Significant Subsidiary in an involuntary case, (ii) appoints a Custodian of the Company or any Significant Subsidiary
for all or substantially all of its property, or (iii) orders the liquidation or winding up of the Company or any Significant
Subsidiary; and the order or decree remains unstayed and in effect for 30 consecutive days; or

 

(g)           default
in the deposit of any sinking fund payment when due; or

 

(h)           any
other Event of Default provided with respect to Securities of that series in accordance with Section 3.1.

 

5.2           Acceleration
of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any series at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of at least 25% in aggregate principal amount of
the Outstanding Securities of that series may declare the principal amount (or, if the Securities of that series are Original
Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series), together with
any accrued and unpaid interest thereon, of all of the Securities of that series to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount), together with any accrued and unpaid interest thereon, shall become immediately due and payable. Notwithstanding the
foregoing, if an Event of Default specified in clause (e) or (f) of Section 5.1 occurs, the Securities of any series at
the time Outstanding shall be due and payable immediately without further action or notice.

 

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

 

(a)           the
Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(i)           all
overdue interest on all Securities of that series,

 

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

 

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

 

(iv)           all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(b)           all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that
series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

5.3           Collection
of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if:

 

(a)           default
is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days (regardless of whether such payment is prohibited by the provisions of Article Fourteen hereof),
or

 

(b)           default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof (regardless of
whether such payment is prohibited by the provisions of Article Fourteen hereof), the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally
enforceable, interest on any overdue principal and any premium and on any overdue interest, at the rate or rates prescribed
therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel.

 

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

 

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

 

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

 

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

 

(b)           to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section
6.7.

 

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No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, compromise, arrangement, adjustment or composition affecting the Securities or the rights
of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official
and be a member of a creditors’ or other similar committee.

 

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

 

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

 

FIRST:
To the payment of all amounts due the Trustee under Section 6.7;

 

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

 

THIRD:
The balance, if any, to the Company.

 

5.7           Limitation
on Suits. No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

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

 

(b)           the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

5.8           Unconditional
Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium
and (subject to Section 3.5 and Section 3.7) interest on such Security on the Stated Maturity or Maturities expressed
in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such Holder.

 

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

 

5.10           Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to
the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or remedy.

 

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

 

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5.12           Control
by Holders. The Holders of not less than a majority in principal amount of the Outstanding Securities of any series shall
have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee, with respect to the Securities of such series; provided, however, that:

 

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

 

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

 

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

 

5.13           Waiver
of Past Defaults. By written notice to the Company and the Trustee, the Holders of not less than a majority in principal amount
of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default
hereunder with respect to such series and its consequences, except:

 

(a)           a
continuing default in the payment of the principal of or any premium or interest on any Security of such series, or

 

(b)           a
default in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected.

 

Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon.

 

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

 

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

 

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ARTICLE
SIX

THE
TRUSTEE

 

6.1           Certain
Duties and Responsibilities.

 

(a)           Except
during the continuance of an Event of Default,

 

(i)           the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and as are provided
by the Trust Indenture Act, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)           in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether they conform to the requirements
of this Indenture.

 

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

 

(c)           No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that

 

(i)           this
Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

 

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

 

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

 

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

 

(d)           Regardless
of whether therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section.

 

6.2           Notice
of Defaults. Within 90 days after the occurrence of any Default hereunder with respect to the Securities of any series, the
Trustee shall transmit by mail to all Holders of Securities of such series, as their names and addresses appear in the Security
Register, notice of such Default hereunder known to the Trustee, unless such Default shall have been cured or waived; provided,
however, that, except in the case of a Default in the payment of the principal of or any premium or interest on any Security
of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee may withhold
from Holders of Securities notice of any continuing Default or Event of Default if the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders of Securities of such series; and, provided, further,
that in the case of any Default of the character specified in Section 5.1(c) with respect to Securities of such series,
no such notice to Holders shall be given until at least 90 days after the occurrence thereof and that in the case of any Default
of the character specified in Section 5.1(e) with respect to Securities of such series, no such notice to Holders shall
be given until at least 180 days after the occurrence thereof.

 

6.3           Certain
Rights of Trustee. Subject to the provisions of Section 6.1:

 

(a)           the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

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(b)           any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other
than delivery of any Security to the Trustee for authentication and delivery pursuant to Section 3.3, which shall be sufficiently
evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(c)           whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) shall be entitled
to receive and may, in the absence of bad faith on its part, rely upon an Officer’s Certificate;

 

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

 

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

 

(f)           the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney;

 

(g)           the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder and shall not be responsible for the supervision of officers and employees of such agents or attorneys;

 

(h)           the
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded;

 

(i)           the
Trustee shall be entitled to the rights and protections afforded to the Trustee pursuant to this Article Six in acting as a Paying
Agent or Security Registrar hereunder; and

 

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

 

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6.4           Not
Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company and the Trustee or any Authenticating Agent assumes
no responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to the
validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable
for the use or application by the Company of Securities or the proceeds thereof.

 

6.5           May
Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the
Company in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b)
and 311 of the Trust Indenture Act and Section 6.8, Section 6.9 and Section 6.13, may otherwise deal
with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.

 

6.6           Money
Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed
in writing with the Company.

 

6.7           Compensation
and Reimbursement. The Company agrees:

 

(a)           to
pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(b)           except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence or bad faith; and

 

(c)           to
indemnify each of the Trustee and its officers, directors, agents and employees for, and to hold it harmless against, any loss,
liability or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance
or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

As
security for the performance of the obligations of the Company under this Section the Trustee shall have a lien prior to the Securities
upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal
of (and premium, if any) or interest on particular Securities.

 

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Without
limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.1(e) or Section 5.1(f), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services of the Trustee are intended to constitute expenses of administration
under any applicable Bankruptcy Law.

 

The
provisions of this Section 6.7 shall survive the satisfaction and discharge of this Indenture and the Legal Defeasance
of the Securities.

 

6.8           Disqualification;
Conflicting Interests. Reference is made to Section 310(b) of the Trust Indenture Act. There shall be excluded from
the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture with respect to the Securities of more than
one series.

 

6.9           Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under
such laws to exercise corporate trust powers, having a combined capital and surplus required by the Trust Indenture Act, subject
to supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. The Trustee shall not be an obligor upon the Securities or an Affiliate thereof. If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article Six.

 

6.10           Resignation
and Removal; Appointment of Successor.

 

(a)           No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.

 

(b)           The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

(c)           The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.

 

 

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(d)           If
at any time:

 

(i)           the
Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by the Company
or by any Holder who has been a bona fide Holder of a Security for at least six months, or

 

(ii)           the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company
or by any such Holder, or

 

(iii)           the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security
for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(e)           If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section
6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11,
become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee
appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by
the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona
fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.

 

(f)           The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series
in the manner provided in Section 1.7. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

 

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6.11           Acceptance
of Appointment by Successor.

 

(a)           In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver
an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

(b)           In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust
and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request
of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates.

 

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(c)           Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.

 

(d)           No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article and the Trust Indenture Act.

 

6.12           Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article
Six, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities
shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities.

 

6.13           Preferential
Collection of Claims Against Company. Reference is made to Section 311 of the Trust Indenture Act. For purposes of
Section 311(b) of the Trust Indenture Act,

 

(a)           the
term “cash transaction” means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and
payable upon demand;

 

(b)           the
term “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or incurred by the Company for the purpose of financing the purchase, processing, manufacturing, shipment, storage
or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the
goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously
constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship
with the Company arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

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6.14           Appointment
of Authenticating Agent. The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration
of transfer or partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under
the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination
by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law
or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation
succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, shall continue
to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution
or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may
at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and
to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage
prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names
and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

 

Except
with respect to an Authenticating Agent appointed at the request of the Company, the Trustee agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section 6.14, and the Trustee shall be entitled
to be reimbursed by the Company for such payments, subject to the provisions of Section 6.7.

 

If
an appointment with respect to one or more series is made pursuant to this Section 6.14, the Securities of such series
may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication
in the following form:

 

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

 

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	 	as
    Trustee
	 	 	 
	 	By:  	 
	 	 	As
    Authenticating Officer
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	By:  	As
    Authenticating Officer 
	 	 	 

 

ARTICLE
SEVEN

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

7.1           Company
to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee:

 

(a)           semi-annually,
not more than 15 days after each Regular Record Date for a series of Securities, a list for such series of Securities, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such
Regular Record Date, and

 

(b)           at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided,
however, that if and so long as the Trustee shall be the Security Registrar, no such list need be furnished with respect
to such series of Securities.

 

7.2           Preservation
of Information; Communications to Holders.

 

(a)           The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by
the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section
7.1 upon receipt of a new list so furnished.

 

(b)           If
three or more Holders (herein referred to as “applicants”) apply in writing to the Trustee, and furnish to
the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date
of such application, and such application states that the applicants desire to communicate with other Holders with respect to
their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication
which such applicants propose to transmit, then the Trustee shall, within five business days after the receipt of such application,
at its election, either

  

(i)           afford
such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.2(a), or

 

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(ii)        
inform such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at
the time by the Trustee in accordance with Section 7.2(a), and as to the approximate cost of mailing to such Holders the
form of proxy or other communication, if any, specified in such application.

 

If
the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request
of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee
in accordance with Section 7.2(a) a copy of the form of proxy or other communication which is specified in such request,
with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment,
of the reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and
file with the SEC, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of
the Trustee, such mailing would be contrary to the best interest of the Holders or would be in violation of applicable law. Such
written statement shall specify the basis of such opinion. If the SEC, after opportunity for a hearing upon the objections specified
in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an
order sustaining one or more of such objections, the SEC shall find, after notice and opportunity for hearing, that all the objections
so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders
with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved
of any obligation or duty to such applicants respecting their application.

 

(c)           Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company nor
the Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of any such information as to the
names and addresses of the Holders in accordance with Section 7.2(b), regardless of the source from which such information
was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section 7.2(b).

 

7.3           Reports
by Trustee. Any Trustee’s report required pursuant to Section 313(a) of the Trust Indenture Act shall be dated
as of May 15, and shall be transmitted within 60 days after May 15 of each year (but in all events at intervals of not more than
12 months), commencing with the year 202__, by mail to all Holders, as their names and addresses appear in the Security Register.
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the SEC and with the Company. The Company will notify the Trustee when any Securities
are listed on any stock exchange.

 

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7.4           Reports
by Company. The Company shall:

 

(a)           file
with the Trustee, within 15 days after the Company files the same with the SEC, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and
regulations prescribe) which the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d)
of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of said
Sections, then it shall file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time
by the SEC, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section
13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations;

 

(b)           file
with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such additional
information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations; and

 

(c)           transmit
by mail to all Holders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof
with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to clauses
(a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the SEC.

 

ARTICLE
EIGHT

CONSOLIDATION,
AMALGAMATION, MERGER AND SALE

 

8.1           Company
May Consolidate, Etc., Only on Certain Terms. The Company shall not consolidate or merge with or into any other Person or
sell, convey, transfer, lease or otherwise dispose of all or substantially all of the properties and assets of the Company on
a consolidated basis to any other Person, and shall not permit any Person to consolidate or merge into the Company, unless:

 

(a)           either:
(i) the Company is the surviving corporation; or (ii) the Person formed by or surviving any such consolidation, amalgamation
or merger or resulting from such conversion (if other than the Company) or to which such sale, assignment, transfer, conveyance
or other disposition has been made is a corporation, limited liability company or limited partnership organized or existing under
the laws of the United States, any state of the United States or the District of Columbia;

 

(b)           the
Person formed by or surviving any such conversion, consolidation, amalgamation or merger (if other than the Company) or the Person
to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company
under the Securities and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; provided that, unless such
Person is a corporation, a corporate co-issuer of the Securities will be added to this Indenture by agreements reasonably satisfactory
to the Trustee;

 

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(c)           immediately
before and after giving pro forma effect to such transaction, no Event of Default, and no event which, after notice or lapse of
time or both, would become an Event of Default, shall have occurred and be continuing; and

 

(d)           the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger, conveyance, sale, transfer or lease and such supplemental indenture, if any, comply with this Article Eight
and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

8.2           Successor
Substituted. Upon any consolidation or merger of the Company with or into any other Person or any sale, conveyance, transfer,
lease or other disposition of all or substantially all of the properties and assets of the Company on a consolidated basis in
accordance with Section 8.1, the successor or resulting Person formed by or resulting upon such consolidation or merger
(if other than the Company) or to which such sale, conveyance, transfer, lease or other disposition is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Company
shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
NINE

AMENDMENT,
SUPPLEMENT AND WAIVER

 

9.1           Without
Consent of Holders. The Company and the Trustee may amend or supplement this indenture or the Securities without the consent
of any holder of a Security:

 

(a)           to
cure any ambiguity or to correct or supplement any provision herein that may be inconsistent with any other provision herein in
a manner that does not adversely affect the rights of any Holder of Securities in any material respect; or

 

(b)           to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and, to the extent applicable, to the Securities; or

 

(c)           to
provide for uncertificated Securities in addition to or in place of certificated Securities; provided that the uncertificated
Securities are issued in registered form for purposes of Section 163(f) of the Code, or in the manner such that the uncertificated
Securities are described in Section 163(f)(2)(B) of the Code; or

 

(d)           to
secure the Securities of any series; or

 

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(e)           to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company shall consider
to be appropriate for the benefit of the Holders of all or any series of Securities (and if such covenants, restrictions, conditions
or provisions are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company and to make
the occurrence, or the occurrence and continuance, of a Default in any such additional covenants, restrictions, conditions or
provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as
herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed
in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal
amount of the Securities of such series to waive such an Event of Default; or

 

(f)           to
make any change to any provision of this Indenture that does not adversely affect the rights or interests of any Holder of Securities;
or

 

(g)           to
provide for the issuance of additional Securities in accordance with the provisions set forth in this Indenture on the date of
this Indenture; or

 

(h)           to
add any additional Defaults or Events of Default in respect of all or any series of Securities; or

 

(i)           to
add to, change or eliminate any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons;
or

 

(j)           to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture that is
entitled to the benefit of such provision; or

 

(k)           to
establish the form or terms of Securities of any series as permitted by Section 2.1 and Section 3.1, including to
reopen any series of any Securities as permitted under Section 3.1; or

 

(l)           to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b); or

 

(m)           to
conform the text of this Indenture (and/or any supplemental indenture) or any debt securities issued thereunder to any provision
of a description of such debt securities appearing in a prospectus or prospectus supplement or an offering memorandum or offering
circular to the extent that such provision was intended to be a verbatim recreation of a provision of the indenture (and/or any
supplemental indenture) or any debt securities issued thereunder; or

 

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(n)           to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification
of this Indenture under the Trust Indenture Act or under any similar federal statute subsequently enacted, and to add to this
Indenture such other provisions as may be expressly required under the Trust Indenture Act.

 

After
an amendment under this Section 9.1 becomes effective, the Company shall mail to Holders a notice briefly describing such
amendment. The failure to give such notice to Holders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section 9.1.

 

Upon
the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended
or supplemental indenture, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance,
transfer, assignment, mortgage, charge or pledge of any property thereunder, but the Trustee shall not be obligated to enter into
any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

9.2           With
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture and the Securities with the consent
of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series of Securities affected
by such amendment or supplemental indenture, with each such series voting as a separate class (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for Securities) and, subject to Section
5.8 and Section 5.13 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture
or the Securities may be waived with respect to each series of Securities with the consent of the Holders of a majority in principal
amount of the Outstanding Securities of such series voting as a separate class (including consents obtained in connection with
a purchase of, or tender offer or exchange offer for, Securities).

 

Upon
the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended
or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders of Securities as aforesaid, and upon receipt by the Trustee of the documents described in Section 6.3 hereof, the
Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental
indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case
the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

 

It
is not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form
of any proposed amendment or waiver, but it is sufficient if such consent approves the substance of the proposed amendment or
waiver.

 

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After
an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company will mail to the Holders of Securities
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice,
or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture
or waiver. Subject to Section 5.8 and Section 5.13 hereof, the application of or compliance with, either generally
or in any particular instance, of any provision of this Indenture or the Securities may be waived as to each series of Securities
by the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series. However, without the
consent of each Holder affected, an amendment or waiver under this Section 9.2 may not (with respect to any Securities
held by a non-consenting Holder):

 

(a)           change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.2, or change any Place of Payment where, or the coin or currency in which, any Security or
any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or

 

(b)           reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(c)           modify
any of the provisions of this Section 9.2, Section 5.8, Section 5.13 or Section 10.6, except to increase
any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent
of the Holder of each Outstanding Security affected thereby, provided, however, that this clause (c) shall not be deemed
to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant
changes in this Section, or the deletion of this proviso, in accordance with the requirements of Section 6.11(b) and Section
9.1(l); or

 

(d)           waive
a redemption payment with respect to any Security; provided, however, that any purchase or repurchase of Securities shall not
be deemed a redemption of the Securities; or

 

(e)           make
any change in the foregoing amendment and waiver provisions.

 

A
supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included
solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities
of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture
of the Holders of Securities of any other series.

 

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It
shall not be necessary for any Act of Holders under this Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

9.3           Execution
of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

 

9.4           Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article Nine, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

9.5           Conformity
with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article Nine shall conform to the requirements
of the Trust Indenture Act as then in effect.

 

9.6           Reference
in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article Nine may, and shall if required by the Trustee, bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

 

ARTICLE
TEN

COVENANTS

 

10.1           Payment
of Principal, Premium and Interest. The Company covenants and agrees for the benefit of each series of Securities that it
will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with
the terms of the Securities and this Indenture.

 

10.2           Maintenance
of Office or Agency. The Company will maintain in the Borough of Manhattan, The City of New York, an office or agency (which
may be an office of the Trustee or Registrar or agent of the Trustee or Registrar) where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

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The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series
may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in the Borough of Manhattan, The City of New York for such purposes. The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency.

 

Except
as otherwise specified with respect to a series of Securities as contemplated by Section 3.1, the Company hereby initially
designates the office of the Trustee located at [_____________], New York, New York [_____], as the Company’s office or
agency for each such purpose for each series of Securities.

 

10.3           Money
for Securities Payments to be Held in Trust. If the Company shall at any time act as its own Paying Agent, with respect to
any series of Securities, it will, on or before each due date of the principal of and any premium or interest on any of the Securities
of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal
and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act.

 

Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal
of and any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal
and any premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act. For purposes of this Section 10.3, should a due date for principal of and any premium or interest
on, or sinking fund payment with respect to any series of Securities not be on a Business Day, such payment shall be due on the
next Business Day without any interest for the period from the due date until such Business Day.

 

The
Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying
Agent will:

 

(a)           hold
all sums held by it for the payment of the principal of and any premium or interest on Securities of that series in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 

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(b)           give
the Trustee notice of any Default by the Company (or any other obligor upon the Securities of that series) in the making of any
payment of principal and any premium or interest on the Securities of that series; and

 

(c)           at
any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such money.

 

Subject
to any applicable escheat or abandoned property laws, any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of and any premium or interest on any Security of any series and remaining
unclaimed for one year after such principal and any premium or interest has become due and payable shall be paid to the Company
on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Company.

 

10.4           Existence.
Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and
effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required
to preserve any such right or franchise if the Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company.

 

10.5           Statement
by Officer as to Default. Annually, within 150 days after the close of each fiscal year beginning with the first fiscal year
during which one or more series of Securities are Outstanding, the Company will deliver to the Trustee a brief certificate (which
need not include the statements set forth in Section 1.3) from the principal executive officer, principal financial officer
or principal accounting officer of the Company as to his or her knowledge of the Company’s compliance (without regard to
any period of grace or requirement of notice provided herein) with all conditions and covenants under the Indenture and, if the
Company shall be in Default, specifying all such Defaults and the nature and status thereof of which such officer has knowledge.

 

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10.6           Additional
Amounts. If the Securities of a series provide for the payment of additional amounts (as provided in Section 3.1(o)),
at least 10 days prior to the first Interest Payment Date with respect to that series of Securities and at least 10 days prior
to each date of payment of principal of, premium, if any, or interest on the Securities of that series if there has been a change
with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish to the Trustee
and the principal Paying Agent, if other than the Trustee, an Officer’s Certificate instructing the Trustee and such Paying
Agent whether such payment of principal of, premium, if any, or interest on the Securities of that series shall be made to holders
of the Securities of that series without withholding or deduction for or on account of any tax, assessment or other governmental
charge described in the Securities of that series. If any such withholding or deduction shall be required, then such Officer’s
Certificate shall specify by country the amount, if any, required to be withheld or deducted on such payments to such holders
and shall certify the fact that additional amounts will be payable and the amounts so payable to each holder, and the Company
shall pay to the Trustee or such Paying Agent the additional amounts required to be paid by this Section. The Company covenants
to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably
incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of
them in reliance on any Officer’s Certificate furnished pursuant to this Section 10.6.

 

Whenever
in this Indenture there is mentioned, in any context, the payment of the principal of or any premium, interest or any other amounts
on, or in respect of, any Securities of any series, such mention shall be deemed to include mention of the payment of additional
amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, additional
amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional
amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of additional amounts in those
provisions hereof where such express mention is not made.

 

ARTICLE
ELEVEN

REDEMPTION
OF SECURITIES

 

11.1           Applicability
of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by Section 3.1 for Securities of any series) in accordance
with this Article Eleven.

 

11.2           Election
to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, at
least 15 days prior to the last date for the giving of notice of such redemption (unless a shorter notice shall be satisfactory
to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed
and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities (a) prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (b)
pursuant to an election of the Company that is subject to a condition specified in the terms of the Securities of the series to
be redeemed, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction
or condition.

 

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11.3           Selection
by Trustee of Securities to be Redeemed. If less than all the Securities of any series are to be redeemed (unless all of the
Securities of such series and of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected
not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously
called for redemption, by lot, pro rata or by another method as the Trustee shall deem fair and appropriate, including any method
required by the Depository with respect to any Global Securities (and in such manner as is not prohibited by applicable legal
requirements) and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination
for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of that series.

 

The
Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed. If the Securities of any series to be redeemed consist
of Securities having different dates on which the principal is payable or different rates of interest, or different methods by
which interest may be determined or have any other different tenor or terms, then the Company may, by written notice to the Trustee,
direct that the Securities of such series to be redeemed shall be selected from among the groups of such Securities having specified
tenor or terms and the Trustee shall thereafter select the particular Securities to be redeemed in the manner set forth in the
preceding paragraph from among the group of such Securities so specified.

 

For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of
such Securities which has been or is to be redeemed.

 

11.4           Notice
of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security
Register.

 

All
notices of redemption shall state:

 

(a)           the
Redemption Date,

 

(b)           the
Redemption Price, or if not then ascertainable, the manner of calculation thereof,

 

(c)           if
less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amounts) of the particular Securities to be redeemed,

 

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(d)           that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

 

(e)           the
place or places where such Securities are to be surrendered for payment of the Redemption Price, and

 

(f)           that
the redemption is for a sinking fund, if such is the case.

 

Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company.

 

11.5           Deposit
of Redemption Price. Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or,
if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued
interest on, all the Securities which are to be redeemed on that date.

 

11.6           Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest.
Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company
at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that unless otherwise
specified with respect to Securities of any series as contemplated in Section 3.1, installments of interest whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant record dates according to their terms and the provisions
of Section 3.7.

 

If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if
any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

11.7           Securities
Redeemed in Part. Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security
or Securities of the same series and tenor, of any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

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ARTICLE
TWELVE

SINKING
FUNDS

 

12.1           Applicability
of Article. The provisions of this Article Twelve shall be applicable to any sinking fund for the retirement of Securities
of a series except as otherwise specified as contemplated by Section 3.1 for Securities of such series.

 

The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities
of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each
sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities
of such series.

 

12.2           Satisfaction
of Sinking Fund Payments with Securities. The Company (a) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (b) may apply as a credit Securities of a series which have been redeemed either at the election of
the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the
Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series;
provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose
by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly.

 

12.3           Redemption
of Securities for Sinking Fund. Not less than 45 days prior to each sinking fund payment date for any series of Securities
(unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate
specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 12.2 and stating the basis for such credit and that such Securities
have not been previously so credited, and will also deliver to the Trustee any Securities to be so delivered. Not less than 30
days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name
of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Section 11.6 and Section 11.7.

 

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ARTICLE
THIRTEEN

DEFEASANCE

 

13.1           Option
to Effect Legal Defeasance or Covenant Defeasance. The Company may, at the option of its Board of Directors evidenced by a
resolution set forth in an Officer’s Certificate, and at any time, elect to have either Section 13.2 or Section
13.3 hereof be applied to all outstanding Securities upon compliance with the conditions set forth below in this Article Thirteen,
unless otherwise established with respect to the Securities of a series pursuant to Section 3.1.

 

13.2           Legal
Defeasance and Discharge. Upon the Company’s exercise under Section 13.1 hereof of the option applicable to this
Section 13.2, the Company will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof,
be deemed to have been discharged from their obligations with respect to all outstanding Securities on the date the conditions
set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that
the Company will be deemed to have paid and discharged the entire Debt represented by the outstanding Securities, which will thereafter
be deemed to be “outstanding” only for the purposes of Section 13.5 hereof and the other sections of this Indenture
referred to in clauses (a) and (b) below, and to have satisfied all their other obligations under such Securities and this Indenture
(and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except
for the following provisions which will survive until otherwise terminated or discharged hereunder:

 

(a)           the
rights of Holders of Outstanding Securities to receive payments in respect of the principal of, or interest or premium, if any,
on such Securities when such payments are due from the trust referred to in Section 13.4 hereof;

 

(b)           the
Company’s obligations with respect to such Securities under Section 3.4, Section 3.5, Section 3.6,
Section 10.2 and Section 10.3 hereof;

 

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

 

(d)           this
Article Thirteen.

 

Subject
to compliance with this Article Thirteen, the Company may exercise its option under this Section 13.2 notwithstanding the
prior exercise of its option under Section 13.3 hereof.

 

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13.3           Covenant
Defeasance. Upon the Company’s exercise under Section 13.1 hereof of the option applicable to this Section
13.3, the Company will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, be released
from each of their obligations under the covenants contained in Section 7.4, Section 8.1 and Section 10.4
hereof as well as any Additional Defeasible Provisions (such release and termination hereinafter referred to as “Covenant
Defeasance”), and the Securities will thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but
will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities
will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Securities, the Company may omit to comply with and will have no liability in respect of any term, condition or limitation
set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to
comply will not constitute a Default or an Event of Default under Section 5.1 hereof, but, except as specified above, the
remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Company’s exercise under
Section 13.1 hereof of the option applicable to this Section 13.3 hereof, subject to the satisfaction of the conditions
set forth in Section 13.4 hereof, Sections 5.1(c), 5.1(d), 5.1(e), 5.1(g) and 5.1(h)
hereof and will not constitute Events of Default.

 

13.4           Conditions
to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance under either Section
13.2 or Section 13.3 hereof:

 

(a)           the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Securities, cash in U.S. dollars,
non-callable U.S. Government Obligations, or a combination of cash in U.S. dollars and non-callable U.S. Government Obligations,
in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent
public accountants to pay the principal of, or interest and premium, if any, on the Outstanding Securities on the stated date
for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Securities
are being defeased to such stated date for payment or to a particular redemption date;

 

(b)           in
the case of an election under Section 13.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming
that:

 

(i)           the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(ii)           since
the Issue Date, there has been a change in the applicable federal income tax law,

 

in
either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the Holders of the Outstanding Securities
will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

 

(c)           in
the case of an election under Section 13.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming
that the Holders of the Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result
of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had not occurred;

 

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(d)           no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit);

 

(e)           [reserved];

 

(f)           such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound;

 

(g)           the
Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Securities over the other creditors of the Company with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company or others;

 

(h)           the
Company must deliver to the Trustee an Officer’s Certificate, stating that all conditions precedent set forth in clauses
(a) through (g) of this Section 13.4 have been complied with; and

 

(i)           the
Company must deliver to the Trustee an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions, qualifications
and exclusions), stating that all conditions precedent set forth in clauses (b), (c) and (f) of this Section 13.4 have
been complied with; provided that the Opinion of Counsel with respect to clause (f) of this Section 13.4 may be to the
knowledge of such counsel.

 

13.5           Deposited
Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions. Subject to Section 13.6
hereof, all money and non-callable U.S. Government Obligation (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 13.5, the “Trustee”) pursuant to
Section 13.4 hereof in respect of the Outstanding Securities will be held in trust and applied by the Trustee, in accordance
with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become
due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except
to the extent required by law.

 

The
Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to Section 13.4 hereof or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities.

 

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Notwithstanding
anything in this Article Thirteen to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request
of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 13.4 hereof which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 13.4(a) hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

13.6           Repayment.
Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
of, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, premium, if any,
or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged
from such trust; and the Holder of such Security will thereafter be permitted to look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal
(national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid
to the Company.

 

13.7           Reinstatement.
If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S. Government Obligations in accordance
with Section 13.2 or Section 13.3 hereof, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations
under this Indenture and the Securities will be revived and reinstated as though no deposit had occurred pursuant to Section
13.2 or Section 13.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 13.2 or Section 13.3 hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the
Company will be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the
Trustee or Paying Agent.

 

ARTICLE
FOURTEEN

SUBORDINATION
OF SECURITIES

 

14.1           Securities
Subordinated to Senior Debt. The Company and the Trustee each covenants and agrees, and each Holder, by its acceptance of
a Security, likewise covenants and agrees that all Securities shall be issued subject to the provisions of this Article Fourteen;
and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and
agrees that the payment of the principal of, interest and premium, if any, on each and all of the Securities shall, to the extent
and in the manner set forth in this Article Fourteen, be subordinated in right of payment to the prior payment in full, in cash
or cash equivalents, of all existing and future Senior Debt.

 

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14.2           No
Payment on Securities in Certain Circumstances.

 

(a)           No
direct or indirect payment by or on behalf of the Company of the principal of, interest and premium, if any, on each and all of
the Securities (other than with the money, securities or proceeds held under any defeasance trust established in accordance with
this Indenture), whether pursuant to the terms of the Securities or upon acceleration or otherwise shall be made if, at the time
of such payment, there exists a default in the payment of all or any portion of the obligations on any Senior Debt and such default
shall not have been cured or waived or the benefits of this sentence waived by or on behalf of the holders of such Senior Debt.

 

(b)           During
the continuance of any other event of default with respect to any Designated Senior Debt pursuant to which the maturity thereof
may be accelerated, upon receipt by the Trustee of written notice from the trustee or other representative for the holders of
such Designated Senior Debt (or the holders of at least a majority in principal amount of such Designated Senior Debt then outstanding),
no payment of the principal of, interest or premium, if any, on each and all of the Securities (other than with the money, securities
or proceeds held under any defeasance trust established in accordance with this Indenture) may be made by or on behalf of the
Company upon or in respect of the Securities for a period (a “Payment Blockage Period”) commencing on the date
of receipt of such notice and ending 179 days thereafter (unless, in each case, such Payment Blockage Period has been terminated
by written notice to the Trustee from such trustee of, or other representatives for, such holders or by payment in full in cash
or cash equivalents of such Designated Senior Debt or such event of default has been cured or waived). Not more than one Payment
Blockage Period may be commenced with respect to the Securities during any period of 360 consecutive days. Notwithstanding anything
in this Indenture to the contrary, there must be 180 consecutive days in any 360-day period in which no Payment Blockage Period
is in effect. No event of default that existed or was continuing (it being acknowledged that any subsequent action that would
give rise to an event of default pursuant to any provision under which an event of default previously existed or was continuing
shall constitute a new event of default for this purpose) on the date of the commencement of any Payment Blockage Period with
respect to the Designated Senior Debt initiating such Payment Blockage Period shall be, or shall be made, the basis for the commencement
of a second Payment Blockage Period by the trustee or other representative for the holders of such Designated Senior Debt, whether
or not within a period of 360 consecutive days, unless such event of default shall have been cured or waived for a period of not
less than 90 consecutive days.

 

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(c)           In
the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment is
prohibited by clause (a) or (b) above, the Trustee shall promptly notify the holders of Senior Debt of such prohibited payment
and such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt
or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt
may have been issued, as their respective interests may appear, but only to the extent that, upon notice from the Trustee to the
holders of Senior Debt that such prohibited payment has been made, the holders of the Senior Debt (or their representative or
representatives of a trustee) within 30 days of receipt of such notice from the Trustee notify the Trustee of the amounts then
due and owing on the Senior Debt, if any, and only the amounts specified in such notice to the Trustee shall be paid to the holders
of Senior Debt and any excess above such amounts due and owing on Senior Debt shall be paid to the Company.

 

14.3           Payment
over Proceeds upon Dissolution, Etc.

 

(a)           Upon
any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities
(other than with the money, securities or proceeds held under any defeasance trust established in accordance with this Indenture),
in connection with any dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary
or involuntary, or in bankruptcy, insolvency, receivership or other proceedings or other marshalling of assets for the benefit
of creditors, all amounts due or to become due upon all Senior Debt shall first be paid in full, in cash or cash equivalents,
before the Holders or the Trustee on their behalf shall be entitled to receive any payment by (or on behalf of) the Company on
account of the Securities, or any payment to acquire any of the Securities for cash, property or securities, or any distribution
with respect to the Securities of any cash, property or securities. Before any payment may be made by, or on behalf of, the Company
on any Security (other than with the money, securities or proceeds held under any defeasance trust established in accordance with
this Indenture), in connection with any such dissolution, winding up, liquidation or reorganization, any payment or distribution
of assets or securities for the Company of any kind or character, whether in cash, property or securities, to which the Holders
or the Trustee on their behalf would be entitled, but for the provisions of this Article Fourteen, shall be made by the Company
or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person making such payment or distribution
or by the Holders or the Trustee if received by them or it, directly to the holders of Senior Debt (pro rata to such holders on
the basis of the respective amounts of Senior Debt held by such holders) or their representatives or to any trustee or trustees
under any indenture pursuant to which any such Senior Debt may have been issued, as their respective interests appear, to the
extent necessary to pay all such Senior Debt in full, in cash or cash equivalents, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such Senior Debt.

 

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(b)           To
the extent any payment of Senior Debt (whether by or on behalf of the Company, as proceeds of security or enforcement of any right
of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to any receiver, trustee
in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent conveyance
or similar law, then if such payment is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating trustee
or other similar Person, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated
and outstanding as if such payment had not occurred. To the extent the obligation to repay any Senior Debt is declared to be fraudulent,
invalid, or otherwise set aside under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then the
obligation so declared fraudulent, invalid or otherwise set aside (and all other amounts that would come due with respect thereto
had such obligation not been so affected) shall be deemed to be reinstated and outstanding as Senior Debt for all purposes hereof
as if such declaration, invalidity or setting aside had not occurred.

 

(c)           In
the event that, notwithstanding the provision in clause (a) above prohibiting such payment or distribution, any payment or distribution
of assets or securities of the Company of any kind or character, whether in cash, property or securities, shall be received by
the Trustee or any Holder at a time when such payment or distribution is prohibited by clause (a) above and before all obligations
in respect of Senior Debt are paid in full, in cash or cash equivalents, such payment or distribution shall be received and held
in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt (pro rata to such holders on the
basis of the respective amounts of Senior Debt held by such holders) or their representatives or to any trustee or trustees under
any indenture pursuant to which any such Senior Debt may have been issued, as their respective interests appear, for application
to the payment of all such Senior Debt remaining unpaid, in cash or cash equivalents, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such Senior Debt.

 

(d)           For
purposes of this Section 14.3, the words “cash, property or securities” shall not be deemed to include,
so long as the effect of this clause is not to cause the Securities to be treated in any case or proceeding or similar event described
in this Section 14.3 as part of the same class of claims as the Senior Debt or any class of claims pari passu with,
or senior to, the Senior Debt for any payment or distribution, securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment that are subordinated, at least to the extent that the Securities are subordinated,
to the payment of all Senior Debt then outstanding; provided that (i) if a new corporation results from such reorganization
or readjustment, such corporation assumes the Senior Debt and (ii) the rights of the holders of the Senior Debt are not,
without the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or
the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company following the sale,
conveyance, transfer, lease or other disposition of all or substantially all of its property and assets to another corporation
upon the terms and conditions provided in Section 8.1 of this Indenture shall not be deemed a dissolution, winding up,
liquidation or reorganization for the purposes of this Section 14.3 if such other corporation shall, as a part of such
consolidation, merger, sale, conveyance, transfer, lease or other disposition, comply (to the extent required) with the conditions
stated in Section 8.1 of this Indenture.

 

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14.4           Subrogation.

 

(a)           Upon
the payment in full of all Senior Debt in cash or cash equivalents, the Holders shall be subrogated to the rights of the holders
of Senior Debt to receive payments or distributions of cash, property or securities of the Company made on such Senior Debt until
the principal of, premium, if any, and interest on the Securities shall be paid in full; and, for the purposes of such subrogation,
no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders or the
Trustee on their behalf would be entitled except for the provisions of this Article Fourteen, and no payment pursuant to the provisions
of this Article Fourteen to the holders of Senior Debt by the Holders or the Trustee on their behalf shall, as between the Company,
its creditors other than holders of Senior Debt, and the Holders, be deemed to be a payment by the Company to or on account of
the Senior Debt. It is understood that the provisions of this Article Fourteen are intended solely for the purpose of defining
the relative rights of the Holders, on the one hand, and the holders of the Senior Debt, on the other hand.

 

(b)           If
any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article Fourteen
shall have been applied, pursuant to the provisions of this Article Fourteen, to the payment of all amounts payable under Senior
Debt, then, and in such case, the Holders shall be entitled to receive from the holders of such Senior Debt any payments or distributions
received by such holders of Senior Debt in excess of the amount required to make payment in full, in cash or cash equivalents,
of such Senior Debt of such holders.

 

14.5           Obligations
of Company Unconditional.

 

(a)           Nothing
contained in this Article Fourteen or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among
the Company and the Holders, the obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal
of, premium, if any, and interest on the Securities as and when the same shall become due and payable in accordance with their
terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than the holders
of the Senior Debt, nor shall anything herein or therein prevent the Holders or the Trustee on their behalf from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article
Fourteen of the holders of the Senior Debt.

 

(b)           Without
limiting the generality of the foregoing, nothing contained in this Article Fourteen will restrict the right of the Trustee or
the Holders to take any action to declare the Securities to be due and payable prior to their Stated Maturity pursuant to Section
5.1 of this Indenture or to pursue any rights or remedies hereunder; provided, however, that all Senior Debt
then due and payable or thereafter declared to be due and payable shall first be paid in full, in cash or cash equivalents, before
the Holders or the Trustee are entitled to receive any direct or indirect payment from the Company with respect to any Security.

 

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14.6           Notice
to Trustee.

 

(a)           The
Company shall give prompt written notice to the Trustee of any fact known to the Company that would prohibit the making of any
payment to or by the Trustee in respect of the Securities pursuant to the provisions of this Article Fourteen. The Trustee shall
not be charged with the knowledge of the existence of any default or event of default with respect to any Senior Debt or of any
other facts that would prohibit the making of any payment to or by the Trustee unless and until the Trustee shall have received
notice in writing at its Corporate Trust Office to that effect signed by an Officer of the Company, or by a holder of Senior Debt
or trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee shall, subject to Article Six, be
entitled to assume that no such facts exist; provided that, if the Trustee shall not have received the notice provided for in
this Section 14.6 at least two Business Days prior to the date upon which, by the terms of this Indenture, any monies shall
become payable for any purpose (including, without limitation, the payment of the principal of, premium, if any, or interest on
any Security), then, notwithstanding anything herein to the contrary, the Trustee shall have full power and authority to receive
any monies from the Company and to apply the same to the purpose for which they were received, and shall not be affected by any
notice to the contrary that may be received by it on or after such prior date except for an acceleration of the Securities prior
to such application. Nothing contained in this Section 14.6 shall limit the right of the holders of Senior Debt to recover
payments as contemplated by this Article Fourteen. The foregoing shall not apply if the Paying Agent is the Company. The Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or itself to be a holder
of any Senior Debt (or a trustee on behalf of, or other representative of, such holder) to establish that such notice has been
given by a holder of such Senior Debt or a trustee or representative on behalf of any such holder.

 

(b)           In
the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as a
holder of Senior Debt to participate in any payment or distribution pursuant to this Article Fourteen, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person,
the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article Fourteen and, if such evidence is not furnished to the Trustee, the Trustee may defer
any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

 

14.7           Reliance
on Judicial Order or Certificate of Liquidating Agent. Upon any payment or distribution of assets or securities referred to
in this Article Fourteen, the Trustee and the Holders shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which bankruptcy, dissolution, winding up, liquidation or reorganization proceedings are pending, or
upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person making such payment
or distribution, delivered to the Trustee or to the Holders for the purpose of ascertaining the persons entitled to participate
in such distribution, the holders of the Senior Debt and other Debt of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Fourteen.

 

14.8           Trustee’s
Relation to Senior Debt.

 

(a)           The
Trustee and any Paying Agent shall be entitled to all the rights set forth in this Article Fourteen with respect to any Senior
Debt that may at any time be held by it in its individual or any other capacity to the same extent as any other holder of Senior
Debt and nothing in this Indenture shall deprive the Trustee or any Paying Agent of any of its rights as such holder.

 

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(b)           With
respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article Fourteen, and no implied covenants or obligations with respect to the holders of
Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to
the holders of Senior Debt (except as provided in Section 14.2 and Section 14.3 of this Indenture) and shall not
be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute to Holders of Securities or
to the Company or to any other person cash, property or securities to which any holders of Senior Debt shall be entitled by virtue
of this Article Fourteen or otherwise.

 

14.9        
Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt. No right of any present
or future holders of any Senior Debt to enforce subordination as provided in this Article Fourteen will at any time in any way
be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith,
by any such holder, or by any noncompliance by the Company with the terms of this Indenture, regardless of any knowledge thereof
that any such holder may have or otherwise be charged with. The provisions of this Article Fourteen are intended to be for the
benefit of, and shall be enforceable directly by, the holders of Senior Debt.

 

14.10      
Holders Authorize Trustee to Effectuate Subordination of Securities. Each Holder by his acceptance of any Securities authorizes
and expressly directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Article Fourteen, and appoints the Trustee his attorney-in-fact for such purposes, including, in the event of
any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization
or similar proceedings or upon an assignment for the benefit of creditors or otherwise) tending towards liquidation of the property
and assets of the Company, the filing of a claim for the unpaid balance of its Securities in the form required in those proceedings.
If the Trustee does not file a proper claim or proof in indebtedness in the form required in such proceeding at least 30 days
before the expiration of the time to file such claim or claims, each holder of Senior Debt is hereby authorized to file an appropriate
claim for and on behalf of the Holders.

 

14.11      
Not to Prevent Events of Default. The failure to make a payment on account of principal of, premium, if any, or interest
on the Securities by reason of any provision of this Article Fourteen will not be construed as preventing the occurrence of an
Event of Default.

 

14.12       
Trustee’s Compensation Not Prejudiced. Nothing in this Article Fourteen will apply to amounts due to the Trustee
pursuant to other sections of this Indenture, including Section 6.7.

 

    73

     

    

 

14.13        
No Waiver of Subordination Provisions. Without in any way limiting the generality of Section 14.9, the holders of
Senior Debt may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders, without incurring
responsibility to the Holders and without impairing or releasing the subordination provided in this Article Fourteen or the obligations
hereunder of the Holders to the holders of Senior Debt, do any one or more of the following: (a) change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, Senior Debt or any instrument evidencing the same or any agreement
under which Senior Debt is outstanding or secured; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged
or otherwise securing Senior Debt; (c) release any Person liable in any manner for the collection of Senior Debt; and (d) exercise
or refrain from exercising any rights against the Company and any other Person.

 

14.14      
  Payments May Be Paid Prior to Dissolution. Nothing contained in this Article Fourteen or elsewhere in this Indenture
shall prevent (i) the Company, except under the conditions described in Section 14.2 or Section 14.3, from
making payments of principal of, premium, if any, and interest on the Securities, or from depositing with the Trustee any money
for such payments, or (ii) the application by the Trustee of any money deposited with it for the purpose of making such payments
of principal of, premium, if any, and interest on the Securities to the holders entitled thereto unless, at least two Business
Days prior to the date upon which such payment becomes due and payable, the Trustee shall have received the written notice provided
for in Section 14.2(b) of this Indenture (or there shall have been an acceleration of the Securities prior to such application)
or in Section 14.15 of this Indenture. The Company shall give prompt written notice to the Trustee of any dissolution,
winding up, liquidation or reorganization of the Company.

 

14.15       
Trust Moneys Not Subordinated. Notwithstanding anything contained herein to the contrary, payments from money or the proceeds
of U.S. Government Obligations held in trust under Article Four by the Trustee for the payment of principal of, premium, if any,
and interest on the Securities shall not be subordinated to the prior payment of any Senior Debt (provided that, at the time deposited,
such deposit did not violate any then outstanding Senior Debt), and none of the Holders shall be obligated to pay over any such
amount to any holder of Senior Debt.

 

This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same instrument.

 

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

 

	 	ONDAS HOLDINGS INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	[TRUSTEE]
	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 
	 	 	 

 

 

74Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of January 29, 2021, and is between JanOne Inc.,
a corporation incorporated under the laws of the state of Nevada (the “Company”), and each purchaser identified
on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the
“Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the
Securities Act (as defined below) as to the Shares, the Company desires to issue and sell to each Purchaser, and each Purchaser,
severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1:

 

“A.G.P.”
means A.G.P./Alliance Global Partners, lead placement agent.

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(m).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Applicable
Laws” shall have the meaning ascribed to such term in Section 3.1(ss).

 

“Authorization”
shall have the meaning ascribed to such term in Section 3.1(ss).

 

“BHCA”
shall have the meaning ascribed to such term in Section 3.1(oo).

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later than
the second (2nd) Trading Day following the date hereof.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Commission”
means the United States Securities and Exchange Commission.

 

    	1

    	 

    

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

“Company
Counsel” means Clark Hill PLC.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed as to an earlier time by A.G.P., and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the
date hereof, unless otherwise instructed as to an earlier time by A.G.P.

 

“DWAC”
shall have the meaning ascribed to such term in Section 2.2(a)(v).

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System.

 

“Environmental
Law” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(v).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors, consultants
or advisors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose,
(b) securities upon the exercise or exchange of or conversion of any securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided
that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations)
or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved
by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities”
(as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith during the prohibition period in Section 4.12(a) herein, and provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to
the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“Federal
Reserve” shall have the meaning ascribed to such term in Section 3.1(oo).

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(k).

 

“Hazardous
Substances” shall have the meaning ascribed to such term in Section 3.1(p).

 

    	2

    	 

    

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(dd).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Issuer
Free Writing Prospectus” shall have the meaning ascribed to such term in Section 3.1(f)(ii).

 

“IT
Systems” shall have the meaning ascribed to such term in Section 3.1(qq).

 

“Lien”
means a lien, charge, mortgage, pledge, security interest, claim, right of first refusal, pre-emptive right, or other encumbrance
of any kind whatsoever.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Money
Laundering Laws” shall have the meaning assigned to such term in Section 3.1(pp).

 

“NMRS”
means Nelson Mullins Riley & Scarborough LLP.

 

“Per
Share Purchase Price” shall mean $10.50 per Share.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Personal
Data” shall have the meaning ascribed to such term in Section 3.1(qq).

 

“Placement
Agency Agreement” means that certain Placement Agency Agreement by and between the Company and A.G.P., dated as of the
date hereof.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition) pending or, to the Company’s knowledge, threatened in writing against or affecting the
Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign).

 

“Prospectus”
shall have the meaning ascribed to such term in Section 3.1(f)(ii).

 

“Prospectus
Supplement” shall have the meaning ascribed to such term in Section 3.1(f)(ii).

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” shall have the meaning ascribed to such term in Section 3.1(f)(ii).

 

“Related
Parties” shall have the meaning ascribed to such term in Section 3.1(u).

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(j).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing Common Stock).

 

    	3

    	 

    

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below
such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,”
in United States dollars and in immediately available funds.

 

“Subsidiary”
and “Subsidiaries” shall have the meanings ascribed to such terms in Section 3.1(a).

 

“Trading
Day” means a day on which the Nasdaq Stock Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement and the Placement Agency Agreement, all exhibits and schedules thereto and hereto and
any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means EQ by Equiniti, 1110 Centre Pointe Curve #101, Mendota Heights, Minnesota, 55120, the current transfer
agent of the Company, and any successor transfer agent of the Company.

 

ARTICLE
II.

PURCHASE
AND SALE

 

2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell,
and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $6,000,000 of Shares. The Company shall
deliver to each Purchaser its respective Shares, and the Company and each Purchaser shall deliver the other items set forth in
Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the
Closing shall occur at the offices of NMRS, or such other location as the parties shall mutually agree. Unless otherwise directed
by A.G.P., settlement of the Shares shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing
Date, the Company shall issue the Shares registered in the Purchasers’ names and addresses and released by the Transfer
Agent directly to the account(s) at A.G.P. identified by each Purchaser; upon receipt of such Shares, A.G.P. shall promptly electronically
deliver such Shares to the applicable Purchaser, and payment therefor shall be made by A.G.P. (or its clearing firm) by wire transfer
to the Company).

 

2.2
Deliveries.

 

(a)
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)
this Agreement duly executed by the Company;

 

(ii)
legal opinions of Company Counsel, in a form reasonably acceptable to A.G.P.;

 

(iii)
a certificate executed by the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to A.G.P.;

 

(iv)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed
by the Chief Executive Officer or Chief Financial Officer;

 

(v)
a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via
The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such Purchaser’s
Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;

 

    	4

    	 

    

 

(vi)
Officer’s Certificate, in form and substance satisfactory to the Purchasers;

 

(vii)
Secretary’s Certificate, in form and substance satisfactory to the Purchasers; and

 

(viii)
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)
this Agreement duly executed by such Purchaser; and

 

(ii)
such Purchaser’s Subscription Amount.

 

2.3
Closing Conditions.

 

(a)
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have
been performed; and

 

(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof;

 

(v)
from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Nasdaq
Stock Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall
not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported
by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New
York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the
reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing; and

 

(vi)
the Shares shall be approved for listing on the Nasdaq Stock Market, subject to official notice of issuance.

 

    	5

    	 

    

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

3.1
Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to
each Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports (each, a “Subsidiary”,
and collectively, the “Subsidiaries”). The Company owns, directly or indirectly, all of the capital stock or
other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital
stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe
for or purchase securities. There are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for,
or giving any Person any right to subscribe for or acquire, any capital stock of any Subsidiary, or contracts, commitments, understandings
or arrangements by which any Subsidiary is or may become bound to issue capital stock.

 

(b)
Organization and Qualification. The Company and each of the material Subsidiaries has been duly organized and validly exists
as a corporation, limited partnership or company in good standing (or the foreign equivalent thereof, if any) under the laws of
its jurisdiction of organization. The Company and each of the Subsidiaries is duly qualified to do business and is in good standing
as a foreign or extra-provincial corporation, partnership, company or limited liability company in each jurisdiction in which
the character or location of its properties (owned, leased or licensed) or the nature or conduct of its business makes such qualification
necessary, except for those failures to be so qualified or in good standing which (individually and in the aggregate) would not
have a Material Adverse Effect. No Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification. Neither the Company nor any Subsidiary is in violation
nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. The term “Material Adverse Effect” means an effect, change, event or occurrence that,
alone or in conjunction with any other or others: (i) has or would reasonably be expected to have a material adverse effect on:
(A) the business, general affairs, management, condition (financial or otherwise), results of operations, shareholders’
equity, properties or prospects of the Company and the Subsidiaries, taken as a whole, or (B) the legality, validity or enforceability
of any Transaction Document, (ii) the Company’s ability to perform in any material respect on a timely basis its obligations
under any Transaction Document or (iii) would result in the Prospectus or any amendment thereto containing a misrepresentation
within the meaning of applicable securities laws; provided that a change in the market price or trading volume of
the Common Stock alone shall not be deemed, in and of itself, to constitute a Material Adverse Effect.

 

(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s shareholders
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which the Company is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

    	6

    	 

    

 

(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Shares and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution
or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the
Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority, to which the Company or a Subsidiary is subject
(including federal and state securities laws and regulations),or by which any property or asset of the Company or a Subsidiary
is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to
result in a Material Adverse Effect.

 

(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus
Supplement, and (ii) application to The Nasdaq Stock Market LLC for the listing of the Shares for trading thereon in the time
and manner required thereby (collectively, the “Required Approvals”).

 

(f)
Issuance of the Shares; Qualification; Registration.

 

(i)
The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be
duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Company has reserved
from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.

 

(ii)
The Company was at the time of the filing of the Registration Statement eligible to use Form S-3. The Company meets the general
eligibility requirements for the use of Form S-3 under the Securities Act and it meets the transaction requirements set forth
in General Instruction I.B.1 of Form S-3, and has prepared and filed with the Commission a registration statement under the Securities
Act on Form S-3 (File No. 333-251645) on December 23, 2020, providing for the offer and sale, from time to time, of up to $100,000,000
of the Company’s securities (the “Registration Statement”). The Registration Statement became effective
pursuant to Rule 467(a) under the Securities Act on December 29, 2020. The prospectus included in the Registration Statement
at the time it became effective, including documents incorporated therein by reference, is referred to herein as the “Base
Prospectus”. No stop order suspending the effectiveness of the Registration Statement has been issued under the Securities
Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated
by the Commission and any request on the part of the Commission for additional information has been complied with.

 

The
term “Prospectus” means the prospectus supplement (the “Prospectus Supplement”) relating
to the offering and sale of the Shares to be filed with the Commission pursuant to General Instructions of Form S-3, together
with the Base Prospectus, including all documents incorporated therein by reference.

 

Any
“issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) relating to the Shares is hereafter
referred to as an “Issuer Free Writing Prospectus”. Any reference herein to the Base Prospectus and the Prospectus
shall be deemed to refer to and include the documents incorporated by reference therein as of the date of filing thereof; and
any reference herein to any “amendment” or “supplement” with respect to any of the Base Prospectus and
the Prospectus shall be deemed to refer to and include (i) the filing of any document with the Commission incorporated or deemed
to be incorporated therein by reference after the date of filing of such Base Prospectus or Prospectus and (ii) any such document
so filed.

 

All
references in this Agreement to the Registration Statement, the Base Prospectus, or the Prospectus, or any Issuer Free Writing
Prospectus, or any amendments or supplements to any of the foregoing, shall be deemed to include any copy thereof filed with the
Commission on EDGAR.

 

    	7

    	 

    

 

(g)
Securities Act Compliance. The Registration Statement complies, and the Prospectus and any further amendments or supplements
to the Registration Statement or the Prospectus will comply, with the applicable provisions of the Securities Act. Each part of
the Registration Statement, when such part became effective, did not and will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The
Prospectus, as of its filing date, and any amendment thereof or supplement thereto, did not and will not contain an untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(h)
No Stop Orders. No order preventing or suspending the use of the Base Prospectus or any Issuer Free Writing Prospectus
has been issued by the Commission.

 

(i)
Capitalization. The equity capitalization of the Company is as set forth in the SEC Reports (as defined below). All of
the outstanding shares of Common Stock are fully paid and non-assessable and have been duly and validly authorized and issued,
in compliance with all federal and state securities laws and not in violation of or subject to any preemptive or similar right
that entitles any person to acquire from the Company any Common Stock or other security of the Company or any security convertible
into, or exercisable or exchangeable for, Common Stock or any other such security, except for such rights as may have been fully
satisfied or waived prior to the date hereof. Except as disclosed in the SEC Reports, the Company has no outstanding options,
warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any
Common Stock, or contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue additional
Common Stock or Common Stock Equivalents. No Person has any right of first refusal, pre-emptive right, right of participation,
or any similar right to participate in the transactions contemplated by the Transaction Documents. The issuance and sale of the
Shares will not obligate the Company to issue Common Stock or other securities to any Person (other than the Purchasers) and will
not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any
of such securities. There are no outstanding securities or instruments of the Company with any provision that adjusts the exercise,
conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company. There are no
outstanding securities or instruments of the Company that contain any redemption or similar provisions, and there are no contracts,
commitments, understandings or arrangements by which the Company is or may become bound to redeem a security of the Company. Except
for the Required Approvals, no further approval or authorization of any shareholder of the Company, the Board of Directors or
others is required for the issuance and sale of the Shares. There are no shareholders agreements, voting agreements or other similar
agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company,
between or among any of the Company’s shareholders.

 

(j)
Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the
Company under the Securities Act and Exchange Act, including pursuant to Section 13(a) or 15(d) thereof (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus
Supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid
extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their
respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange
Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(k)
Financial Statements. The consolidated financial statements, including the notes thereto, included or incorporated by reference
in the Registration Statement and the Prospectus comply in all material respects with applicable accounting requirements and the
rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have
been prepared in accordance with generally accepted accounting principles (“GAAP”) applied on a consistent
basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and
except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

    	8

    	 

    

 

(l)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited consolidated financial
statements included in or incorporated by reference into the Registration Statement and the Prospectus, except as set forth in
the Registration Statement and the Prospectus, (i) there has been no event, occurrence or development that has had or that could
reasonably be expected to result in a Material Adverse Effect, (ii) neither the Company nor any Subsidiary has incurred any liabilities
(contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP
or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company
has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or
made any agreements to purchase or redeem any shares of its capital stock and (v) except as disclosed in the SEC Reports, the
Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock
option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except
for the issuance of the Shares contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development
has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at
least one (1) Trading Day prior to the date that this representation is made.

 

(m)
Litigation. There is no material action, suit, inquiry, notice of violation, proceeding or investigation pending or, to
the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”) which adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Shares. The Company has disclosed, in the documents filed by the Company pursuant to
Sections 12, 13, 14 or 15 of the Exchange Act and incorporated or deemed to be incorporated by reference into the Prospectus,
all such information that it is required to disclose in respect of any Action pursuant to the requirements of the Securities Act
and the Exchange Act, as applicable. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been
the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of
breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any material
investigation by the Commission involving the Company or any current or former director or officer of the Company which is required
to be disclosed in the SEC Reports. The Commission has not issued any stop order or other order suspending the effectiveness of
any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(n)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its
Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such
Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company
and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement
or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not
subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and
its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect

 

    	9

    	 

    

 

(o)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any
of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating
to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in each case of (i), (ii) and (iii) as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(p)
Environmental Law. There has been no storage, generation, transportation, handling, use, treatment, disposal, discharge,
emission, contamination, release or other activity involving any kind of hazardous, toxic or other wastes, pollutants, contaminants,
petroleum products or other hazardous or toxic substances, chemicals or materials (“Hazardous Substances”)
by, due to, on behalf of, or caused by the Company or any Subsidiary (or, to the Company’s knowledge, any other entity for
whose acts or omissions the Company is or may be liable) upon any property now or previously owned, operated, used or leased by
the Company or any Subsidiary, or upon any other property, which would be a violation of or give rise to any liability under any
applicable law, rule, regulation, order, judgment, decree or permit, common law provision or other legally binding standard relating
to pollution or protection of human health and the environment (“Environmental Law”), except for violations
and liabilities which, individually or in the aggregate, would not have a Material Adverse Effect. There has been no disposal,
discharge, emission contamination or other release of any kind at, onto or from any such property or into the environment surrounding
any such property of any Hazardous Substances with respect to which the Company or any Subsidiary has knowledge, except as would
not, individually or in the aggregate, have a Material Adverse Effect. There is no pending or, to the best of the Company’s
knowledge, threatened administrative, regulatory or judicial action, claim or notice of noncompliance or violation, investigation
or proceedings relating to any Environmental Law against the Company or any Subsidiary, except as would not, individually or in
the aggregate, have a Material Adverse Effect. No property of the Company or any Subsidiary is subject to any Lien under any Environmental
Law. Except as disclosed in the Prospectus, neither the Company nor any Subsidiary is subject to any order, decree, agreement
or other individualized legal requirement related to any Environmental Law, which, in any case (individually or in the aggregate),
would have a Material Adverse Effect. The Company and each Subsidiary has all permits, authorizations and approvals required under
any applicable Environmental Laws and are each in compliance with their requirements. In the ordinary course of its business,
the Company periodically reviews the effect of Environmental Laws on the business, operations and properties of the Company and
the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation,
any capital or operating expenditures required for clean-up, closure or remediation of properties or compliance with Environmental
Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third
parties). On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not,
individually or in the aggregate, have a Material Adverse Effect.

 

(q)
Title to Assets. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have good and marketable title
in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is
material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as
do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made
of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which
appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject
to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid,
subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

(r)
Regulatory Permits. The Company and each of its Subsidiaries holds, and is in compliance with, all franchises, grants,
authorizations, licenses, permits, easements, consents, certificates and orders (“Permits”) of any governmental or
self-regulatory agency, authority or body (including, without limitation, those administered by the Food and Drug Administration
of the U.S. Department of Health and Human Services (the “FDA”) or by any foreign, federal, state or local governmental
or regulatory authority performing functions similar to those performed by the FDA) required for the conduct of its business,
and all such Permits are in full force and effect, in each case except where the failure to hold, or comply with, any of them
is not reasonably likely to result in a Material Adverse Effect or adversely affect the consummation of the transactions contemplated
by this Agreement. The Company is in compliance with all such Permits, including with all conditions and limitations on the commercial
rights granted by such Permits; all such Permits are valid and in full force and effect, except where the validity or failure
to be in full force and effect would not, singularly or in the aggregate, have a Material Adverse Effect. The Company has not
received notification of any revocation, modification, suspension, termination or invalidation (or proceedings related thereto)
of any such Permit and the Company has no reason to believe that any such Permit will not be renewed.

 

    	10

    	 

    

 

(s)
Intellectual Property. To the Company’s knowledge, the Company or its Subsidiaries owns or possesses or has valid
rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark
registrations, copyrights, licenses, inventions, trade secrets and similar rights (“Intellectual Property Rights”)
necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described in the
Registration Statement and the Prospectus. To the knowledge of the Company, no action or use by the Company necessary for the
conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve
or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company
nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual
Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material
Adverse Effect (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of
any of the Intellectual Property Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened
action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights,
and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in
the aggregate, together with any other claims in this Section 3.1(s), reasonably be expected to result in a Material Adverse Effect;
(C) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights
licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part,
and there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging
the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable
basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 3.1(s),
reasonably be expected to result in a Material Adverse Effect; (D) there is no pending or, to the Company’s knowledge, threatened
action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual
Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company
is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate,
together with any other claims in this Section 3.1(s), reasonably be expected to result in a Material Adverse Effect; and (E)
to the Company’s knowledge, no employee of the Company is in or has ever been in violation in any material respect of any
term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation
agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation
relates to such employee’s employment with the Company, or actions undertaken by the employee while employed with the Company
and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. To the Company’s
knowledge, all material technical information developed by and belonging to the Company which has not been disclosed in a filed
patent application has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with
respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration
Statement and the Prospectus and are not described therein. The Registration Statement and the Prospectus contain in all material
respects the same description of the matters set forth in the preceding sentence. None of the technology employed by the Company
has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the
Company’s knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons.

 

(t)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase
in cost.

 

    	11

    	 

    

 

(u)
Transactions With Affiliates and Employees. None of the officers or directors of the Company or any Subsidiary and, to
the knowledge of the Company, none of the employees of the Company or any Subsidiary (the “Related Parties”)
is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which
any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member
or partner, in each case in excess of the lesser of $120,000 or 1% of the Company’s aggregate assets as of December 31,
2020, other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred
on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the
Company.

 

(v)
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries and their respective officers and directors
are in compliance with the applicable provisions of the Sarbanes-Oxley Act of 2002, as amended. The Company and the Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed
in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted
only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers
have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of applicable
dates specified under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most
recently filed annual report on Form 10-K the conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date. Except as set forth in the Prospectus, since the
Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange
Act) of the Company and the Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal
control over financial reporting of the Company and the Subsidiaries.

 

(w)
Certain Fees. Except for fees payable to A.G.P as will be as set forth in the Prospectus and that certain Placement Agency
Agreement, no brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary or any Related
Entity to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect
to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees
or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be
due in connection with the transactions contemplated by the Transaction Documents.

 

(x)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

(y)
Registration Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the
Securities Act of any securities of the Company or any Subsidiary.

 

(z)
Listing and Maintenance Requirements. The Company is subject to the reporting requirements of Section 13 of the Exchange
Act and files periodic reports with the SEC; the Shares are registered with the SEC under Section 12(b) of the Exchange Act and
the Company is not in breach of any filing or other requirements under the Exchange Act. The Company has not received any notice
from that the Commission is contemplating terminating such registration. Except as disclosed in the SEC Reports, the Company has
not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock are or have
been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such
Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the
Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the
Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

    	12

    	 

    

 

(aa)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company’s articles of incorporation (or similar charter
documents) or the laws of its jurisdiction of incorporation that is or could become applicable to the Purchasers as a result of
the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
without limitation as a result of the Company’s issuance of the Shares and the Purchasers’ ownership of the Shares.

 

(bb)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, non-public information
which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely
on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or
on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby is true and correct in all material respects and does not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under
which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date
of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they
were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(cc)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this
offering of the Shares to be integrated with prior offerings by the Company for purposes of (i) the Securities Act, or (ii) any
applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(dd)
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Shares hereunder, (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to
carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The SEC Reports set forth
as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company
or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities
for borrowed money or amounts owed by the Company in excess of $50,000 (other than trade accounts payable incurred in the ordinary
course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others to
third parties, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes
thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to
be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

    	13

    	 

    

 

(ee)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary
know of no basis for any such claim.

 

(ff)
Foreign Corrupt Practices; Criminal Acts. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or
any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used
any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political
activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic
political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any
Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated
in any material respect any provision of FCPA.

 

(gg)
Accountants. The Company’s independent registered public accounting firm is as set forth in the Prospectus. To the
knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange
Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2020.

 

(hh)
Acknowledgment Regarding Purchasers’ Purchase of Shares. The Company acknowledges and agrees that each of the Purchasers
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the
Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any
advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents
and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Shares. The Company further
represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents
has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ii)
Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Sections 3.2(e) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none
of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling,
long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company
or to hold the Shares for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically
including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future
private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii)
any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or
indirectly, presently may have a “short” position in the Common Stock, and (iv) each Purchaser shall not be deemed
to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction.
The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities (in material
compliance with applicable laws) at various times during the period that the Shares are outstanding, and (z) such hedging activities
(if any) could reduce the value of the existing shareholders’ equity interests in the Company at and after the time that
the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute
a breach of any of the Transaction Documents.

 

    	14

    	 

    

 

(jj)
Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for
soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another
to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to A.G.P.

 

(kk)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) and the Company will not,
directly or indirectly, use the proceeds of the offering hereunder, or lend, contribute or otherwise make available such proceeds
to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC.

 

(ll)
Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan or omnibus long-term
incentive plan was granted (i) in accordance with the terms of such plan and (ii) with an exercise price at least equal to the
fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law.
No stock option granted under the Company’s stock option plan or omnibus long-term incentive plan has been backdated. The
Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options
prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material
information regarding the Company or the Subsidiaries or their financial results or prospects.

 

(mm)
[Reserved]

 

(nn)
U.S. Real Property Holding Corporation. The Company is not and has never been a United States real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(oo)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(pp)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company or any Subsidiary, threatened.

 

    	15

    	 

    

 

(qq)
Information Technology. The Company’s, the Subsidiaries’ and, to the knowledge of the Company, the Related
Parties’ information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications,
and databases (collectively, “IT Systems”) operate and perform in all material respects as required in connection
with the operation of the business of the Company, the Subsidiaries and the Related Parties as currently conducted. The Company,
the Subsidiaries and, to the knowledge of the Company, the Related Parties maintain commercially reasonable controls, policies,
procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and all personal, personally identifiable, sensitive, confidential or regulated data
(“Personal Data”) processed and stored thereon, and to the knowledge of the Company, there have been no breaches,
incidents, violations, outages, compromises or unauthorized uses of or accesses to same, except for those that have been remedied
without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations
relating to the same. The Company, the Subsidiaries and, to the knowledge of the Company, the Related Parties are presently in
compliance in all material respects with all applicable laws or statutes and all applicable judgments, orders, rules and regulations
of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to
the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized
use, access, misappropriation or modification, except for any such noncompliance that would not have a Material Adverse Effect.

 

(rr)
Other Covered Persons. Other than A.G.P., the Company is not aware of any person that has been or will be paid (directly
or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares.

 

(ss)
Regulatory. Except as described in the Registration Statement and the Prospectus, as applicable, the Company and its Subsidiaries
(i) are and at all times have been in material compliance with all statutes, rules and regulations applicable to the ownership,
testing, development, manufacture, packaging, processing, use, distribution, marketing, advertising, labeling, promotion, sale,
offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company including, without
limitation the Federal Food, Drug and Cosmetic Act (21 U.S.C. §301 et seq.), the federal Anti-Kickback Statute (42 U.S.C.
§1320a-7b(b)), the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology
for Economic and Clinical Health Act of 2009, and the Patient Protection and Affordable Care Act of 2010, as amended by the Health
Care and Education Affordability Reconciliation Act of 2010, the regulations promulgated pursuant to such laws, and any successor
government programs and comparable state laws, regulations relating to Good Clinical Practices and Good Laboratory Practices and
all other local, state, federal, national, supranational and foreign laws, manual provisions, policies and administrative guidance
relating to the regulation of the Company (collectively, the “Applicable Laws”); (ii) have not
received any notice from any court or arbitrator or governmental or regulatory authority or third party alleging or asserting
noncompliance with any Applicable Laws or any licenses, exemptions, certificates, approvals, clearances, authorizations, permits,
registrations and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”);
(iii) possess all material Authorizations and such Authorizations are valid and in full force and effect and are not in violation
of any term of any such Authorizations; (iv) have not received written notice of any claim, action, suit, proceeding, hearing,
enforcement, investigation arbitration or other action from any court or arbitrator or governmental or regulatory authority or
third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations nor is any
such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action threatened; (v) have not
received any written notice that any court or arbitrator or governmental or regulatory authority has taken, is taking or intends
to take, action to limit, suspend, materially modify or revoke any Authorizations nor is any such limitation, suspension, modification
or revocation threatened; (vi) have filed, obtained, maintained or submitted all material reports, documents, forms, notices,
applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations
and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments
were complete and accurate on the date filed (or were corrected or supplemented by a subsequent submission); and (vii) are not
a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements
with or imposed by any governmental or regulatory authority.

 

(tt)
Material Agreements. The agreements and documents described in the Registration Statement or Prospectus conform in all
material respects to the descriptions thereof contained or incorporated by reference therein conformed in all material respects
to the requirements of the Securities Act or the Exchange Act, as applicable at the time filed, and were filed on a timely basis
with the Commission and none of such documents contained an untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; any
further documents so filed and there are no agreements or other documents required by the Securities Act and the rules and regulations
thereunder to be described in the Prospectus or to be filed with the Commission as exhibits to the Registration Statement or to
be incorporated by reference in the Registration Statement or Prospectus, that have not been so described or filed or incorporated
by reference.

 

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3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein,
in which case they shall be accurate as of such date):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction
Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized
by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.
Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser
in accordance with the terms hereof or thereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable
against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally; (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies; and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)
Understandings or Arrangements. Such Purchaser is acquiring the Shares as principal for its own account and has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares (this
representation and warranty not limiting such Purchaser’s right to sell the Shares pursuant to the Registration Statement
or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Shares hereunder
in the ordinary course of its business. Such Purchaser is acquiring such Shares as principal for his, her or its own account and
not with a view to or for distributing or reselling such Shares or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any of such Shares in violation of the Securities Act
or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute
or regarding the distribution of such Shares in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting such Purchaser’s right to sell such Shares pursuant to a registration statement or otherwise in
compliance with applicable federal and state securities laws).

 

(c)
Purchaser Status. At the time such Purchaser was offered the Shares, it was, and as of the date hereof it is, either: (i)
an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or
(ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

 

(e)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto) and the SEC Reports filed with the Commission and has been afforded: (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information
about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient
to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses
or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to
the investment. Such Purchaser acknowledges and agrees that neither A.G.P. nor any Affiliate of A.G.P. has provided such Purchaser
with any information or advice with respect to the Shares nor is such information or advice necessary or desired. Neither A.G.P.
nor any Affiliate of A.G.P. has made or makes any representation as to the Company or the quality of the Shares and A.G.P. and
any Affiliate of A.G.P. may have acquired non-public information with respect to the Company which such Purchaser agrees need
not be provided to it. In connection with the issuance of the Shares to such Purchaser, neither A.G.P. nor any of its Affiliates
has acted as a financial advisor or fiduciary to such Purchaser.

 

    	17

    	 

    

 

(f)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Shares covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates,
such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including
the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein
shall constitute a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement
to borrow, identification of the availability of, and/or securing of, securities of the Company in order for such Purchaser (or
its broker or other financial representative) to effect Short Sales or similar transactions in the future.

 

(g)
General Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or
other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or
radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such
Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations
and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating
or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Legends. The Shares shall be issued free of legends.

 

4.2
Furnishing of Information. Until the time that no Purchaser owns Shares, the Company covenants to timely file (or obtain
extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after
the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange
Act.

 

4.3
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes
of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such
other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

    	18

    	 

    

 

4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time issue a press release disclosing the
material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents
as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press
release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered
to any of the Purchasers by the Company or any of the Subsidiaries, or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance
of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of the Subsidiaries or any of their respective officers, directors, agents,
employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate.
The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions
contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such
public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the
prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld
or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other
party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly
disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency
or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection
with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or
Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted
under this clause (b).

 

4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Shares under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor
any other Person acting on its behalf will provide any Purchaser or any Purchaser’s agents or counsel with any information
that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser
shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The
Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
of the Company. To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s
consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company,
any of the Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company,
any of the Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis
of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that
any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding
the Company or any Subsidiaries, the Company shall simultaneously file such material non-public information on with the Commission
pursuant to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company.

 

4.7
Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for working capital purposes
and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment of trade
payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any Common Stock
or Common Stock Equivalents, (c) for the settlement of any outstanding litigation, or (d) in violation of FCPA or OFAC regulations.

 

    	19

    	 

    

 

4.8
Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each
Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur caused by or based upon (a) any breach of any of the representations or warranties
made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser
Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate
of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action
is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined
to constitute fraud, gross negligence or willful misconduct). The Company will indemnify each Purchaser Party, to the fullest
extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable attorneys’ fees) and expenses, as incurred, caused by or based upon (i) any untrue or alleged untrue
statement of a material fact contained in the Registration Statement or any amendment thereto, any Issuer Free Writing Prospectus,
the Prospectus or any amendment or supplement thereto, or caused by or based upon any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or supplement thereto,
in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that
such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the
Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action
shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser
Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel
of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense
of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in
writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such
action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company
and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses
of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for
any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably
withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any
Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party
in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred.
The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party
against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

4.9
Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve
and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling
the Company to issue the Shares pursuant to this Agreement.

 

4.10
Listing of Common Stock. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing
or quotation of the Common Stock on The Nasdaq Stock Market, and prior to the Closing, the Company shall apply to list or quote
all of the Shares on The Nasdaq Stock Market and promptly secure the listing of all of the Shares on The Nasdaq Stock Market.
The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include
in such application all of the Common Stock, and will take such other action as is necessary to cause all of the Shares to be
listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary
to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the Trading Market. For so long as the Company maintains
a listing or quotation of the Common Stock on a Trading Market, the Company agrees to maintain the eligibility of the Common Stock
for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation,
by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such
electronic transfer.

 

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4.11
Reserved.

 

4.12
Subsequent Equity Sales.

 

(a)
From the date hereof until forty-five (45) calendar days after the Closing Date, neither the Company nor any Subsidiary shall
issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Stock or Common Stock Equivalents.

 

(b)
From the date hereof until forty-five (45) calendar days after the Closing Date, the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock
Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares
of Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or
exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or
upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market
for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an “at-the
market” offering or equity line of credit, whereby the Company may issue securities at a future determined price. Any Purchaser
shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition
to any right to collect damages.

 

(c)
Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance.

 

4.13
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the
same consideration is also offered to all of the parties to such Transaction Documents. For clarification purposes, this provision
constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended
for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or
as a group with respect to the purchase, disposition or voting of Shares or otherwise.

 

4.14
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or
sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this
Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to
the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the
initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms
of this transaction and the information included in this Agreement, including the schedules hereto. Notwithstanding the foregoing,
and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i)
no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities
of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the
initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions
in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no
Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or the Subsidiaries
after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement.

 

    	21

    	 

    

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated on or before the fifth Trading Day following the date hereof; provided,
however, that no such termination will affect the right of any party to sue for any breach by any other party (or
parties).

 

5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer
Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the
Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the
delivery of any Shares to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, and the Prospectus contain
the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages
attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as
set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously disclose such information in accordance with applicable law and file such notice with the Commission
pursuant to a Current Report on Form 8-K.

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and Purchasers which purchased a majority in interest of the Shares
based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any
such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom such Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with
respect to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

    	22

    	 

    

 

5.8
No Third-Party Beneficiaries. A.G.P. shall be the third party beneficiary of the representations and warranties of the
Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for
the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may
any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such action
or proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence
an action or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company
under Section 4.8, the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding.

 

5.10
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares
for a period of not longer than twelve (12) months from the Closing.

 

5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

5.12
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

    	23

    	 

    

 

5.14
Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Shares.

 

5.15
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

 

5.16
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of
action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience
only, each Purchaser and its respective counsel have chosen to communicate with the Company through NMRS. NMRS does not represent
any of the Purchasers and only represents A.G.P. The Company has elected to provide all Purchasers with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It
is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the
Purchasers.

 

5.18
[Reserved].

 

5.19
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.20
Currency. Unless otherwise stated, all dollar amounts and references to “ $” in this Agreement refer to the
lawful currency of the United States.

 

    	24

    	 

    

 

5.21
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and Common Stock in any Transaction Document shall be subject to
adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common
Stock that occur after the date of this Agreement.

 

5.22
Sales During Pre-Settlement Period. Notwithstanding anything herein to the contrary, if at any time on or after the time
of execution of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to
the Closing (the “Pre-Settlement Period”), if such Purchaser sells to any Person all, or any portion, of any
Common Stock to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement Shares”),
such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed
to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares
to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such
Purchaser prior to the Company’s receipt of the Subscription Amount for such Pre-Settlement Shares hereunder; provided,
further, that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by
such Purchaser as to whether or not such Purchaser will elect to sell any Pre-Settlement Shares during the Pre-Settlement Period.
The decision to sell any shares of Common Stock will be made in the sole discretion of such Purchaser from time to time, including
during the Pre-Settlement Period.

 

5.23
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature
Pages Follow)

 

    	25

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	JANONE
    INC.	 	Address
    for Notice:
	 	 	 	 
	By:	 /s/
    Tony Isaac	 	325
    E. Warm Springs Road, Suite 102
	 	Name:
    Tony Isaac	 	Las
    Vegas, Nevada 89119
	 	Title:
    President and CEO	 	 
	 	 	 	Fax:
___________________________________
	 	 	 	E-mail:________________________________

        

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	26

    	 

    

 

[PURCHASER
SIGNATURE PAGES TO JANONE INC. SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: _____________________________________________________

 

Signature
of Authorized Signatory of Purchaser: ______________________________

 

Name
of Authorized Signatory: ____________________________________________

 

Title
of Authorized Signatory: _____________________________________________

 

Email
Address of Authorized Signatory:______________________________________

 

Facsimile
Number of Authorized Signatory: ___________________________________

 

Address
for Notice to Purchaser:

 

DWAC
for Shares:

 

Subscription
Amount: $_________________

 

Shares:
______________________________

 

EIN
Number: _________________________

 

    	27

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