Document:

Exhibit 4.1

 

STOCK
PURCHASE AGREEMENT

 

 

AMONG

 

BOQI
International medical Inc., as parent,

 

Bimai
Pharmaceutical (Chongqing) Co., Ltd., AS BUYER,

 

WUZHOU
qiangsheng hospital co., ltd., suzhou EURASIA hospital co., ltd. and yunan yuxi minkang hospital co., ltd., AS
THE acquired COMPANies,

 

AND

 

jiangjin
shen and Zhiwei shen, AS SELLERS,

 

DATED

 

April
9, 2021

 

     

     

    

 

TABLE
OF CONTENTS

 

		Page
	1.	DEFINITIONS	1
	2.	SALE
    AND TRANSFER OF SHARES; CLOSING	8
	 	2.1	Shares	8
	 	2.2	Purchase
    Price	8
	 	2.3	Payment
    of Consideration	8
	 	2.4	Closing	8
	 	2.5	Closing
    Obligations	8
	 	2.6	Payment
    of Post-Closing Consideration	9
	3.	REPRESENTATIONS
    AND WARRANTIES OF SELLERS	12
	 	3.1	Title
    to the Shares	12
	 	3.2	Authority	12
	 	3.3	Consents
    Required	12
	4.	REPRESENTATIONS
    AND WARRANTIES OF THE ACQUIRED COMPANIES AND SELLERS	14
	 	4.1	Organization
    and Good Standing	14
	 	4.2	Authority;
    No Conflict	14
	 	4.3	Capitalization	15
	 	4.4	Financial
    Statements	15
	 	4.5	Books
    and Records	16
	 	4.6	Title
    to Properties; Encumbrances	16
	 	4.7	Condition
    and Sufficiency of Assets	16
	 	4.8	Accounts
    Receivable	17
	 	4.9	Inventory	17
	 	4.10	No
    Undisclosed Liabilities	17
	 	4.11	Taxes	17
	 	4.12	No
    Material Adverse Change	18
	 	4.13	Employee
    Benefits	18
	 	4.14	Compliance
    With Legal Requirements; Governmental Authorizations	18
	 	4.15	Legal
    Proceedings; Orders	19
	 	4.16	Absence
    of Certain Changes and Events	19
	 	4.17	Contracts;
    No Defaults	20
	 	4.18	Insurance	21
	 	4.19	Environmental
    Matters	21
	 	4.20	Employees	22
	 	4.21	Labor
    Relations; Compliance	23
	 	4.22	Intellectual
    Property	23
	 	4.23	Healthcare
    Regulatory Matters	24
	 	4.24	Certain
    Payments	24
	 	4.25	Disclosure	24
	 	4.26	Relationships
    With Related Persons	24
	 	4.27	Brokers
    or Finders	25
	5.	REPRESENTATIONS
    AND WARRANTIES OF BUYER	25
	 	5.1	Organization
    and Good Standing	25
	 	5.2	Authority;
    No Conflict	25
	 	5.3	Certain
    Proceedings	25
	 	5.4	Brokers
    or Finders	25

 

    i

     

    

 

	6.	REPRESENTATIONS AND WARRANTIES OF PARENT	25
	 	6.1 	Stock Exchange Listing	25
	 	6.2 	SEC Filings	25
	7. 	COVENANTS OF SELLERS	26
	 	7.1 	Access and Investigation	26
	 	7.2	Operation of the Businesses of each Acquired Company	26
	 	7.3 	Negative Covenant	26
	 	7.4 	Required Approvals	26
	 	7.5 	Notification	26
	 	7.6 	Payment of Indebtedness by Related Persons	27
	 	7.7 	No Negotiation	27
	 	7.8	Proprietary Information	27
	 	7.9 	Public Announcements	27
	 	7.10 	Stockholder Covenant	27
	 	7.11 	Best Efforts	27
	 	7.12	Release	27
	 	7.13	Confidentiality	27
	8. 	Tax MAtters	28
	 	8.1 	Responsibility for Filing Tax Returns	28
	 	8.2	Cooperation on Tax Matters	29
	 	8.3 	Sales and Transfer Taxes	29
	9. 	CONDITIONS PRECEDENT TO BUYER’S OBLIGATION
    TO CLOSE	29
	 	9.1 	Accuracy of Representations	29
	 	9.2	Sellers’ Performance	29
	 	9.3 	Authorization	29
	 	9.4	Consents and Approvals	29
	 	9.5 	Government Consents, Authorizations, Etc	29
	 	9.6	Additional Documents	30
	 	9.7 	No Proceedings	30
	 	9.8 	No Claim Regarding Stock Ownership or Sale Proceeds	30
	 	9.9 	No Prohibition	30
	 	9.10 	Absence of Material Adverse Change	30
	10. 	CONDITIONS PRECEDENT TO SELLERS’
    OBLIGATION TO CLOSE	30
	 	10.1 	Additional Documents	30
	 	10.2 	Accuracy of Representations	31
	 	10.3 	Buyer’s Performance	31
	 	10.4 	No Injunction	31
	11. 	TERMINATION	31
	 	11.1	Termination Events	31
	 	11.2 	Effect of Termination	31
	12.	INDEMNIFICATION; REMEDIES	32
	 	12.1 	Survival; Right to Indemnification Not Affected By
    Knowledge	32
	 	12.2 	Indemnification and Payment of Damages by Sellers	32
	 	12.3 	Indemnification and Payment of Damages by Sellers Environmental
    Matters	32
	 	12.4 	Indemnification and Payment of Damages by Buyer	33
	 	12.5 	Right of Set-Off	33
	 	12.6	Procedure for Indemnification Third Party Claims	33
	 	12.7	Procedure For Indemnification for Other Claims	34

 

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	13. 	GENERAL PROVISIONS	34
	 	13.1 	Expenses	34
	 	13.2 	Public Announcements	34
	 	13.3 	Confidentiality	35
	 	13.4 	Notices.	35
	 	13.5 	Further Assurances	36
	 	13.6	 Waiver	36
	 	13.7	 Entire Agreement and Modification	36
	 	13.8	Assignments, Successors, and no Third-Party Rights	36
	 	13.9 	Severability	36
	 	13.10 	Section Headings, Construction	37
	 	13.11 	Time of Essence	37
	 	13.12	 Governing Law; Waiver of Jury Trial; Jurisdiction	37
	 	13.13	 Counterparts; Facsimile and Electronic Signatures	38
	 	13.14 	Representation by Counsel	38

 

    iii

     

    

 

STOCK
PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of April 9, 2021 by and among BOQI International
Medical Inc., a company organized under the laws of the state of Delaware, the U.S.A. (“Parent”), Bimai
Pharmaceutical (Chongqing) Co., Ltd., a company organized under the laws of the PRC (“Buyer”), WUZHOU QIANGSHENG HOSPITAL
CO., LTD., a company organized under the laws of the PRC ( “Qiangsheng”), SUZHOU EURASIA HOSPITAL CO., LTD., a company
organized under the laws of the PRC (“Eurasia”), YUNAN YUXI MINKANG HOSPITAL CO., LTD., a company organized under the laws
of the PRC (“Minkang”), Mr. JIANGJIN SHEN, an individual residing in the PRC (“Jiangjin”), and Mr. ZHIWEI SHEN,
an individual residing in the PRC (“Zhiwei”). Qiangsheng, Eurasia and Minkang may be referred to herein individually
as an “Acquired Company” and collectively as the “Acquired Companies.” Jiangjin and Zhiwei may
be referred to herein individually as a “Seller” and collectively as the “Sellers.”

 

RECITALS

 

Whereas,
immediately prior to the Closing, Sellers are the record
and beneficial owners of all the issued and outstanding shares of Qiangsheng (the “Qiangsheng Shares”).

 

Whereas,
immediately prior to the Closing, Sellers are the record
and beneficial owners of all the issued and outstanding shares of Eurasia (the “Eurasia Shares”).

 

Whereas,
immediately prior to the Closing, Sellers are the record
and beneficial owners of all the issued and outstanding shares of Minkang (the “Mingkang Shares”, together with Qiangsheng
Shares and Eurasia Shares, the “Shares”).

 

WHEREAS,
Buyer desires to purchase and acquire from Sellers, and Sellers desire to sell and transfer to Buyer, all the Shares for the consideration
and on the terms set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and upon the terms and subject to the conditions hereinafter
set forth, the parties hereto, intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

The
parties, intending to be legally bound, agree as follows:

 

1.
DEFINITIONS.

 

For
purposes of this Agreement, the following terms have the meanings specified or referred to in this Section 1:

 

“2021
Actual Profit” as defined in Section 2.3(a).

 

“2021
Adjustment Amount” as defined in Section 2.3(a).

 

“2021
Financial Statements” as defined in Section 2.6(a).

 

“2021
Profit Statement” as defined in Section 2.6(a).

 

“2021
Profit Statement Delivery Date” as defined in Section 2.6(a).

 

    1

     

    

 

“2021
Pro Rata Percentage” the result of (X) the total number of days from the Closing Date to December 31, 2021, divided by (Y)
365.

 

“2021
Target Profit” as defined in Section 2.3(a).

 

“2022
Actual Profit” as defined in Section 2.3(b).

 

“2022
Adjustment Amount” as defined in Section 2.3(b).

 

“2022
Financial Statements” as defined in Section 2.3(b).

 

“2022
Profit Statement” as defined in Section 2.6(b).

 

“2022
Statement Delivery Date” as defined in Section 2.6(b).

 

“2021
Target Profit” as defined in Section 2.3(b).

 

“Acquired
Companies” as defined in the first paragraph.

 

“Affiliate”
with respect to any party, a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such party.

 

“Applicable
Contract” any Contract (a) under which any Acquired Company has or may acquire any rights, (b) under which any
Acquired Company has or may become subject to any obligation or liability, or (c) by which any Acquired Company or any of the assets
owned or used by it is or may become bound.

 

“Benefit
Plan” as defined in Section 4.13.

 

“Best
Efforts” the efforts that a prudent Person desirous of achieving a result would use in similar circumstances to ensure
that such result is achieved as expeditiously as possible.

 

“Breach”
a “Breach” of a representation, warranty, covenant, obligation, or other provision of this Agreement or any instrument delivered
pursuant to this Agreement will be deemed to have occurred if there is or has been (a) any inaccuracy in or breach of, or any failure
to perform or comply with, such representation, warranty, covenant, obligation, or other provision, or (b) any claim (by any Person) or
other occurrence or circumstance that is or was inconsistent with such representation, warranty, covenant, obligation, or other provision,
and the term “Breach” means any such inaccuracy, breach, failure, claim, occurrence, or circumstance.

 

“Buyer”
as defined in the first paragraph of this Agreement.

 

“Closing”
as defined in Section 2.4.

 

“Closing
Date” as defined in Section 2.4.

 

“Closing
Payment” as defined in Section 2.3(a).

 

“Confidential
Information” means all non-public, confidential or proprietary information of the Acquired Companies, including the Intellectual
Property Assets.

 

“Consent”
any approval, consent, ratification, waiver, or other authorization (including any Governmental Authorization).

 

    2

     

    

 

“Contemplated
Transactions” means the purchase of the Shares by Buyer and the other transactions contemplated by this Agreement.

 

“Contract”
any agreement, contract, obligation, promise, or undertaking (whether written or oral and whether express or implied) that is legally
binding.

 

“Damages”
as defined in Section 11.2.

 

“Distribution
Compliance Period” as defined in Section 4.27(c).

 

“Encumbrance”
any charge, claim, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first
refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or exercise of any other
attribute of ownership.

 

“Environment”
soil, land surface or subsurface strata, surface waters (including navigable waters, ocean waters, streams, ponds, drainage basins, and
wetlands), groundwaters, drinking water supply, stream sediments, ambient air (including indoor air), plant and animal life, and any
other environmental medium or natural resource.

 

“Environmental,
Health, and Safety Liabilities” any cost, damages, expense, liability, obligation, or other responsibility arising from
or under Environmental Law or Occupational Safety and Health Law and consisting of or relating to:

 

(a)
any environmental, health, or safety matters or conditions (including on- site or off-site contamination, occupational safety and health,
and regulation of chemical substances or products);

 

(b)
fines, penalties, judgments, awards, settlements, legal or administrative proceedings, damages, losses, claims, demands and response,
investigative, remedial, or inspection costs and expenses arising under Environmental Law or Occupational Safety and Health Law;

 

(c)
financial responsibility under Environmental Law or Occupational Safety and Health Law for cleanup costs or corrective action, including
any investigation, cleanup, removal, containment, or other remediation or response actions (“Cleanup”) required by
applicable Environmental Law or Occupational Safety and Health Law (whether or not such Cleanup has been required or requested by any
Governmental Body or any other Person) and for any natural resource damages; or

 

(d)
any other compliance, corrective, investigative, or remedial measures required under Environmental Law or Occupational Safety and Health
Law.

 

“Environmental
Law” any Legal Requirement that requires or relates to:

 

(a)
advising appropriate authorities, employees, and the public of intended or actual releases of pollutants or hazardous substances or materials,
violations of discharge limits, or other prohibitions and of the commencements of activities, such as resource extraction or construction,
that could have significant impact on the Environment;

 

(e)
preventing or reducing to acceptable levels the release of pollutants or hazardous substances or materials into the Environment;

 

(f) 
reducing the quantities, preventing the release, or minimizing the hazardous characteristics of wastes that are generated;

 

    3

     

    

 

(g)
 assuring that products are designed, formulated, packaged, and used so that they do not present unreasonable risks to human health or
the Environment when used or disposed of;

 

(h)
protecting resources, species, or ecological amenities;

 

(i) 
reducing to acceptable levels the risks inherent in the transportation of hazardous substances, pollutants, oil, or other potentially
harmful substances;

 

(j) 
cleaning up pollutants that have been released, preventing the threat of release, or paying the costs of such clean up or prevention;
or

 

(k)
making responsible parties pay private parties, or groups of them, for damages done to their health or the Environment, or permitting
self-appointed representatives of the public interest to recover for injuries done to public assets.

 

“Facilities”
any real property, leaseholds, or other interests currently or formerly owned or operated by any Acquired Company and any buildings,
plants, structures, or equipment (including motor vehicles, tank cars, and rolling stock) currently or formerly owned or operated
by any Acquired Company.

 

“Final
2021 Profit Statement” as defined in Section 2.6(a).

 

“Final
2022 Profit Statement” as defined in Section 2.6(b).

 

“Governmental
Authorization” any approval, consent, license, permit, waiver, or other authorization issued, granted, given, or otherwise
made available by or under the authority of any Governmental Body or pursuant to any Legal Requirement.

 

“Governmental
Body” any:

 

(a)
nation, state, county, city, town, village, district, or other jurisdiction of any nature;

 

(b)
federal, state, local, municipal, foreign, or other government;

 

(c)
governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity
and any court or other tribunal);

 

(d)
multi-national organization or body; or

 

(e)
body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority
or power of any nature.

 

“Hazardous
Activity” the distribution, generation, handling, importing, management, manufacturing, processing, production, refinement,
Release, storage, transfer, transportation, treatment, or use (including any withdrawal or other use of groundwater) of Hazardous
Materials in, on, under, about, or from the Facilities or any part thereof into the Environment, and any other act, business, operation,
or thing that increases the danger, or risk of danger, or poses an unreasonable risk of harm to persons or property on or off the Facilities,
or that may affect the value of the Facilities or the Acquired Companies.

 

“Hazardous
Materials” any waste or other substance that is listed, defined, designated, or classified as, or otherwise determined
to be, hazardous, radioactive, or toxic or a pollutant or a contaminant under or pursuant to any Environmental Law, including any admixture
or solution thereof, and specifically including petroleum and all derivatives thereof or synthetic substitutes therefor and asbestos
or asbestos-containing materials.

 

    4

     

    

 

“Intellectual
Property Assets” as defined in Section 4.22.

 

“Knowledge”
an individual will be deemed to have “Knowledge” of a particular fact or other matter if:

 

(a)
such individual is actually aware of such fact or other matter; or

 

(b)
a prudent individual could be expected to discover or otherwise become aware of such fact or other matter in the course of conducting
a reasonably comprehensive investigation concerning the existence of such fact or other matter.

 

A
Person (other than an individual) will be deemed to have “Knowledge” of a particular fact or other matter if any individual
who is a key employee or is serving, or who has at any time served, as a director, officer, partner, executor, or trustee of such Person
(or in any similar capacity) has, or at any time had, Knowledge of such fact or other matter.

 

“Latest
Balance Sheet” as defined in Section 4.4.

 

“Legal
Requirement” any federal, state, local, municipal, foreign, international, multinational, or other administrative order,
constitution, law, ordinance, principle of common law, regulation, statute, or treaty.

 

“NASDAQ”
the NASDAQ Stock Market or any of its successor entities.

 

“Net
Profit” with respect to any period, the Revenue less the aggregate amount of the costs of goods sold, operating expenses,
interests expenses, depreciation, amortization, taxes and any other expenses of all the Acquired Companies during such period, calculated
in accordance with generally accepted accounting principles in the U.S.A.

 

“Occupational
Safety and Health Law” any Legal Requirement designed to provide safe and healthful working conditions and to reduce occupational
safety and health hazards, and any program, whether governmental or private (including those promulgated or sponsored by industry associations
and insurance companies), designed to provide safe and healthful working conditions.

 

“Option
Exercise Notice” as defined in Section 2.6(d).

 

“Order”
any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any court, administrative
agency, or other Governmental Body or by any arbitrator.

 

“Ordinary
Course of Business” an action taken by a Person will be deemed to have been taken in the “Ordinary Course of Business”
only if:

 

(a)
such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal day-to-day operations
of such Person;

 

(b)
such action is not required to be authorized by the board of directors of such Person (or by any Person or group of Persons exercising
similar authority) and is not required to be specifically authorized by the parent company (if any) of such Person; and

 

(c)
such action is similar in nature and magnitude to actions customarily taken, without any authorization by the board of directors (or
by any Person or group of Persons exercising similar authority), in the ordinary course of the normal day-to-day operations of other
Persons that are in the same line of business as such Person.

 

    5

     

    

 

“Organizational
Documents” (a) the articles or certificate of incorporation and the bylaws of a corporation; (b) the partnership
agreement and any statement of partnership of a general partnership; (c) the limited partnership agreement and the certificate of
limited partnership of a limited partnership; (d) any charter or similar document adopted or filed in connection with the creation,
formation, or organization of a Person; and (e) any amendment to any of the foregoing.

 

“Parent’s
Shareholders Approval” as defined in Section 2.6 (d).

 

“Parent
Shares” newly-issued shares of common stock, par value $0.001, of Parent.

 

“Person”
any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, labor union, or other entity or Governmental Body.

 

“PRC”
the People’s Republic of China (excluding, the Hong Kong Special Administrative Region, the Macau Special Administrative Region
and Taiwan).

 

“Proceeding”
any action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative,
or informal) commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Body or arbitrator.

 

“Related
Person” with respect to a particular individual:

 

(a) each
other member of such individual’s Family;

 

(b) any
Person that is directly or indirectly controlled by such individual or one or more members of such individual’s Family;

 

(c) any
Person in which such individual or members of such individual’s Family hold (individually or in the aggregate) a Material
Interest; and

 

(d) any
Person with respect to which such individual or one or more members of such individual’s Family serves as a director, officer,
partner, executor, or trustee (or in a similar capacity).

 

With
respect to a specified Person other than an individual:

 

(a) any
Person that directly or indirectly controls, is directly or indirectly controlled by, or is directly or indirectly under common control
with such specified Person;

 

(b) any
Person that holds a Material Interest in such specified Person;

 

(c) each
Person that serves as a director, officer, partner, executor, or trustee of such specified Person (or in a similar capacity);

 

(d) any
Person in which such specified Person holds a Material Interest;

 

(e) any
Person with respect to which such specified Person serves as a general partner or a trustee (or in a similar capacity); and

 

(f) any
Related Person of any individual described in clause (b) or (c).

 

    6

     

    

 

For
purposes of this definition, (a) the “Family” of an individual includes (i) the individual, (ii) the
individual’s spouse and former spouses, (iii) any other natural person who is related to the individual or the individual’s
spouse within the second degree, and (iv) any other natural person who resides with such individual, and (b) ”Material
Interest” means direct or indirect beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of
voting securities or other voting interests representing at least 5% of the outstanding voting power of a Person or equity securities
or other equity interests representing at least 5% of the outstanding equity securities or equity interests in a Person.

 

“Release”
any spilling, leaking, emitting, discharging, depositing, escaping, leaching, dumping, or other releasing into the Environment, whether
intentional or unintentional.

 

“Representative”
with respect to a particular Person, any director, officer, employee, agent, consultant, advisor, or other representative of such Person,
including legal counsel, accountants, and financial advisors.

 

“Revenue”
with respect to any period, the aggregate payments received during such period (and not refunded during such period) by all the Acquired
Companies from customers and the aggregate payments owed during such period by customers to all the Acquired Companies for products sold
and services provided and not yet received during such period, calculated in accordance with generally accepted accounting principles
in the U.S.A.

 

“Second
Payment” as defined in Section 2.6 (a).

 

“Second
Payment Date” as defined in Section 2.6 (a).

 

“Securities
Act” the Securities Act of 1933 or any successor law, and regulations and rules issued pursuant to that Act or any successor
law.

 

“Sellers”
as defined in the first paragraph of this Agreement.

 

“Shares”
as defined in the Recitals of this Agreement.

 

“Tax”
any tax (including any income tax, capital gains tax, value-added tax, sales tax, property tax, gift tax, or estate tax), levy, assessment,
tariff, duty (including any customs duty), deficiency, or other fee, and any related charge or amount (including any fine, penalty, interest,
or addition to tax), imposed, assessed, or collected by or under the authority of any Governmental Body or payable pursuant to any tax-sharing
agreement or any other Contract relating to the sharing or payment of any such tax, levy, assessment, tariff, duty, deficiency, or fee.

 

“Tax
Return” any return (including any information return), report, statement, schedule, notice, form, or other document or
information filed with or submitted to, or required to be filed with or submitted to, any Governmental Body in connection with the determination,
assessment, collection, or payment of any Tax or in connection with the administration, implementation, or enforcement of or compliance
with any Legal Requirement relating to any Tax.

 

“Third
Party Auditor” as defined in Section 2.6(a).

 

“Third
Payment” as defined in Section 2.6(b).

 

“Third
Payment Date” as defined in Section 2.6 (b).

 

“Threat
of Release” a substantial likelihood of a Release that may require action in order to prevent or mitigate damage to the
Environment that may result from such Release.

 

“Threatened”
a claim, Proceeding, dispute, action, or other matter will be deemed to have been “Threatened” if any demand or statement
has been made (orally or in writing) or any notice has been given (orally or in writing), or if any other event has occurred or
any other circumstances exist, that would lead a prudent Person to conclude that such a claim, Proceeding, dispute, action, or other
matter is likely to be asserted, commenced, taken, or otherwise pursued in the future.

 

“U.S.A.” the United States
of America.

 

    7

     

    

 

2.
SALE AND TRANSFER OF SHARES; CLOSING.

 

2.1
Shares. Subject to the terms and conditions of this Agreement, at the Closing, Sellers shall sell, convey, assign, transfer and
deliver to Buyer, and Buyer shall purchase, acquire and accept from Sellers, all right, title and interest in and to the Shares, free
and clear of all Encumbrance.

 

2.2
Purchase Price. The aggregate purchase price (the “Purchase Price”) for the Shares is RMB 162,000,000, payable
in the forms and methods as set forth in Section 2.3 and Section 2.6. The Purchase Price shall be subject to post-Closing
adjustment in accordance with Section 2.6.

 

2.3
Payment of Consideration. The Purchase Price, subject to post-Closing adjustment, shall be paid as follows:

 

(a)
Upon the terms and subject to the conditions of this Agreement, in consideration of the aforesaid sale, conveyance, assignment, transfer
and delivery of the Shares, (i) cash in the amount of RMB 20,000,000 (the “Closing Cash Payment”), and (ii) 4,000,000
Parent Shares (the “Closing Stock Payment”), the value of which the parties hereto agree to be RMB 78,000,000 or US$12,000,000,
shall be delivered to Sellers at the Closing.

 

(b) Upon
the terms and subject to the conditions of this Agreement, on the Second Payment Date (as defined below), Buyer shall make a cash payment
(the “Second Payment“), the amount of which shall be the result of RMB 32,000,000 minus the amount described in Section
2.6 (a)(v) (the “2021 Adjustment Amount” which may be a positive or negative number), to Sellers.

 

(c) Upon
the terms and subject to the conditions of this Agreement, on the Third Payment Date (as defined below), Buyer shall make a cash payment
(the “Third Payment “), the amount of which shall be the result of RMB 32,000,000 minus the amount descried in Section
2.6 (b)(v) (the “2022 Adjustment Amount” which may be a positive or negative number), to Sellers.

 

2.4
Closing. The purchase and sale (the “Closing”) provided for in this Agreement will take place at such place
and on such date as Buyer and Sellers shall mutually agree (the “Closing Date”), which is no later than two business
days after the date that all closing conditions set forth in Sections 9 and 10 have been satisfied or waived. The Closing
may also be consummated by facsimile, electronically and by other means satisfactory to Buyer, Sellers and their respective counsel.
The Closing shall be deemed to occur as of midnight on the Closing Date.

 

2.5
Closing Obligations. At the Closing:

 

(a)
Sellers will deliver to Buyer

 

(i) 
certificates representing all of the Shares, free and clear of all Encumbrances, duly endorsed in blank or with a fully executed stock
power attached, or duly executed instrument of share transfer with respect to the Shares, all in proper form for transfer and in form
and substance satisfactory to Buyer;

 

    8

     

    

 

(ii)
 evidence that the official records of all Governmental Bodies of the PRC with appropriate jurisdiction have been updated to reflect
Buyer owns, beneficially and on the record, all of the Shares; and

 

(iii)
all other agreements, documents, instruments or certificates required to be delivered by Sellers pursuant to Section 9.6, at or
prior to the Closing; and

 

(b)
Buyer will deliver the Closing Cash Payment, the stock certificates evidencing the Closing Stock Payment and all other agreements, documents,
instruments or certificates required to be delivered by Buyer pursuant to Section 10.1, at or prior to the Closing.

 

2.6
Payment of Post-Closing Consideration.

 

(a)
The Second Payment.

 

(i) 2021 Profit Statement

 

Within
fifteen (15) Business Days after the completion of the financial statements for the calendar year of 2021 for each of the Acquired Companies
(collectively, the “2021 Financial Statements”), Buyer shall provide to Sellers a statement of Buyer’s good
faith calculations of Net Profit for the calendar year of 2021, to be derived from the 2021 Financial Statements (the “2021
Profit Statement”). Buyer shall provide to Sellers materials as reasonably required to support such 2021 Profit Statement.

 

(ii)
Objection Period

 

Within
fifteen (15) days following delivery of the 2021 Profit Statement, Sellers shall notify Buyer in writing if they have any objections
to the 2021 Profit Statement. The notice of objection must state in reasonable detail the basis of each objection and the approximate
amounts in dispute. Sellers shall be deemed to have accepted the 2021 Profit Statement delivered to them if Sellers do not notify Buyer
of any objection within such period of fifteen (15) days.

 

(iii)
Settlement of Dispute

 

If
Sellers dispute the 2021 Profit Statement in accordance with Section 2.6(a)(ii), then Buyer and Sellers will work expeditiously
and in good faith in an attempt to resolve such dispute within a further period of fifteen (15) days after the date of the notification
of such dispute, failing which the dispute may be submitted by Buyer for final determination to one (1) reputable accounting firm jointly
chosen by Buyer and Sellers (with which neither Party or their respective Affiliates, have any relationship) (the “Third Party
Auditor”). Buyer and Sellers shall use commercially reasonable efforts to cause the Third Party Auditor to complete its work
within forty-five (45) days of their engagement. The Third Party Auditor shall allow each of Buyer and Sellers to present their respective
positions regarding the 2021 Profit Statement, and each of Buyer and Sellers shall have the right to present additional documents, materials
and other information, and make an oral presentation to the Third Party Auditor regarding the dispute. The Third Party Auditor may not
assign a value to any item greater than the greatest value for such item claimed by

 

Buyer
or Sellers, as the case may be, or less than the least value for such item claimed by Buyer or Sellers, as the case may be.

 

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(iv)   
Final Determination

 

Promptly
following the time periods referred in Section 2.6(a)(ii) during which no notice of objection was given or any dispute was resolved
in accordance with Section 2.6(a)(iii), as the case may be, Buyer shall deliver to Sellers a final version of the 2021 Profit
Statement (the “Final 2021 Profit Statement”) (the date of such delivery, the “2021 Profit Statement Delivery
Date”). The Final 2021 Profit Statement shall be final and binding upon the parties upon delivery thereof and shall not be
subject to appeal, absent manifest error.

 

(v)
Adjustment to the Second Payment

 

(A) If
the value of Net Profit as shown in the Final 2021 Statement (the “2021 Actual Profit”) equals or exceeds RMB 10,000,000
multiplied by the 2021 Pro Rata Percentage (the “2021 Profit Target”), the 2021 Adjustment Amount shall be 0.

 

(B) If
the value of the 2021 Actual Profit is less than the 2021 Profit Target, the 2021 Adjustment Amount shall be the result of RMB 32,000,000
× ((2021 Profit Target - 2021 Actual Profit) /2021 Profit Target).

 

(vi)   
Payment of the Second Payment.

 

The
Second Payment, as adjusted pursuant to Section 2.6(a)(v), shall be paid to Sellers within five (5) days of the 2021 Profit Statement
Delivery Date (the “Second Payment Date”), unless otherwise agreed upon by the parties or required by provisions of
this Agreement.

 

(b)
The Third Payment.

 

(i) 
2022 Profit Statement

 

Within
fifteen (15) Business Days after the completion of the financial statements for the calendar year of 2021 for each of the Acquired Companies
(collectively, the “2022 Financial Statements”), Buyer shall provide to Sellers a statement of Buyer’s good
faith calculations of Net Profit for the calendar year of 2022, to be derived from the 2022 Financial Statements (the “2022
Profit Statement”). Buyer shall provide to Sellers materials as reasonably required to support such 2022 Profit Statement.

 

(ii)
Objection Period

 

Within
fifteen (15) days following delivery of the 2022 Profit Statement, Sellers shall notify Buyer in writing if they have any objections
to the 2022 Profit Statement. The notice of objection must state in reasonable detail the basis of each objection and the approximate
amounts in dispute. Sellers shall be deemed to have accepted the 2022 Profit Statement delivered to them if Sellers do not notify Buyer
of any objection within such period of fifteen (15) days.

 

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(iii)
Settlement of Dispute

 

If
Sellers dispute the 2022 Profit Statement in accordance with Section 2.6(b)(ii), then Buyer and Sellers will work expeditiously
and in good faith in an attempt to resolve such dispute within a further period of fifteen (15) days after the date of the notification
of such dispute, failing which the dispute may be submitted by Buyer for final determination to the Third Party Auditor. Buyer and Sellers
shall use commercially reasonable efforts to cause the Third Party Auditor to complete its work within forty-five (45) days of their
engagement. The Third Party Auditor shall allow each of Buyer and Sellers to present their respective positions regarding the 2022 Profit
Statement, and each of Buyer and Sellers shall have the right to present additional documents, materials and other information, and make
an oral presentation to the Third Party Auditor regarding the dispute. The Third Party Auditor may not assign a value to any item greater
than the greatest value for such item claimed by Buyer or Sellers, as the case may be, or less than the least value for such item claimed
by Buyer or Sellers, as the case may be.

 

(iv)   
Final Determination

 

Promptly
following the time periods referred in Section 2.6 (b)(ii) during which no notice of objection was given or any dispute was resolved
in accordance with Section 2.6(b)(iii), as the case may be, Buyer shall deliver to Sellers a final version of the 2022 Profit
Statement (the “Final 2022 Profit Statement”) (the date of such delivery, the “2022 Profit Statement Delivery
Date”). The Final 2022 Profit Statement shall be final and binding upon the parties upon delivery thereof and shall not be
subject to appeal, absent manifest error.

 

(v)
Adjustment to the Third Payment

 

(A) If
the value of Net Profit as shown in the Final 2022 Profit Statement (the “2022 Actual Profit”) equals or exceeds RMB
11,000,000 (the “2022 Profit Target”), the 2022 Adjustment Amount shall be 0.

 

(B) If
the value of the 2022 Actual Profit is less than the 2022 Profit Target, the 2022 Adjustment Amount shall be the result of RMB 32,000,000
× ((2022 Profit Target - 2022 Actual Profit) /2022 Profit Target).

 

(vi)   
Payment of the Third Payment.

 

The
Third Payment, as adjusted pursuant to Section 2.6(b)(v), shall be paid to Sellers within five (5) days of the 2022 Profit Statement
Delivery Date (the “Third Payment Date”), unless otherwise agreed upon by the parties or required by the provisions
of this Agreement.

 

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(c)
 Method of Payment.

 

All
payments under this Agreement shall be made by wire transfer of immediately available funds. No later than five (5) business days before
the date that any portion of the Purchase Price payable in cash is due to be paid to Sellers, Sellers shall deliver to Buyer a flow of
funds schedule and the wire instructions for the account into which the amount payable is to be paid.

 

(d)
Buyer’s Option.

 

Notwithstanding
anything to the contrary contained herein, Buyer may elect, at its sole discretion, to have the Second Payment and/or the Third Payment
paid in the form of the Parent Shares, by delivering a written notice about Buyer’s exercise of this option (the “Option
Exercise Notice”), to Sellers simultaneously with the delivery of the Final 2021 Profit Statement, or the Final 2022 Profit
Statement, as the case may be. The number of the Parent Shares to be issued as payments under this Section 2.6(d) shall be the
result of the amount of the Second Payment or the Third Payment, as the case may be, divided by $3.00. Notwithstanding anything to the
contrary further, if the issuance of the Parent Shares pursuant to this Section 2.6(d) must be approved by Parent’s shareholders
(the “Parent’s Shareholders Approval”), such Parent Shares shall not be issued to Sellers unless and until the
Parent’s Shareholders Approval has been obtained. In the event the Parent’s Shareholders Approval becomes necessary pursuant
to the foregoing sentence, the Second Payment Date or the Third Payment Date, as the case may be, shall be extended until the fifteenth
(15th) date after the Parent’s Shareholders Approval has been received. If the Parent’s Shareholders Approval has not been
received within one (1) year after Buyer delivers the Option Exercise Note, the Second Payment or the Third Payment, as the case may
be, shall be paid in Cash to Sellers immediately.

 

		3.	REPRESENTATIONS
AND WARRANTIES OF SELLERS.

 

Sellers
jointly and severally represent and warrant to Buyer as of the date hereof and as of the Closing Date as follows

 

3.1
Title to the Shares. Sellers are the lawful owners, of record and beneficially of the Shares and have good and marketable title
to the Shares, free and clear of all Encumbrances whatsoever. Except for this Agreement, there are no agreements or understandings between
either Seller and any other Person with respect to the acquisition, disposition or voting of or any other matters pertaining to the Shares
and no restriction on the voting rights and other incidents of record or beneficial ownership pertaining thereto. There are no Proceedings
or Orders pending or, to the Knowledge of each Seller, threatened by or against either Seller relating to the Shares.

 

3.2
Authority. Each Seller has all requisite power and authority to execute, deliver and perform such Seller’s obligations under
this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered
by each Seller, and constitutes a valid and binding obligation of such Seller, enforceable against such Seller in accordance with its
terms.

 

3.3
Consents Required. No consent, permit, approval, Order or authorization of or by, registration, declaration or filing with, or notification
to any Governmental Body is required by or with respect to each Seller in connection with the execution and delivery of this Agreement
and consummation by such Seller of the transactions contemplated hereby.Investment Representations. Each Seller represents that he/she
is not a U.S. person, and further represents and warrants to Buyer as follows:

 

(a)
At the time of (a) the offer of Parent Shares by the Buyer and (b) the acceptance of the offer by such Seller, of the Parent Shares,
Seller was outside the United States.

 

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(b)
 Seller is acquiring the Parent Shares for Seller’s own account, for investment and not for distribution or resale to others and
is not purchasing the Parent Shares for the account or benefit of any U.S. person, or with a view towards distribution to any U.S. person,
in violation of the registration requirements of the Securities Act.

 

(c)
Seller will make all subsequent offers and sales of the Parent Shares either (x) outside of the United States in compliance with Regulation
S; (y) pursuant to a registration under the Securities Act; or (z) pursuant to an available exemption from registration under the Securities
Act. Specifically, such person or entity will not resell the Parent Shares to any U.S. person or within the United States prior to the
expiration of a period commencing on the Closing Date and ending on the date that is one year thereafter (the “Distribution
Compliance Period”), except pursuant to registration under the Securities Act or an exemption from registration under the Securities
Act.

 

(d)
Seller has no present intention to sell the Parent Shares in the United States or to a U.S. person at any predetermined time, has made
no predetermined arrangements to sell the Parent Shares and is not acting as a Distributor of such securities.

 

(e)
Seller, its Affiliates nor any Person acting on behalf of such person or entity, has entered into, has the intention of entering into,
or will enter into any put option, short position or other similar instrument or position in the U.S. with respect to the Parent Shares
at any time after the Closing Date through the Distribution Compliance Period.

 

(f) 
Seller consents to the placement of a legend on any certificate or other document evidencing the Parent Shares substantially in the form
set forth in Section 6.14 of this Agreement.

 

(g)
 Seller is not acquiring the Parent Shares in a transaction (or an element of a series of transactions) that is part of any plan or scheme
to evade the registration provisions of the Securities Act.

 

(h)
Seller has sufficient knowledge and experience in finance, securities, investments and other business matters to be able to protect such
person’s or entity’s interests in connection with the transactions contemplated by this Agreement.

 

(i) 
Seller has consulted, to the extent that it has deemed necessary, with its tax, legal, accounting and financial advisors concerning its
investment in the Parent Shares.

 

(j) 
Seller understands the various risks of an investment in the Parent Shares and can afford to bear such risks for an indefinite period
of time, including, without limitation, the risk of losing its entire investment in the Parent Shares.

 

(k)
Seller has had access to Buyer’s publicly filed reports with the SEC and has been furnished during the course of the transactions
contemplated by this Agreement with all other public information regarding the Buyer that such person or entity has requested and all
such public information is sufficient for such person or entity to evaluate the risks of investing in the Parent Shares.

 

(l) 
Seller has been afforded the opportunity to ask questions of and receive answers concerning Buyer and the terms and conditions of the
issuance of the Parent Shares.

 

(m)
Seller is not relying on any representations and warranties concerning Buyer made by the Buyer or any officer, employee or agent of Buyer,
other than those contained in this Agreement.

 

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(n)
 Seller will not sell or otherwise transfer the Parent Shares unless either (A) the transfer of such securities is registered under the
Securities Act or (B) an exemption from registration of such securities is available.

 

(o)
Seller represents that the address furnished on its signature page to this Agreement is the principal residence of Seller.

 

(p)
Seller understands and acknowledges that the Parent Shares have not been recommended by any federal or state securities commission or
regulatory authority, that the foregoing authorities have not confirmed the accuracy or determined the adequacy of any information concerning
the Buyer that has been supplied to such person or entity and that any representation to the contrary is a criminal offense.

 

(q)
Seller is an Accredited Investor as that term is defined in Regulation D of the Securities Exchange Act, and is able to protect its interests
in connection with the acquisition of the Parent Shares and can bear the economic risk of investment in such securities without producing
a material adverse change in respect of Seller’s financial condition. Seller has such knowledge and experience in financial or
business matters that Seller is capable of evaluating the merits and risks of the investment in the Parent Shares

 

 4. REPRESENTATIONS AND WARRANTIES OF THE ACQUIRED COMPANIES AND SELLERS

 

The
Acquired Companies and Sellers jointly and severally represent and warrant to Buyer as of the date hereof and as of the Closing Date
as follows:

 

4.1
Organization and Good Standing.

 

(a)
Each Acquired Company is duly organized, validly existing, and in good standing under the laws of its jurisdiction of formation, with
full corporate power and authority to conduct its business as it is now being conducted, to own or use the properties and assets that
it purports to own or use, and to perform all of its obligations in the Ordinary Course of Business and under its contracts. Each Acquired
Company is duly qualified to do business as a foreign company and is in good standing under the laws of each country, territory or other
jurisdiction in which either the ownership or use of the properties owned or used by it, or the nature of the activities conducted by
it, requires such qualification.

 

(b)
Sellers have delivered to Buyer copies of the Organizational Documents of each Acquired Company, as currently in effect.

 

4.2
Authority; No Conflict.

 

(a)
This Agreement constitutes the legal, valid, and binding obligation of each Acquired Company, enforceable against each Acquired Company
in accordance with its terms. Sellers and the Acquired Companies have the absolute and unrestricted right, power, authority, and capacity
to execute and deliver this Agreement and the other documents required to be delivered hereunder and to perform their obligations under
this Agreement.

 

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(b)
Neither the execution and delivery of this Agreement nor the consummation or performance of any of the Contemplated Transactions will,
directly or indirectly (with or without notice or lapse of time):

 

(i) 
 contravene, conflict with, or result in a violation of (A) any provision of the Organizational Documents of any Acquired Company,
or (B) any resolution adopted by the board of directors or the stockholders of any Acquired Company;

 

(ii)
contravene, conflict with, or result in a violation of, or give any Governmental Body or other Person the right to challenge any of the
Contemplated Transactions or to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which any Acquired
Company or Seller, or any of the assets owned or used by any Acquired Company, may be subject;

 

(iii)
contravene, conflict with, or result in a violation of any of the terms or requirements of, or give any Governmental Body the right to
revoke, withdraw, suspend, cancel, terminate, or modify, any Governmental Authorization that is held by any Acquired Company or that
otherwise relates to the business of, or any of the assets owned or used by, any Acquired Company;

 

(iv)
cause Buyer or any Acquired Company to become subject to, or to become liable for the payment of, any Tax;

 

(v)
cause any of the assets owned by any Acquired Company to be reassessed or revalued by any taxing authority or other Governmental Body;

 

(vi)
contravene, conflict with, or result in a violation or breach of any provision of, or give any Person the right to declare a default
or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify, any Applicable Contract;
or

 

(vii)
result in the imposition or creation of any Encumbrance upon or with respect to any of the assets owned or used by any Acquired Company.

 

None
of the Sellers and the Acquired Companies is or will be required to give any notice to or obtain any consent from any Person in connection
with the execution and delivery of this Agreement or the consummation or performance of any of the Contemplated Transactions.

 

4.3
Capitalization. Sellers are and will be on the Closing Date the record and beneficial owner and holder of the Shares, free and
clear of all Encumbrances. No legend or other reference to any purported Encumbrance appears upon any certificate representing equity
securities of any Acquired Company. All the outstanding equity securities of each Acquired Company have been duly authorized and validly
issued and are fully paid and nonassessable. There are no Contracts relating to the issuance, sale, or transfer of any equity securities
or other securities of any Acquired Company. None of the outstanding equity securities or other securities of any Acquired Company was
issued in violation of the Securities Act or any other Legal Requirement. None of the Acquired Companies owns, or has any Contract to
acquire, any equity securities or other securities of any Person (other than the Acquired Company) or any direct or indirect equity
or ownership interest in any other business.

 

4.4
Financial Statements. Sellers have delivered to Buyer the unaudited consolidated balance sheets of each Acquired Company as at
March 31, 2021 (the “Latest Balance Sheet”) and December 31, 2020, and the related consolidated statements of income,
changes in stockholders’ equity, and cash flow for each of the fiscal years then ended, including the notes thereto. Such financial
statements and notes fairly present the financial condition and the results of operations, changes in stockholders’ equity, and
cash flow of each Acquired Company as at the respective dates of and for the periods referred to in such financial statements. The financial
statements referred to in this Section 4.4 reflect the consistent application of such accounting principles throughout the periods
involved.

 

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4.5
 Books and Records. The books of account, minute books, stock record books, and other records of each Acquired Company, all of
which have been made available to Buyer, are complete and correct. The minute books of each Acquired Company contain accurate and complete
records of all meetings held, and corporate action taken by, the stockholders, the Boards of Directors, and committees of the Boards
of Directors of each Acquired Company, and no meeting of any such stockholders, Board of Directors, or committee has been held for which
minutes have not been prepared and are not contained in such minute books. At the Closing, all those books and records will be in the
possession of each Acquired Company.

 

4.6
Title to Properties; Encumbrances. Sellers have delivered or made available to Buyer copies of the deeds and other instruments
(as recorded) by which each Acquired Company acquired all real property, leaseholds, or other interests owned by it, and copies of all
title insurance policies, opinions, abstracts, and surveys in the possession of Sellers or each Acquired Company and relating to such
property or interests. Each Acquired Company owns (with good and marketable title in the case of real property, subject only to the matters
permitted by the following sentence) all the properties and assets (whether real, personal, or mixed and whether tangible or intangible) that
they purport to own located in the facilities owned or operated by such Acquired Company or reflected as owned in the books and records
of such Acquired Company, including all of the properties and assets reflected in the Latest Balance Sheet (except for personal property
sold since the date of the Latest Balance Sheet, as the case may be, in the Ordinary Course of Business), and all of the properties and
assets purchased or otherwise acquired by each Acquired Company since the date of the Latest Balance Sheet (except for personal property
acquired and sold since the date of the Balance Sheet in the Ordinary Course of Business and consistent with past practice). All material
properties and assets reflected in the Latest Balance Sheet are free and clear of all Encumbrances and are not, in the case of real property,
subject to any rights of way, building use restrictions, exceptions, variances, reservations, or limitations of any nature except, with
respect to all such properties and assets, (a) mortgages or security interests shown on the Latest Balance Sheet as securing specified
liabilities or obligations, with respect to which no default (or event that, with notice or lapse of time or both, would constitute a
default) exists, (b) mortgages or security interests incurred in connection with the purchase of property or assets after the
date of the Latest Balance Sheet (such mortgages and security interests being limited to the property or assets so acquired), with respect
to which no default (or event that, with notice or lapse of time or both, would constitute a default) exists, (c) liens for
current taxes not yet due, and (d) with respect to real property, (i) minor imperfections of title, if any, none of which is
substantial in amount, materially detracts from the value or impairs the use of the property subject thereto, or impairs the operations
of each Acquired Company, and (ii) zoning laws and other land use restrictions that do not impair the present or anticipated use
of the property subject thereto. All buildings, plants, and structures owned by each Acquired Company lie wholly within the boundaries
of the real property owned by each Acquired Company and do not encroach upon the property of, or otherwise conflict with the property
rights of, any other Person.

 

4.7
Condition and Sufficiency of Assets. The buildings, plants, structures, and equipment of each Acquired Company are structurally
sound, are in good operating condition and repair, and are adequate for the uses to which they are being put, and none of such buildings,
plants, structures, or equipment is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not
material in nature or cost. The building, plants, structures, and equipment of each Acquired Company are sufficient for the continued
conduct of each Acquired Company’s businesses after the Closing in substantially the same manner as conducted prior to the Closing.

 

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4.8
Accounts Receivable. All accounts receivable of each Acquired Company that are reflected on the Latest Balance Sheet or on the
accounting records of each Acquired Company as of the Closing Date (collectively, the “Accounts Receivable”) represent
or will represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business.
Unless paid prior to the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the
respective reserves shown on the Latest Balance Sheet or on the accounting records of each Acquired Company as of the Closing Date (which
reserves are adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent
a greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Latest Balance Sheet represented
of the Accounts Receivable reflected therein and will not represent a material adverse change in the composition of such Accounts Receivable
in terms of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be collected in full, without any
set-off, within ninety days after the day on which it first becomes due and payable. There is no contest, claim, or right of set-off,
other than returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable relating to the
amount or validity of such Accounts Receivable.

 

4.9
Inventory. All inventory of each Acquired Company, whether or not reflected in the Latest Balance Sheet, consists of a quality
and quantity usable and salable in the Ordinary Course of Business, except for obsolete items and items of below-standard quality, all
of which have been written off or written down to net realizable value in the Latest Balance Sheet or on the accounting records of each
Acquired Company as of the Closing Date, as the case may be. The quantities of each item of inventory (whether raw materials, work-in-process,
or finished goods) are not excessive, but are reasonable in the present circumstances of each Acquired Company.

 

4.10
No Undisclosed Liabilities. None of the Acquired Companies has any liabilities or obligations of any nature (whether known or
unknown and whether absolute, accrued, contingent, or otherwise) except for liabilities or obligations reflected or reserved against
in the Latest Balance Sheet and current liabilities incurred in the Ordinary Course of Business since the respective dates thereof.

 

4.11
Taxes.

 

(a)
Each Acquired Company has filed or caused to be filed on a timely basis through the date hereof all Tax Returns that are or were required
to be filed by or with respect to any of them, either separately or as a member of a group of corporations, pursuant to applicable Legal
Requirements. Sellers have delivered or made available to Buyer copies of all such Tax Returns filed for its three most recent completed
Tax years. Each Acquired Company has paid, or made provision for the payment of, all Taxes that have or may have become due pursuant
to those Tax Returns or otherwise, or pursuant to any assessment received by Sellers or each Acquired Company.

 

(b)
The charges, accruals, and reserves with respect to Taxes on the respective books of each Acquired Company are adequate and are at least
equal to each Acquired Company’s liability for Taxes. There exists no proposed tax assessment against any Acquired Company except
as disclosed in the Latest Balance Sheet.

 

(c)
All Taxes that the Company is or was required by Legal Requirements to withhold or collect have been duly withheld or collected and,
to the extent required, have been paid to the proper Governmental Body or other Person.

 

(d)
All Tax Returns filed by (or that include on a consolidated basis) each Acquired Company are true, correct, and complete. There
is no tax sharing agreement that will require any payment by each Acquired Company after the date of this Agreement.

 

(e)
None of the Acquired Companies has received any notice that any of its Tax Returns has been examined by any Governmental Body within
the past 6 years.

 

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4.12
No Material Adverse Change. Since the date of the Latest Balance Sheet, there has not been any material adverse change in the
business, operations, properties, prospects, assets, or condition of each Acquired Company, and no event has occurred or circumstance
exists that may result in such a material adverse change.

 

4.13
 Employee Benefits. Sellers have delivered to Buyer a complete list of employee benefit plans (the “Benefit Plan”)
of each Acquired Company. With respect to each Benefit Plan, each Acquired Company has heretofore made available to Buyer correct and
complete copies of each of the following documents: (a) the Benefit Plan and all related documents (including all amendments thereto),
(b) the summary plan description prepared for each such Benefit Plan (including all amendments thereto) and (c) all Contracts
with third-party administrators, actuaries, investment managers, consultants or other independent contractors related to each such Benefit
Plan. Each Benefit Plan has been administered and operated in material compliance with its terms, and the requirements of all applicable
Legal Requirements.

 

4.14
Compliance With Legal Requirements; Governmental Authorizations.

 

(a)
Each of the Acquired Companies has been and is in full compliance with each Legal Requirement that is or was applicable to it or to the
conduct or operation of its business or the ownership or use of any of its assets;

 

(b)
No event has occurred or circumstance exists that (with or without notice or lapse of time) (A) may constitute or result in
a violation by any Acquired Company of, or a failure on the part of any Acquired Company to comply with, any Legal Requirement, or (B) may
give rise to any obligation on the part of any Acquired Company to undertake, or to bear all or any portion of the cost of, any remedial
action of any nature; and

 

(c)
None of the Acquired Companies has received, any notice or other communication (whether oral or written) from any Governmental Body
or any other Person regarding (A) any actual, alleged, possible, or potential violation of, or failure to comply with, any Legal
Requirement, or (B) any actual, alleged, possible, or potential obligation on the part of any Acquired Company to undertake, or
to bear all or any portion of the cost of, any remedial action of any nature.

 

(d)
Each Governmental Authorization held or required to be held by each Acquired Company or that otherwise relates to the business of, or
to any of the assets owned or used by, each Acquired Company is valid and in full force and effect.

 

(e)
Each Acquired Company has been and is in full compliance with all of the terms and requirements of each Governmental Authorization held
or required to be held by it or that otherwise relates to the business of, or to any of the assets owned or used by, it;

 

(f) 
No event has occurred or circumstance exists that may (with or without notice or lapse of time) (A) constitute or result directly
or indirectly in a violation of or a failure to comply with any term or requirement of any Governmental Authorization held or required
to be held by any Acquired Company or that otherwise relates to the business of, or to any of the assets owned or used by, it, or (B) result
directly or indirectly in the revocation, withdrawal, suspension, cancellation, or termination of, or any modification to, any Governmental
Authorization held or required to be held by any Acquired Company or that otherwise relates to the business of, or to any of the assets
owned or used by, it;

 

(g)
None of the Acquired Companies has received, any notice or other communication (whether oral or written) from any Governmental Body
or any other Person regarding (A) any actual, alleged, possible, or potential violation of or failure to comply with any term or
requirement of any Governmental Authorization, or (B) any actual, proposed, possible, or potential revocation, withdrawal, suspension,
cancellation, termination of, or modification to any Governmental Authorization; and

 

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(h)
All applications required to have been filed for the renewal of the Governmental Authorizations referred to above have been duly filed
on a timely basis with the appropriate Governmental Bodies, and all other filings required to have been made with respect to such Governmental
Authorizations have been duly made on a timely basis with the appropriate Governmental Bodies.

 

Each
Acquired Company has been granted all of the Governmental Authorizations necessary to permit such Acquired Company to lawfully conduct
and operate their businesses in the manner they currently conduct and operate such businesses and to permit such Acquired Company to
own and use their assets in the manner in which they currently own and use such assets.

 

4.15
Legal Proceedings; Orders.

 

(a)
There is no pending Proceeding that has been commenced by or against any Acquired Company or that otherwise relates to or may affect
the business of, or any of the assets owned or used by, any Acquired Company; or that challenges, or that may have the effect of preventing,
delaying, making illegal, or otherwise interfering with, any of the Contemplated Transactions. To the Knowledge of each Seller and each
Acquired Company, (1) no such Proceeding has been Threatened, and (2) no event has occurred or circumstance exists that may
give rise to or serve as a basis for the commencement of any such Proceeding.

 

(b)
There is no Order to which any Acquired Company, or any of the assets owned or used by any Acquired Company, is subject. Neither Seller
is subject to any Order that relates to the business of, or any of the assets owned or used by, any Acquired Company. To the Knowledge
of each Seller and each Acquired Company, no officer, director, agent, or employee of any Acquired Company is subject to any Order that
prohibits such officer, director, agent, or employee from engaging in or continuing any conduct, activity, or practice relating to the
business of such Acquired Company.

 

(c)
Each Acquired Company is, in full compliance with of the terms and requirements of each Order to which it, or any of the assets owned
or used by it, is or has been subject. No event has occurred or circumstance exists that may constitute or result in (with or without
notice or lapse of time) a violation of or failure to comply with any term or requirement of any Order to which any Acquired Company,
or any of the assets owned or used by any Acquired Company, is subject. None of the Acquired Companies has received, any notice or other
communication (whether oral or written) from any Governmental Body or any other Person regarding any actual, alleged, possible,
or potential violation of, or failure to comply with, any term or requirement of any Order to which any Acquired Company, or any of the
assets owned or used by any Acquired Company, is or has been subject.

 

4.16
Absence of Certain Changes and Events. Since the date of the Latest Balance Sheet, each Acquired Company has conducted their businesses
only in the Ordinary Course of Business and there has not been any:

 

(a)
change in any Acquired Company’s authorized or issued capital stock; grant of any stock option or right to purchase shares of capital
stock of any Acquired Company; issuance of any security convertible into such capital stock; grant of any registration rights; purchase,
redemption, retirement, or other acquisition by any Acquired Company of any shares of any such capital stock; or declaration or payment
of any dividend or other distribution or payment in respect of shares of capital stock;

 

(b)
amendment to the Organizational Documents of any Acquired Company;

 

(c)
payment or increase by any Acquired Company of any bonuses, salaries, or other compensation to any stockholder, director, officer, or
(except in the Ordinary Course of Business) employee or entry into any employment, severance, or similar Contract with any director,
officer, or employee;

 

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(d)
 adoption of, or increase in the payments to or benefits under, any profit sharing, bonus, deferred compensation, savings, insurance,
pension, retirement, or other employee benefit plan for or with any employees of any Acquired Company;

 

(e)
damage to or destruction or loss of any asset or property of any Acquired Company, whether or not covered by insurance, materially and
adversely affecting the properties, assets, business, financial condition, or prospects of any Acquired Company, taken as a whole;

 

(f) 
entry into, termination of, or receipt of notice of termination of (i) any license, distributorship, dealer, sales representative,
joint venture, credit, or similar agreement, or (ii) any Contract or transaction involving a total remaining commitment by or to
any Acquired Company of at least $10,000.00;

 

(g)
sale (other than sales of inventory in the Ordinary Course of Business), lease, or other disposition of any asset or property of any
Acquired Company or mortgage, pledge, or imposition of any lien or other Encumbrance on any material asset or property of any Acquired
Company, including the sale, lease, or other disposition of any of the Intellectual Property Assets;

 

(h)
cancellation or waiver of any claims or rights with a value to any Acquired Company in excess of $10,000.00;

 

(i) 
material change in the accounting methods used by any Acquired Company; or

 

(j) 
agreement, whether oral or written, by any Acquired Company to do any of the foregoing.

 

4.17
Contracts; No Defaults. Sellers have delivered to Buyer copies, including all schedules, exhibits and amendments, of all Contracts
to which any Acquired Company is a party or to which the business of any Acquired Company is subject involving either (a) obligations
(contingent or otherwise) of, or the possibility of payments to, any Acquired Company in excess of $10,000.00, (b) actual or
purported restrictions on the ability of any Acquired Company to compete in any line of business or with any Person or in any geographic
area during any period of time, or (c) actual or purported restrictions on the prices any Acquired Company may charge for its products
or services. Each Material Contract is valid and binding on each Applicable Acquired Company in accordance with its terms and is in full
force and effect. None of the Acquired Companies is in material breach or violation of any Material Contract and no event has occurred
which, with the giving of notice or the passage of time, would result in a default or violation thereunder. To each Seller’s and
each Applicable Acquired Company’s Knowledge, no other party to any Material Contract is in material breach or violation of that
Contract and no event has occurred which, with the giving of notice or the passage of time, would result in a default or violation thereunder.
Sellers and each Applicable Acquired Company have no reason to believe that there is a reasonable likelihood that any party to any Material
Contract will be unable to or will choose to not comply with the terms of any Material Contract. None of the Acquired Companies has received
from any party to a Material Contract any notice of any intention to terminate any Material Contract. All Contracts of each Applicable
Acquired Company relating to the sale, design, manufacture, or provision of products or services by each Applicable Acquired Company
have been entered into in the Ordinary Course of Business and have been entered into without the commission of any act alone or in concert
with any other Person, or any consideration having been paid or promised, that is or would be in violation of any Legal Requirement.

 

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4.18
Insurance.

 

(a)
Sellers have delivered to Buyer: true and complete copies of all policies of insurance to which each Acquired Company is a party or under
which such Acquired Company, or any director of such Acquired Company, is or has been covered at any time within the years preceding
the date of this Agreement; insurance; and true and complete copies of all pending applications for policies of any statement by the
auditor of such Acquired Company’s financial statements with regard to the adequacy of such entity’s coverage or of the reserves
for claims.

 

(b)
All policies to which each Acquired Company is a party or that provide coverage to such Acquired Company, or any director or officer
of such Acquired Company: (A) are valid, outstanding, and enforceable; (B) are issued by an insurer that is financially sound
and reputable; (C) taken together, provide adequate insurance coverage for the assets and the operations of such Acquired Company
for all risks to which such Acquired Company is normally exposed; (D) are sufficient for compliance with all Legal Requirements
and Contracts to which such Acquired Company is a party or by which any of them is bound; (E) will continue in full force and effect
following the consummation of the Contemplated Transactions; and (F) do not provide for any retrospective premium adjustment or
other experienced-based liability on the part of such Acquired Company.

 

(c)
Neither Seller nor any Acquired Company has received (A) any refusal of coverage or any notice that a defense will be afforded with
reservation of rights, or (B) any notice of cancellation or any other indication that any insurance policy is no longer in full
force or effect or will not be renewed or that the issuer of any policy is not willing or able to perform its obligations thereunder.

 

(d)
Each Acquired Company has paid all premiums due, and have otherwise performed all their respective obligations, under each policy to
which such Acquired Company is a party or that provides coverage to such Acquired Company or director thereof.

 

(e)
Each Acquired Company has given notice to the insurer of all claims that may be insured thereby.

 

4.19
Environmental Matters.

 

(a)
Each Acquired Company is, and at all times has been, in full compliance with, and has not been and is not in violation of or liable under,
any Environmental Law. Neither Sellers nor any Acquired Company has any basis to expect, nor has any of them or any other Person for
whose conduct they are or may be held to be responsible received, any actual or Threatened order, notice, or other communication from
(i) any Governmental Body or private citizen acting in the public interest, or (ii) the current or prior owner or operator
of any Facilities, of any actual or potential violation or failure to comply with any Environmental Law, or of any actual or Threatened
obligation to undertake or bear the cost of any Environmental, Health, and Safety Liabilities with respect to any of the Facilities or
any other properties or assets (whether real, personal, or mixed) in which either Seller or any Acquired Company has had an interest,
or with respect to any property or Facility at or to which Hazardous Materials were generated, manufactured, refined, transferred, imported,
used, or processed by either Seller, any Acquired Company, or any other Person for whose conduct they are or may be held responsible,
or from which Hazardous Materials have been transported, treated, stored, handled, transferred, disposed, recycled, or received.

 

(b)
There are no pending or Threatened claims, Encumbrances, or other restrictions of any nature, resulting from any Environmental, Health,
and Safety Liabilities or arising under or pursuant to any Environmental Law, with respect to or affecting any of the Facilities or any
other properties and assets (whether real, personal, or mixed) in which either Seller or any Acquired Company has or had an interest.

 

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(c)
Neither Sellers nor any Acquired Company has any basis to expect, nor has any of them or any other Person for whose conduct they are
or may be held responsible, received, any citation, directive, inquiry, notice, Order, summons, warning, or other communication that
relates to Hazardous Activity, Hazardous Materials, or any alleged, actual, or potential violation or failure to comply with any Environmental
Law, or of any alleged, actual, or potential obligation to undertake or bear the cost of any Environmental, Health, and Safety Liabilities
with respect to any of the Facilities or any other properties or assets (whether real, personal, or mixed) in which either Seller
or any Acquired Company had an interest, or with respect to any property or facility to which Hazardous Materials generated, manufactured,
refined, transferred, imported, used, or processed by either Seller, any Acquired Company, or any other Person for whose conduct they
are or may be held responsible, have been transported, treated, stored, handled, transferred, disposed, recycled, or received.

 

(d)
Neither Sellers nor any Acquired Company, or any other Person for whose conduct they are or may be held responsible, has any Environmental,
Health, and Safety Liabilities with respect to the Facilities or , to the Knowledge of each Seller and Acquired Company, with respect
to any other properties and assets (whether real, personal, or mixed) in which either Seller or any Acquired Company (or any predecessor),
has or had an interest, or at any property geologically or hydrologically adjoining the Facilities or any such other property or assets.

 

(e)
There are no Hazardous Materials present on or in the Environment at the Facilities or at any geologically or hydrologically adjoining
property, including any Hazardous Materials contained in barrels, above or underground storage tanks, landfills, land deposits, dumps,
equipment (whether moveable or fixed) or other containers, either temporary or permanent, and deposited or located in land, water,
sumps, or any other part of the Facilities or such adjoining property, or incorporated into any structure therein or thereon. No Seller,
any Acquired Company, any other Person for whose conduct they are or may be held responsible, or any other Person, has permitted or conducted,
or is aware of, any Hazardous Activity conducted with respect to the Facilities or any other properties or assets (whether real, personal,
or mixed) in which either Seller or any Acquired Company has or had an interest.

 

(f) 
There has been no Release or, to the Knowledge of each Seller and Acquired Company, Threat of Release, of any Hazardous Materials at
or from the Facilities or at any other locations where any Hazardous Materials were generated, manufactured, refined, transferred, produced,
imported, used, or processed from or by the Facilities, or from or by any other properties and assets (whether real, personal, or mixed) in
which either Seller or any Acquired Company has or had an interest, or any geologically or hydrologically adjoining property, whether
by either Seller, any Acquired Company, or any other Person.

 

(g)
Sellers have delivered to Buyer true and complete copies and results of any reports, studies, analyses, tests, or monitoring possessed
or initiated by Sellers or any Acquired Company pertaining to Hazardous Materials or Hazardous Activities in, on, or under the Facilities,
or concerning compliance by Sellers, each Acquired Company, or any other Person for whose conduct they are or may be held responsible,
with Environmental Laws.

 

4.20
Employees.

 

(a)
Sellers have provided to Buyer a complete and accurate list of the following information for each employee, officer or director of each
Acquired Company, including each employee on leave of absence or layoff status: employer; name; job title; current compensation paid
or payable and any change in compensation since January 1, 2018; vacation accrued; and service credited for purposes of vesting and eligibility
to participate under each Acquired Company’s pension, retirement, profit-sharing, thrift-savings, deferred compensation, stock
bonus, stock option, cash bonus, employee stock ownership (including investment credit or payroll stock ownership), severance pay, insurance,
medical, welfare, or vacation plan or any other employee benefit plan).

 

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(b)
No employee or director of any Acquired Company is a party to, or is otherwise bound by, any agreement or arrangement, including any
confidentiality, noncompetition, or proprietary rights agreement, between such employee or director and any other Person (the “Proprietary
Rights Agreement”) that in any way adversely affects or will affect (i) the performance of his duties as an employee or
director of any Acquired Company, or (ii) the ability of any Acquired Company to conduct its business, including any Proprietary
Rights Agreement with Sellers or any Acquired Company by any such employee or director. To each Seller’s Knowledge, no director,
officer, or other key employee of any Acquired Company intends to terminate his employment with such Acquired Company.

 

4.21
Labor Relations; Compliance. None of the Acquired Companies is a party to any collective bargaining or other labor Contract. There
is not presently pending or existing, and there is not Threatened, (a) any strike, slowdown, picketing, work stoppage, or employee
grievance process, (b) any Proceeding against or affecting any Acquired Company relating to the alleged violation of any Legal Requirement
pertaining to labor relations or employment matters, including any charge or complaint filed by an employee or union with any relevant
Governmental Body, organizational activity, or other labor or employment dispute against or affecting any Acquired Company or its premises,
or (c) any application for certification of a collective bargaining agent. No event has occurred or circumstance exists that could
provide the basis for any work stoppage or other labor dispute. There is no lockout of any employees by any Acquired Company, and no
such action is contemplated by any Acquired Company. Each Acquired Company has complied in all respects with all Legal Requirements relating
to employment, equal employment opportunity, nondiscrimination, immigration, wages, hours, benefits, collective bargaining, the payment
of social security and similar taxes, occupational safety and health, and plant closing. None of the Acquired Companies is liable for
the payment of any compensation, damages, taxes, fines, penalties, or other amounts, however designated, for failure to comply with any
of the foregoing Legal Requirements.

 

4.22
Intellectual Property.

 

(a)
Intellectual Property Assets. The term “Intellectual Property Assets” includes: (i) fictional business names,
trading names, registered and unregistered trademarks, service marks, and applications; (ii) all patents, patent applications, and
inventions and discoveries that may be patentable; (iii) all copyrights in both published works and unpublished works; (iv) all
rights in mask works; and (v) all know-how, trade secrets, confidential information, customer lists, software, technical information,
data, process technology, plans, drawings, and blue prints; owned, used, or licensed by any Acquired Company as licensee or licensor.

 

(b)
Agreements. Sellers have provided to Buyer copies of all Contracts relating to the Intellectual Property Assets to which each
Acquired Company is a party or by which each Acquired Company is bound, except for any license implied by the sale of a product and perpetual,
paid-up licenses for commonly available software programs with a value of less than $10,000.00 under which each Acquired Company is the
licensee. There are no outstanding and no Threatened disputes or disagreements with respect to any such agreement.

 

(c)
Necessary for the Business. The Intellectual Property Assets are all those necessary for the operation of each Acquired Company’s
businesses as they are currently conducted. Each Acquired Company is the owner of all right, title, and interest in and to each of the
Intellectual Property Assets, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims,
and has the right to use without payment to a third party all of the Intellectual Property Assets. All former and current employees of
each Acquired Company have executed written Contracts with such Acquired Company that assign to such Acquired Company all rights to any
inventions, improvements, discoveries, or information relating to the business of such Acquired Company. No employee of any Acquired
Company has entered into any Contract that restricts or limits in any way the scope or type of work in which the employee may be engaged
or requires the employee to transfer, assign, or disclose information concerning his work to anyone other than such Acquired Company.

 

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4.23
 Healthcare Regulatory Matters.

 

(a)
Compliance with Health Care Law. Each Acquired Company, is, and since January 1, 2016 has been, in compliance with all Legal Requirement
of any Governmental Entity to which it is subject with respect to health care regulatory matters.

 

(b)
Employees and Physician’s Privileges. To each Seller’s and each Acquired Company’s Knowledge, since January
1, 2016, (i) no employee of any Acquired Company has been terminated, and no physician's privileges have been terminated, as a result
of such person having committed a crime or violated any Legal Requirement of any Governmental Entity, and (ii) no such person has resigned
voluntarily in such circumstances in order to avoid termination

 

4.24
Certain Payments.

 

Neither
any Acquired Company or director, officer, agent, or employee of such Acquired Company, or to each Seller’s or each Acquired Company’s
Knowledge any other Person associated with or acting for or on behalf of such Acquired Company, has directly or indirectly (a) made
any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, private or public, regardless
of form, whether in money, property, or services (i) to obtain favorable treatment in securing business, (ii) to pay for favorable
treatment for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect
of such Acquired Company or any Affiliate of such Acquired Company, or (iv) in violation of any Legal Requirement, (b) established
or maintained any fund or asset that has not been recorded in the books and records of such Acquired Company

 

4.25
Disclosure.

 

(a)
No representation or warranty of Sellers or Acquired Companies in this Agreement omits to state a material fact necessary to make the
statements herein or therein, in light of the circumstances in which they were made, not misleading.

 

(b)
There is no fact known to Sellers or Acquired Companies that has specific application to Sellers or any Acquired Company (other than
general economic or industry conditions) and that materially adversely affects or, as far as Sellers can reasonably foresee, materially
threatens, the assets, business, prospects, financial condition, or results of operations of any Acquired Company (on a consolidated
basis) that has not been set forth in this Agreement.

 

4.26
Relationships With Related Persons. Neither Seller, Acquired Company or any Related Person of each Seller or of either Acquired
Company has, or since the first day of the next to last completed fiscal year of any Acquired Company has had, any interest in any property
(whether real, personal, or mixed and whether tangible or intangible), used in or pertaining to any Acquired Company’s business.
Neither Seller, Acquired Company or any Related Person of each Seller or of any Acquired Company is, or since the first day of the next
to last completed fiscal year of any Acquired Company has owned (of record or as a beneficial owner) an equity interest or any other
financial or profit interest in, a Person that has (i) had business dealings or a material financial interest in any transaction
with any Acquired Company other than business dealings or transactions conducted in the Ordinary Course of Business with any Acquired
Company at substantially prevailing market prices and on substantially prevailing market terms, or (ii) engaged in competition with
any Acquired Company with respect to any line of the products or services of any Acquired Company (a “Competing Business”)
in any market presently served by any Acquired Company except for less than one percent of the outstanding capital stock of any Competing
Business that is publicly traded on any recognized exchange or in the over-the-counter market. Neither Seller or any Related Person of
each Seller or of any Acquired Company is a party to any Contract with, or has any claim or right against, any Acquired Company.

 

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4.27
 Brokers or Finders. Sellers and their agents have incurred no obligation or liability, contingent or otherwise, for brokerage
or finders’ fees or agents’ commissions or other similar payment in connection with this Agreement.

 

5.
REPRESENTATIONS AND WARRANTIES OF BUYER.

 

Buyer
represents and warrants to Sellers as of the date hereof and as of the Closing Date as follows:

 

5.1
Organization and Good Standing. Buyer is a corporation organized, validly existing, and in good standing under the laws of PRC.

 

5.2
Authority; No Conflict.

 

(a)
This Agreement constitutes the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with its terms.
Buyer has the absolute and unrestricted right, power, and authority to execute and deliver this Agreement and to perform its obligations
under this Agreement.

 

(b)
Neither the execution and delivery of this Agreement by Buyer nor the consummation or performance of any of the Contemplated Transactions
by Buyer will give any Person the right to prevent, delay, or otherwise interfere with any of the Contemplated Transactions pursuant
to: (i) any provision of Buyer’s Organizational Documents; (ii) any resolution adopted by the board of directors or the
stockholders of Buyer; (iii) any Legal Requirement or Order to which Buyer may be subject or bound.

 

(c)
No consent, permit, approval, Order or authorization of or by, registration, declaration or filing with, or notification to any Governmental
Body is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and consummation by Buyer
of the transactions contemplated hereby, except for such filings as may be required to be made to NASDAQ.

 

5.3
Certain Proceedings. There is no pending Proceeding that has been commenced against Buyer and that challenges, or may have the
effect of preventing, delaying, making illegal, or otherwise interfering with, any of the Contemplated Transactions. To Buyer’s
Knowledge, no such Proceeding has been Threatened.

 

5.4
Brokers or Finders. Buyer and its officers and agents have incurred no obligation or liability, contingent or otherwise, for brokerage
or finders’ fees or agents’ commissions or other similar payment in connection with this Agreement.

 

6.
REPRESENTATIONS AND WARRANTIES OF PARENT

 

Parent
represents and warrants to Sellers as follows:

 

6.1
Stock Exchange Listing. The Parent Shares, upon the issuance thereof to Seller under this Agreement, will be duly authorized for
listing on NASDAQ, subject to all necessary regulatory approvals. Parent is not in default in any material respect of any of the listing
or other requirements of NASDAQ.

 

6.2
SEC Filings. Parent has filed with or furnished to, as applicable, the SEC all registration statements, prospectuses, reports,
schedules, forms, statements and other documents (including exhibits and all other information incorporated by reference) required to
be filed or furnished by it with the SEC since January 1, 2019, not necessarily on a timely basis.

 

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7.
COVENANTS OF SELLERS

 

7.1
 Access and Investigation. Between the date of this Agreement and the Closing Date, Sellers will, and will cause each Acquired
Company and its Representatives to, (a) afford Buyer and its Representatives (collectively, “Buyer’s Advisors”)
full and free access to each Acquired Company’s personnel, properties (including subsurface testing), contracts, books and records,
and other documents and data, (b) furnish Buyer and Buyer’s Advisors with copies of all such contracts, books and records,
and other existing documents and data as Buyer may reasonably request, and (c) furnish Buyer and Buyer’s Advisors with such
additional financial, operating, and other data and information as Buyer may reasonably request.

 

7.2
Operation of the Businesses of each Acquired Company. Between the date of this Agreement and the Closing Date, Sellers will, and
will cause each Acquired Company to:

 

(a)
conduct the business of each Acquired Company only in the Ordinary Course of Business;

 

(b)
not enter into (i) any transaction other than in the Ordinary Course of Business, (ii) any transaction which is not at arms-length
with unaffiliated third Persons or (iii) any transaction with any Affiliate;

 

(c)
use their Best Efforts to preserve intact the current business organization of each Acquired Company, keep available the services of
the current officers, employees, and agents of each Acquired Company, and maintain the relations and good will with suppliers, customers,
landlords, creditors, employees, agents, and others having business relationships with each Acquired Company;

 

(d)
confer with Buyer concerning operational matters of a material nature; and

 

(e)
otherwise report periodically to Buyer concerning the status of the business, operations, and finances of each Acquired Company.

 

7.3
Negative Covenant. Except as otherwise expressly permitted by this Agreement, between the date of this Agreement and the Closing
Date, Sellers will not, and will cause each Acquired Company not to, without the prior consent of Buyer, take any affirmative action,
or fail to take any reasonable action within their or its control, as a result of which any of the changes or events listed in Section
4.16 is likely to occur.

 

7.4
Required Approvals. As promptly as practicable after the date of this Agreement, Sellers will, and will cause each Acquired Company
to, obtain any consents and approvals of, or effect the notification of or filing with, each Person, whether private or governmental,
whose consent or approval is required in order to permit the consummation of the Contemplated Transactions, to obtain any consent that
may be required from a party to an agreement with each Acquired Company that may give such party a right to cancel such agreement as
a result of the Contemplated Transactions. Between the date of this Agreement and the Closing Date, Sellers will, and will cause each
Acquired Company to, cooperate with Buyer with respect to all consents, approvals or filings that Buyer elects to make or obtain or is
required by Legal Requirements to make or obtain in connection with the Contemplated Transactions.

 

7.5
Notification. Between the date of this Agreement and the Closing Date, Sellers will promptly notify Buyer in writing if Sellers
or any Acquired Company becomes aware of any fact or condition that causes or constitutes a Breach of any of Sellers’ or Acquired
Companies’ representations and warranties as of the date of this Agreement, or if Sellers or each Acquired Company becomes aware
of the occurrence after the date of this Agreement of any fact or condition that would (except as expressly contemplated by this Agreement) cause
or constitute a Breach of any such representation or warranty had such representation or warranty been made as of the time of occurrence
or discovery of such fact or condition.

 

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7.6
 Payment of Indebtedness by Related Persons. Except as expressly provided in this Agreement, Sellers will cause all indebtedness
owed to any Acquired Company by Sellers or any Related Person of Sellers to be paid in full prior to Closing.

 

7.7
No Negotiation. Until such time, if any, as this Agreement is terminated pursuant to Section 11, Sellers will not,
and will cause each Acquired Company and each of their Representatives not to, directly or indirectly solicit, initiate, or encourage
any inquiries or proposals from, discuss or negotiate with, provide any non-public information to, or consider the merits of any unsolicited
inquiries or proposals from, any Person (other than Buyer) relating to any transaction involving the sale of the business or assets
(other than in the Ordinary Course of Business) of any Acquired Company, or any of the capital stock of any Acquired Company, or
any merger, consolidation, business combination, or similar transaction involving any Acquired Company.

 

7.8
Proprietary Information. All confidential or proprietary information or work product relating to each Acquired Company or business
of each Acquired Company that is known to Sellers as of the Closing Date shall be the sole property of Buyer and each Acquired Company.
Sellers shall not use or disclose such information or work product except for the benefit of Buyer or each Acquired Company and their
respective successors and assigns, and Sellers shall take reasonable steps to protect such information and work product from misuse,
loss, theft or accidental disclosure.

 

7.9
Public Announcements. Sellers shall not issue any such press release or make any such public statement without the prior consent
of Buyer, except as may be required by applicable law.

 

7.10
Stockholder Covenant. Sellers shall not (i) sell, transfer, assign, tender, create an Encumbrance upon or otherwise dispose
of, or enter into any contract, option or other arrangement with respect to the sale, transfer, assignment, tender, Encumbrance or other
disposition of any of the Shares or (ii) grant any proxies with respect to any of the Shares, deposit any of the Shares into a voting
trust or enter into a voting or option agreement with respect to any of the Shares.

 

7.11
Best Efforts. Between the date of this Agreement and the Closing Date, Sellers will use his Best Efforts to cause the conditions
in Section 9 to be satisfied.

 

7.12
Release. After the Closing Date, (a) none of Buyer, any Related Party of Buyer nor any Acquired Company will have any debt,
obligation or liability to either Seller, and (b) each Seller on behalf of itself and all of its Related Parties, hereby unconditionally
releases and discharges Buyer, all of Buyer’s Related Parties and each Acquired Company from any and all claims, debts, obligations
and liabilities, whether known or unknown, contingent or non-contingent, at law or in equity, in each case arising from or in connection
with such Seller’s ownership of the Applicable Acquired Company or resulting from such Seller or any of its Related Parties having
been a director, officer or employee of such Acquired Company; provided, however, that nothing in this Section 7.12
shall terminate or release Buyer’s obligations to Sellers under this Agreement.

 

7.13
Confidentiality. From and after the Closing Date, Sellers will, and will cause each of its Related Parties to (a) protect
and safeguard the confidentiality of all of the Confidential Information with at least the same degree of care as a reasonably prudent
person would exercise to protect its own Confidential Information, (b) not use Confidential Information, or permit it to be accessed
or used, for any purpose, and (c) not disclose any Confidential Information to any Person except as required by applicable law or
legal process. Sellers hereby assume full responsibility and liability for the compliance of all of Sellers’ Related Parties with
the terms of this Section 7.13. Prior to making any disclosure of any Confidential Information required by applicable law or legal
process, a Seller shall provide Buyer with (i) if and to the extent legally permitted, prompt written notice of such requirement
so that Buyer may seek a protective order or other remedy; and (ii) reasonable assistance in opposing such disclosure or seeking
a protective order or other remedy.

 

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1.2
Securities Laws; Restrictions on Transfers. Sellers acknowledge and understand that until such time as the same is no longer required
under the requirements of the Securities Act or applicable state securities laws, the certificates representing the Parent Shares, and
all certificates representing any securities issued in exchange thereof or in substitution therefor, will bear the following legend:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.  THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT
OF BOQI international Medical inc. (THE “CORPORATION”) THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY: (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE
WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT (“REGULATION S”), (C) IN ACCORDANCE WITH (1) RULE 144A
UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION
OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, AND IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS,
AFTER, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C)(2) OR (D) (OR IF REQUIRED BY THE CORPORATION, OR ITS TRANSFER AGENT, CLAUSE (B))
ABOVE, THE HOLDER HAS PROVIDED TO THE CORPORATION A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, REASONABLY SATISFACTORY
TO THE CORPORATION, TO THE EFFECT THAT THE SALE OF SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED UNDER THE U.S. SECURITIES ACT OR
APPLICABLE STATE SECURITIES LAWS.”

 

8.
TAX MATTERS

 

8.1
Responsibility for Filing Tax Returns.

 

(a)
Sellers shall prepare, or cause to be prepared, in a timely manner, all income Tax Returns of each Acquired Company that are due after
the Closing with respect to any taxable period ending prior to or ending on and including the Closing Date; provided, however,
that any such Tax Return shall be prepared by treating items on that Tax Return in a manner consistent with the prior Tax Returns of
each Acquired Company. Sellers shall deliver to Buyer draft copies of each such Tax Return prior to the date for filing that Tax Return.
Sellers shall make all changes in each such Tax Return reasonably requested by Buyer. Buyer shall cause each such Tax Return to be appropriately
signed and filed, and Sellers shall pay to each Acquired Company any Taxes due from such Acquired Company on that Tax Return.

 

(b)
Buyer shall after the Closing prepare and file, or cause to be prepared and filed, Tax Returns of each Acquired Company for any period
beginning prior to the Closing Date and ending after the Closing Date (a “Straddle Period”). Any such Tax Return shall
be prepared by treating items on that Tax Return in a manner consistent with the prior Tax Returns of each Acquired Company. Buyer shall
deliver to Sellers draft copies of each such Tax Return at least thirty (30) days prior to the date for filing that Tax Return.
Buyer shall make all changes in each such Tax Return reasonably requested by Sellers. Sellers shall pay to each Acquired Company the
Taxes due for the period prior to and including the Closing Date from such Acquired Company on that Tax Return.

 

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8.2
 Cooperation on Tax Matters. Commencing on the Closing Date, Buyer, on the one hand, and Sellers, on the other hand, shall cooperate
fully, as and to the extent reasonably requested by the other party, in connection with the filing and execution of Tax Returns and any
audit, litigation or other proceeding with respect to Taxes, in each case, in respect of any period ending prior to or on the Closing
Date or any Straddle Period.

 

8.3
Sales and Transfer Taxes. All sales, transfer and other Taxes (including all stock transfer Taxes, if any) incurred in connection
with this Agreement and the transactions contemplated hereby will be borne by Sellers, and Sellers shall, at Sellers’ own expense,
file all necessary Tax Returns and other documentation with respect to all such sales and transfer Taxes.

 

9.
CONDITIONS PRECEDENT TO BUYER’S OBLIGATION TO
CLOSE.

 

Buyer’s
obligation to purchase the Shares and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction,
at or prior to the Closing, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):

 

9.1
Accuracy of Representations.

 

(a)
All of Sellers’ representations and warranties in this Agreement (considered collectively), and each of those representations and
warranties (considered individually)(without giving effect to any qualification contained therein as to materiality, including the phrases
“material”, “in all material respects” and “material adverse change”), must have been accurate in
all material respects as of the date of this Agreement, and must be accurate in all material respects as of the Closing Date as if made
on the Closing Date.

 

(b)
Each of Sellers’ representations and warranties in Sections 3, 4.3, 4.4, 4.12, and 4.24 must
have been accurate in all respects as of the date of this Agreement, and must be accurate in all respects as of the Closing Date as if
made on the Closing Date.

 

9.2
Sellers’ Performance. All of the covenants and obligations that Sellers are required to perform or to comply with pursuant
to this Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually),
must have been duly performed and complied with in all material respects.

 

9.3
Authorization. All action necessary to authorize the execution, delivery and performance of this Agreement by Sellers and the
consummation of the transactions contemplated hereby, shall have been duly and validly taken by each of them, and Sellers shall have
full power and authority or capacity to enter into this Agreement and to consummate the transactions contemplated hereby on the terms
provided herein.

 

9.4
Consents and Approvals. Buyer shall have received duly executed copies of all consents and approvals required for or in connection
with the execution and delivery by Sellers of this Agreement, for the consummation of the transactions contemplated hereby, and the continued
conduct of the business of each Acquired Company as previously conducted, each in form and substance satisfactory to Buyer.

 

9.5
Government Consents, Authorizations, Etc. All consents, authorizations, orders and approvals of, filings or registrations with
and the expiration of all waiting periods imposed by, any third Person, including any Governmental Body, which are required for or in
connection with the execution and delivery by the parties of this Agreement and the consummation by the parties of the transactions contemplated
hereby and in order to permit or enable each Acquired Company to conduct its business after the Closing in substantially the same manner
as previously conducted shall have been obtained or made, in form and substance reasonably satisfactory to Buyer, and shall be in full
force and effect.

 

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9.6
 Additional Documents. Each of the following documents must have been delivered to Buyer:

 

(a)
A certificate executed by Sellers representing and warranting to Buyer that Sellers’ representations and warranties in this Agreement
was accurate in all respects as of the date of this Agreement and is accurate in all respects as of the Closing Date as if made on the
Closing Date.

 

(b)
such other documents as Buyer may reasonably request for the purpose of (i) evidencing the accuracy of any of Seller’s representations
and warranties, (ii) evidencing the performance by Sellers of, or the compliance by Sellers with, any covenant or obligation required
to be performed or complied with by Sellers, (iii) evidencing the satisfaction of any condition referred to in this Section 9,
or (iv) otherwise facilitating the consummation or performance of any of the Contemplated Transactions.

 

9.7
No Proceedings. Since the date of this Agreement, there must not have been commenced or Threatened against Buyer, or against any
Person affiliated with Buyer, any Proceeding (a) involving any challenge to, or seeking damages or other relief in connection with,
any of the Contemplated Transactions, or (b) that may have the effect of preventing, delaying, making illegal, or otherwise interfering
with any of the Contemplated Transactions.

 

9.8
No Claim Regarding Stock Ownership or Sale Proceeds. There must not have been made or Threatened by any Person any claim asserting
that such Person (a) is the holder or the beneficial owner of, or has the right to acquire or to obtain beneficial ownership of,
any stock of, or any other voting, equity, or ownership interest in any Acquired Company, or (b) is entitled to all or any portion
of the Purchase Price payable for the Shares.

 

9.9
No Prohibition. Neither the consummation nor the performance of any of the Contemplated Transactions will, directly or indirectly
(with or without notice or lapse of time), materially contravene, or conflict with, or result in a material violation of, or cause Buyer
or any Person affiliated with Buyer to suffer any material adverse consequence under, (a) any applicable Legal Requirement or Order,
or (b) any Legal Requirement or Order that has been published, introduced, or otherwise proposed by or before any Governmental Body.

 

9.10
Absence of Material Adverse Change. Since the date of this Agreement, in the reasonable judgment of Buyer, there shall have been
no material adverse change in the assets, financial condition, operating results, customer, supplier or employee relations or liabilities
of any Acquired Company including any material casualty loss or damage to the assets of any Acquired Company, whether or not covered
by insurance.

 

10.
CONDITIONS PRECEDENT TO SELLERS’ OBLIGATION TO
CLOSE.

 

Sellers’
obligation to sell the Shares and to take the other actions required to be taken by Sellers at the Closing is subject to the satisfaction,
at or prior to the Closing, of each of the following conditions (any of which may be waived by Sellers, in whole or in part):

 

10.1
Additional Documents. Each of the following documents must have been delivered to Sellers:

 

(a)
A certificate executed by Buyer to the effect that, except as otherwise stated in such certificate, each of Buyer’s representations
and warranties in this Agreement was accurate in all respects as of the date of this Agreement and is accurate in all respects as of
the Closing Date as if made on the Closing Date.

 

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(b)
 A certificate of the Secretary (or equivalent officer) of Buyer certifying that attached thereto are true and complete copies of all
resolutions adopted by the board of directors of Buyer authorizing the execution, delivery and performance of this Agreement and the
consummation of the Contemplated Transactions and that all such resolutions are in full force and effect and are all the resolutions
adopted in connection with the transactions contemplated hereby.

 

10.2
Accuracy of Representations. All of Buyer’s representations and warranties in this Agreement (considered collectively),
and each of these representations and warranties (considered individually), must have been accurate in all material respects as of the
date of this Agreement and must be accurate in all material respects as of the Closing Date as if made on the Closing Date.

 

10.3
Buyer’s Performance. All the covenants and obligations that Buyer is required to perform or to comply with pursuant to this
Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually),
must have been performed and complied with in all material respects.

 

10.4
No Injunction. There must not be in effect any Legal Requirement or any injunction or other Order that (a) prohibits the
sale of the Shares by Sellers to Buyer, and (b) has been adopted or issued, or has otherwise become effective, since the date of
this Agreement.

 

11.
TERMINATION.

 

11.1
Termination Events. This Agreement may, by notice given prior to or at the Closing, be terminated:

 

(a)
by either Buyer or Sellers if a material Breach of any provision of this Agreement has been committed by the other party and such Breach
has not been waived;

 

(b)
by Buyer if any of the conditions in Section 9 has not been satisfied as of the Closing Date or if satisfaction of such a condition
is or becomes impossible (other than through the failure of Buyer to comply with its obligations under this Agreement) and Buyer
has not waived such condition on or before the Closing Date; or

 

(i) 
by Sellers, if any of the conditions in Section 10 has not been satisfied of the Closing Date or if satisfaction of such a condition
is or becomes impossible (other than through the failure of Sellers to comply with his obligations under this Agreement) and Sellers
have not waived such condition on or before the Closing Date;

 

(c)
by mutual consent of Buyer and Sellers; or

 

(d)
either by Buyer or by all Sellers if the Closing has not occurred (other than through the failure of any party seeking to terminate this
Agreement to comply fully with its obligations under this Agreement) on or before December 31, 2021 or such later date as the parties
may agree upon.

 

11.2
Effect of Termination. Each party’s right of termination under Section 11.1 is in addition to any other rights it
may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement
is terminated pursuant to Section 11.1, all further obligations of the parties under this Agreement will terminate, except that
the obligations in Sections 13.1 and 13.3 will survive; provided, however, that if this Agreement is terminated
by a party because of the Breach of the Agreement by the other party or because one or more of the conditions to the terminating party’s
obligations under this Agreement is not satisfied as a result of the other party’s failure to comply with its obligations under
this Agreement, the terminating party’s right to pursue all legal remedies will survive such termination unimpaired.

 

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12.
INDEMNIFICATION; REMEDIES.

 

12.1
Survival; Right to Indemnification Not Affected By Knowledge. All representations, warranties, covenants, and obligations in this
Agreement and any other certificate or document delivered pursuant to this Agreement will survive the Closing. The right to indemnification,
payment of Damages or other remedy based on such representations, warranties, covenants, and obligations will not be affected by any
investigation conducted with respect to, or any Knowledge acquired (or capable of being acquired) at any time, whether before or
after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance with,
any such representation, warranty, covenant, or obligation. The waiver of any condition based on the accuracy of any representation or
warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to indemnification, payment
of Damages, or other remedy based on such representations, warranties, covenants, and obligations.

 

12.2
Indemnification and Payment of Damages by Sellers. Sellers will, jointly and severely, indemnify and hold harmless Buyer, each
Acquired Company, and their respective Representatives, stockholders, controlling persons, and affiliates (collectively, the “Indemnified
Persons”) for, and will pay to the Indemnified Persons the amount of, any loss, liability, claim, damage (including incidental
and consequential damages), expense (including costs of investigation and defense and reasonable attorneys’ fees) or diminution
of value, whether or not involving a third-party claim (collectively, “Damages”), arising, directly or indirectly,
from or in connection with:

 

(a)
any Breach of any representation or warranty made by Sellers or the Acquired Companies in this Agreement or any other certificate or
document delivered by Sellers or the Acquired Companies pursuant to this Agreement;

 

(b)
any Breach by Sellers of any covenant or obligation of Sellers in this Agreement;

 

(c)
any Taxes owed by any Acquired Company relating to any period prior to the Closing Date; and

 

(d)
any claim by any Person for brokerage or finder’s fees or commissions or similar payments based upon any agreement or understanding
alleged to have been made by any such Person with Sellers or any Acquired Company (or any Person acting on their behalf) in connection
with any of the Contemplated Transactions.

 

The
remedies provided in this Section 12.2 will not be exclusive of or limit any other remedies that may be available to Buyer or
the other Indemnified Persons.

 

12.3
Indemnification and Payment of Damages by Sellers Environmental Matters. In addition to the provisions of Section 12.2,
Sellers, jointly and severally, will indemnify and hold harmless Buyer, each Acquired Company, and the other Indemnified Persons for,
and will pay to Buyer, each Acquired Company, and the other Indemnified Persons the amount of, any Damages (including costs of cleanup,
containment, or other remediation) arising, directly or indirectly, from or in connection with:

 

(a)
any Environmental, Health, and Safety Liabilities arising out of or relating to: (i) (A) the ownership, operation, or condition
at any time on or prior to the Closing Date of the Facilities or any other properties and assets (whether real, personal, or mixed and
whether tangible or intangible) in which Sellers or any Acquired Company has or had an interest, or (B) any Hazardous Materials
or other contaminants that were present on the Facilities or such other properties and assets at any time on or prior to the Closing
Date; or (ii) (A) any Hazardous Materials or other contaminants, wherever located, that were, or were allegedly, generated,
transported, stored, treated, Released, or otherwise handled by Sellers or any Acquired Company or by any other Person for whose conduct
they are or may be held responsible at any time on or prior to the Closing Date, or (B) any Hazardous Activities that were, or were
allegedly, conducted by Sellers or any Acquired Company or by any other Person for whose conduct they are or may be held responsible;
or

 

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(b)
any bodily injury (including illness, disability, and death, and regardless of when any such bodily injury occurred, was incurred, or
manifested itself), personal injury, property damage (including trespass, nuisance, wrongful eviction, and deprivation of the use of
real property), or other damage of or to any Person, including any employee or former employee of Sellers or any Acquired Company or
any other Person for whose conduct they are or may be held responsible, in any way arising from or allegedly arising from any Hazardous
Activity conducted or allegedly conducted with respect to the Facilities or the operation of any Acquired Company prior to the Closing
Date, or from Hazardous Material that was (i) present or suspected to be present on or before the Closing Date on or at the Facilities
(or present or suspected to be present on any other property, if such Hazardous Material emanated or allegedly emanated from any of the
Facilities and was present or suspected to be present on any of the Facilities on or prior to the Closing Date) or (ii) Released
or allegedly Released by Sellers or any Acquired Company or any other Person for whose conduct they are or may be held responsible, at
any time on or prior to the Closing Date.

 

Buyer
will be entitled to control any Cleanup, any related Proceeding, and, except as provided in the following sentence, any other Proceeding
with respect to which indemnity may be sought under this Section 12.3. The procedure described in Section 12.6 will apply
to any claim solely for monetary damages relating to a matter covered by this Section 12.3.

 

12.4
Indemnification and Payment of Damages by Buyer. Buyer will indemnify and hold harmless Sellers, and will pay to Sellers the amount
of any Damages arising, directly or indirectly, from or in connection with (a) any Breach of any representation or warranty made
by Buyer in this Agreement or in any certificate delivered by Buyer pursuant to this Agreement, (b) any Breach by Buyer of any covenant
or obligation of Buyer in this Agreement, or (c) any claim by any Person for brokerage or finder’s fees or commissions or
similar payments based upon any agreement or understanding alleged to have been made by such Person with Buyer (or any Person acting
on its behalf) in connection with any of the Contemplated Transactions.

 

12.5
Right of Set-Off. Upon notice to Sellers specifying in reasonable detail the basis for such set-off, Buyer may set off any amount
to which it may be entitled under this Section 12 against amounts otherwise payable by it under this Agreement. Neither the exercise
of nor the failure to exercise such right of set-off will constitute an election of remedies or limit Buyer in any manner in the enforcement
of any other remedies that may be available to it.

 

12.6
Procedure for Indemnification Third Party Claims.

 

(a)
Promptly after receipt by an indemnified party under Section 12.2, 12.3, or 12.4 of notice of the commencement of
any Proceeding against it, such indemnified party will, if a claim is to be made against an indemnifying party under such Section, give
notice to the indemnifying party of the commencement of such claim, but the failure to notify the indemnifying party will not relieve
the indemnifying party of any liability that it may have to any indemnified party, except to the extent that the indemnifying party demonstrates
that the defense of such action is prejudiced by the indemnifying party’s failure to give such notice.

 

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(b)
If any Proceeding referred to in Section 12.6(a) is brought against an indemnified party and it gives notice to the indemnifying
party of the commencement of such Proceeding, the indemnifying party will, unless the claim involves Taxes, be entitled to participate
in such Proceeding and, to the extent that it wishes (unless (i) the indemnifying party is also a party to such Proceeding and the
indemnified party determines in good faith that joint representation would be inappropriate, or (ii) the indemnifying party fails
to provide reasonable assurance to the indemnified party of its financial capacity to defend such Proceeding and provide indemnification
with respect to such Proceeding), to assume the defense of such Proceeding with counsel satisfactory to the indemnified party and, after
notice from the indemnifying party to the indemnified party of its election to assume the defense of such Proceeding, the indemnifying
party will not, as long as it diligently conducts such defense, be liable to the indemnified party under this Section 12 for any
fees of other counsel or any other expenses with respect to the defense of such Proceeding, in each case subsequently incurred by the
indemnified party in connection with the defense of such Proceeding, other than reasonable costs of investigation. If the indemnifying
party assumes the defense of a Proceeding, (i) it will be conclusively established for purposes of this Agreement that the claims
made in that Proceeding are within the scope of and subject to indemnification; (ii) no compromise or settlement of such claims
may be effected by the indemnifying party without the indemnified party’s consent unless (A) there is no finding or admission
of any violation of Legal Requirements or any violation of the rights of any Person and no effect on any other claims that may be made
against the indemnified party, and (B) the sole relief provided is monetary damages that are paid in full by the indemnifying party;
and (iii) the indemnified party will have no liability with respect to any compromise or settlement of such claims effected without
its consent. If notice is given to an indemnifying party of the commencement of any Proceeding and the indemnifying party does not, within
ten days after the indemnified party’s notice is given, give notice to the indemnified party of its election to assume the defense
of such Proceeding, the indemnifying party will be bound by any determination made in such Proceeding or any compromise or settlement
effected by the indemnified party.

 

(c)
Notwithstanding the foregoing, if an indemnified party determines in good faith that there is a reasonable probability that a Proceeding
may adversely affect it or its affiliates other than as a result of monetary damages for which it would be entitled to indemnification
under this Agreement, the indemnified party may, by notice to the indemnifying party, assume the exclusive right to defend, compromise,
or settle such Proceeding, but the indemnifying party will not be bound by any determination of a Proceeding so defended or any compromise
or settlement effected without its consent (which may not be unreasonably withheld).

 

(d)
Sellers hereby consent to the non-exclusive jurisdiction of any court in which a Proceeding is brought against any Indemnified Person
for purposes of any claim that an Indemnified Person may have under this Agreement with respect to such Proceeding or the matters alleged
therein, and agree that process may be served on Sellers with respect to such a claim anywhere in the world.

 

12.7
Procedure For Indemnification for Other Claims. A claim for indemnification for any matter not involving a third-party claim may
be asserted by notice to the party from whom indemnification is sought.

 

13.
GENERAL PROVISIONS.

 

13.1
Expenses. Except as otherwise expressly provided in this Agreement, each party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this Agreement and the Contemplated Transactions, including
all fees and expenses of agents, representatives, counsel, and accountants. In the event of termination of this Agreement, the obligation
of each party to pay its own expenses will be subject to any rights of such party arising from a breach of this Agreement by another
party.

 

13.2
Public Announcements. Any public announcement or similar publicity with respect to this Agreement or the Contemplated Transactions
will be issued at such time and in such manner as Buyer determines. Sellers and Buyer will consult with each other concerning the means
by which any Acquired Company’s employees, customers, and suppliers and others having dealings with any Acquired Company will be
informed of the Contemplated Transactions, and Buyer will have the right to be present for any such communication.

 

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13.3
Confidentiality. If the Contemplated Transactions are not consummated, each party will return or destroy as much of written information
obtained in confidence from another party or any Acquired Company in connection with this Agreement or the Contemplated Transactions
as the other party may reasonably request. Whether or not the Closing takes place, Sellers waive, and will upon Buyer’s request
cause any Acquired Company to waive, any cause of action, right, or claim arising out of the access of Buyer or its representatives to
any trade secrets or other confidential information of any Acquired Company except for the intentional competitive misuse by Buyer of
such trade secrets or confidential information.

 

13.4 Notices. All
notices, amendments, waivers, or other communications under this Agreement shall be in writing and shall be deemed to be sufficient
if delivered personally, sent electronically, sent by nationally-recognized overnight or second day delivery courier or mailed by
registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such
other address for a party as shall be specified by like notice):

 

If
to an Acquired Company prior to Closing or Seller, to:

 

		Name:	YUNAN
YUXI MINKANG HOSPITAL CO., LTD.

		Address:	Yanchangxian,
                                            Dongfeng Beilu, Hongta District, Yuxi City, Yunan Province, PRC

		Attention:	Mr.
Jiangjin Shen

		Telephone:	(0086)15121312777

		Email:	969802689@qq.com

 

with
a copy to:

 

		Name:	Kingmoon
& Kingyang Jiulongpo Law Firm

		Address:	No.
                                            26, Yangjiaping Zhengjie, Yulong Tower, Fl. 34, Jiulongpo District, Chongqing City, PRC

		Attention:	Mr.
Yang, Tao

		Telephone:	(0086)13512342782

		Email:	378132751@qq.com

 

If
to an Acquired Company following the Closing or Buyer, to:

 

		Name:	CHONGQING
GUANZAN TECHNOLOGY CO., LTD

		Address:	12th
floor, Block A, Shenjisuofeite business Building, No.137

Keyuan
2nd Road, Jiulongpo District, Chongqing City, PRC

		Attention:	Mr.
XiaoPing Wang

		Telephone:	(0086)13883563188

		Facsimile:	(0086)23-68690934

		Email:	7910595@qq.com

 

with
a copy to:

 

		Name:	Carter
Ledyard & Milburn LLP
	 	Address: 	2 Wall Street

		New	York,
New York, USA, 10005-2072

		Attention:	Pang
Zhang-Whitaker, Esq.
	 	Telephone:	+1
212 238 8844

		Facsimile:	+1
212 732 3232

		Email:	zhang@clm.com

 

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All
such notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery or
delivery electronically, on the date of that delivery if delivered during business hours on a Business Day or, if not delivered during
business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized overnight
or second day delivery courier, on the Business Day delivered, and (iii) in the case of mailing, on the sixth Business Day following
that mailing. A copy of any notice or other communication sent electronically shall also be sent on the same day by registered or certified
mail (return receipt requested) or by nationally recognized overnight or second day delivery courier.

 

13.5
Further Assurances. The parties agree (a) to furnish upon request to each other such further information, (b) to execute
and deliver to each other such other documents, and (c) to do such other acts and things, all as the other party may reasonably
request for the purpose of carrying out the intent of this Agreement and the documents referred to in this Agreement.

 

13.6
Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any
delay by any party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will
operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will
preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To
the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents referred to
in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing
signed by the other party; (b) no waiver that may be given by a party will be applicable except in the specific instance for which
it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the
right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the
documents referred to in this Agreement.

 

13.7
Entire Agreement and Modification. This Agreement supersedes all prior agreements between the parties with respect to its subject
matter and constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms
of the agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement
executed by the party to be charged with the amendment.

 

13.8 Assignments,
Successors, and no Third-Party Rights. None of the parties may assign any of its rights under this Agreement without the prior
consent of the other parties, except that Buyer may assign any of its rights under this Agreement to any Affiliate of Buyer. Subject
to the preceding sentence, this Agreement will apply to, be binding in all respects upon, and inure to the benefit of the successors
and permitted assigns of the parties. Nothing expressed or referred to in this Agreement will be construed to give any Person other
than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any
provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the
parties to this Agreement and their successors and assigns.

 

13.9
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

    36

     

    

 

13.10
Section Headings, Construction.

 

(a)
 All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly
provided, the word “including” does not limit the preceding words or terms. The words “herein”, “hereof”,
“hereunder”, “hereby”, “hereto”, “hereinafter”, and other words of similar import refer
to this Agreement as a whole, including any schedules and exhibits, as the same may from time to time be amended, modified, supplemented
or restated, and not to any particular article, section, subsection, paragraph, subparagraph or clause contained in this Agreement. All
references to articles, sections, subsections, clauses, paragraphs, schedules and exhibits mean such provisions of this Agreement and
the schedules and exhibits attached to this Agreement, except where otherwise stated. The title of and the article, section and paragraph
headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms
or provisions of this Agreement.

 

(b)
Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed
to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement
has been chosen by the parties to express their mutual intent, each party has been represented by legal counsel with respect to, and
has had substantial input in, the drafting of this Agreement, and no rule of strict construction shall be applied against any party.
Unless expressly provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of
the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be that
date of the following month or year corresponding to the next day following the starting date. For example, one month following February
18 is March 18, and one month following March 31 is May 1.

 

(c)
References to “dollars” or “$” mean United States Dollars. References to “RMB” mean Chinese Renminbi.

 

13.11
Time of Essence. With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

 

13.12
Governing Law; Waiver of Jury Trial; Jurisdiction.

 

(a)
All questions concerning the construction, interpretation and validity of this Agreement shall be governed by and construed and enforced
in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule
(whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other
than the State of New York. In furtherance of the foregoing, the internal law of the State of New York shall control the interpretation
and construction of this Agreement, even if under the State of New York’s choice of law or conflict of law analysis, the substantive
law of some other jurisdiction would ordinarily or necessarily apply.

 

(b)
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES
BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM,
EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR THE RELATED DOCUMENTS OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER
OF THIS AGREEMENT OR THE RELATED DOCUMENTS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW
AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT. EACH PARTY
HAS REVIEWED THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH SUCH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

    37

     

    

 

(c)
EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR HIMSELF OR ITSELF AND HIS OR ITS PROPERTY, TO THE JURISDICTION OF ANY NEW
YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK, AND, EFFECTIVE
AS OF THE CLOSING, TO THE JURISDICTION OF ANY OTHER COURT IN ANY OTHER JURISDICTION IN WHICH AN ACTION IS BROUGHT AGAINST A PARTY TO
THIS AGREEMENT BY A THIRD PARTY ASSERTING A CLAIM AGAINST WHICH THE DEFENDANT IS ENTITLED UNDER THIS AGREEMENT TO BE INDEMNIFIED, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE RELATED DOCUMENTS OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED IN ANY SUCH NEW YORK STATE OR FEDERAL COURT. EACH PARTY AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

(d)
EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT SUCH PARTY MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION
THAT SUCH PARTY MAY HAVE OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE RELATED DOCUMENTS IN ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK OR SUCH
OTHER COURT AS IS PROVIDED FOR IN THE PRECEDING PARAGRAPH. EACH PARTY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

13.13
Counterparts; Facsimile and Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the same instrument. Facsimile and electronic counterpart signatures
to this Agreement shall be acceptable and binding.

 

13.14
Representation by Counsel. Each of the parties hereto has been represented or has had the opportunity to be represented by legal
counsel of their own choice.

 

[Signature
Pages Follow]

 

 

    38

     

    

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first written above.

 

	BUYER:	 
	 	 
	BIMAI PHARMACEUTICAL (CHONGQING) CO., LTD.	 
	 	 
	By:	 /s/ Xiaoping Wang	 
	Name: 	Xiaoping Wang	 
	Title: 	CEO	 
	 	 	 
	PARENT:	 
	 	 
	BOQI INTERNATIONAL MEDICAL INC.	 
	 	 
	By:	 /s/ Tiewei Song	 
	Name: 	Tiewei Song	 
	Title: 	CEO	 
	 	 	 
	SELLERS:	 
	 	 
	JIANGJIN SHEN	 
	 	 
	By:	 /s/ Jiangjin Shen	 
	Name: 	Jiangjin Shen	 
	Address:	 No. 214-1, Xihuang Village, Donghai County, Chengxiang District,

Putian City,	 
	 	Fujian Province, PRC	 
	 	 
	ZHIWEI SHEN	 
	 	 
	By:	 /s/ Zhiwei Shen	 
	Name: 	Zhiwei Shen	 
	Address:	 No. 214, Xihuang Village, Donghai County, Chengxiang District,

Putian City,	 
	 	Fujian Province, PRC	 

 

     

     

    

 

	Acquired COMPANIES:	 
	 	 
	WUZHOU QIANGSHENG HOSPITAL CO., LTD.	 
	 	 
	By: 	/s/
    Zhiwei Shen	 
	Name: 	Zhiwei Shen	 
	Title:	 Chairman of the Board	 
	 	 
	SUZHOU EURASIA HOSPITAL CO., LTD.	 
	 	 
	By:	 /s/ Jiangjin Shen 	 
	Name:	 Jiangjin Shen	 
	Title:	 Chairman of the Board	 
	 	 
	YUNAN YUXI MINKANG HOSPITAL CO., LTD.	 
	 	 
	By:	 /s/ Jiangjin Shen 	 
	Name: 	Jiangjin Shen	 
	Title:	 Chairman of the BoardEX-4.1

 Exhibit 4.1 

NEXPOINT REAL ESTATE FINANCE, INC., 

Issuer 
 AND 

UMB BANK, NATIONAL ASSOCIATION, 

Trustee 
  

 
 INDENTURE

 Dated as of April 13, 2021 
  

 
 Senior Debt
Securities 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
	 Section 1.01
	 	 Definitions of Terms
	  	 	1	 
	 ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES
	  	 	3	 
	 Section 2.01
	 	 Designation and Terms of Securities
	  	 	3	 
	 Section 2.02
	 	 Form of Securities and Trustee’s Certificate
	  	 	4	 
	 Section 2.03
	 	 Denominations: Provisions for Payment
	  	 	4	 
	 Section 2.04
	 	 Execution and Authentications
	  	 	4	 
	 Section 2.05
	 	 Registration of Transfer and Exchange
	  	 	5	 
	 Section 2.06
	 	 Temporary Securities
	  	 	5	 
	 Section 2.07
	 	 Mutilated, Destroyed, Lost or Stolen Securities
	  	 	5	 
	 Section 2.08
	 	 Cancellation
	  	 	6	 
	 Section 2.09
	 	 Benefits of Indenture
	  	 	6	 
	 Section 2.10
	 	 Authenticating Agent
	  	 	6	 
	 Section 2.11
	 	 Global Securities
	  	 	6	 
	 ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	 	7	 
	 Section 3.01
	 	 Redemption
	  	 	7	 
	 Section 3.02
	 	 Notice of Redemption
	  	 	7	 
	 Section 3.03
	 	 Payment Upon Redemption
	  	 	7	 
	 Section 3.04
	 	 Sinking Fund
	  	 	7	 
	 Section 3.05
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	7	 
	 Section 3.06
	 	 Redemption of Securities for Sinking Fund
	  	 	8	 
	 ARTICLE 4 COVENANTS
	  	 	8	 
	 Section 4.01
	 	 Payment of Principal, Premium and Interest
	  	 	8	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	8	 
	 Section 4.03
	 	 Paying Agents
	  	 	8	 
	 Section 4.04
	 	 Appointment to Fill Vacancy in Office of Trustee
	  	 	8	 
	 Section 4.05
	 	 Compliance with Consolidation Provisions
	  	 	8	 
	 ARTICLE 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
TRUSTEE
	  	 	9	 
	 Section 5.01
	 	 Company to Furnish Trustee Names and Addresses of Securityholders
	  	 	9	 
	 Section 5.02
	 	 Preservation Of Information; Communications With Securityholders
	  	 	9	 
	 Section 5.03
	 	 Reports by the Company
	  	 	9	 
	 Section 5.04
	 	 Reports by the Trustee
	  	 	9	 
	 ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	9	 
	 Section 6.01
	 	 Events of Default
	  	 	9	 
	 Section 6.02
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	10	 
	 Section 6.03
	 	 Application of Moneys Collected
	  	 	10	 
	 Section 6.04
	 	 Limitation on Suits
	  	 	11	 
	 Section 6.05
	 	 Rights and Remedies Cumulative; Delay or Omission Not Waiver
	  	 	11	 
	 Section 6.06
	 	 Control by Securityholders
	  	 	11	 
	 Section 6.07
	 	 Undertaking to Pay Costs
	  	 	11	 
	 ARTICLE 7 CONCERNING THE TRUSTEE
	  	 	12	 
	 Section 7.01
	 	 Certain Duties and Responsibilities of Trustee
	  	 	12	 
	 Section 7.02
	 	 Certain Rights of Trustee
	  	 	12	 
	 Section 7.03
	 	 Trustee Not Responsible for Recitals, Indenture or Securities
	  	 	13	 

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 7.04
	 	 May Hold Securities
	  	 	13	 
	 Section 7.05
	 	 Moneys Held in Trust
	  	 	13	 
	 Section 7.06
	 	 Compensation and Reimbursement
	  	 	13	 
	 Section 7.07
	 	 Reliance on Officer’s Certificate
	  	 	13	 
	 Section 7.08
	 	 Disqualification; Conflicting Interests
	  	 	13	 
	 Section 7.09
	 	 Corporate Trustee Required; Eligibility
	  	 	13	 
	 Section 7.10
	 	 Resignation and Removal; Appointment of Successor
	  	 	14	 
	 Section 7.11
	 	 Acceptance of Appointment By Successor
	  	 	14	 
	 Section 7.12
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	15	 
	 Section 7.13
	 	 Preferential Collection of Claims Against the Company
	  	 	15	 
	 Section 7.14
	 	 Notice of Default
	  	 	15	 
	 ARTICLE 8 CONCERNING THE SECURITYHOLDERS
	  	 	15	 
	 Section 8.01
	 	 Evidence of Action by Securityholders
	  	 	15	 
	 Section 8.02
	 	 Proof of Execution by Securityholders
	  	 	15	 
	 Section 8.03
	 	 Who May be Deemed Owners
	  	 	15	 
	 Section 8.04
	 	 Certain Securities Owned by Company Disregarded
	  	 	15	 
	 Section 8.05
	 	 Actions Binding on Future Securityholders
	  	 	16	 
	 ARTICLE 9 SUPPLEMENTAL INDENTURES
	  	 	16	 
	 Section 9.01
	 	 Supplemental Indentures Without the Consent of Securityholders
	  	 	16	 
	 Section 9.02
	 	 Supplemental Indentures With Consent of Securityholders
	  	 	16	 
	 Section 9.03
	 	 Effect of Supplemental Indentures
	  	 	16	 
	 Section 9.04
	 	 Securities Affected by Supplemental Indentures
	  	 	16	 
	 Section 9.05
	 	 Execution of Supplemental Indentures
	  	 	17	 
	 ARTICLE 10 SUCCESSOR ENTITY
	  	 	17	 
	 Section 10.01
	 	 Company May Consolidate, Etc.
	  	 	17	 
	 Section 10.02
	 	 Successor Entity Substituted
	  	 	17	 
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	17	 
	 Section 11.01
	 	 Satisfaction and Discharge of Indenture
	  	 	17	 
	 Section 11.02
	 	 Discharge of Obligations
	  	 	18	 
	 Section 11.03
	 	 Deposited Moneys to be Held in Trust
	  	 	18	 
	 Section 11.04
	 	 Payment of Moneys Held by Paying Agents
	  	 	18	 
	 Section 11.05
	 	 Repayment to Company
	  	 	18	 
	 ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	18	 
	 Section 12.01
	 	 No Recourse
	  	 	18	 
	 ARTICLE 13 MISCELLANEOUS PROVISIONS
	  	 	18	 
	 Section 13.01
	 	 Effect on Successors and Assigns
	  	 	18	 
	 Section 13.02
	 	 Actions by Successor
	  	 	18	 
	 Section 13.03
	 	 Surrender of Company Powers
	  	 	18	 
	 Section 13.04
	 	 Notices
	  	 	18	 
	 Section 13.05
	 	 Governing Law
	  	 	19	 
	 Section 13.06
	 	 Treatment of Securities as Debt
	  	 	19	 
	 Section 13.07
	 	 Certificates and Opinions as to Conditions Precedent
	  	 	19	 
	 Section 13.08
	 	 Payments on Business Days
	  	 	19	 
	 Section 13.09
	 	 Conflict with Trust Indenture Act
	  	 	19	 
	 Section 13.10
	 	 Counterparts
	  	 	19	 

  
 ii 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 13.11
	 	 Separability
	  	 	19	 
	 Section 13.12
	 	 Compliance Certificates
	  	 	19	 

  

			
	(1)	  	This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

  

  
 iii 

 INDENTURE 

INDENTURE, dated as of April 13, 2021, among NEXPOINT REAL ESTATE FINANCE, INC., a Maryland corporation (the
“Company”), and UMB Bank, National Association, as trustee (the “Trustee”): 
 WHEREAS, for its lawful corporate
purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued
from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee; 

WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has
duly authorized the execution of this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the
Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 

ARTICLE 1 
 DEFINITIONS

 Section 1.01 Definitions of Terms. 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. 

“Authenticating Agent” means an authenticating agent with respect to all or any of the series of Securities appointed
by the Trustee pursuant to Section 2.10. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal
or state law for the relief of debtors. 
 “Board of Directors” means the Board of Directors (or the functional
equivalent thereof) of the Company or any duly authorized committee of such Board. 
 “Board Resolution” means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 

“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state
banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close. 

“Certificate” means a certificate signed by any Officer. The Certificate need not comply with the provisions of
Section 13.07. 
 “Commission” 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.

 “Company” means NexPoint Real Estate Finance, Inc., a corporation duly organized and existing under the laws of
the State of Maryland, and, subject to the provisions of Article Ten, shall also include its successors and assigns. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office at the date hereof is located at 1010 Grand Blvd. Kansas City, Missouri 64106. 

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

“Defaulted Interest” has the meaning set forth in Section 2.03. 

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such
Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be
designated by the Company pursuant to either Section 2.01 or 2.11. 
 “Event of Default” means, with respect to
Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder. 
 “Global Security” means a Security issued to evidence all or a part of
any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name
of the Depositary or its nominee. 
 “Governmental Obligations” means securities that are (a) direct
obligations of the United States of America 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 of America, the
payment of which is 

  
 1 

 
unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any
time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

“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. 
 “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 in accordance with the terms hereof and shall include the terms of particular series of
Securities established as contemplated by Section 2.01. 
 “Interest Payment Date”, when used with respect to
any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of
interest with respect to Securities of that series is due and payable. 
 “Officer” means, with respect to the
Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any
assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary. 
 “Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 

“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an
employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 “Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of
Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered
to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities
or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and
(c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07. 

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

“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 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same
debt as the lost, destroyed or stolen Security. 
 “Responsible Officer” when used with respect to the Trustee means
any officer of the Trustee assigned by the Trustee to administer its corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any supplemental indenture hereto). 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Securityholder”, “holder of Securities”, “registered holder”, or
other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture. 

“Security Register” and “Security Registrar” shall have the meanings as set forth in
Section 2.05. 
 “Subsidiary” means, with respect to any Person: 

(1) any corporation or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is, at the
date of determination, directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person; 

(2) a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership;
or 
 (3) any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one
or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner
or member of such Person or, if applicable, a majority of the directors or other governing body of such Person. 

“Trustee” means UMB Bank, National Association , and, subject to the provisions of Article Seven, shall also
include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the
Securities shall mean the trustee with respect to that series. 
 “Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended. 

  
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 ARTICLE 2 

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 

Section 2.01 Designation and Terms of Securities. 

(a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to
the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto: 

(1) the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities); 

(2) any limit upon the aggregate principal amount of the Securities of that 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 that series); 

(3) the date or dates on which the principal of the Securities of the series is payable; 

(4) if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a
price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible
into another security or the method by which any such portion shall be determined; 
 (5) the rate or rates at which the Securities of
the series shall bear interest or the manner of calculation of such rate or rates, if any; 
 (6) the date or dates from which such
interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is
payable on any such Interest Payment Dates or the manner of determination of such record dates; 
 (7) the right, if any, to extend
the interest payment periods and the duration of such extension; 
 (8) 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, converted or exchanged, in whole or in part; 

(9) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory
redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) 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; 

(10) the form of the Securities of the series including the form of the certificate of authentication for such series; 

(11) if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the
Securities of the series shall be issuable; 
 (12) any and all other terms (including terms, to the extent applicable, relating to
any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as
amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series; 

(13) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms
and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities; 

(14) whether the Securities will be convertible into or exchangeable for shares of common stock, preferred stock or other securities of
the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any
mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period; 

(15) if other than the full 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 6.01; 
 (16) any additional or alternative
events of default; 
 (17) additional or alternative covenants (which may include, among other restrictions, restrictions on the
Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of the capital stock of the Company or the
Company’s Subsidiaries; redeem capital stock; place restrictions on the Company’s Subsidiaries’ ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments; sell or otherwise dispose
of assets; enter into sale-leaseback transactions; engage in transactions with stockholders or affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among
other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios) provided for with respect to the Securities
of the series; 
 (18) the currency or currencies, including composite currencies, in which payment of the principal of (and premium,
if any) and interest, if any, on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall be the currency of the United States of America as at the time of payment is legal
tender for payment of public or private debts; 
 (19) if the principal of (and premium, if any) or interest, if any, on such
Securities is to be payable, at the election of the Company or any Holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the period or periods within which, and the terms and conditions upon
which, such election may be made; 
 (20) whether interest will be payable in cash or additional Securities at the Company’s or
the Securityholders’ option and the terms and conditions upon which the election may be made; 
 (21) the terms and conditions,
if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;

 (22) additional or alternative provisions, if any, related to defeasance and discharge of the offered Securities; 

(23) the applicability of any guarantees; 

  
 3 

 (24) any restrictions on transfer, sale or assignment of the Securities of the
series; and 
 (25) any other terms of the series. 

All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a
Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
of the Company setting forth the terms of the series. 
 Securities of any particular series may be issued at various times, with different
dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with
different redemption dates. 
 Section 2.02 Form of Securities and Trustee’s Certificate. 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the
tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage. 

Section 2.03 Denominations: Provisions for Payment. 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(11). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(18), the principal of and
the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and
private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a
360-day year composed of twelve 30-day months. 
 The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor
Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a
regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03. 

Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of
the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the
Company, at its election, as provided in clause (1) or clause (2) below: 
 (1) The Company may make payment of any
Defaulted Interest on Securities to the Persons in whose names such Securities (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 such Security 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 not be more
than 15 nor 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 Securityholder at his or her address as it
appears in the Security Register (as hereinafter defined), 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 mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date. 

(2) The Company may make payment of any Defaulted Interest on any Securities 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. 
 Unless otherwise set forth in a Board Resolution or one or more indentures
supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for
such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first
day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is
a Business Day. 
 Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon
transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 

Section 2.04 Execution and Authentications. 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature. 
 The Company may use the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the
time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or
usage. Each Security shall be dated the date of its authentication by the Trustee. 

  
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 A Security shall not be valid until authenticated manually by an authorized signatory of the
Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. 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 written order of the Company for the authentication
and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such Securities. 

In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating (i) that the form and terms thereof have been established in conformity with the provisions of this Indenture,
(ii) all conditions precedent to the issuance of such Securities have been satisfied, and the (iii) the Securities, when issued by the Company and if applicable, authenticated by the Trustee, will constitute valid and legally binding
obligations of the Company enforceable in accordance with their terms, subject to any Bankruptcy Law or other insolvency, fraudulent transfer, reorganization, moratorium, and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles (regardless of whether enforcement is sought in a proceeding in equity or at law). 

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 that is not reasonably acceptable to the Trustee. 

Section 2.05 Registration of Transfer and Exchange. 

(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such
purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section.
In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder
making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
 (b) The Company shall keep, or
cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register
the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein
provided shall be appointed as authorized by Board Resolution or herein (the “Security Registrar”). The Company hereby appoints the Trustee as the initial Security Registrar. 

Upon surrender for transfer of any Security at the office or agency of the Security Registrar, the Company shall execute, the Trustee shall
authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount. 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing. 
 (c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an
Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption
of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving
any transfer. 
 (d) The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a
period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor
(ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part. The provisions of this Section 2.05 are,
with respect to any Global Security, subject to Section 2.11 hereof. 
 The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary
participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of,
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.06 Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions
and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in
exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted
Security, 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. 

  
 5 

 In case any Security that has matured or is about to mature shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to
the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such
Security and of the ownership thereof. 
 Every replacement Security issued pursuant to the provisions of this Section shall constitute an
additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or
payment of negotiable instruments or other securities without their surrender. 
 Section 2.08 Cancellation. 

All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or
any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this
Indenture. The Trustee shall dispose of canceled Securities in accordance with its standard procedures and at the request of the Company, deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the
Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

Section 2.09 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the
sole benefit of the parties hereto and of the holders of the Securities. 
 Section 2.10 Authenticating Agent. 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, 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. All references in this Indenture to the authentication of Securities by the Trustee
shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or
determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to
supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of
any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
 Section 2.11 Global
Securities. 
 (a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to
be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to
another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 
 (b)
Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a
successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 
 (c) If at
any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may
be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will
execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the
provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such
determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the
Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 

  
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 ARTICLE 3 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 

Section 3.01 Redemption. 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for
such series pursuant to Section 2.01 hereof. 
 Section 3.02 Notice of Redemption. 

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be
redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the
Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives
the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of
any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction. 
 Each such notice of
redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office
or agency of the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the
redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so
redeemed. 
 In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the
principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.

 (b) If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’
notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in
such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such
Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it
shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner
set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the
Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section. 

Section 3.03 Payment Upon Redemption. 

(a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion
thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of
business on the applicable record date pursuant to Section 2.03). 
 (b) Upon presentation of any Security of such series that is
to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series
of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 
 Section 3.04
Sinking Fund. 
 The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities
of a series, except as otherwise specified as contemplated by Section 2.01 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 3.05. 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. 

Section 3.05 Satisfaction of Sinking Fund Payments with Securities. 

The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that 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. 

  
 7 

 Section 3.06 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 the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, 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 3.02 and cause notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03. 

ARTICLE 4 
 COVENANTS

 Section 4.01 Payment of Principal, Premium and Interest. 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that
series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S.
dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire
instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the
address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security
Registrar and the Trustee no later than 15 days prior to the relevant payment date. 
 Section 4.02 Maintenance of Office or Agency.

 So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each
such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein
above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to
such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. 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, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities. 

Section 4.03 Paying Agents. 

(a) If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Company, subject to the provisions of this Section: 

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

(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 
 (3)
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 

(4) that it will perform all other duties of paying agent as set forth in this Indenture. 

(b) If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of
the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so
becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities)
to take such action. 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 premium, if any) or interest on any Securities of that series, deposit with the
paying agent a sum sufficient to pay the principal (and premium, if any) 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 this action or failure so to act. 
 (c) Notwithstanding anything in this
Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) 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 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 terms and conditions as those
upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.

 Section 4.04 Appointment to Fill Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10,
a Trustee, so that there shall at all times be a Trustee hereunder. 
 Section 4.05 Compliance with Consolidation Provisions.

 The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case
where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article Ten hereof are complied with. 

  
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 ARTICLE 5 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01 Company to Furnish Trustee Names and Addresses of Securityholders. 

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or
cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company 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, in either case, no such list need be furnished for any series for
which the Trustee shall be the Security Registrar. 
 Section 5.02 Preservation Of Information; Communications With Securityholders.

 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and
addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if
acting in such capacity). 
 (b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a
new list so furnished. 
 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other
Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance
with the provisions of Section 312(b) of the Trust Indenture Act. 
 Section 5.03 Reports by the Company. 

(a) The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the
Company files the same with the Commission, 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 Commission may from time to time by rules and regulations
prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any materials for which the
Company has sought and received confidential treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or
Interactive Data Electronic Applications (IDEA), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure
by the Company to file annual reports, information and other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this Section 5.03. 

(b) Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the
information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Company’s compliance with any of their
covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 
 Section 5.04
Reports by the Trustee. 
 (a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty
(60) days after each May 1, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of such May 1, which complies with
Section 313(a) of the Trust Indenture Act. 
 (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust
Indenture Act. 
 (c) A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee
with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange. 

ARTICLE 6 
 REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
 Section 6.01 Events of Default. 

(a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the
following events that has occurred and is continuing: 
 (1) the Company defaults in the payment of any installment of interest upon
any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with
the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 
 (2) the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment
required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a
default in the payment of principal or premium, if any; 
 (3) the Company fails to observe or perform any other of its covenants or
agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this
Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a
“Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at
the time Outstanding; 
 (4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case,
(ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the
benefit of its creditors; or 

  
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 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that
(i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains
unstayed and in effect for 90 days. 
 (b) In each and every such case (other than an Event of Default specified in clause (4) or
clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then
Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due
and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid
interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

(c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on
Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06. 

No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon. 

(d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in
case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon
declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities
for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue
installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee
under Section 7.06. 
 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name
and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of
the Company or other obligor upon the Securities of that series, wherever situated. 
 (c) In case of any receivership, insolvency,
liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein
that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after
such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or
trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such
Securityholders, to pay to the Trustee any amount due it under Section 7.06. 
 (d) All rights of action and of asserting claims
under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding
relative thereto, and any such suit or 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 payment to the Trustee of any amounts due under
Section 7.06, be for the ratable benefit of the holders of the Securities of such series. 
 In case of an Event of Default hereunder,
the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or
in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. 
 Nothing contained herein shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in
respect of the claim of any Securityholder in any such proceeding. 
 Section 6.03 Application of Moneys Collected. 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the
payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of reasonable costs and expenses of
collection and of all amounts payable to the Trustee under Section 7.06; 

  
 10 

 SECOND: To the payment of the amounts then due and unpaid upon Securities of such series for
principal (and premium, if any) and interest, 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 premium, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company or any
other Person lawfully entitled thereto. 
 Section 6.04 Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount
of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee
such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 

Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security
to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute
suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under
this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and
the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Section 6.05 Rights and Remedies
Cumulative; Delay or Omission Not Waiver. 
 (a) Except as otherwise provided in Section 2.07, all powers and remedies given
by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

(b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy
given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

Section 6.06 Control by Securityholders. 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, 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 such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would
involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected
thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to
Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of
such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with
Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 6.07 Undertaking to Pay Costs. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s 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 or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10%
in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or
after the respective due dates expressed in such Security or established pursuant to this Indenture. 

  
 11 

 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities
of that series 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. 

(b) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its
own grossly negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the occurrence of an Event of
Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred: 

(A) the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and 
 (B) in the absence of bad faith on the part of the Trustee,
the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any 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 that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform on their face to the requirements of this Indenture; 
 (ii) the Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was grossly 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 not less than a majority in principal amount of the Securities of any series at the time Outstanding 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 that series; and 

(iv) none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under
the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it. 
 Section 7.02 Certain Rights
of Trustee. 
 Except as otherwise provided in Section 7.01: 

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

(b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

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

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and
liabilities that may be incurred therein or thereby; subject to Section 7.01(b)(iv), nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the
Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to 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; 
 (e) The Trustee shall not be liable for any action
taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(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, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities
of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity reasonably satisfactory to it against such costs,
expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; 

(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; 

(h) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances; 
 (i) In no event shall the Trustee be responsible or
liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action; and 
 (j) The Trustee may accept and act upon instructions or directions pursuant to this Indenture
sent by unsecured e-mail, facsimile transmission or other similar 

  
 12 

 
unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally
executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If the
party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

(k) In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default until the Trustee shall have received
written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. 

Section 7.03 Trustee Not Responsible for Recitals, Indenture or Securities. 

(a) The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. 
 (b) The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. 
 (c) The Trustee shall not be accountable for the use or application by the Company of any of the
Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of
any moneys received by any paying agent other than the Trustee. 
 Section 7.04 May Hold Securities. 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 
 Section 7.05 Moneys Held in Trust.

 Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but 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 moneys received by it hereunder except such
as it may agree with the Company to pay thereon. 
 Section 7.06 Compensation and Reimbursement. 

(a) The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its
employ), except any such expense, disbursement or advance as may arise from its gross negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its
officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or
administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises. 

(b) The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for
reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the discharge of the Indenture and the resignation or removal of the Trustee. Such additional indebtedness shall be secured by a
lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities. 

Section 7.07 Reliance on Officer’s Certificate. 

Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it
reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 

Section 7.08 Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

Section 7.09 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and
doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 

If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

  
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 Section 7.10 Resignation and Removal; Appointment of Successor. 

(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing 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 Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on
behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

(b) In case at any time any one of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 
 (ii) the Trustee shall cease
to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 

(iii) the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, 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, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by
written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of
a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c)
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor
Trustee for such series with the consent of the Company. 
 (d) Any resignation or removal of the Trustee and appointment of a
successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

(e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or
all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series. 

Section 7.11 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) 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, 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 that no Trustee
shall be responsible for any act or failure to act on the part of any other Trustee hereunder; 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, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the
performance of the duties and obligations vested in the Trustee under this Indenture, 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, to the extent contemplated by such supplemental indenture, the 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. 
 (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. 
 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company
shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten
days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 

  
 14 

 Section 7.12 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 the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of
the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding. 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. 

Section 7.13 Preferential Collection of Claims Against the Company. 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in
Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein. 

Section 7.14 Notice of Default. 

If any Event of Default occurs and is continuing and if a Responsible Officer of the Trustee has received notice of such Event of Default in
accordance with Section 7.02(k), the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it
occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of
the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders. 
 ARTICLE
8 
 CONCERNING THE SECURITYHOLDERS 

Section 8.01 Evidence of Action by Securityholders. 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of
such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing. 
 If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice,
consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be
given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date. 
 Section 8.02 Proof of Execution by Securityholders. 

Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require
notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the
Trustee. 
 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the
Security Registrar thereof. 
 The Trustee may require such additional proof of any matter referred to in this Section as it shall deem
necessary. 
 Section 8.03 Who May be Deemed Owners. 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership
or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes;
and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 

Section 8.04 Certain Securities Owned by Company Disregarded. 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any
direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee. 

  
 15 

 Section 8.05 Actions Binding on Future Securityholders. 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be
included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as
aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer
thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series. 

ARTICLE 9 
 SUPPLEMENTAL
INDENTURES 
 Section 9.01 Supplemental Indentures Without the Consent of Securityholders. 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any
time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 

(a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 

(b) to comply with Article Ten; 

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

(d) to add to the covenants, restrictions, conditions or provisions relating to the Company 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, restrictions, conditions or provisions are expressly being included
solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power
herein conferred upon the Company; 
 (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth; 
 (f) to make any
change that does not adversely affect the rights of any Securityholder in any material respect; 
 (g) to provide for the issuance of
and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of
Securities, or to add to the rights of the holders of any series of Securities; 
 (h) to evidence and provide for the acceptance of
appointment hereunder by a successor trustee; or 
 (i) to comply with any requirements of the Commission or any successor in
connection with the qualification of this Indenture under the Trust Indenture Act. 
 The Trustee is hereby authorized to join with the
Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, 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. 
 Any supplemental indenture authorized by
the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02 Supplemental Indentures With Consent of Securityholders. 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 9.03 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 9.04 Securities Affected by
Supplemental Indentures. 
 Securities of any series affected by a supplemental indenture, authenticated and delivered after the
execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities

  
 16 

 
exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to
conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that
series then Outstanding. 
 Section 9.05 Execution of Supplemental Indentures. 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of Securityholders to the extent required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to
the provisions of Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this
Article and that all conditions precedent to the execution of the supplemental indenture have been complied with. 
 Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general
terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 ARTICLE 10

 SUCCESSOR ENTITY 

Section 10.01 Company May Consolidate, Etc. 

Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company
or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however,
(a) the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the
principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this
Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the
Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall
have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental
indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of shares
of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance,
transfer or other disposition. 
 Section 10.02 Successor Entity Substituted. 

(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall
succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and
form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 (c) Nothing contained in
this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all
or any part of the property of any other Person (whether or not affiliated with the Company). 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge of Indenture. 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or
Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities
of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to
the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums
payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall
survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall
execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series. 

  
 17 

 Section 11.02 Discharge of Obligations. 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due
and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations
of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall
mature and be paid. 
 Thereafter, Sections 7.06 and 11.05 shall survive. 

Section 11.03 Deposited Moneys to be Held in Trust. 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be
available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee. 
 Section 11.04 Payment of Moneys Held by Paying Agents. 

In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under
the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations. 

Section 11.05 Repayment to Company. 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of
principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any)
or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon
the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and
the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof. 

ARTICLE 12 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 12.01 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, 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 this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or
successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and
that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as
such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 
 ARTICLE 13

 MISCELLANEOUS PROVISIONS 

Section 13.01 Effect on Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not. 
 Section 13.02 Actions by Successor. 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of
the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 

Section 13.03 Surrender of Company Powers. 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 

Section 13.04 Notices. 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made 

  
 18 

 
or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail,
postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows: NexPoint Real Estate Finance, Inc., 2515 McKinney Avenue, Suite 1100, Dallas, Texas 75201, Attention: Chief Financial Officer. Any
notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing
at the Corporate Trust Office of the Trustee. 
 Section 13.05 Governing Law. 

This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes
shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable. 

Section 13.06 Treatment of Securities as Debt. 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this
Indenture shall be interpreted to further this intention. 
 Section 13.07 Certificates and Opinions as to Conditions Precedent.

 (a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this
Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the
proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which
the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

(b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

Section 13.08 Payments on Business Days. 

Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal
(and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date. 

Section 13.09 Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, the Trust Indenture Act shall control. 
 Section 13.10 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. 
 Section 13.11 Separability. 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein or therein. 
 Section 13.12 Compliance Certificates.

 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series
were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal
financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and
covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such
certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status. 

  
 19 

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

			
	NEXPOINT REAL ESTATE FINANCE, INC.
		
	By:	 	 /s/ Brian Mitts

	Name:	 	Brian Mitts
	Title:	 	Chief Financial Officer, Executive VP- Finance, Secretary and Treasurer
	
	UMB BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Mauri J. Cowen

	Name:	 	Mauri J. Cowen
	Title:	 	Senior Vice President

  
 20 

 CROSS-REFERENCE TABLE (1) 
  

			
	Section of Trust Indenture Act of 1939, as Amended	  	Section of Indenture
	 310(a)
	  	7.09
	 310(b)
	  	7.08
		  	7.10
	 310(c)
	  	Inapplicable
	 311(a)
	  	7.13
	 311(b)
	  	7.13
	 311(c)
	  	Inapplicable
	 312(a)
	  	5.01
		  	5.02(a)
	 312(b)
	  	5.02(c)
	 312(c)
	  	5.02(c)
	 313(a)
	  	5.04(a)
	 313(b)
	  	5.04(b)
	 313(c)
	  	5.04(a)
 5.04(b)

	 313(d)
	  	5.04(c)
	 314(a)
	  	5.03
 13.12

	 314(b)
	  	Inapplicable
	 314(c)
	  	13.07(a)
	 314(d)
	  	Inapplicable
	 314(e)
	  	13.07(b)
	 314(f)
	  	Inapplicable
	 315(a)
	  	7.01(a)
 7.01(b)

	 315(b)
	  	7.14
	 315(c)
	  	7.01
	 315(d)
	  	7.01(b)
	 315(e)
	  	6.07
	 316(a)
	  	6.06
 8.04

	 316(b)
	  	6.04
	 316(c)
	  	8.01
	 317(a)
	  	6.02
	 317(b)
	  	4.03
	 318(a)
	  	13.09

  

			
	(1)	  	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

  
 21

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