Document:

Exhibit 4.14

 

Molecular Data Inc.

 

 

 

INDENTURE 

Dated as of [ ]

 

 

 

[ ]

 

    	 	 	 

     

    

 

	TABLE OF CONTENTS
	 	 	 	 	 	 
	ARTICLE I	 	     DEFINITIONS
    AND INCORPORATION BY REFERENCE	 	1
	 	 	 	 	 	 
	 	Section 1.1	 	     Definitions.	 	1
	 	Section 1.2	 	     Other
    Definitions.	 	4
	 	Section 1.3	 	     Incorporation
    by Reference of Trust Indenture Act.	 	4
	 	Section 1.4	 	     Rules of
    Construction.	 	4
	 	 	 	 	 	 
	ARTICLE II	 	     TERMS
    OF THE SECURITIES	 	4
	 	 	 	 	 	 
	 	Section 2.1	 	     Issuable
    in Series.	 	4
	 	Section 2.2	 	     Establishment
    of Terms of Series of Securities.	 	5
	 	Section 2.3	 	     Execution
    and Authentication.	 	5
	 	Section 2.4	 	     Registrar
    and Paying Agent.	 	7
	 	Section 2.5	 	     Paying
    Agent to Hold Money in Trust.	 	8
	 	Section 2.6	 	     Security
    Holder Lists.	 	8
	 	Section 2.7	 	     Transfer
    and Exchange.	 	8
	 	Section 2.8	 	     Mutilated,
    Destroyed, Lost and Stolen Securities.	 	8
	 	Section 2.9	 	     Outstanding
    Securities.	 	9
	 	Section 2.10	 	     Treasury
    Securities.	 	9
	 	Section 2.11	 	     Temporary
    Securities.	 	9
	 	Section 2.12	 	     Cancellation.	 	10
	 	Section 2.13	 	     Defaulted
    Interest.	 	10
	 	Section 2.14	 	     Global
    Securities.	 	10
	 	Section 2.15	 	     CUSIP
    Numbers.	 	11
	 	 	 	 	 	 
	ARTICLE III	 	     REDEMPTION	 	11
	 	 	 	 	 	 
	 	Section 3.1	 	     Notice
    to Trustee.	 	11
	 	Section 3.2	 	     Selection
    of Securities to be Redeemed.	 	11
	 	Section 3.3	 	     Notice
    of Redemption.	 	11
	 	Section 3.4	 	     Effect
    of Notice of Redemption.	 	12
	 	Section 3.5	 	     Deposit
    of Redemption Price.	 	12
	 	Section 3.6	 	     Securities
    Redeemed in Part.	 	12
	 	 	 	 	 	 
	ARTICLE IV	 	     COVENANTS	 	12
	 	 	 	 	 	 
	 	Section 4.1	 	     Payment
    of Principal and Interest.	 	12
	 	Section 4.2	 	     SEC
    Reports.	 	12
	 	Section 4.3	 	     Compliance
    Certificate.	 	13
	 	Section 4.4	 	     Stay,
    Extension and Usury Laws.	 	13
	 	Section 4.5	 	     Corporate
    Existence.	 	13
	 	 	 	 	 	 
	ARTICLE V	 	     SUCCESSORS	 	13
	 	 	 	 	 	 
	 	Section 5.1	 	     When
    Company May Merge, Etc.	 	13
	 	Section 5.2	 	     Successor
    Corporation Substituted.	 	14
	 	 	 	 	 	 
	ARTICLE VI	 	     DEFAULTS
    AND REMEDIES	 	14
	 	 	 	 	 	 
	 	Section 6.1	 	     Events
    of Default.	 	14
	 	Section 6.2	 	     Acceleration
    of Maturity; Rescission and Annulment.	 	15
	 	Section 6.3	 	     Collection
    of Indebtedness and Suits for Enforcement by Trustee.	 	15
	 	Section 6.4	 	     Trustee
    May File Proofs of Claim.	 	16
	 	Section 6.5	 	     Trustee
    May Enforce Claims Without Possession of Securities.	 	16
	 	Section 6.6	 	     Application
    of Money Collected.	 	16
	 	Section 6.7	 	     Limitation
    on Suits.	 	16

 

    	 	 	 

     

    

 

	 	Section 6.8	 	     Unconditional
    Right of Holders to Receive Principal and Interest.	 	17
	 	Section 6.9	 	     Restoration
    of Rights and Remedies.	 	17
	 	Section 6.10	 	     Rights
    and Remedies Cumulative.	 	17
	 	Section 6.11	 	     Delay
    or Omission Not Waiver.	 	17
	 	Section 6.12	 	     Control
    by Holders.	 	18
	 	Section 6.13	 	     Waiver
    of Past Defaults.	 	18
	 	Section 6.14	 	     Undertaking
    for Costs.	 	18
	 	 	 	 	 	 
	ARTICLE VII	 	     TRUSTEE	 	18
	 	 	 	 	 	 
	 	Section 7.1	 	     Duties
    of Trustee.	 	18
	 	Section 7.2	 	     Rights
    of Trustee.	 	19
	 	Section 7.3	 	     Force
    Majeure.	 	20
	 	Section 7.4	 	     Individual
    Rights of Trustee.	 	20
	 	Section 7.5	 	     Trustee’s
    Disclaimer.	 	20
	 	Section 7.6	 	     Notice
    of Defaults.	 	21
	 	Section 7.7	 	     Reports
    by Trustee to Holders.	 	21
	 	Section 7.8	 	     Compensation
    and Indemnity.	 	21
	 	Section 7.9	 	     Replacement
    of Trustee.	 	21
	 	Section 7.10	 	     Successor
    Trustee by Merger, etc.	 	22
	 	Section 7.11	 	     Eligibility;
    Disqualification.	 	22
	 	Section 7.12	 	     Preferential
    Collection of Claims Against Company.	 	22
	 	 	 	 	 	 
	ARTICLE VIII	 	     SATISFACTION
    AND DISCHARGE; DEFEASANCE	 	22
	 	 	 	 	 	 
	 	Section 8.1	 	     Satisfaction
    and Discharge of Indenture.	 	22
	 	Section 8.2	 	     Application
    of Trust Funds; Indemnification.	 	23
	 	Section 8.3	 	     Legal
    Defeasance of Securities of any Series.	 	24
	 	Section 8.4	 	     Covenant
    Defeasance.	 	25
	 	Section 8.5	 	     Repayment
    to Company.	 	25
	 	 	 	 	 	 
	ARTICLE IX	 	     SUPPLEMENTAL
    INDENTURES, AMENDMENTS AND WAIVERS	 	26
	 	 	 	 	 	 
	 	Section 9.1	 	     Without
    Consent of Holders.	 	26
	 	Section 9.2	 	     With
    Consent of Holders.	 	26
	 	Section 9.3	 	     Limitations.	 	26
	 	Section 9.4	 	     Compliance
    with Trust Indenture Act.	 	27
	 	Section 9.5	 	     Revocation
    and Effect of Consents.	 	27
	 	Section 9.6	 	     Notation
    on or Exchange of Securities.	 	27
	 	Section 9.7	 	     Trustee
    Protected.	 	27
	 	 	 	 	 	 
	ARTICLE X	 	     MISCELLANEOUS	 	27
	 	 	 	 	 	 
	 	Section 10.1	 	     Trust
    Indenture Act Controls.	 	27
	 	Section 10.2	 	     Notices.	 	28
	 	Section 10.3	 	     Communication
    by Holders with Other Holders.	 	28
	 	Section 10.4	 	     Certificate
    and Opinion as to Conditions Precedent.	 	28
	 	Section 10.5	 	     Statements
    Required in Certificate or Opinion.	 	28
	 	Section 10.6	 	     Rules by
    Trustee and Agents.	 	29
	 	Section 10.7	 	     Legal
    Holidays.	 	29
	 	Section 10.8	 	     No
    Recourse Against Others.	 	29
	 	Section 10.9	 	     Counterparts.	 	29
	 	Section 10.10	 	     Governing
    Laws.	 	29
	 	Section 10.11	 	     No
    Adverse Interpretation of Other Agreements.	 	29
	 	Section 10.12	 	     Successors.	 	29
	 	Section 10.13	 	     Severability.	 	29
	 	Section 10.14	 	     Table
    of Contents, Headings, Etc.	 	29
	 	Section 10.15	 	     Securities
    in a Foreign Currency or in ECU.	 	30
	 	Section 10.16	 	     Judgment
    Currency.	 	30
	 	 	 	 	 	 
	ARTICLE XI	 	     SINKING
    FUNDS	 	31
	 	 	 	 	 	 
	 	Section 11.1	 	     Applicability
    of Article.	 	31
	 	Section 11.2	 	     Satisfaction
    of Sinking Fund Payments with Securities.	 	31
	 	Section 11.3	 	     Redemption
    of Securities for Sinking Fund.	 	31

 

    	 	 	 

     

    

 

Molecular Data Inc. Reconciliation and tie between Trust Indenture
Act of 1939 and Indenture, dated as of [ ]

 

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

 

	§ 310(a)(1)	 	7.11
	(a)(2)	 	7.11
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.11
	(b)	 	7.11
	§ 311(a)	 	7.12
	(b)	 	7.12
	§ 312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	§ 313(a)	 	7.7
	(b)(1)	 	7.7
	(b)(2)	 	7.7
	(c)	 	7.7
	(d)	 	7.7
	§ 314(a)	 	4.2, 10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.5
	(f)	 	Not Applicable
	§ 315(a)	 	7.1
	(b)	 	7.6
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§ 316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	§ 317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	§ 318(a)	 	10.1

 

    	 	 	 

     

    

 

Indenture dated as of [ ] between Molecular Data
Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Company”), and [ ] (“Trustee”).

 

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

 

ARTICLE I

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.1         Definitions.

 

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

 

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

 

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

 

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

 

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

 

“Business Day” means, unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day
except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law,
regulation or executive order to close or a day the Corporate Trust Office is closed.

 

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

 

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

 

“Company Order” means a written
order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer or principal
financial and accounting officer.

 

“Company Request” means a written
request signed in the name of the Company by its Chief Executive Officer and by its Co-Chief Financial Officers and delivered to the Trustee.

 

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

 

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

 

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

 

    1

     

    

 

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

 

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

 

“ECU” means the European Currency
Unit as determined by the Commission of the European Union.

 

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

 

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

 

“Foreign Government Obligations”
means, with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government
that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable
or redeemable at the option of the issuer thereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Officer” means the Chief Executive
Officer, the Chief Technology Officer, any Co-Chief Financial Officers, or the Chief Risk Officer of the Company.

 

“Officers’ Certificate”
means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer or principal financial
officer.

 

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

 

    2

     

    

 

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

 

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

 

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

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

Section 1.2         Other Definitions.

 

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

 

Section 1.3         Incorporation
by Reference of Trust Indenture Act.

 

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

 

“Commission” means the SEC.

 

“indenture securities” means
the Securities.

 

“indenture security holder”
means a Security Holder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

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

 

Section 1.4         Rules of
Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c) “or” is not exclusive;

 

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

 

(e) provisions apply to successive events
and transactions.

 

ARTICLE II

TERMS
OF THE SECURITIES

 

Section 2.1          Issuable in
Series.

 

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

 

    4

     

    

 

Section 2.2         Establishment
of Terms of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to
such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.24) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or Officers’ Certificate, and associated
supplemental indenture:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

2.2.13 the currency of denomination of the Securities
of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the ECU, and if such currency of denomination
is a composite currency other than the ECU, the agency or organization, if any, responsible for overseeing such composite currency;

 

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

 

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

 

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

 

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

 

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

 

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

 

2.2.20 whether the Securities of the Series are
subject to subordination and the terms of such subordination;

 

2.2.21 any material income tax considerations
applicable;

 

2.2.22 any other terms of the Securities of the
Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series);

 

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

 

2.2.24 if the Securities of the Series are
to be convertible into or exchangeable for any securities of any Person (including the Company), the terms and conditions upon which such
Securities will be so convertible or exchangeable.

 

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

 

Section 2.3         Execution and
Authentication.

 

Two Officers shall sign the Securities for the
Company by manual or facsimile signature.

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

Section 2.4         Registrar and
Paying Agent.

 

The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or
agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities
of such Series may be surrendered for registration of transfer, conversion or exchange (“Registrar”) and where notices
and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice
Agent”). The Trustee or Notice Agent, as applicable, shall deliver such notices and demands to the Company in accordance with Section 10.2
hereof. The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company
will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying
Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or
shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or
delivered at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

 

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

 

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

 

    7

     

    

 

The Company hereby appoints The Depository Trust
Company to act as Depositary with respect to the Securities.

 

Section 2.5         Paying Agent
to Hold Money in Trust.

 

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

 

Section 2.6         Security Holder
Lists.

 

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

 

Section 2.7         Transfer and
Exchange.

 

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

 

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

 

Section 2.8         Mutilated,
Destroyed, Lost and Stolen Securities.

 

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

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

Section 2.9         Outstanding
Securities.

 

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

 

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

 

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

 

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

 

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

 

Section 2.10      Treasury Securities.

 

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

 

Section 2.11      Temporary
Securities.

 

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

 

    9

     

    

 

Section 2.12       Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. Upon receipt of written instruction from the Company, the Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities and deliver a certificate
of such destruction to the Company, unless the Company otherwise directs. The Company may not issue new Securities to replace Securities
that it has paid or delivered to the Trustee for cancellation.

 

Section 2.13       Defaulted
Interest.

 

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

 

Section 2.14       Global Securities.

 

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

 

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

 

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

 

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 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.

 

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

 

“This Security is a Global Security within
the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This
Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor Depositary.”

 

    10

     

    

 

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

 

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

 

2.14.6 Consents, Declaration and Directions. Except
as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount
of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary
with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given
by the Holders pursuant to this Indenture.

 

Section 2.15       CUSIP Numbers.

 

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

 

ARTICLE III

REDEMPTION

 

Section 3.1         Notice to Trustee.

 

The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of
Securities to be redeemed. The Company shall give the Trustee notice at least 45 days before the redemption date (or such shorter notice
as may be acceptable to the Trustee).

 

Section 3.2         Selection of
Securities to be Redeemed.

 

Unless otherwise indicated for a particular Series by
a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, if less than all the Securities of a Series are
to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and
appropriate and in accordance with its customary practices or the selection shall be in accordance with DTC procedures, as applicable.
The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The Trustee
may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities
of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities
of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and
integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to
portions of Securities of that Series called for redemption.

 

Section 3.3         Notice of Redemption.

 

Unless otherwise indicated for a particular Series by
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before
a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.

 

    11

     

    

 

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

 

(a) the redemption date;

 

(b) the redemption price;

 

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

 

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

 

(e) that interest on Securities of the Series called
for redemption ceases to accrue on and after the redemption date;

 

(f) the CUSIP number, if any; and

 

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

 

At the Company’s request, the Trustee shall
give the notice of redemption prepared by the Company, in the Company’s name and at its expense.

 

Section 3.4         Effect of Notice
of Redemption.

 

Once notice of redemption is mailed or published
as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at
the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid
at the redemption price plus accrued interest to the redemption date.

 

Section 3.5         Deposit of
Redemption Price.

 

On or before the redemption date, the Company
shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to
be redeemed on that date.

 

Section 3.6         Securities
Redeemed in Part.

 

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

 

ARTICLE IV

COVENANTS

 

Section 4.1         Payment of
Principal and Interest.

 

The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2         SEC Reports.

 

The Company shall deliver to the Trustee within
15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies
of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of
TIA § 314(a).

 

    12

     

    

 

Section 4.3         Compliance
Certificate.

 

The Company shall deliver to the Trustee, within
120 days after the end of each fiscal year (which on the date hereof ends on December 31) of the Company, an Officers’ Certificate
stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing
all such Defaults or Events of Default of which he may have knowledge).

 

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

 

Section 4.4         Stay, Extension
and Usury Laws.

 

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

 

Section 4.5         Corporate Existence.

 

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

 

ARTICLE V

SUCCESSORS

 

Section 5.1         When Company
May Merge, Etc.

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

Section 5.2         Successor Corporation
Substituted.

 

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

 

ARTICLE VI

DEFAULTS
AND REMEDIES

 

Section 6.1         Events of Default.

 

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

 

(a) default in the payment of any interest
on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the
entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period
of 30 days); or

 

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

 

(c) default in the performance or breach
of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been included in this Indenture
solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders
of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

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

 

(i) commences a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii) orders the liquidation of the Company,

 

and the order or decree remains unstayed and in
effect for 60 days; or

 

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

 

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

 

    14

     

    

 

Section 6.2         Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or
(e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that
Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that
Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon
any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due
and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder.

 

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

 

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

 

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

 

The Company covenants that if

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding any other provision of this Indenture,
if an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such Series by pursuing any available remedy by
proceeding at law or in equity as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy.

 

    15

     

    

 

Section 6.4         Trustee May File
Proofs of Claim.

 

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

 

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

 

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

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.8.

 

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

 

Section 6.5         Trustee May Enforce
Claims Without Possession of Securities.

 

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

 

Section 6.6         Application
of Money Collected.

 

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

 

First: To the payment of all amounts due the Trustee
under Section 7.8; and

 

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

 

Third: To the Company or to such party as a court
of competent jurisdiction shall direct.

 

Section 6.7         Limitation
on Suits.

 

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

 

    16

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.9         Restoration
of Rights and Remedies.

 

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

 

Section 6.10      Rights and
Remedies Cumulative.

 

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

 

Section 6.11      Delay or Omission
Not Waiver.

 

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

 

    17

     

    

 

Section 6.12      Control by
Holders.

 

The Holders of not less than a majority in principal
amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of
such Series, provided that

 

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

 

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

 

(c) subject to the provisions of Section 7.1,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

Section 6.13      Waiver of
Past Defaults.

 

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

 

Section 6.14      Undertaking
for Costs.

 

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

 

ARTICLE VII

TRUSTEE

 

Section 7.1         Duties of Trustee.

 

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

 

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

 

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

 

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

 

    18

     

    

 

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

 

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

 

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

 

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

 

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

 

(e) The Trustee may refuse to perform any
duty or exercise any right or power unless it receives security or indemnity satisfactory to it against any loss, liability or expense.

 

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

 

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

 

(h) The Paying Agent, the Registrar, the
Notice Agent, any agent and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set
forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

 

Section 7.2         Rights of Trustee.

 

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

 

(b) Before the Trustee acts or refrains from
acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both. The Trustee shall not be liable for any action
it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. No such Officers’
Certificate or Opinion of Counsel shall be at the expense of the Trustee. Any request or direction of the Company mentioned herein shall
be sufficiently evidenced by an Officers’ Certificate.

 

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

 

(d) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s
conduct does not constitute negligence or bad faith. The Trustee shall not be liable for any special, punitive or consequential damages,
even if they were reasonably foreseeable.

 

(e) The Trustee may consult with counsel
of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder, and the Trustee may conclusively rely on any such advice or Opinion of Counsel.

 

    19

     

    

 

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

 

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

 

(h) The Trustee shall not be deemed to have
notice of any Default or Event of Default (other than a payment default under Section 6.1 or 6.2) unless a Responsible Officer of
the Trustee has received written notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and
such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

(i) The rights, privileges, protections,
immunities and benefits given to the Trustee, including without limitation its right to be indemnified, are extended to, and shall enforceable
by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder.

 

(j) The Trustee may request that the Issuer
deliver an Officers’ Certificate setting forth the names of individuals and titles of officers authorized at such time to take specified
actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.

 

(k) The Trustee shall have no duty to inquire
as to or monitor the performance of the Issuer with respect to the covenants contained in Article IV.

 

(l) The Trustee shall not be required to
give any note, bond or surety in respect of the execution of the trusts and powers under this Indenture.

 

(m) Nothing herein shall be deemed to require
the Trustee to submit to the jurisdiction or venue of a non-U.S. court.

 

Section 7.3         Force Majeure.

 

(a) The Trustee shall have no liability for
delays or inability to perform its duties hereunder due to forces majeures, events beyond its control, such as (but not exclusively)
civil unrest, earthquakes, hurricanes or other natural disasters, floods, utility failures, transmission interruptions, power failures,
wars, governmental declarations or Acts of God; 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.

 

(b) Delivery of reports or information by
the Company shall not be deemed to confer actual or constructive knowledge or notice on the Trustee with respect to a Default or Event
of Default, or otherwise.

 

Section 7.4         Individual
Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights
it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.11 and 7.12.

 

Section 7.5         Trustee’s
Disclaimer.

 

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

 

    20

     

    

 

Section 7.6         Notice of Defaults.

 

If a Default or Event of Default occurs and is
continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall
mail (or deliver notice subject to the applicable procedures of the Depositary or relevant clearing system) to each Security Holder of
the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible
Officer of the Trustee has written notice of such Default or Event of Default. Except in the case of a Default or Event of Default in
payment of principal of or interest on any Security of any Series, or in the payment of any sinking fund installment, the Trustee may
withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Security Holders of that Series.

 

Section 7.7         Reports by
Trustee to Holders.

 

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

 

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

 

Section 7.8         Compensation
and Indemnity.

 

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

 

The Company shall indemnify each of the Trustee
and any predecessor Trustee against any loss, liability or expense (including the cost of defending itself) incurred by it except as set
forth in the next paragraph in the performance of the Trustee duties under this Indenture as Trustee or Agent. The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity; provided, however, that failure to so notify the Company shall not
relieve it of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense; provided,
however, the Trustee may conduct its own defense if there is a conflict of interest between the interests of the Company and those of
the Trustee. The Trustee may have one separate counsel (in addition to local counsel, if applicable) and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably
withheld. This indemnification shall apply to officers, directors, employees, shareholders and Agents or agents of the Trustee.

 

The Company need not reimburse any expense or
indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder, Agent or agent of
the Trustee to the extent it is attributed to its own negligence or willful conduct as determined by a court of competent jurisdiction
in a final, non-appealable order.

 

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

 

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

 

The provisions of this Section shall survive
the termination of this Indenture and the resignation and removal of the Trustee.

 

Section 7.9         Replacement
of Trustee.

 

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

 

    21

     

    

 

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

 

(a) the Trustee fails to comply with Section 7.11;

 

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

 

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

 

(d) the Trustee becomes incapable of acting.

 

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

 

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

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee upon payment of its fees and
expenses then unpaid shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.8,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor
Trustee shall mail a notice of its succession to each Security Holder of each such Series. Notwithstanding replacement of the Trustee
pursuant to this Section 7.9, the Company’s obligations under Section 7.8 hereof shall continue for the benefit of the
retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement.

 

Section 7.10       Successor
Trustee by Merger, etc.

 

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

 

Section 7.11      Eligibility;
Disqualification.

 

This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of
at least $150,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section 7.12       Preferential
Collection of Claims Against Company.

 

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

 

ARTICLE VIII

SATISFACTION
AND DISCHARGE; DEFEASANCE

 

Section 8.1         Satisfaction
and Discharge of Indenture.

 

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

 

    22

     

    

 

(a) either

 

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

 

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

 

(1) have become due and payable, or

 

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

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.8, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

Section 8.2         Application
of Trust Funds; Indemnification.

 

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

 

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

 

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

 

    23

     

    

 

Section 8.3         Legal Defeasance
of Securities of any Series.

 

Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2.22, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to
in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall
no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging
the same), except as to:

 

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

 

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

 

(c) the rights, powers, trust and immunities
of the Trustee hereunder;

 

provided that, the following conditions shall have been satisfied:

 

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

 

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

 

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

 

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

 

(h) the Company shall have delivered to the
Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders
of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company; and

 

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

 

    24

     

    

 

Section 8.4         Covenant Defeasance.

 

Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2.22 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well as any additional
covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate
delivered pursuant to Section 2.2.22 (and the failure to comply with any such covenants shall not constitute a Default or Event of
Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture
for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.18 and
designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such
Series, provided that the following conditions shall have been satisfied:

 

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

 

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

 

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

 

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

 

(e) The Company shall have delivered to the
Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the
Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company; and

 

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

 

Section 8.5         Repayment to
Company.

 

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

 

    25

     

    

 

ARTICLE IX

SUPPLEMENTAL
INDENTURES, AMENDMENTS AND WAIVERS

 

Section 9.1         Without Consent
of Holders.

 

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

 

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

 

(b) to comply with Article V;

 

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

 

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

 

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

 

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

 

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

 

Section 9.2         With Consent
of Holders.

 

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

 

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

 

Section 9.3         Limitations.

 

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

 

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

 

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

 

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

 

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

 

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

 

    26

     

    

 

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

 

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

 

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

 

Section 9.4         Compliance
with Trust Indenture Act.

 

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

 

Section 9.5         Revocation
and Effect of Consents.

 

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

 

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

 

Section 9.6         Notation on
or Exchange of Securities.

 

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

 

Section 9.7         Trustee Protected.

 

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

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1      Trust Indenture
Act Controls.

 

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

 

    27

     

    

 

Section 10.2      Notices.

 

Any notice or communication by the Company or
the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing, in the English language, referencing
this Indenture and the applicable securities or series of securities, and delivered in person, or mailed by first-class mail:

 

if to the Company:

 

Molecular Data Inc.

11/F, Building 15, 2177 Shenkun Road

Minhang District, Shanghai 201106

People’s Republic of China

 

if to the Trustee:

 

[ ]

Attention: [ ]

 

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

 

Any notice or communication to a Security Holder
shall be mailed by first-class mail to his address shown on the register kept by the Registrar or delivered subject to the applicable
procedures of Depositary or relevant clearing system. Failure to mail a notice or communication to a Security Holder of any Series or
any defect in it shall not affect its sufficiency with respect to other Security Holders of that or any other Series.

 

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

 

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

 

Section 10.3      Communication
by Holders with Other Holders.

 

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

 

Section 10.4       Certificate
and Opinion as to Conditions Precedent.

 

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

 

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

 

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

 

Section 10.5      Statements
Required in Certificate or Opinion.

 

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

 

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

 

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

 

    28

     

    

 

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

 

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

 

Section 10.6       Rules by
Trustee and Agents.

 

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

 

Section 10.7      Legal Holidays.

 

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

 

Section 10.8       No Recourse
Against Others.

 

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

 

Section 10.9      Counterparts.

 

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

 

Section 10.10     Governing
Laws.

 

THIS INDENTURE AND THE SECURITIES SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT
OF LAWS PROVISIONS THEREOF.

 

Section 10.11    No Adverse
Interpretation of Other Agreements.

 

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

 

Section 10.12    Successors.

 

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

 

Section 10.13    Severability.

 

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

 

Section 10.14    Table of
Contents, Headings, Etc.

 

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

 

    29

     

    

 

Section 10.15    Securities
in a Foreign Currency or in ECU.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect
to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than
Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such
time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City
for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market
Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published
in the Official Journal of the European Union (such publication or any successor publication, the “Journal”). If such Market
Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published
in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major
banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other
quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The
provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated
in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

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

 

Section 10.16    Judgment
Currency.

 

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

 

    30

     

    

 

ARTICLE XI

SINKING
FUNDS

 

Section 11.1      Applicability
of Article.

 

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

 

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

 

Section 11.2      Satisfaction
of Sinking Fund Payments with Securities.

 

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

 

Section 11.3      Redemption
of Securities for Sinking Fund.

 

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

    31

     

    

 

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

 

	 	Molecular Data Inc.
	 	 
	 	By:	     
	 	Name:
	 	Title:
	 	 
	 	[ ], as Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:    

 

[Signature Page to Indenture]Exhibit 10.1

 

SPONSOR LETTER AGREEMENT

 

This SPONSOR LETTER AGREEMENT
(this “Agreement”), dated as of June 10, 2021, is entered into as a deed by and among Broadstone Sponsor LLP,
a United Kingdom limited liability partnership (the “Sponsor”), Broadstone Acquisition Corp., a Cayman Islands
exempted company (“Broadstone”), Vertical Aerospace Group Ltd., a company limited by shares incorporated in
England and Wales under registration number 12590994 (the “Company”), Vertical Aerospace Ltd., a Cayman Islands
exempted company incorporated with limited liability (“Pubco”) and Vertical Merger Sub Ltd., a Cayman Islands
exempted company incorporated with limited liability (“Merger Sub”). The Sponsor, Broadstone and the Company
shall be referred to herein from time to time collectively as the “Parties”. Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to such terms in the Business Combination Agreement (as defined below).

 

WHEREAS, concurrently
with the execution of this Agreement, Broadstone, Pubco, Merger Sub, the Sponsor, the Company and certain other parties thereto are entering
into that certain Business Combination Agreement dated as of the date hereof (as it may be amended, restated or otherwise modified from
time to time in accordance with its terms, the “Business Combination Agreement”), pursuant to which, among other
things, Broadstone will merge with and into Merger Sub (the “Merger”) and Pubco will acquire all of the issued
and outstanding shares of the Company (the “Share Acquisition”);

 

WHEREAS, the Business
Combination Agreement contemplates that the Parties will enter into this Agreement concurrently with the entry into the Business Combination
Agreement by the parties thereto, pursuant to which, among other things, the Sponsor agrees that it will (a) vote in favor of approval
of the Business Combination Agreement, the Ancillary Documents and the transactions contemplated by each of them, including the Shareholder
Approval Matters (b) waive any adjustment to the conversion ratio or any other anti-dilution or similar protection with respect to the
Purchaser Class B Shares set forth in the Organisational Documents of Broadstone and/or, after giving effect to the Merger, the Pubco
Ordinary Shares set forth in the Organisational Documents of Pubco (in each case resulting from the transactions contemplated by the Business
Combination Agreement).

 

     

     

    

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

1.            
Agreement to Vote.

 

(a)              
The Sponsor hereby irrevocably and unconditionally agrees, at any meeting of the shareholders of Broadstone duly called and convened
in accordance with the Organisational Documents of Broadstone, whether or not adjourned and however called, including at the Special
Shareholder Meeting or otherwise, and in any action by written consent of the shareholders of Broadstone, (i) to vote, or cause to be
voted, or execute and return, or cause to be executed and returned, an action by written consent with respect to, as applicable, all
of the Sponsor’s Purchaser Class B Shares and Purchaser Class A Shares (if any) (the “Sponsor Purchaser Ordinary Shares”),
in each case, held of record or beneficially by Sponsor as of the date of this Agreement, or to which the Sponsor acquires record or
beneficial ownership after the date hereof and prior to the Share Acquisition Closing (the “Closing”) (including
by reason of the Merger) (collectively, the “Subject Equity Securities”) in favor of each of the Shareholder
Approval Matters, in each case, to the extent such Subject Equity Securities are entitled to vote thereon or consent thereto (ii) when
such meeting is held, appear at such meeting or otherwise cause the applicable Subject Equity Securities to be counted as present thereat
for the purpose of establishing a quorum, (iii) to the fullest extent permitted under applicable Law, waive any dissenters, appraisal
or other similar rights, whether such rights are afforded by law or contract, in respect of the transactions contemplated by the Business
Combination Agreement and the Ancillary Documents, including the Merger, (iv) to vote against, or cause to be voted against, or withhold
consent, or cause consent to be withheld, with respect to, any other matter, action or proposal that would reasonably be expected to
result in (x) a breach of any of Broadstone, Pubco or Merger Sub’s (each a “Broadstone Party”) covenants,
agreements or obligations under the Business Combination Agreement or any of the Ancillary Documents or (y) any of the conditions to
the consummate of the Transactions set forth in Articles 10.1 (Condition to Each Party’s Obligations) or 10.3 (Conditions to Obligations
of Purchaser, Pubco and Merger Sub) of the Business Combination Agreement not being satisfied; and (v) not to redeem, elect to redeem
or tender or submit any of its Subject Equity Securities for redemption in connection with the Shareholder Approval Matters, the Merger,
the Share Acquisition or any other transactions contemplated by the Business Combination Agreement. Without limiting the generality of
the foregoing, prior to any valid termination of the Business Combination Agreement, to the extent within its power to do so in its capacity
as holder of Sponsor Purchaser Ordinary Shares, the Sponsor shall take, or cause to be taken, all actions and to do, or cause to be done,
all things reasonably necessary under applicable Laws to consummate the Merger and the other transactions contemplated by the Business
Combination Agreement and on the terms and subject to the conditions set forth therein. The obligations of the Sponsor specified in this
Section 1 shall apply whether or not the Merger, any of the transactions contemplated by the Merger Agreement or any action described
above is recommended by Broadstone’s or the Sponsor’s board of directors.

 

(b)              
The Sponsor irrevocably and unconditionally agrees that, as promptly as reasonably practicable (and in any event within five (5)
Business Days) following the time at which the Registration Statement / Proxy Statement is declared effective under the Securities Act
and upon written notice thereof from the Company or Broadstone, it shall duly execute and deliver to Pubco properly completed and duly
executed stock transfer form(s), in each case with respect to that Subject Equity Securities, or indemnities in respect thereof (the “STFs”),
together with any and all Ancillary Documents required to be executed and delivered by the Sponsor as such are provided for in the Business
Combination Agreement, and any other agreement, instrument or document required by the Company or Broadstone to validate, give effect
to or otherwise implement the Business Combination Agreement and the Transactions (together the “Share Acquisition Documents”).

 

(c)              
The Sponsor hereby agrees, consents to and approves (i) the transactions contemplated by the Business Combination and the Ancillary
Documents and (ii) entry into by the Sponsor the Business Combination Agreement and the Share Acquisition Documents.

 

     

     

    

 

(d)              
 Without limiting any other rights or remedies of the Company, in the event that Sponsor fails to perform or otherwise comply with
the covenants, agreements or obligations set forth in Section 1(a) or Section 1(b) hereof (such failure, a “POA
Event”), then, solely in such circumstances and solely to the extent set forth herein, the Sponsor hereby irrevocably appoints
each member of the board of directors of the Company as the Sponsor’s true and lawful representative, agent, attorney and proxy
(with full power of substitution and resubstitution), for and in the name, place and stead of Sponsor (the “Appointment”),
(i) to execute and deliver on its behalf all Share Acquisition Documents, (ii) to attend on behalf of Sponsor any meeting of Broadstone’s
shareholders with respect to the matters described in Section 1(a) or Section 1(b) hereof, (iii) to include the applicable
Subject Equity Securities in any computation for purposes of establishing a quorum at any such meeting of the holders of Purchaser Ordinary
Shares and (iv) to vote (or cause to be voted), or deliver a written consent (or withhold consent), or waive, revoke or not assert any
right, if applicable, with respect to the applicable Subject Equity Securities on the matters specified in, and in accordance and consistent
with Section 1(a) or Section 1(b) hereof in connection with any meeting of the holders of Purchaser Ordinary Shares or any
action by written consent by the holders of Purchaser Ordinary Shares. The Sponsor
hereby revokes any appointment previously granted by it with respect to the Subject Equity Securities, if any. Notwithstanding anything
contained herein to the contrary, this Appointment shall automatically terminate upon the earlier of the termination of the Business
Combination Agreement in accordance with its terms or the Share Acquisition Closing.

 

(e)              
The Appointment granted by the Sponsor is granted in consideration for the Company and Broadstone entering into the Business Combination
Agreement and agreeing to consummate the transactions contemplated thereby. The Appointment granted by the Sponsor is unconditional and
irrevocable and shall survive the bankruptcy, dissolution, death, incapacity or other inability to act by the Sponsor. The Appointment
may only be exercised with respect to the matters described in Section 1(a) or Section 1(b). Upon the occurrence of a POA
Event, the Sponsor hereby approves, authorizes and ratifies everything which any member of the board of directors of the Company shall
lawfully due pursuant to this Section 1 to the extent consistent with the terms and conditions of this Agreement, the Business
Combination Agreement and the Share Acquisition Documents.

 

2.            
Waiver of Anti-dilution Protection. Subject to, and conditioned
upon, the occurrence of the Closing, to the fullest extent permitted by law, the Sponsor (on behalf of itself and for its successors,
heirs and assigns) hereby waives, and agrees not to assert or perfect, any rights to adjustment or other anti-dilution protections with
respect to the rate that the Purchaser Class B Shares held by it convert into Purchaser Class A Shares, as set out in Article 17.3 of
the Amended and Restated Memorandum and Articles of Association of Broadstone (or Pubco Ordinary Shares), in connection with the transactions
contemplated by the Business Combination Agreement and the Ancillary Documents, provided always that this Section 2 shall not apply
to the extent that any such waiver by the Sponsor will result in the Purchaser Class B Shares converting into Purchaser Class A Shares
(or Pubco Ordinary Shares) on anything less than a one-for-one basis.

 

     

     

    

 

3.            
Transfer of Shares.

 

(a)              
 Except as expressly contemplated by the Business Combination Agreement (including in connection with the Merger) or with the prior
written consent of the Company (such consent to be given or withheld in its sole discretion), from and after the date hereof until the
effective date of the termination of this Agreement in accordance with Section 7, the Sponsor hereby agrees that it shall not (i)
Transfer any of its Subject Equity Securities, (ii) enter into (A) any option, warrant, purchase right, or other Contract that could (either
alone or in connection with one or more events, developments or events (including the satisfaction or waiver of any conditions precedent))
require the Sponsor to Transfer its Subject Equity Securities or (B) any voting trust, proxy or other Contract with respect to the voting
or Transfer of the Subject Equity Securities, or (iii) enter into any Contract to take, or cause to be taken, any of the actions set forth
in clauses (i) or (ii); provided, however, that the foregoing shall not apply to any Transfer (1) to Broadstone’s
officers or directors, any members or partners of the Sponsor, any Affiliates of the Sponsor, or any employees of such Affiliate; (2)
in the case of an individual, by gift to a member of one of the individual’s immediate family, to a trust, the beneficiary of which
is a member of the individual’s immediate family or an Affiliate of such individual or to a charitable organization; (3) in the
case of an individual, by virtue of laws of descent and distribution upon death of the individual; (4) in the case of an individual, pursuant
to a qualified domestic relations order; or (5) by virtue of the Sponsor’s Organizational Documents upon liquidation or dissolution
of the Sponsor; provided, that the Sponsor shall, and shall cause any transferee of its Subject Equity Securities of the type set
forth in clauses (1) through (5), to enter into a written agreement in form and substance reasonably satisfactory to the Company, agreeing
to be bound by this Agreement prior to the occurrence of such Transfer. For purposes of this Agreement, “Transfer”
means any, direct or indirect, sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a security interest or
encumbrance in or disposition of an interest (whether with or without consideration, whether voluntarily or involuntarily or by operation
of law or otherwise).

 

(b)              
In furtherance of the foregoing, to the extent that the Sponsor holds Subject Equity Securities that are listed on NYSE the Sponsor
hereby agrees to (i) place a revocable stop order on all such Subject Equity Securities subject to Section 3(a), including
those which may be covered by a registration statement, and (ii) notify Broadstone’s transfer agent in writing of such stop order
and the restrictions on such Subject Equity Securities under Section 3(a) and direct Broadstone’s transfer agent
not to process any attempts by the Sponsor to Transfer any Subject Equity Securities except in compliance with Section 3(a);
for the avoidance of doubt, the obligations of the Sponsor under this Section 3(a) shall be deemed to be satisfied by
the existence of any similar stop order and restrictions currently existing on the Subject Equity Securities.

 

(c)              
The transfer restrictions provided for in section 7 of the letter agreement entered into between, inter alia, the Sponsor
and Broadstone, dated September, 10, 2020 (the “Insider Letter Agreement”), shall not apply to any transfer
of Purchaser Class B Shares or Purchaser Private Warrants by the Sponsor pursuant to the terms of the Business Combination Agreement.
Furthermore, at Share Acquisition Closing, the Transfer Restriction (as such term is defined in the Lock-Up Agreement for the Sponsor)
shall replace and supersede in its entirety the transfer restriction imposed on the Sponsor and the Insiders (as such term is defined
in the Insider Letter Agreement) pursuant to section 7 of the Insider Letter Agreement.

 

     

     

    

 

4.             Release
of Claims. In consideration for the benefits to be received by the Sponsor under the terms of the Business Combination
Agreement and the Ancillary Documents, subject to and effective as of the Closing, the Sponsor, for and on behalf of itself and each
of its heirs, executors, administrators, personal representatives, successors, assigns and subsidiaries, hereby acknowledges full
and complete satisfaction of and fully and irrevocably releases and forever discharges the Company, Broadstone, the Target
Companies, Pubco, Merger Sub, each of their respective subsidiaries and their predecessors, successors, assignees, parent companies,
shareholders and investors (direct and indirect) and, in each case, each of their respective Affiliates, officers, directors,
partners, employees, agents, attorneys and other representatives, past and present (collectively, the “Released
Entities”), from liability on or for any and all charges, claims, controversies, actions, causes of action, cross
claims, counterclaims, demands, debts, duties, sanctions, fines, compensatory damages, liquidated damages, punitive or exemplary
damages, other damages, claims for costs, attorney’s fees, sums of money, suits, contracts, covenants, controversies,
agreements, promises, responsibilities, obligations and accounts of any kind, nature or description whatsoever in Law or in equity
(“Actions”), direct or indirect, past, present and future, and whether or not now or heretofore known,
suspected, matured or unmatured, contingent or uncontingent, or claimed against the Released Entities, through to and including the
Closing, arising out of, or relating to, (x) the Sponsor’s ownership of any Sponsor Purchaser Ordinary Shares or any equity or
debt interests in Broadstone prior to the Closing, (y) the organization, management or operation of the business of Broadstone
relating to any matter, occurrence, action, inaction, omission or activity prior to the Closing, in each case, in the
Sponsor’s capacity as an equity or debt securityholder, and (z) the negotiation, implementation or closing of the transactions
contemplated by the Business Combination Agreement; provided, that such release shall not release the Released Entities for
(i) any Actions arising out of or related to the Released Entities’ respective Organisational Documents, to provide
indemnification, reimbursement or advancement of expenses to the Sponsor in respect of actions taken or omitted in the
Sponsor’s capacity as an officer and/or director of such Released Entity prior to the Closing, (ii) any Actions arising out of
or related to the Released Entities’ contracts with or obligations to the Sponsor in respect of compensation arrangements as
an officer and/or director of such Released Entity prior to the Closing, (iii) any Actions arising under, or in connection with, any
commercial agreements as between any direct or indirect portfolio companies of the Sponsor or its Affiliates and any Released
Entity, or (iv) for the avoidance of doubt, any Actions arising in Sponsor’s capacity as a member of Pubco under its
Organisational Documents (if applicable), the New Registration Rights Agreement, in each case, arising after the Closing.

 

5.            
Other Covenants.

 

(a)              
The Sponsor hereby agrees that it shall be bound by and subject to Sections 8.14 (Public Announcements) and 8.15 (Confidential
Information) of the Business Combination Agreement to the same extent as such provisions apply to the parties to the Business Combination
Agreement.

 

(b)               The
Sponsor hereby covenants and agrees that it shall not, at any time prior to termination of this Agreement, (i) enter into any voting
agreement or voting trust with respect to any Subject Equity Securities that is inconsistent with the Sponsor’s obligations
pursuant to this Agreement, (ii) grant a proxy or power of attorney with respect to any of the Sponsor’s Subject Equity
Securities that is inconsistent with the Sponsor’s obligations pursuant to this Agreement, or (iii) enter into any agreement
or undertaking that is otherwise inconsistent with, or would interfere with, or prohibit or prevent the Sponsor from satisfying, its
obligations pursuant to this Agreement.

 

     

     

    

 

(c)              
The Sponsor acknowledges and agrees that the Company is entering into the Business Combination Agreement in reliance upon the Sponsor
entering into this Agreement and agreeing to be bound by, and perform, or otherwise comply with, as applicable, the agreements, covenants
and obligations contained in this Agreement and but for the Sponsor entering into this Agreement and agreeing to be bound by, and perform,
or otherwise comply with, as applicable, the agreements, covenants and obligations contained in this Agreement, the Company would not
be entering into or agreeing to consummate the transactions contemplated by the Business Combination Agreement or the Ancillary Documents.

 

6.            
Representations and Warranties. The Sponsor represents and
warrants to the Company as follows:

 

(a)              
The Sponsor is duly formed, validly existing and in good standing under the Laws of its jurisdiction of formation.

 

(b)              
The Sponsor has the requisite limited liability company power and authority to execute and deliver this Agreement, to perform its
covenants, agreements and obligations hereunder (including, for the avoidance of doubt, those covenants, agreements and obligations hereunder
that relate to the provisions of the Business Combination Agreement), and to consummate the transactions contemplated hereby. The execution
and delivery of this Agreement has been duly authorized by all necessary action on the part of the Sponsor. This Agreement has been duly
and validly executed and delivered by the Sponsor and constitutes a valid, legal and binding agreement of the Sponsor (assuming that this
Agreement is duly authorized, executed and delivered by the other Parties hereto), enforceable against the Sponsor in accordance with
its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally the enforcement
of creditors’ rights and subject to general principles of equity).

 

(c)              
No consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority is required on
the part of the Sponsor with respect to the Sponsor’s execution, delivery or performance of its covenants, agreements or obligations
under this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement that relate
to the provisions of the Business Combination Agreement) or the consummation of the transactions contemplated hereby, except for any consents,
approvals, authorizations, designations, declarations, waivers or filings, the absence of which would not adversely affect the ability
of the Sponsor to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder in any material respect.

 

(d)               None
of the execution or delivery of this Agreement by the Sponsor, the performance by the Sponsor of any of its covenants, agreements or
obligations under this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this
Agreement that relate to the provisions of the Business Combination Agreement) or the consummation of the transactions contemplated
hereby will, directly or indirectly (with or without due notice or lapse of time or both) (i) result in any breach of any provision
of the Sponsor’s Organisational Documents, (ii) result in a violation or breach of, or constitute a default or give rise to
any right of termination, Consent, cancellation, amendment, modification, suspension, revocation or acceleration under, any of the
terms, conditions or provisions of any Contract to which the Sponsor is a party, (iii) violate, or constitute a breach under, any
Order or applicable Law to which the Sponsor or any of its properties or assets are bound or (iv) result in the creation of any Lien
upon the Subject Equity Securities, except, in the case of any of clauses (ii) through (iv) above, as would not adversely affect the
ability of the Sponsor to perform, or otherwise comply with, any of its covenants, agreements or obligations under this Agreement in
any material respect.

 

     

     

    

 

(e)              
The Sponsor is the record and beneficial owner of the Sponsor Purchaser Ordinary Shares and has valid, good and marketable title
to the Sponsor Purchaser Ordinary Shares (and, following the consummation of the Merger, the Pubco Ordinary Shares received by the Sponsor
in exchange for the Sponsor Purchaser Ordinary Shares (the “Sponsor Pubco Shares”)), free and clear of all Liens
(other than transfer restrictions under the Securities Act, under the Organisational Documents of Broadstone (or, following the Merger
the Organisational Documents of Pubco), or as set forth in the Broadstone Disclosure Schedules). Except for the Equity Securities of Broadstone
set forth on Schedule I hereto, together with any other Equity Securities of Broadstone and/or Pubco that the Sponsor acquires
record or beneficial ownership of after the date hereof that is either permitted pursuant to, or acquired in accordance with, the Business
Combination Agreement (including in connection with the Merger), the Sponsor does not own, beneficially or of record, any Equity Securities
of Broadstone or Pubco or have the right to acquire any Equity Securities of Broadstone or Pubco. The Sponsor has the sole right to vote
(and provide consent in respect of, as applicable) the Sponsor Purchaser Ordinary Shares (and following the Merger the Sponsor Pubco Shares)
and, except for this Agreement, the Business Combination Agreement, the Organisational Documents of Broadstone, the Organisational Documents
of Pubco or any proxy given for purposes of voting in favor of the Shareholder Approval Matters, the Sponsor is not party to or bound
by (i) any option, warrant, purchase right, or other Contract that could (either alone or in connection with one or more events, developments
or events (including the satisfaction or waiver of any conditions precedent)) requiring the Sponsor to Transfer any of the Sponsor Purchaser
Ordinary Shares (or, following the Merger the Sponsor Pubco Shares) or (ii) any voting trust, proxy or other Contract with respect to
the voting or Transfer of any of the Sponsor Purchaser Ordinary Shares (or, following the Merger the Sponsor Pubco Shares) in a manner
inconsistent with the requirements of this Agreement. The Sponsor holds 100% of the issued and outstanding Purchaser Class B Shares as
of the date hereof.

 

(f)               
There is no Action pending or, to the Sponsor’s knowledge, threatened against or involving the Sponsor or any of its Affiliates
that, if adversely decided or resolved, would reasonably be expected to adversely affect the ability of the Sponsor to perform, or otherwise
comply with, any of its covenants, agreements or obligations under this Agreement in any material respect.

 

(g)               The
Sponsor, on its own behalf and on behalf of its Representatives, acknowledges, represents, warrants and agrees that (i) it has
conducted its own independent review and analysis of, and, based thereon, has formed an independent judgment concerning, the
business, assets, condition, operations and prospects of, the Company and the transactions contemplated by this Agreement, the
Business Combination Agreement and the other Ancillary Documents to which it is or will be a party and (ii) it has been furnished
with or given access to such documents and information about the Company and their respective businesses and operations as it and
its Representatives have deemed necessary to enable him, her or it to make an informed decision with respect to the execution,
delivery and performance of this Agreement or the other Ancillary Documents to which it is or will be a party and the transactions
contemplated hereby and thereby.

 

     

     

    

 

(h)              
In entering into this Agreement and the other Ancillary Documents to which he, she or it is or will be a party, the Sponsor has
relied solely on its own investigation and analysis and the representations and warranties expressly set forth in the Ancillary Documents
to which it is or will be a party and no other representations or warranties of any of the Target Companies (including, for the avoidance
of doubt, none of the representations or warranties of the Company set forth in the Business Combination Agreement or any other Ancillary
Document to which the Sponsor is not and will not be a party) or any other Person, either express or implied, and the Sponsor, on its
own behalf and on behalf of its Representatives, acknowledges, represents, warrants and agrees that, except for the representations and
warranties expressly set forth in this Agreement or in the other Ancillary Documents to which he, she or it is or will be a party, none
of the Target Companies or any other Person makes or has made any representation or warranty, either express or implied, in connection
with or related to this Agreement, the Business Combination Agreement or the other Ancillary Documents or the transactions contemplated
hereby or thereby.

 

7.            
Termination. This Agreement shall automatically terminate,
without any notice or other action by any Party, and be void ab initio upon the termination of the Business Combination Agreement
in accordance with its terms. Upon termination of this Agreement as provided in the immediately preceding sentence, none of the Parties
shall have any further obligations or Liabilities under, or with respect to, this Agreement. Notwithstanding the foregoing or anything
to the contrary in this Agreement, (i) Section 4 shall survive any termination of this Agreement, (ii) the termination of this
Agreement shall not affect any Liability on the part of any Party for a willful and material breach of any covenant or agreement set forth
in this Agreement prior to such termination or actual fraud, and (iii) Section 5(a) (solely to the extent that it relates to Section
8.15 (Confidential Information) of the Business Combination Agreement), Section 19, and Section 20 shall each survive any
termination of this Agreement.

 

8.             No
Recourse. Except for claims pursuant to the Business Combination Agreement or any other Ancillary Document by any
party(ies) thereto against any other party(ies) thereto on the terms and subject to the conditions therein, each Party agrees that
(a) this Agreement may only be enforced against, and any action for breach of this Agreement may only be made against, the Parties,
and no claims of any nature whatsoever (whether in tort, contract or otherwise) arising under or relating to this Agreement, the
negotiation hereof or its subject matter, or the transactions contemplated hereby shall be asserted against any Representatives of
any Party (other than the Persons named as parties hereto), and (b) none of the Representatives of any Party (other than the Persons
named as parties hereto, on the terms and subject to the conditions set forth herein) shall have any Liability arising out of or
relating to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby, including with
respect to any claim (whether in tort, contract or otherwise) for breach of this Agreement or in respect of any written or oral
representations made or alleged to be made in connection herewith, or for any actual or alleged inaccuracies, misstatements or
omissions with respect to any information or materials of any kind furnished in connection with this Agreement, the negotiation
hereof or the transactions contemplated hereby. Notwithstanding anything to the contrary in this Agreement, in no event shall
Broadstone have any obligations or Liabilities related to or arising out of the covenants, agreements, obligations, representations
or warrants of the Sponsor under this Agreement (including related to or arising out of any breach of any such covenant, agreement,
obligation, representation or warranty by the Sponsor).

 

     

     

    

 

9.            
Further Assurances. From time to time, at the request of
the Company, Pubco or Merger Sub, the Sponsor shall execute and deliver such additional documents and take all such further action as
may be reasonably necessary or reasonably requested to effect the actions and consummate the transactions contemplated by this Agreement.
The Sponsor further agrees not to commence or participate in, and to take all actions necessary to opt out of any class action with respect
to, any action or claim, derivative or otherwise, against the Company, any Affiliate of the Company, Pubco, Merger Sub, or any of their
respective successors and assigns challenging the transactions contemplated by the Business Combination Agreement, including the Share
Acquisition.

 

10.          
Fiduciary Duties. Notwithstanding anything in this Agreement
to the contrary, (a) the Sponsor makes no agreement or understanding herein in any capacity other than in the Sponsor’s capacity
as a record holder and/or beneficial owner of the Subject Equity Securities, and (b) nothing herein will be construed to limit or affect
any action or inaction by any representative of the Sponsor serving as a member of the board of directors (or other similar governing
body) of any Broadstone Party or as an officer, employee or fiduciary of a Broadstone Party, in each case, acting in such person’s
capacity as a director, officer, employee or fiduciary of such Broadstone Party.

 

11.         
Disclosure. The Sponsor hereby authorizes each of Broadstone,
the Company, Pubco and Merger Sub to publish and disclose in any announcement or disclosure required by the SEC the Sponsor’s identity
and ownership of the Subject Equity Securities and the nature of the Sponsor’s obligations under this Agreement.

 

12.          
Changes in Capital Stock. In the event of a stock split,
stock dividend or distribution, or any change in Broadstone’s capital stock by reason of any split-up, reverse stock split, recapitalisation,
combination, reclassification, exchange of shares or the like, the term “Subject Equity Securities” shall be deemed to refer
to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all
of such shares may be changed or exchanged or which are received in such transaction.

 

13.          
No Third Party Beneficiaries. This Agreement shall be for
the sole benefit of the Parties and their respective successors and permitted assigns (which shall, for the avoidance of doubt, include
any successor to Broadstone, including Pubco, which successor shall be bound by all obligations and entitled to enforce all rights of
Broadstone under this Agreement) and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective
successors and assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason this Agreement; provided,
however, that each of the Released Entities shall be express third-party beneficiaries of Section 4; each Target Company
shall be an express third-party beneficiary of Section 6(h) and each Insider shall be an express third-party beneficiary of Section
3(c). Nothing in this Agreement, expressed or implied, is intended to or shall constitute the Parties, partners or participants in
a joint venture.

 

     

     

    

 

14.        
 Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given) by delivery in person, by
e-mail (having obtained electronic delivery confirmation thereof (i.e., an electronic record of the sender that the email was sent to
the intended recipient thereof without an “error” or similar message that such email was not received by such intended recipient)),
or by registered or certified mail (postage prepaid, return receipt requested) (upon receipt thereof) to the other Parties as follows:

 

If to the Sponsor, to:

 

Broadstone Sponsor LLP

7 Portman Mews South, Marylebone, London W1H 6AY, United Kingdom

Attn: Edward Hawkes and Marc Jonas

Email: edward.hawkes@suncap.co.uk and marc@suncap.co.uk

 

with a copy to (prior to the
Closing) (which will not constitute notice):

 

Winston & Strawn London LLP

CityPoint, One Ropemaker Street, London EC2Y 9AW, United
Kingdom

Attn: Paul Amiss and Nicholas Usher

Email: pamiss@winston.com and nusher@winston.com

 

If to Broadstone, to:

 

Broadstone Acquisition Corp.

7 Portman Mews South, Marylebone, London W1H 6AY, United Kingdom

Attn: Edward Hawkes and Marc Jonas

Email: edward.hawkes@suncap.co.uk and marc@suncap.co.uk

 

with a copy to (prior to the
Closing) (which will not constitute notice):

 

Winston & Strawn London LLP

CityPoint, One Ropemaker Street, London EC2Y 9AW, United
Kingdom

Attn: Paul Amiss and Nicholas Usher

Email: pamiss@winston.com and nusher@winston.com

 

If to the Company, to:

 

Vertical Aerospace Group Ltd.

140-142 Kensington Church Street, London, W8 4BN, United Kingdom

Email: vinny.casey@vertical-aerospace.com

 

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

 

Latham & Watkins (London) LLP

99 Bishopsgate, London, EC2M 3XF, United
Kingdom

Attn: David Stewart and Robbie McLaren

Email:
j.david.stewart@lw.com and robbie.mclaren@lw.com

 

     

     

    

 

or to such other address as
the Party to whom notice is given may have previously furnished to the others in writing in the manner set forth above.

 

15.             
Amendment and Modification. This Agreement may not be amended,
modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing signed by the Parties.

 

16.             
Waiver. No failure or delay by any Party hereto exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the parties hereto
hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the
part of a Party hereto to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such Party.

 

17.             
Entire Agreement. This Agreement, the Business Combination
Agreement and the other Ancillary Documents constitute the entire agreement of the Parties with respect to the subject matter of this
Agreement, and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject
matter hereof.

 

18.             
Assignment; Successors. Neither this Agreement nor any of
the rights, interests or obligations hereunder shall be assigned by any of the Parties hereto in whole or in part (whether by operation
of Law or otherwise) without the prior written consent of the other Parties, and any such assignment without such consent shall be null
and void. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties hereto and their respective
successors and permitted assigns.

 

19.             
Fees and Expenses. Except as otherwise set forth in the
Business Combination Agreement, all fees and expenses incurred in connection with this Agreement and the transactions contemplated hereby,
including the fees and disbursements of counsel, financial advisors and accountants, shall be paid by the Party incurring such fees or
expenses; provided, that, any such fees and expenses incurred by the Sponsor shall be deemed to be Purchaser Transaction Expenses.

 

20.             
No Ownership Interest. Nothing contained in this Agreement
will be deemed to vest in the Company any direct or indirect ownership or incidents of ownership of or with respect to the Subject Equity
Securities. All rights, ownership and economic benefits of and relating to the Subject Equity Securities shall remain vested in and belong
to the Sponsor, and the Company shall have no authority to manage, direct, superintend, restrict, regulate, govern or administer any of
the policies or operations of any Broadstone Party or exercise any power or authority to direct the Sponsor in the voting of any of the
Subject Equity Securities, except as otherwise expressly provided herein with respect to the Subject Equity Securities. Except as otherwise
expressly provided in Section 1, the Sponsor shall not be restricted from voting in favor of, against or abstaining with respect
to or giving (or withholding) its written consent to any other matters presented to the shareholders of Broadstone (or any successor thereto).

 

     

     

    

 

21.             
 Non-Survival. The representations and warranties, and each
of the agreements and covenants (to the extent such agreement or covenants contemplates or requires performance at or prior to the Closing)
in this Agreement shall terminate at the Closing, and each covenant and agreement contained herein that by its terms, expressly contemplates
performance after the Closing shall so survive the Closing in accordance with its terms, in each case, subject to Section 7; provided,
however, notwithstanding the foregoing the Liability on the part of any Party for a willful and material breach of any covenant or agreement
set forth in this Agreement prior to Closing or actual fraud shall not be affected.

 

22.             
Specific Performance. Each Party acknowledges that the rights of each Party to consummate the Transactions are unique, recognises
and affirms that in the event of a breach of this Agreement by any Party, money damages may be inadequate and the non-breaching Parties
may have not adequate remedy at law, and agree that irreparable damage may occur in the event that any of the provisions of this Agreement
were not performed by an applicable Party in accordance with their specific terms or were otherwise breached. Accordingly, each Party
shall be entitled to seek an injunction, specific performance or other equitable remedy to prevent or remedy any breach of this Agreement
and to seek to enforce specifically the terms and provisions hereof, in each case, without the requirement to post any bond or other security
or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such Party may be entitled
under this Agreement, at law or in equity.

 

23.             
Severability. If any term or other provision of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms and provisions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, so long as the economic and legal substance
of the transactions contemplated hereby, taken as a whole, are not affected in a manner materially adverse to any party hereto. Upon such
a determination, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties hereto as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

24.             
Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, it being understood that each party need not sign the same
counterpart. This Agreement shall become effective when each party shall have received a counterpart hereof signed by all of the other
parties. Signatures delivered electronically or by facsimile shall be deemed to be original signatures.

 

25.              Governing
Law; Jurisdiction. This Agreement and any non-contractual rights or obligations arising out of or in connection with it shall be
governed by and construed in accordance with the laws of England and Wales. The parties irrevocably agree that the courts of England
and Wales shall have exclusive jurisdiction to hear, determine and settle any Disputes and, for such purposes, irrevocably submit to
the jurisdiction of such courts, and waive any objection to proceedings before such courts on the grounds of venue or on the grounds
that such proceedings have been brought in an inappropriate forum. For the purposes of this Section 25,
 “Dispute” means any dispute, controversy, claim or difference of whatever nature arising out of, relating
to, or having any connection with this Agreement, including a dispute regarding the existence, formation, validity, interpretation,
performance or termination of this Agreement or the consequences of its nullity and also including any dispute relating to any
non-contractual rights or obligations arising out of, relating to, or having any connection with this Agreement.

 

     

     

    

 

26.             
Interpretation and Construction. The words “hereof,”
 “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement. The descriptive headings used herein are inserted for convenience of reference
only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. References to Sections are to Sections
of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural
term the singular. The definitions contained in this Agreement are applicable to the masculine as well as to the feminine and neuter genders
of such term. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words
or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of
reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute and
to any rules or regulations promulgated thereunder. References to any person include the successors and permitted assigns of that person.
References from or through any date mean, unless otherwise specified, from and including such date or through and including such date,
respectively. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted
jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship
of any of the provisions of this Agreement.

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed as a DEED as of the date first written above.

 

[signature page follows]

 

     

     

    

 

SCHEDULE I

 

Equity Securities of Broadstone as of the date
hereof

 

	Shareholder	 	Number of 

Purchaser

 Class A

 Shares	 	 	Number of

 Purchaser 

Class B

 Shares	 	 	Number of 

Purchaser

 Public 

Warrants	 	 	Number of

 Purchaser

 Private 

Warrants	 
	Broadstone Sponsor LLP	 	 	0	 	 	 	7,632,575	 	 	 	0	 	 	 	8,106,060	 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed as a DEED as of the date first written above.

 

	Executed as a Deed by  	)	  
	BROADSTONE SPONSOR LLP., acting by	)	 
	Marc Jonas,	)	/s/ Marc Jonas
	a member, and	)	 
	Hugh Osmond, a member	)	/s/ Hugh Osmond
		)	 
	 	)	 

 

[Signature Page to Sponsor Letter Agreement]

 

     

     

    

 

	Executed as a Deed by  	)	  
	BROADSTONE ACQUISITION CORP., acting by	)	 
	Marc Jonas,	)	/s/ Marc Jonas
	a director, and	)	 
	Hugh Osmond, a director	)	/s/ Hugh Osmond
		)	 
	 	)	 

 

[Signature Page to Sponsor Letter Agreement]

 

     

     

    

 

	Executed as a Deed by  	)	  
	VERTICAL AEROSPACE LTD.,	)	 
	acting by	)	
	Stephen Fitzpatrick,	)	/s/ Stephen Fitzpatrick
	a director, and	)	
	Vincent Casey, a director
	)	/s/ Vincent Casey
	 	)	 

 

[Signature Page to Sponsor Letter Agreement]

 

     

     

    

 

	Executed as a Deed by  	)	  
	VERTICAL AEROSPACE GROUP LTD.,	)	 
	acting by	)	
	Stephen Fitzpatrick,	)	/s/ Stephen Fitzpatrick
	a director, and	)	
	Vincent Casey, a director
	)	/s/ Vincent Casey
	 	)	 

 

[Signature Page to Sponsor Letter Agreement]

 

     

     

    

 

	Executed as a Deed by  	)	  
	VERTICAL MERGER SUB LTD.,	)	 
	acting by	)	
	Stephen Fitzpatrick,	)	/s/ Stephen Fitzpatrick
	a director, and	)	
	Vincent Casey, a director
	)	/s/ Vincent Casey
	 	)	 

 

[Signature Page to Sponsor Letter Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]