Document:

Registration Rights Agreement

 EXHIBIT 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 among 
 SPANSION INC., 
 SPANSION LLC 
 and 
 CITIGROUP GLOBAL MARKETS INC.

 and 
 CREDIT
SUISSE SECURITIES (USA) LLC 
 as Initial Purchasers 
 Dated as of June 12, 2006 

 REGISTRATION RIGHTS AGREEMENT (this “Agreement”) dated as of June 12, 2006 among
Spansion Inc., a Delaware corporation (the “Company”), Spansion LLC, a Delaware limited liability company (“Spansion LLC”), and Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC (the
“Initial Purchasers”) pursuant to the Purchase Agreement dated June 6, 2006 (the “Purchase Agreement”), between Spansion LLC, the Company, Spansion Technology Inc. and the Initial Purchasers. In order to induce
the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The execution of this Agreement is a condition to the closing under the Purchase Agreement.

 Each of Spansion LLC and the Company agrees with the Initial Purchasers, (i) for their benefit as Initial Purchasers and
(ii) for the benefit of the beneficial owners (including the Initial Purchasers) from time to time of the Debentures (as defined herein) and the beneficial owners from time to time of the Underlying Common Stock (as defined herein) issued upon
exchange for the Debentures (each of the foregoing a “Holder” and together the “Holders”), as follows: 
 SECTION 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 “Affiliate” means with respect to any specified person, an “affiliate,” as defined in Rule 144, of such person.

 “Agreement” has the meaning set forth in preamble hereof. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banking institutions in New York City are
authorized or required by law to close. 
 “Common Stock” means the shares of Class A common stock, par value $.001 per
share, of the Company. 
 “Company” has the meaning set forth in the preamble hereof. 
 “Damages Accrual Period” has the meaning set forth in Section 2(e) hereof. 
 “Damages Payment Date” means each June 15 and December 15. 
 “Debentures” means the 2.25% Exchangeable Senior Subordinated Debentures Due 2016 of Spansion LLC to be purchased pursuant to the
Purchase Agreement. 

 “Deferral Notice” has the meaning set forth in Section 3(h) hereof. 
 “Deferral Period” has the meaning set forth in Section 3(h) hereof. 
 “Effectiveness Deadline Date” has the meaning set forth in Section 2(a) hereof. 
 “Effectiveness Period” means the period from the date the Initial Registration Statement is declared effective by the Commission until
such date that is the earlier of (1) the date as of which all Registrable Securities have been sold either under Rule 144 under the Securities Act (or any similar provision then in force) or pursuant to the Shelf Registration Statement,
(2) the date as of which all of the Registrable Securities held by non-affiliates are eligible to be sold to the public pursuant to Rule 144(k) under the Securities Act or any successor provision, and (3) the date on which there are no
outstanding Registrable Securities. 
 “Event” has the meaning set forth in Section 2(e) hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 “Exchange Date” has the meaning assigned such term in the Indenture. 
 “Exchange Price” has the meaning assigned such term in the Indenture. 
 “Exchange Rate” has the meaning assigned such term in the Indenture. 
 “Filing Deadline Date” has the meaning set forth in Section 2(a) hereof. 
 “Fundamental Change Repurchase Date” has the meaning assigned such term in the Indenture. 
 “Holder” has the meaning set forth in the second paragraph of this Agreement. 
 “Indenture” means the Indenture, dated as of June 12, 2006, between the Company, Spansion LLC and Spansion Technology Inc. and
Wells Fargo Bank, N.A., as trustee, pursuant to which the Debentures are being issued. 
 “Initial Purchasers” has the
meaning set forth in the preamble hereof. 
 “Initial Shelf Registration Statement” has the meaning set forth in
Section 2(a) hereof. 
 “Issue Date” means June 12, 2006. 
  

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 “Liquidated Damages Amount” has the meaning set forth in Section 2(e) hereof.

 “Material Event” has the meaning set forth in Section 3(h) hereof. 
 “Notice and Questionnaire” means a written notice delivered to the Company containing substantially the information called for by the
Selling Securityholder Notice and Questionnaire attached as Annex A to the Offering Memorandum of Spansion LLC dated June 6, 2006 relating to the Debentures. 
 “Notice Holder” means, on any date, any Holder that has delivered a completed Notice and Questionnaire to the Company on or prior to such date. 
 “Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any amendment or prospectus
supplement, including post-effective amendments, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus. 
 “Purchase Agreement” has the meaning set forth in the preamble hereof. 
 “Record
Holder” means with respect to any Damages Payment Date relating to any Debentures as to which any Liquidated Damages Amount has accrued, the registered holder of such Debenture on the June 1 immediately preceding a Damages Payment Date
occurring on a June 15, and on the December 1 immediately preceding a Damages Payment Date occurring on a December 15. 
 “Registrable Securities” means, at all times subsequent to any exchange for Debentures, the Underlying Common Stock and any securities into or for which such Underlying Common Stock has been converted or exchanged, and any
security issued with respect thereto upon any stock dividend, split or similar event during the Effectiveness Period. 
 “Registration Statement” means any registration statement of the Company that covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to
such registration statement, including post-effective amendments, all exhibits and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such registration statement. 
 “Restricted Securities” means “restricted securities” as defined in Rule 144. 
 “Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC. 
  

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 “Rule 144A” means Rule 144A under the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC” means the Securities and Exchange
Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by
the SEC thereunder. 
 “Shelf Registration Statement” has the meaning set forth in Section 2(a) hereof. 
 “Spansion LLC” has the meaning set forth in the preamble hereof. 
 “Special Counsel” means Davis Polk & Wardwell or one such other successor counsel as shall be specified by the Holders of a
majority of the Registrable Securities, but which may, with the written consent of the Initial Purchasers (which shall not be unreasonably withheld), be another nationally recognized law firm experienced in securities law matters designated by the
Company, the reasonable fees and expenses of which will be paid by the Company pursuant to Section 5 hereof. For purposes of determining the Holders of a majority of the Registrable Securities in this definition, Holders of Debentures shall be
deemed to be the Holders of the number of shares of Underlying Common Stock into which such Debentures are or would be exchangeable as of the date the consent is requested. 
 “Subsequent Shelf Registration Statement” has the meaning set forth in Section 2(b) hereof. 
 “TIA” means the Trust Indenture Act of 1939, as amended. 
 “Trustee” means Wells Fargo Bank, N.A., the Trustee under the Indenture. 
 “Underlying Common Stock” means the Common Stock for which the Debentures are exchanged or issued upon any such exchange. 
 SECTION 2. Shelf Registration. (a) The Company shall prepare and file or cause to be prepared and filed with the SEC, as soon as practicable but in any event prior to January 6, 2007 (the “Filing Deadline
Date”), a Registration Statement for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act (a “Shelf Registration Statement”) registering the resale from time to time by Holders
thereof of Registrable Securities the number of which shall equal the principal amount of outstanding Debentures multiplied by the Exchange Rate, as may be adjusted from time to time pursuant to the Indenture, and divided by $1,000 (the
“Initial Shelf Registration Statement”). The Initial Shelf Registration Statement shall be on Form S-3 or another 
  

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 appropriate form permitting registration of such Registrable Securities for resale by such Holders. The Company shall use
its reasonable best efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act as promptly as practicable but in no event later than May 6, 2007 (the “Effectiveness Deadline
Date”), and to keep the Initial Shelf Registration Statement (or any Subsequent Shelf Registration Statement) continuously effective under the Securities Act until the expiration of the Effectiveness Period. At the time the Initial Shelf
Registration Statement is declared effective, each Holder that became a Notice Holder on or prior to the date five (5) Business Days prior to such time of effectiveness shall be named as a selling securityholder in the Initial Shelf
Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law. 
 (b) If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during
the Effectiveness Period (other than because all Registrable Securities registered thereunder shall have been resold pursuant thereto or shall have otherwise ceased to be Registrable Securities), the Company shall use its reasonable best efforts to
obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within thirty (30) days of such cessation of effectiveness amend the Shelf Registration Statement in a manner reasonably expected to obtain
the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of the securities that as of the date of such filing are Registrable Securities (a “Subsequent Shelf
Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company shall use its reasonable best efforts to cause the Subsequent Shelf Registration Statement to become effective as promptly as practicable after
such filing and to keep such Registration Statement (or subsequent Shelf Registration Statement) continuously effective until the end of the Effectiveness Period. 
 (c) The Company shall supplement and amend the Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration
Statement, if required by the Securities Act or as necessary to name a Notice Holder as a selling securityholder pursuant to Section 2(d) below. 
 (d) Each Holder agrees that if such Holder wishes to sell Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus, it will do so only in accordance with this Section 2(d) and
Section 3(h) hereof. Each Holder who elects to sell Registrable Securities pursuant to a Shelf Registration Statement agrees by submitting a Notice and Questionnaire to the Company, it will be bound by the terms and conditions of the Notice and
Questionnaire and this Agreement. From and after the date the Initial Shelf Registration Statement is declared effective, the Company shall, within a reasonably practicable period of time after the date a Notice and Questionnaire is delivered
pursuant to Section 8(c) hereof: 
  

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 (i) if required by applicable law, file with the SEC a post-effective amendment to the
Shelf Registration Statement or prepare and, if required by applicable law, file a supplement to the related Prospectus or file any other required document so that the Holder delivering such Notice and Questionnaire is named as a selling
securityholder in the Shelf Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable Securities in accordance with applicable law and, if the Company
shall file a post-effective amendment to the Shelf Registration Statement, use its reasonable best efforts to cause such post-effective amendment to be declared effective under the Securities Act as promptly as practicable; 
 (ii) provide such Holder copies of any documents filed pursuant to Section 2(d)(i); and 
 (iii) notify such Holder as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment filed
pursuant to Section 2(d)(i); 
 provided that in no event shall the Company be required to file a post-effective amendment to the Shelf
Registration Statement more than once per fiscal quarter; provided further that if such Notice and Questionnaire is complete and is delivered during a Deferral Period, the Company shall so inform the Holder delivering such Notice and
Questionnaire and shall take the actions set forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral Period in accordance with Section 3(h). Notwithstanding anything contained herein to the contrary, the Company
shall be under no obligation to name any Holder that is not a Notice Holder as a selling securityholder in any Registration Statement or related Prospectus. 
 (e) The parties hereto agree that the Holders of Debentures will suffer damages, and that it would not be feasible to ascertain the extent of such damages with precision, if, other than as permitted hereunder,

 (i) the Initial Shelf Registration Statement has not been filed on or prior to the Filing Deadline Date, 
 (ii) the Initial Shelf Registration Statement has not been declared effective under the Securities Act on or prior to the Effectiveness
Deadline Date, or 
 (iii) the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in
respect of such period pursuant to Section 3(h) hereof. 
  

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 Each event described in any of the foregoing clauses (i) through (iii) is individually referred to herein as an
“Event.” For purposes of this Agreement, each Event set forth above shall begin on the dates set forth in the table below and shall end on the dates set forth in the table below: 
  

					
	Type of Event
by Clause	  	 Beginning Date
	  	 Ending Date

	(i)	  	Filing Deadline Date	  	the date the Initial Shelf Registration Statement is filed
			
	(ii)	  	Effectiveness Deadline Date	  	the date the Initial Shelf Registration Statement becomes effective under the Securities Act
			
	(iii)	  	the date on which the aggregate duration of Deferral Periods in any period exceeds the number of days permitted by Section 3(h)	  	termination of the Deferral Period that caused the limit on the aggregate duration of Deferral Periods to be exceeded

 From and including the day following an Event and ending on (but excluding) the next date on which
there are no Events that have occurred and are continuing (a “Damages Accrual Period”), Spansion LLC shall pay, as liquidated damages and not as a penalty, to Record Holders of Debentures an amount (the “Liquidated Damages
Amount”) accruing, for each day in the Damages Accrual Period, (i) in respect of any Debenture, at a rate per annum equal to 0.25% of the aggregate principal amount of such Debenture for the first 90 days in the Damages Accrual Period
and 0.50% of the aggregate principal amount of such Debenture thereafter. Notwithstanding the foregoing, no Liquidated Damages Amount shall accrue as to any Debenture from and after the earlier of (a) the date the Debenture is exchanged for
Underlying Common Stock, (b) the date the related Underlying Common Stock is no longer a Registrable Security and (c) expiration of the Effectiveness Period. The rate of accrual of the Liquidated Damages Amount with respect to any period
shall not exceed 0.50% notwithstanding the occurrence of multiple concurrent Events. 
 The Liquidated Damages Amount shall accrue from the
first day of the applicable Damages Accrual Period, and shall be payable semi-annually in arrears on each Damages Payment Date during the Damages Accrual Period (and on the 
  

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 Damages Payment Date next succeeding the end of the Damages Accrual Period if the Damages Accrual Period does not end on
a Damages Payment Date) to the Record Holders of the Debentures entitled thereto; provided that any Liquidated Damages Amount accrued with respect to any Debenture or portion thereof repurchased by the Company on a Fundamental Change
Repurchase Date or exchanged for Underlying Common Stock on an Exchange Date prior to the Damages Payment Date, shall, in any such event, be paid instead to the Holder who submitted such Debenture or portion thereof for repurchase or exchange on the
applicable Fundamental Change Repurchase Date or Exchange Date, as the case may be, on such date (or promptly following the Exchange Date, in the case of exchange). The Trustee shall be entitled, on behalf of registered holders of Debentures, to
seek any available remedy for the enforcement of this Agreement, including for the payment of such Liquidated Damages Amount. Notwithstanding the foregoing, the parties agree that the sole damages payable for a violation of the terms of this
Agreement with respect to which liquidated damages are expressly provided shall be such liquidated damages. Nothing shall preclude any Holder from pursuing or obtaining specific performance or other equitable relief with respect to this Agreement.
Liquidated damages will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 All of the Company’s
obligations set forth in this Section 2(e) that are outstanding with respect to any Registrable Security at the time such security ceases to be a Registrable Security shall survive until such time as all such obligations with respect to such
security have been satisfied in full (notwithstanding termination of this Agreement pursuant to Section 8(k)). 
 The parties hereto
agree that the liquidated damages provided for in this Section 2(e) constitute a reasonable estimate of the damages that may be incurred by Holders of Debentures by reason of the failure of the Shelf Registration Statement to be filed or
declared effective or available for effecting resales of Registrable Securities in accordance with the provisions hereof. 
 SECTION 3.
Registration Procedures. In connection with the registration obligations of the Company under Section 2 hereof, during the Effectiveness Period, the Company shall: 
 (a) Prepare and file with the SEC a Registration Statement or Registration Statements on any appropriate form under the Securities Act available for the
sale of the Registrable Securities by the Holders thereof in accordance with the intended method or methods of distribution thereof, and use its reasonable best efforts to cause each such Registration Statement to become effective and remain
effective as provided herein; provided that before filing any Registration Statement or Prospectus or any amendments or supplements thereto with the SEC (other than any amendments or supplements solely to update the selling stockholder
information in the Prospectus or any amendments caused by the filing of a report under the Exchange Act), the Company shall furnish to the Initial Purchasers and the Special Counsel of such offering, if any, copies of all 
  

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 such documents proposed to be filed at least three (3) Business Days prior to the filing of such Registration
Statement or amendment thereto or Prospectus or supplement thereto. 
 (b) Subject to Section 3(h), prepare and file with the SEC such
amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective for the applicable period specified in Section 2(a); cause the related Prospectus to be
supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act. 
 (c) As promptly as practicable give notice to the Notice Holders and the Special Counsel, (i) when any Prospectus, prospectus supplement,
Registration Statement or post-effective amendment to a Registration Statement has been filed with the SEC (other than any amendments or supplements solely to update the selling stockholder information in the Prospectus or any amendments caused by
the filing of a report under the Exchange Act) and, with respect to a Registration Statement or any post-effective amendment, when the same has been declared effective, (ii) of any request, following the effectiveness of the Initial Shelf
Registration Statement under the Securities Act, by the SEC for amendments or supplements to any Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of any Registration Statement or the initiation or threatening of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (v) of the occurrence of, but not the nature of or details concerning, a Material Event,
which notice may, at the discretion of the Company (or as required pursuant to Section 3(h)), state that it constitutes a Deferral Notice, in which event the provisions of Section 3(h) shall apply. 
 (d) Use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or the lifting of any
suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale, in either case at the earliest possible moment, and provide immediate
notice to each Notice Holder and the Initial Purchasers of the withdrawal of any such order. 
 (e) As promptly as practicable furnish to
each Notice Holder, the Special Counsel and the Initial Purchasers, upon request and without charge, at least one (1) conformed copy of the Registration Statement and any amendment thereto. 
  

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 (f) During the Effectiveness Period, deliver to each Notice Holder, the Special Counsel and the Initial
Purchasers, in connection with any sale of Registrable Securities pursuant to a Registration Statement, without charge, as many copies of the Prospectus relating to such Registrable Securities (including each preliminary prospectus) and any
amendment or supplement thereto as such Notice Holder may reasonably request; and the Company hereby consents (except during such periods that a Deferral Notice is outstanding and has not been revoked) to the use of such Prospectus, and any
amendment or supplement thereto, by each Notice Holder in connection with any offering and sale of the Registrable Securities covered by such Prospectus, or any such amendment or supplement thereto, in the manner set forth therein. 
 (g) Prior to any public offering of the Registrable Securities pursuant to a Registration Statement, use its reasonable best efforts to register or
qualify or cooperate with the Notice Holders and the Special Counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities
or Blue Sky laws of such jurisdictions within the United States as any Notice Holder reasonably requests in writing (which request may be included in the Notice and Questionnaire); and prior to any public offering of the Registrable Securities
pursuant to the Shelf Registration Statement, use its reasonable best efforts to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period in connection with such Notice Holder’s offer and
sale of Registrable Securities pursuant to such registration or qualification (or exemption therefrom); provided that the Company will not be required to (i) qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it is not then so qualified or (ii) take any action that would subject it to general service of process in suits or to taxation in any such jurisdiction where it is not then so subject. 
 (h) Upon (A) the issuance by the SEC of a stop order suspending the effectiveness of the Shelf Registration Statement under Section 8(d) or
8(e) of the Securities Act or the initiation of proceedings under Section 8A of the Securities Act with respect to the Shelf Registration Statement (B) the judgment of the Company, the Registration Statement contains an untrue statement of
a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any Prospectus contains an untrue statement of material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (C) the reasonable belief that the Company possesses material non-public information the
disclosure of which would be seriously detrimental to the Company and its subsidiaries, taken as a whole (a “Material Event”): 
 (i) in the case of clause (B) above, subject to the next sentence, as promptly as practicable prepare and file, if necessary pursuant to applicable law, a post-effective amendment to such Registration 

 

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 Statement or a supplement to the related Prospectus or any document incorporated therein by reference or
file any other required document that would be incorporated by reference into such Registration Statement and Prospectus so that such Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, and such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment
to a Registration Statement, subject to the next sentence, use its reasonable best efforts to cause it to be declared effective as promptly as practicable, and 
 (ii) give notice to the Notice Holders and the Special Counsel that the availability of the Shelf Registration Statement is suspended (a
“Deferral Notice”) and, upon receipt of any Deferral Notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to the Registration Statement until such Notice Holder’s receipt of copies of the
supplemented or amended Prospectus provided for in clause (i) above, or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or
deemed incorporated by reference in such Prospectus. 
 The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be
resumed (x) in the case of clauses (A) and (B) above, as promptly as practicable and (y) in the case of clause (C) above, as soon as, in the sole judgment of the Company, public disclosure of such Material Event would not be
prejudicial to or contrary to the interests of the Company and such suspension is no longer appropriate. The Company shall be entitled to exercise its right under this Section 3(h) to suspend the availability of the Shelf Registration Statement
or any Prospectus (the “Deferral Period”) without incurring or accruing any obligation on the part of Spansion LLC to pay liquidated damages pursuant to Section 2(e); provided that any such Deferral Period shall not
exceed 45 days in any 90-day period (or 60 days in any 90-day period in the event of a Material Event pursuant to which the Company has delivered a second notice as required below) or 90 days in any 360-day period; provided further that in
the case of a Material Event relating to a proposed or pending material business transaction the disclosure of which would, as determined in good faith by the Company, be reasonably likely to impede the Company’s ability to consummate such
transaction, or would otherwise be seriously detrimental to the Company and its subsidiaries, taken as a whole, the Company may, without incurring any obligation on the part of Spansion LLC to pay liquidated damages pursuant to Section 2(e),
deliver to Notice Holders a second notice to the effect set forth above, which shall have the effect of extending the Deferral Period from 45 days to 60 days, or such shorter period of time as is specified in such second notice. 
  

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 (i) Comply with all applicable rules and regulations of the SEC and make generally available to its
security holders earning statements (which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) for a 12-month period commencing
on the first day of the first fiscal quarter of the Company commencing after the effective date of a Registration Statement, which statements shall be made available no later than 45 days after the end of the 12-month period or 90 days if the
12-month period coincides with the fiscal year of the Company. 
 (j) Cooperate with each Notice Holder to facilitate the timely preparation
and delivery of certificates representing Registrable Securities sold or to be sold pursuant to a Registration Statement, which certificates shall not bear any restrictive legends, and cause such Registrable Securities to be registered in such names
as such Notice Holder may request in writing. 
 SECTION 4. Holder’s Obligations. Each Holder agrees, by acquisition of the
Registrable Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a fully completed
Notice and Questionnaire as required pursuant to Section 2(d) hereof (including all information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence. Each Notice Holder agrees promptly to
furnish to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Notice Holder not misleading and any other information regarding such Notice Holder and the distribution of
such Registrable Securities as the Company may from time to time reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such Holder that the information relating to such Holder and
its plan of distribution is as set forth in the Prospectus delivered by such Holder in connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or
provided by such Holder or its plan of distribution and that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of distribution necessary to make the statements in
such Prospectus, in the light of the circumstances under which they were made, not misleading. 
 SECTION 5. Registration Expenses.
Except for any fees of the Special Counsel, Spansion LLC shall bear all fees and expenses incurred in connection with the performance by the Company of its obligations under Sections 2 and 3 of this Agreement whether or not any Registration
Statement is declared effective. Such fees and expenses shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses with respect to filings 
  

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 required to be made with the National Association of Securities Dealers, Inc., (ii) duplication expenses relating to
copies of any Registration Statement or Prospectus delivered to any Holders hereunder, (iii) fees and disbursements of counsel for the Company in connection with the Shelf Registration Statement, (iv) reasonable fees and disbursements of
the registrar and transfer agent for the Common Stock (v) any Securities Act liability insurance obtained by the Company in its sole discretion, (vi) the expense of any annual audit, (vii) the fees and expenses incurred in connection
with the listing by the Company of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed and (viii) the fees and expenses of any person, including special experts, retained by the
Company. Notwithstanding the provisions of this Section 5, each seller of Registrable Securities shall pay selling expenses, including any underwriting discount and commissions, and all registration expenses to the extent required by applicable
law. 
 SECTION 6. Indemnification and Contribution. 
 (a) Indemnification by the Company. The Company agrees to indemnify and hold harmless each Notice Holder, each person, if any, who controls any Notice Holder within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, and each affiliate of any Notice Holder within the meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
or any amendment thereof, or the Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), caused by any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading; provided that the Company will not be liable in any such case to the extent that any such losses, claims, damages or liabilities arise out of or are based upon any such untrue
statement or omission or alleged untrue statement or omission based upon information relating to any Holder furnished to the Company in writing by such Holder expressly for use therein, including any and all information included in such
Holder’s Notice and Questionnaire. 
 (b) Indemnification by Holders. Each Holder agrees severally and not jointly to indemnify
and hold harmless the Company and its directors, its officers and each person, if any, who controls the Company (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) or any other Holder, to the
same extent as the foregoing indemnity from the Company to such Holder, but only with reference to information relating to such Holder furnished to the Company in writing by such Holder expressly for use in such Registration Statement or Prospectus
or amendment or supplement thereto, including any and all information included in such Holder’s Notice and Questionnaire. In no event shall the liability of any Holder hereunder be greater in amount than the dollar 
  

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 amount of the proceeds received by such Holder upon the sale of the Registrable Securities pursuant to the Registration
Statement giving rise to such indemnification obligation. 
 (c) Conduct of Indemnification Proceedings. In case any proceeding
(including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 6(a) or 6(b) hereof, such person (the “indemnified party”) shall promptly
notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified
party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. The failure so to notify the indemnifying
party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial
rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. In any such
proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have
mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same
counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are
incurred. Such firm shall be designated in writing by, in the case of parties indemnified pursuant to Section 6(a), the Holders of a majority (with Holders of Debentures deemed to be the Holders, for purposes of determining such majority, of
the number of shares of Underlying Common Stock into which such Debentures are or would be exchangeable as of the date on which such designation is made) of the Registrable Securities covered by the Registration Statement held by Holders that are
indemnified parties pursuant to Section 6(a) and, in the case of parties indemnified pursuant to Section 6(b), the Company. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have 
  

 14 

 been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
 (d)
Contribution. To the extent that the indemnification provided for in Section 6(a) or 6(b) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each
indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and of the
indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the
Company shall be deemed to be equal to the total net proceeds from the initial placement pursuant to the Purchase Agreement (before deducting expenses) of the Registrable Securities to which such losses, claims, damages or liabilities relate. The
relative benefits received by any Holder shall be deemed to be equal to the value of receiving Registrable Securities that are registered under the Securities Act. The relative fault of the Holders on the one hand and the Company on the other hand
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Holders or by the Company,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Holders’ respective obligations to contribute pursuant to this Section 6 are several in
proportion to the respective number of Registrable Securities they have sold pursuant to a Registration Statement, and not joint. 
 The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding this Section 6, no indemnifying party that is
a selling Holder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable 
  

 15 

 Securities sold by it and distributed to the public were offered to the public exceeds the amount of any damages that
such indemnifying party has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (e) The
remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to an indemnified party at law or in equity, hereunder, under the Purchase Agreement or otherwise. 

(f) The indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force and effect regardless of
(i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder, any person controlling any Holder or any affiliate of any Holder or by or on behalf of the Company, its officers or directors or any person
controlling the Company and (iii) the sale of any Registrable Securities by any Holder. 
 SECTION 7. Information Requirements.
The Company covenants that, if at any time before the end of the Effectiveness Period the Company is not subject to the reporting requirements of the Exchange Act, it will cooperate with any Holder and take such further reasonable action as any
Holder may reasonably request in writing (including, without limitation, making such reasonable representations as any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144, Rule 144A under the Securities Act and customarily taken in connection with sales pursuant to such exemptions. Notwithstanding the
foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities (other than the Common Stock) under any section of the Exchange Act. 
 SECTION 8. Miscellaneous. 
 (a) No
Conflicting Agreements. Neither the Company or Spansion LLC is, as of the date hereof, a party to, nor shall it, on or after the date of this Agreement, enter into, any agreement with respect to its securities that conflicts with the rights
granted to the Holders in this Agreement. Each of the Company and Spansion LLC represents and warrants that the rights granted to the Holders hereunder do not in any way conflict with the rights granted to the holders of the its securities under any
other agreements. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof 
  

 16 

 may not be given, unless the Company has obtained the written consent of Holders of a majority of the then outstanding
Underlying Common Stock constituting Registrable Securities (with Holders of Debentures deemed to be the Holders, for purposes of this Section, of the number of outstanding shares of Underlying Common Stock into which such Debentures are or would be
exchangeable as of the date on which such consent is requested). Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose securities are
being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities being sold by such Holders pursuant to such
Registration Statement; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. Notwithstanding the foregoing, this Agreement
may be amended by written agreement signed by the Company, Spansion LLC and the Initial Purchasers, without the consent of the Holders of Registrable Securities, to cure any ambiguity or to correct or supplement any provision contained herein that
may be defective or inconsistent with any other provision contained herein, or to make such other provisions in regard to matters or questions arising under this Agreement that shall not adversely affect the interests of the Holders of Registrable
Securities. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected
pursuant to this Section 8(b), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder. 
 (c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, by telecopier, by
courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery, (ii) upon confirmation, if made by telecopier, (iii) one (1) Business
Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as follows: 
 (i) if to a Holder, at the most current address given by such Holder to the Company in a Notice and Questionnaire or any amendment
thereto; 
  

 17 

	 	(ii)	if to the Company or Spansion LLC, to: 

 Spansion Inc.

 915 DeGuigne Drive 
 P.O. Box
3453 
 Sunnyvale, California 94088 
 Attention: General Counsel 
 Telecopy No.: (408) 774-7443 
 and 
 Latham & Watkins LLP

 140 Scott Drive 
 Menlo Park,
California 94025 
 Attention: Tad Freese 
 Telecopy No.: (650) 463-2600 
  

	 	(iii)	if to the Initial Purchasers, to: 

 Citigroup Global
Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Telecopy No.: (212) 816-7912 
 or to such other address as such person may have furnished to the other persons identified in this Section 8(c) in writing in accordance herewith. 
 (d) Approval of Holders. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) (other than the Initial Purchasers or subsequent Holders if such subsequent Holders are deemed to be such affiliates solely
by reason of their holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (e) Successors and Assigns. Any person who purchases any Registrable Securities from the Initial Purchasers shall be deemed, for purposes of this
Agreement, to be an assignee of the Initial Purchasers. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties and shall inure to the benefit of and be binding upon each Holder of any
Registrable Securities. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by
taking and holding such Registrable Securities, such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such person shall be entitled to receive the benefits hereof.

  

 18 

 (f) Counterparts. This Agreement may be executed in counterparts, each of which shall be with the
same effect as if the signatures thereto and hereto were upon the same instrument. 
 (g) Headings. The headings of the sections of
this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement. 
 (h) Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (i) Severability.
If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated thereby, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 (j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein and the registration rights granted by the Company with respect to the Registrable Securities. Except as provided in the Purchase Agreement, there are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and undertakings
among the parties with respect to such registration rights. No party hereto shall have any rights, duties or obligations other than those specifically set forth in this Agreement. 
 (k) Termination. This Agreement and the obligations of the parties hereunder shall terminate upon the end of the Effectiveness Period, except for
any liabilities or obligations under Section 4, 5 or 6 hereof and the obligations to make payments of and provide for liquidated damages under Section 2(e) hereof to the extent such damages accrue prior to the end of the Effectiveness
Period, each of which shall remain in effect in accordance with its terms. 
  

 19 

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

  

			
	SPANSION INC.
		
	By:	 	 /s/ Dario Sacomani

	Name:	 	Dario Sacomani
	Title:	 	Executive Vice President and Chief Financial Officer
	
	SPANSION LLC
		
	By:	 	SPANSION INC., its managing member
		
	By:	 	 /s/ Dario Sacomani

	Name:	 	Dario Sacomani
	Title:	 	Executive Vice President and Chief Financial Officer

  

 20 

 Confirmed and accepted as of 
 the date first above written: 
 CITIGROUP GLOBAL MARKETS INC. 
 CREDIT SUISSE SECURITIES (USA) LLC 
 Acting severally on behalf of themselves and the 
 several Initial Purchasers named in Schedule I to 
 the Purchase Agreement 
  

			
	By:	 	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ David M. Mastrangelo

	Name:	 	David M. Mastrangelo
	Title:	 	Managing Director

  

 21Form of Indenture

 Exhibit 4.9 
  

 GTC Biotherapeutics, Inc. 
 and 
                                       
      , as Trustee 
 __________ 
 INDENTURE 
 Dated as of
                    ,          
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 ARTICLE 1
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	1
			
	 1.1
	 	Definitions	  	1
			
	 1.2
	 	Other Definitions	  	5
			
	 1.3
	 	Incorporation by Reference of Trust Indenture Act	  	5
			
	 1.4
	 	Rules of Construction	  	6
			
	ARTICLE 2	 	THE SECURITIES	  	6
			
	 2.1
	 	Issuable in Series	  	6
			
	 2.2
	 	Establishment of Terms of Series of Securities	  	7
			
	 2.3
	 	Execution and Authentication	  	9
			
	 2.4
	 	Registrar and Paying Agent	  	10
			
	 2.5
	 	Paying Agent To Hold Assets in Trust	  	11
			
	 2.6
	 	Securityholder Lists	  	11
			
	 2.7
	 	Transfer and Exchange	  	11
			
	 2.8
	 	Replacement Securities	  	13
			
	 2.9
	 	Outstanding Securities	  	13
			
	 2.10
	 	Treasury Securities	  	13
			
	 2.11
	 	Temporary Securities	  	14
			
	 2.12
	 	Cancellation	  	14
			
	 2.13
	 	Payment of Interest; Defaulted Interest; Computation of Interest	  	14
			
	 2.14
	 	CUSIP Number	  	15
			
	 2.15
	 	Provisions for Global Securities	  	15
			
	 2.16
	 	Persons Deemed Owners	  	16
			
	ARTICLE 3	 	REDEMPTION	  	16
			
	 3.1
	 	Notices of Trustee	  	16
			
	 3.2
	 	Selection by Trustee of Securities to Be Redeemed	  	17
			
	 3.3
	 	Notice of Redemption	  	17
			
	 3.4
	 	Effect of Notice of Redemption	  	18
			
	 3.5
	 	Deposit of Redemption Price	  	18
			
	 3.6
	 	Securities Redeemed in Part	  	19

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
	 ARTICLE 4
	 	COVENANTS	  	19
			
	 4.1
	 	Payment of Securities	  	19
			
	 4.2
	 	SEC Reports	  	19
			
	 4.3
	 	Waiver of Stay, Extension or Usury Laws	  	19
			
	 4.4
	 	Compliance Certificate	  	20
			
	 4.5
	 	Payment of Taxes and Other Claims	  	20
			
	 4.6
	 	Corporate Existence	  	20
			
	 4.7
	 	Maintenance of Properties	  	21
			
	 ARTICLE 5
	 	SUCCESSOR CORPORATION	  	21
			
	 5.1
	 	Limitation on Consolidation, Merger and Sale of Assets	  	21
			
	 5.2
	 	Successor Person Substituted	  	22
			
	 ARTICLE 6
	 	DEFAULTS AND REMEDIES	  	22
			
	 6.1
	 	Events of Default	  	22
			
	 6.2
	 	Acceleration	  	24
			
	 6.3
	 	Other Remedies	  	24
			
	 6.4
	 	Waiver of Past Defaults and Events of Default	  	25
			
	 6.5
	 	Control by Majority	  	25
			
	 6.6
	 	Limitation on Suits	  	25
			
	 6.7
	 	Rights of Holders To Receive Payment	  	26
			
	 6.8
	 	Collection Suit by Trustee	  	26
			
	 6.9
	 	Trustee May File Proofs of Claim	  	26
			
	 6.10
	 	Priorities	  	27
			
	 6.11
	 	Undertaking for Costs	  	27
			
	 ARTICLE 7
	 	TRUSTEE	  	27
			
	 7.1
	 	Duties of Trustee	  	27
			
	 7.2
	 	Rights of Trustee	  	28
			
	 7.3
	 	Individual Rights of Trustee	  	29
			
	 7.4
	 	Trustee’s Disclaimer	  	29
			
	 7.5
	 	Notice of Default	  	30

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	  	 	 	  	Page
	 7.6
	 	Reports by Trustee to Holders	  	30
			
	 7.7
	 	Compensation and Indemnity	  	30
			
	 7.8
	 	Replacement of Trustee	  	31
			
	 7.9
	 	Successor Trustee by Consolidation, Merger or Conversion	  	32
			
	 7.10
	 	Eligibility; Disqualification	  	32
			
	 7.11
	 	Preferential Collection of Claims Against Company	  	32
			
	 7.12
	 	Paying Agents	  	32
			
	 ARTICLE 8
	 	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	33
			
	 8.1
	 	Without Consent of Holders	  	33
			
	 8.2
	 	With Consent of Holders	  	33
			
	 8.3
	 	Compliance with Trust Indenture Act	  	34
			
	 8.4
	 	Revocation and Effect of Consents	  	35
			
	 8.5
	 	Notation on or Exchange of Securities	  	35
			
	 8.6
	 	Trustee to Sign Amendments, Etc	  	36
			
	 ARTICLE 9
	 	DISCHARGE OF INDENTURE; DEFEASANCE	  	36
			
	 9.1
	 	Discharge of Indenture	  	36
			
	 9.2
	 	Legal Defeasance	  	36
			
	 9.3
	 	Covenant Defeasance	  	37
			
	 9.4
	 	Conditions to Legal Defeasance or Covenant Defeasance	  	37
			
	 9.5
	 	Deposited Money and U.S. and Foreign Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	39
			
	 9.6
	 	Reinstatement	  	39
			
	 9.7
	 	Moneys Held by Paying Agent	  	39
			
	 9.8
	 	Moneys Held by Trustee	  	40
			
	 ARTICLE 10
	 	MISCELLANEOUS	  	40
			
	 10.1
	 	Trust Indenture Act Controls	  	40
			
	 10.2
	 	Notices	  	40
			
	 10.3
	 	Communications by Holders with Other Holders	  	42
			
	 10.4
	 	Certificate and Opinion as to Conditions Precedent	  	42

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
	 10.5
	 	Statement Required in Certificate and Opinion	  	42
			
	 10.6
	 	Rules by Trustee and Agents	  	43
			
	 10.7
	 	Business Days; Legal Holidays	  	43
			
	 10.8
	 	Governing Law	  	43
			
	 10.9
	 	No Adverse Interpretation of Other Agreements	  	43
			
	 10.10
	 	No Recourse Against Others	  	43
			
	 10.11
	 	Successors and Assigns	  	43
			
	 10.12
	 	Multiple Counterparts	  	44
			
	 10.13
	 	Table of Contents, Headings, Etc	  	44
			
	 10.14
	 	Separabilty	  	44
			
	 10.15
	 	Securities in a Foreign Currency or in ECU	  	44
			
	 10.16
	 	Judgment Currency	  	45

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page
	 CROSS-REFERENCE TABLE
	  	
		
	 TIA SECTION
	  	INDENTURE SECTION
		
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N/A
	 (a)(4)
	  	N/A
	 (a)(5)
	  	7.10
	 (b)
	  	7.8; 7.10; 10.2
	 (b)(1)
	  	7.10
	 (b)(9)
	  	7.10
	 (c)
	  	N/A
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N/A
	 312(a)
	  	2.6
	 (b)
	  	10.3
	 (c)
	  	10.3
	 313(a)
	  	7.6
	 (b)(1)
	  	7.6
	 (b)(2)
	  	7.6
	 (c)
	  	7.6; 10.2
	 (d)
	  	7.6
	 314(a)
	  	4.2; 4.4; 10.2
	 (b)
	  	N/A
	 (c)(1)
	  	10.4; 10.5
	 (c)(2)
	  	10.4; 10.5
	 (c)(3)
	  	N/A
	 (d)
	  	N/A
	 (e)
	  	10.5
	 (f)
	  	N/A
	 315(a)
	  	7.1, 7.2
	 (b)
	  	7.5; 10.2
	 (c)
	  	7.1
	 (d)
	  	6.5; 7.1; 7.2
	 (e)
	  	6.11
	 316(a)(last sentence)
	  	2.10
	 (a)(1)(A)
	  	6.5
	 (a)(1)(B)
	  	6.4
	 (a)(2)
	  	8.2

  

 -v- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page
	 (b)
	  	6.7
	 (c)
	  	8.4
	 317(a)(1)
	  	6.8
	 (a)(2)
	  	6.9
	 (b)
	  	2.5; 7.12
	 318(a)
	  	10.1

 N/A means not
applicable 
 Note:    This Cross-Reference Table shall not, for any purpose, be deemed to be a part of
the Indenture. 
  

 -vi- 

 INDENTURE, dated as of
                    ,         , by and between GTC Biotherapeutics, Inc., a Massachusetts
corporation, as Issuer (the “Company”), and
                                        
    , a                          organized under the laws of
                        , as Trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 
 The Company has
duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”), as herein
provided, up to such principal amount as may from time to time be authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture. 
 All things necessary to make this Indenture a valid agreement of the Company in accordance with its terms have been done, and the execution and delivery
thereof have been in all respects duly authorized by the parties hereto. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Securities issued under this
Indenture: 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 1.1 Definitions. 
 “Affiliate” of any specified Person means any other Person which directly or indirectly through one or more intermediaries controls, or
is controlled by, or is under common control with, such specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by,” and “under
common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. 
 “Agent” means any Registrar, Paying Agent, co-registrar or agent for service of
notices and demands. 
 “Board of Directors” means the Board of Directors of the Company or any committee authorized to act
therefor. 
 “Board Resolution” means a copy of a resolution certified pursuant to an Officers’ Certificate to have
been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Capital Stock” means, with respect to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership interests or any other participation, right or other
interest in the nature of an equity interest in such Person or any option, warrant or other security convertible into any of the foregoing. 

 “Company” means the party named as such in the first paragraph of this Indenture until a
successor replaces such party pursuant to Article 5 of this Indenture, and thereafter means the successor and any other primary obligor on the Securities. 
 “Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be its Chief Executive Officer or its Chief Financial Officer. 
 “Company Request” means any written request signed in the name of the Company by its Chief Executive Officer, its President, any Vice
President, its Chief Financial Officer or its Treasurer and attested to by the Secretary or any Assistant Secretary of the Company. 
 “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 that is, or with the passing of time or giving of notice 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, until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, such Persons. 
 “Dollars” 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 consistently
applied as in effect in the United States from time to time. 
  

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 “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, registered in the name of such Depositary or nominee, and
bearing the legend set forth in Section 2.15(c) (or such legend as may be specified as contemplated by Section 2.2 for such Securities). 
 “Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books. 
 “Indebtedness” means (without duplication), with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or otherwise, which is for borrowed money (whether or
not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments or representing the balance deferred and unpaid of the purchase price of any
property (excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities arising in the ordinary course of business) if and to the extent any of the foregoing indebtedness would appear as a liability upon a
balance sheet of such Person prepared in accordance with GAAP. 
 “Indenture” means this Indenture as amended, restated or
supplemented from time to time. 
 “Interest Payment Date” means the Stated Maturity of an installment of interest on
Securities of any Series. 
 “Lien” means, with respect to any property or assets of any Person, any mortgage or deed of
trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement, encumbrance, preference, priority, or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect
to such property or assets (including, without limitation, any capitalized lease obligation, conditional sales, or other title retention agreement having substantially the same economic effect as any of the foregoing). 
 “Maturity Date” when used with respect to any Security or installment of principal thereof, means the date on which the principal of
such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect payment or otherwise. 

“Officer” means the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the
Secretary of the Company or any other officer designated by the Board of Directors, as the case may be. 
 “Officers’
Certificate” means, with respect to any Person, a certificate signed by the Chief Executive Officer, the President or any Vice President, and the Chief Financial Officer or any Treasurer of such Person that shall comply with applicable
provisions of this Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel which counsel is reasonably
acceptable to the Trustee. 
  

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 “Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization or government (including any agency or political subdivision thereof). 
 “Redemption Date” when used with respect to any Security of a Series to be redeemed, means the date fixed for such redemption pursuant to this Indenture. 
 “Responsible Officer” when used with respect to the Trustee, means any officer or officers within the corporate trust department of the
Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and who are responsible for compliance with the obligations of
the Trustee as set forth in this Indenture and also means, with respect to a particular corporate trust matter or obligation required of the Trustee as set forth in this Indenture, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject. 
 “SEC” means the United States Securities and Exchange
Commission as constituted from time to time or any successor performing substantially the same functions. 
 “Securities”
means the securities that are issued under this Indenture, as amended or supplemented from time to time pursuant to this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 or 2.2 hereof. 
 “Significant Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant subsidiary”
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof. 
 “Stated Maturity” means, when used with respect to any Security of any Series or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date
on which the principal of such Security or such installment of principal or interest is due and payable and, when used with respect to any other Indebtedness, means the date specified in the instrument governing such Indebtedness as the fixed date
on which the principal of such Indebtedness, or any installment of interest thereon, is due and payable. 
 “Subsidiary” of
any specified Person means any corporation, partnership, joint venture, association or other business entity, whether now existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of the total voting
power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is held, directly or indirectly by such Person or any of its Subsidiaries; or (ii) in the case of a
partnership, joint venture, association or other business entity, with respect to which 
  

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 such Person or any of its Subsidiaries has the power to direct or cause the direction of the management and policies of
such entity by contract or otherwise or if in accordance with GAAP such entity is consolidated with such Person for financial statement purposes. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.3 hereof). 
 “Trustee” means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture and thereafter means
the successor. 
 “U.S. Government Obligations” means direct non-callable obligations of, or non-callable obligations
guaranteed by, the United States of America for the payment of which obligation or guarantee the full faith and credit of the United States of America is pledged. 
 1.2 Other Definitions. 
 The definitions of the following terms may be found in the sections indicated as follows:

  

			
	 Term
	  	 Defined
 in Section

	 “Bankruptcy Law”
	  	6.1
	 “Business Day”
	  	10.8
	 “Covenant Defeasance”
	  	9.3
	 “Custodian”
	  	6.1
	 “Event of Default”
	  	6.1
	 “Journal”
	  	10.16
	 “Judgment Currency”
	  	10.17
	 “Legal Defeasance”
	  	9.2
	 “Legal Holiday”
	  	10.8
	 “Market Exchange Rate”
	  	10.16
	 “New York Banking Day”
	  	10.17
	 “Paying Agent”
	  	2.4
	 “Registrar”
	  	2.4
	 “Required Currency”
	  	10.17
	 “Service Agent”
	  	2.4

 1.3 Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to
be qualified under the TIA 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.

  

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 “indenture securityholder” means a Securityholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor on the indenture securities” means the Company or any other obligor on the Securities. 
 All other terms
used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned to them. 
 1.4 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it herein, whether defined expressly or by reference; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5)
words used herein implying any gender shall apply to each gender; and 
 (6) the words “herein”, “hereof”
and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other sub-division. 
 ARTICLE 2 
 THE SECURITIES 
 2.1 Issuable in Series. 
 The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’
Certificate detailing the adoption of the terms thereof pursuant to the 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 may provide for the method by which specified terms (such as interest rate, Stated Maturity, 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. 
  

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 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(25) by a Board Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant to
authority granted under a Board Resolution: 
 (1) the title of the Series (which shall distinguish the Securities of that
particular Series from the Securities of any other Series); 
 (2) the price or prices (expressed as a percentage of the
principal amount thereof) at which the Securities of the Series will be issued; 
 (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 8.5); 
 (4) the date or dates on which the principal of the Securities
of the Series is payable; 
 (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; 
 (6) the place or places where the principal of and interest and premium, if any, on the Securities of the Series shall be payable, or the
method of such payment, if by wire transfer, mail or other means; 
 (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; 
 (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; 
 (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; 
  

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 (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; 
 (11) the forms of the Securities of the Series in
bearer or fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities); 
 (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; 
 (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; 
 (14) the designation of the currency, currencies or currency units in which payment of the principal of and interest and premium, if any,
on the Securities of the Series will be made; 
 (15) if payments of principal of, interest or premium, 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;

 (16) the manner in which the amounts of payment of principal of and interest and premium, 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; 
 (17) the provisions, if any, relating to any security provided for the Securities of the Series; 
 (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; 
 (19) any addition to or change in the covenants set forth in Articles 4 or 5 which applies to Securities of the Series; 
 (20) any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1, but which may modify or delete any provision
of this Indenture insofar as it applies to such Series). 
  

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 (21) any depositories, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those appointed herein; 
 (22) the terms and
conditions, if any, upon which the Securities and any guarantees thereof shall be subordinated in right of payment to other indebtedness of the Company or any guarantor; 
 (23) the form and terms of any guarantee of the Securities; 
 (24) if applicable, that the Securities of the Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and

 (25) if applicable, that the Securities of the Series, in whole or any specified part, shall be convertible into equity
securities of the Company 
 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 or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to
provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 
 2.3 Execution and Authentication. 
 The Securities shall be executed on behalf of the Company by two
Officers of the Company or an Officer and an Assistant Secretary of the Company. Each such signature may be either manual or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced on the Securities and may be in
facsimile form. 
 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 signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this
Indenture. 
 The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount
provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions
from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. 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.

  

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 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 in writing
by outside counsel, determines that such action may not lawfully be taken; 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 reasonably
determine that such action would expose the Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then outstanding Series of Securities. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Any appointment shall be evidenced by instrument signed by an authorized officer of the Trustee, a copy of which shall be furnished to the Company. 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. 
 2.4 Registrar and Paying Agent. 
 The Company shall maintain an office or agency where Securities of any Series may be
presented for registration of transfer or for exchange (“Registrar”), an office or agency located in the Borough of Manhattan, City of New York, State of New York where Securities may be presented for payment (“Paying
Agent”), and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served (“Service Agent”). The Registrar shall keep a register of the Securities and of
their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required office or to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set
forth in Section 10.2. Neither the Company nor any Affiliate of the Company may act as Paying Agent. The Company may change any Paying Agent, Registrar or co-registrar without notice to any Securityholder. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of such designation or rescission and of any change in the location of any such other office or agency. 
  

 - 10 - 

 The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or
agent for service of notices and demands, or fails to give the foregoing notice, the Trustee shall act as such. The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another
Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company.

 2.5 Paying Agent To Hold Assets in Trust. 
 The Trustee as Paying Agent shall, and the Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall hold in trust for the benefit of the Holders of any Series of Securities or the
Trustee all assets held by the Paying Agent for the payment of principal of, or interest or premium (if any) on, such Series of Securities (whether such assets have been distributed to it by the Company or any other obligor on such Series of
Securities), and the Company and the Paying Agent shall notify the Trustee in writing of any Default by the Company (or any other obligor on such Series of Securities) in making any such payment. The Company at any time may require a Paying Agent to
distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment default with respect to any Series of Securities, upon written request to a Paying Agent,
require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying
Agent shall have no further liability for such assets. 
 2.6 Securityholder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders of each Series of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of each regular record date for the payment of interest on the Securities of a Series and before each related Interest
Payment Date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders of each Series of Securities. 
 2.7 Transfer and Exchange. 
 When Securities of a
Series are presented to the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested, and when such Securities of a Series are presented to the Registrar with a request to exchange them for an
equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall 
  

 - 11 - 

 make the exchange as requested. To permit transfers and exchanges, upon surrender of any Security for registration of
transfer at the office or agency maintained pursuant to Section 2.4 hereof, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request. 
 Notwithstanding any other provision of this Section 2.7, unless and until it is exchanged in whole or in part for definitive Securities, a Global
Security may not be transferred except as a whole by the Depositary to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. 
 If (i) the Depositary is at any time unwilling, unable or ineligible to
continue as Depositary and a successor Depositary is not appointed by the Company within 90 days after the date the Company is so informed in writing or becomes aware of the same, or (ii) a Default or an Event of Default has occurred and is
continuing, the Company promptly will execute and deliver to the Trustee definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive Securities (which the Company will promptly
execute and deliver to the Trustee), will authenticate and deliver definitive Securities, without charge, in an aggregate principal amount equal to the principal amount of the outstanding Global Securities, in exchange for and upon surrender of all
such Global Securities. 
 In any exchange provided for in the preceding paragraph, the Company will execute and the Trustee will
authenticate and deliver definitive Securities in the authorized denominations provided by Section 2.3. 
 Upon the exchange of a Global
Security for definitive Securities, such Global Security shall be canceled by the Trustee. Definitive Securities issued in exchange for Global Securities pursuant to this Section 2.7 shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered
upon such registration or transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall
(if so required by the Company or the Registrar or a co-Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar or a co-Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing. 
 Any exchange or transfer shall be without charge, except that the Company may require payment
by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.6 or 8.5 hereof. The
Trustee shall not be required to register transfers of Securities of any Series or to exchange Securities of any Series for a period of 15 days before selection for redemption of such Securities. The Trustee shall not be required to exchange or
register transfers of Securities of any Series called or being called for redemption in whole or in part, except the unredeemed portion of such Security being redeemed in part. 
  

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 2.8 Replacement Securities. 
 If a mutilated Security is surrendered to the Trustee or if the Holder of a Security presents evidence to the satisfaction of the Company and the Trustee that the Security has been lost, destroyed or wrongfully taken,
the Company shall issue and the Trustee shall authenticate a replacement Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. An indemnity bond may be required by the Company or
the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee, as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced. The Company may
charge such Holder for its reasonable, out-of-pocket expenses in replacing a Security, including the fees and expenses of counsel. Every replacement Security shall constitute an additional 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 proportionally with any and all other Securities of that Series duly issued hereunder. 
 2.9 Outstanding Securities. 
 Securities outstanding
at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, and those described in this Section 2.9 as not outstanding. 
 If a Security is replaced pursuant to Section 2.8 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding until
the Company and the Trustee receive proof satisfactory to each of them that the replaced Security is held by a bona fide purchaser. A mutilated Security ceases to be outstanding upon surrender of such Security and replacement thereof pursuant to
Section 2.8. 
 If a Paying Agent holds on a Redemption Date or Maturity Date of a Series of Securities money sufficient to pay the
principal of, premium, if any, and accrued interest on Securities payable on that date and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture, then on and after that date such Securities cease to
be outstanding and interest on them ceases to accrue. 
 Subject to Section 2.10, a Security does not cease to be outstanding solely
because the Company or an Affiliate holds the Security. 
 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 an Affiliate 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. 
  

 - 13 - 

 2.11 Temporary Securities. 
 Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form, and shall carry all rights,
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 shall authenticate definitive Securities in exchange for
temporary Securities presented to it. 
 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 transfer, exchange or payment. At
the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel and at the written request of the Company, shall dispose of all Securities surrendered for transfer, exchange, payment or cancellation. If the Company
shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to this
Section 2.12. 
 2.13 Payment of Interest; Defaulted Interest; Computation of Interest. 
 Except as otherwise provided as contemplated by Section 2.2 with respect to any Series of Securities, interest on any Security which is payable, and
is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security is registered at the close of business on the regular record date for such interest, as provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the terms of such Series. 
 With respect to any Holder with an
aggregate principal amount of Securities of any Series in an amount in excess of $2,000,000, upon receipt by the Trustee of a written request from such Holder, payments of interest with respect to such Securities shall be made to such Holder by wire
transfer of immediately available funds. Each other Holder shall receive payments of interest by check or by transfer to an account maintained by such Holder in the United States. 
 If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts
pursuant to Section 4.1 hereof, to the persons who are Securityholders on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Company for the payment of defaulted interest or the next
succeeding Business Day if such date is not a Business Day. At least 15 days before the special record date, the Company shall mail or cause to be mailed to each Securityholder, with a copy to the Trustee, a notice that states the special record
date, the payment date, and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid. 
  

 - 14 - 

 Except as otherwise specified as contemplated by Section 2.2 for Securities of any Series, interest
on the Securities of each Series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 2.14 CUSIP Number. 
 The Company in issuing the Securities may use one or more “CUSIP” numbers, and if so, the Trustee shall use the CUSIP number(s) in notices of
redemption or exchange as a convenience to Holders, provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that reliance may be
placed only on the other identification numbers printed on the Securities. 
 2.15 Provisions for Global Securities. 
 (a) 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 Securities or Securities. 
 (b) 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 within 90 days after such event, (ii) the Company executes and delivers to the
Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) a Default or an Event of Default with respect to the Securities represented by such Global Security shall have occurred and be
continuing. 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 2.15(b), 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. 
 (c) 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 
  

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 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.” 
 (d) 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. 
 (e) Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest and premium, if any, on any Global Security shall be made to the Depositary or its nominee in its capacity as the Holder thereof. 
 (f) Except as provided in Section 2.15(e), the Company, the Trustee and any Agent shall treat a person as the Holder of such
principal amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written statement of the Depositary (which may be in the form of a participants’ list for such Series) 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. 
 2.16 Persons Deemed Owners. 
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee,
the Registrar and any agent of the Company, the Registrar or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject
to Section 2.13) any interest on such Security and for all other purposes whatsoever, and neither the Company, the Trustee, the Registrar nor any agent of the Company, the Registrar or the Trustee shall be affected by notice to the contrary.

 ARTICLE 3 
 REDEMPTION

 3.1 Notices of 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 or the related Board Resolution, supplemental indenture or Officers’ Certificate. If a Series of Securities is redeemable and the Company elects to redeem such Securities of a Series, it shall
notify the Trustee of the Redemption Date and the principal amount of Securities to be redeemed at least 35 days (unless a shorter notice shall be satisfactory to the Trustee) but not more than 60 days before the Redemption Date. Any such notice may
be canceled at any time prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. 
  

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 3.2 Selection by Trustee of Securities to Be Redeemed. 
 Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if
fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot or by any other method that the Trustee considers fair and appropriate and, if such Securities are
listed on any securities exchange, by a method that complies with the requirements of such exchange. 
 The Trustee shall make the selection
from Securities of a Series outstanding and not previously called for redemption and shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption, the
principal amount thereof to be redeemed. Securities of a Series in denominations of $1,000 may be redeemed only in whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations larger than
$1,000. Securities of a Series and portions of them it selects shall be in amounts 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 called for redemption also apply to portions of Securities called for redemption. 
 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, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of
Securities to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar. 
 The notice
shall identify the Securities to be redeemed (including the CUSIP number(s) thereof, if any) and shall state: 
 (1) the
Redemption Date; 
 (2) the redemption price; 
 (3) if any Security of a Series is being redeemed in part, the portion of the principal amount of such Security of a Series to be redeemed
and that, after the Redemption Date and upon surrender of such Security of a Series, a new Security or Securities in principal amount equal to the unredeemed portion will be issued; 
 (4) the name and address of the Paying Agent; 
  

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 (5) that Securities of a Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price, and the place or places where each such Security is to be surrendered for such payment; 
 (6) that, unless the Company defaults in making the redemption payment, interest on the Securities of a Series called for redemption ceases to accrue on or after the Redemption Date, and the only remaining right of the Holders of such
Securities is to receive payment of the redemption price upon surrender to the Paying Agent of the Securities redeemed; and 
 (7) if fewer than all the Securities of a Series are to be redeemed, the identification of the particular Securities of a Series (or portion thereof) to be redeemed, as well as the aggregate principal amount of Securities of a Series to be
redeemed and the aggregate principal amount of Securities of a Series to be outstanding after such partial redemption. 
 At the
Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense. 
 3.4 Effect
of Notice of Redemption. 
 Once the notice of redemption described in Section 3.3 is mailed, Securities of a Series called for
redemption become due and payable on the Redemption Date and at the redemption price, plus interest, if any, accrued to (but not including) the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall be paid
at the redemption price, plus accrued interest, if any, to (but not including) the Redemption Date, provided that if the Redemption Date is after a regular interest payment record date and on or prior to the next Interest Payment Date, the
accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date, as specified by the Company in the notice to the Trustee pursuant to Section 3.1 hereof. 
 3.5 Deposit of Redemption Price. 
 On or prior to 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 other than Securities or portions thereof called for
redemption on that date which have been delivered by the Company to the Trustee for cancellation. 
 On and after any Redemption Date, if
money sufficient to pay the redemption price of and accrued interest on Securities called for redemption shall have been made available in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited from paying
such moneys to Holders, the Securities called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be to receive payment of the redemption price of and, subject to the proviso in Section 3.4,
accrued and unpaid interest on such Securities to the Redemption Date. If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the
Security and any interest or premium (if any) not paid on such unpaid principal, in each case, at the rate and in the manner provided in the Securities. 
  

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 3.6 Securities Redeemed in Part. 
 Upon surrender of a Security of a Series that is redeemed in part, the Trustee shall authenticate for a Holder a new Security of the same Series equal in principal amount to the unredeemed portion of the Security
surrendered. 
 ARTICLE 4 
 COVENANTS 
 4.1 Payment of Securities. 
 The Company shall pay the principal of and interest and premium, if any, on each Series of Securities on the dates and in the manner provided in such Securities and this Indenture. 
 An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated
for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise. 
 The Company shall pay interest on overdue principal, and overdue interest, to the extent lawful, at the rate specified in the Series of Securities. 
 4.2 SEC Reports. 
 The Company will deliver to the Trustee and the Holders of Securities within 15
days after the filing of the same with the SEC, copies of the quarterly and annual report and of the information documents and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will file with the SEC, to the extent permitted, and provide the Trustee, Holders of each
Series of Securities and prospective holders of each Series of Securities with such quarterly and annual reports and such information, documents and other reports specified in Section 13 and 15(d) of the Exchange Act. The Company will also
comply with the other provisions of TIA Section 314(a). 
 4.3 Waiver of Stay, Extension or Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that they will not at any time insist upon, or plead (as a defense or otherwise) or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension law, usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, and/or interest on the
Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that they may lawfully do so) the Company hereby expressly waives
all benefit 
  

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 or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 4.4 Compliance
Certificate. 
 (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of the
Company, an Officers’ Certificate which complies with TIA Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the signing Officers
with a view to determining whether each 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 or her knowledge each 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 or she may have knowledge and what action each is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains
in existence by reason of which payments on account of the principal of or interest or premium, if any, on the Securities is prohibited or if such event has occurred, a description of the event and what action each is taking or proposes to take with
respect thereto. 
 (b) (i) If any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks
to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Securities, the Company shall deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action within five Business Days
of its becoming aware of such occurrence and what action the Company is taking or proposes to take with respect thereto. 
 4.5 Payment of Taxes and Other
Claims. 
 The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all
taxes, assessments and governmental charges (including withholding taxes and any penalties, interest and additions to taxes) levied or imposed upon it or any of its Significant Subsidiaries or properties of it or any of its Significant Subsidiaries
and (ii) all lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of it or any of its Significant Subsidiaries; provided, however, that the Company shall not be required to
pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim if the amount, applicability or validity thereof is being contested in good faith by appropriate proceedings and an adequate reserve has been established
therefor to the extent required by GAAP. 
 4.6 Corporate Existence. 
 Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, and the corporate, 
  

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 partnership or other existence of each Significant Subsidiary, in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Company and of each Significant Subsidiary, and the rights (charter and statutory), licenses and franchises of the Company and its Significant Subsidiaries; provided, however, that
the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Significant Subsidiaries, 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 Significant Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 
 4.7 Maintenance of Properties. 
 The Company will
cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all
times; provided, however, that nothing in this Section 4.7 shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in
the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders. 
 ARTICLE 5

 SUCCESSOR CORPORATION 
 5.1
Limitation on Consolidation, Merger and Sale of Assets. 
 (a) The Company will not, in any transaction or series of
transactions, merge or consolidate with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or substantially as an entirety in one transaction or a series of
related transactions), to any Person or Persons, and the Company will not permit any of its Significant Subsidiaries to enter into any such transaction or series of transactions if such transaction or series of transactions, in the aggregate, would
result in a sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the properties and assets of the Company or the Company and its Significant Subsidiaries, taken as a whole, to any other Person or Persons,
unless at the time of and after giving effect thereto (i) either (A) if the transaction or series of transactions is a merger or consolidation, the Company shall be the surviving Person of such merger or consolidation, or (B) the
Person formed by such consolidation or into which the Company or such Significant Subsidiary is merged or to which the properties and assets of the Company or such Significant Subsidiary, as the case may be, are transferred (any such surviving
person or transferee Person being the “Surviving Entity”) shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and shall expressly assume by a
supplemental indenture executed and delivered to the Trustee, in 
  

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 form reasonably satisfactory to the Trustee, all the obligations of the Company (including, without
limitation, the obligation to pay the principal of, and premium and interest, if any, on the Securities and the performance of the other covenants) under the Securities of each Series and this Indenture, and in each case, this Indenture shall remain
in full force and effect; and (ii) immediately before and immediately after giving effect to such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred or anticipated to be incurred
in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing. 
 (b) In connection with any consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably
satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and the supplemental indenture in respect thereto comply with this Section 5.1 and that all
conditions precedent herein provided for relating to such transaction or transactions have been complied with. 
 5.2 Successor Person Substituted.

 Upon any consolidation or merger, or any transfer of all or substantially all of the assets of the Company or any Significant
Subsidiary in accordance with Section 5.1 above, the successor corporation formed by such consolidation or into which the Company is merged or to which such transfer 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 corporation had been named as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor corporation shall
be relieved of all obligations and covenants under this Indenture and the Securities. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 6.1 Events of Default.

 “Events 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: 
 (1) there is a default in the payment of any principal of, or premium, if any, on the Securities when the same becomes due and payable at
maturity, upon acceleration, redemption or otherwise; 
 (2) there is a default in the payment of any interest on any Security
of a Series when the same becomes due and payable and the Default continues for a period of 30 days; 
  

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 (3) the Company defaults in the observance or performance of any other covenant in the
Securities of a Series or this Indenture for 45 days after written notice from the Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of such Series then outstanding; 
 (4) there is a default or are defaults under one or more agreements, instruments, mortgages, bonds, debentures or other evidences of
Indebtedness under which the Company or any Significant Subsidiary of the Company then has outstanding Indebtedness in excess of $[10] million, individually or in the aggregate, and either (a) such Indebtedness is already due and payable in
full or (b) such default or defaults have resulted in the acceleration of the maturity of such Indebtedness; 
 (5) a
court of competent jurisdiction enters a final judgment or judgments which can no longer be appealed for the payment of money in excess of $[10] million (not covered by insurance) against the Company or any Significant Subsidiary and such judgment
remains undischarged for a period of 60 consecutive days during which a stay of enforcement of such judgment shall not be in effect; 
 (6) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (A)
commences a voluntary case, 
 (B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
 (D) makes a general assignment for the benefit of its creditors, or 
 (E) generally is not paying its debts as they become due; 
 (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any Significant Subsidiary in an involuntary case; 
 (B) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of the property of the Company or
any Significant Subsidiary; or 
 (C) orders the liquidation of the Company or any Significant Subsidiary, and the order or
decree remains unstayed and in effect for 60 days; or 
  

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 (8) 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. 
 The Trustee may withhold notice of any Default (except in payment of principal or premium, if any, or interest
on the Securities) to the Holders of the Securities of any Series in accordance with Section 7.5. 
 6.2 Acceleration. 
 If an Event of Default with respect to Securities of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(6)
or (7)) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities of that Series then outstanding may by written notice to the Company and the
Trustee declare that the entire principal amount of all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of acceleration are immediately due and payable, in which case such amounts shall become immediately
due and payable; provided, however, that after such acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount of the outstanding
Securities of that Series may rescind and annul such acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of accelerated principal, premium, if any, or interest that has become due solely because of
the acceleration, have been cured or waived, (ii) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration,
has been paid and (iii) if the rescission would not conflict with any judgment or decree. No such rescission shall affect any subsequent Default or impair any right consequent thereto. In case an Event of Default specified in
Section 6.1(6) or (7) with respect to the Company occurs, such principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall be due and payable immediately without any declaration or other act
on the part of the Trustee or the Holders of the Securities of that Series. 
 6.3 Other Remedies. 
 If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, and interest on the Securities of that Series or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 The Trustee may maintain a proceeding even if it does not possess any of the Securities of that Series or does not produce any of them in
the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No
remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 
  

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 6.4 Waiver of Past Defaults and Events of Default. 
 Subject to Sections 6.2, 6.7 and 8.2 hereof, the Holders of a majority in principal amount of the Securities of any Series then outstanding have the right
to waive any existing Default or Event of Default with respect to such Series or compliance with any provision of this Indenture (with respect to such Series) or the Securities of such Series. Upon any such waiver, such Default with respect to such
Series shall cease to exist, and any Event of Default with respect to such Series 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 Event
of Default or impair any right consequent thereto. 
 6.5 Control by Majority. 
 The Holders of a majority in principal amount of the Securities of any Series then outstanding may 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 by this Indenture with respect to such Series. The Trustee, however, may refuse to follow any direction that conflicts with law or this
Indenture or that the Trustee determines may be unduly prejudicial to the rights of another Securityholder or that may involve the Trustee in personal liability; provided that the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction. 
 6.6 Limitation on Suits. 
 Subject to Section 6.7 below, a Securityholder may not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities
of a Series unless: 
 (1) the Holder gives to the Trustee written notice of a continuing Event of Default with respect to the
Securities of that Series; 
 (2) the Holders of at least 25% in aggregate principal amount of the Securities of such Series
then outstanding make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the
Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 
 (5) 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 aggregate principal amount of the Securities of such Series then outstanding. 
  

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 A Securityholder may not use this Indenture to prejudice the rights of another Securityholder or to
obtain a preference or priority over another Securityholder. 
 6.7 Rights of Holders To Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of a Series to receive payment of principal of, or premium,
if any, and interest of the Security of such Series on or after the respective due dates expressed in the Security of such Series, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and
unconditional and shall not be impaired or affected without the consent of the Holder. 
 6.8 Collection Suit by Trustee. 
 If an Event of Default in payment of principal, premium or interest specified in Section 6.1(1) or (2) hereof with respect to Securities of any
Series at the time outstanding occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the Securities of that Series) for the whole amount of unpaid
principal and accrued interest remaining unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate then borne by the
Securities of that Series, and such further amounts 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. 

6.9 Trustee May File Proofs of Claim. 
 The Trustee
may file such proofs of claim and 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 the Securityholders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Securities), any of their respective creditors or any of their respective property and shall be entitled and
empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the
estate in any such proceedings and any custodian in any such judicial proceeding is hereby authorized by each Securityholder 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 Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7
hereof. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Securityholder any plan or reorganization, arrangement, adjustment or composition affecting the Securities of a Series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such
proceedings. 
  

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 6.10 Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.7 hereof; 
 SECOND: to Securityholders for
amounts then due and unpaid for principal, premium, if any, and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively; and 
 THIRD: to the Company. 
 The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. 
 6.11 Undertaking for Costs. 
 In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof or a suit by Holders of more than 10% in principal amount of the Securities of a Series then outstanding.

 ARTICLE 7 
 TRUSTEE

 7.1 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise
or use under the same circumstances in the conduct of his own affairs. 
 (b) Except during the continuance of an Event of
Default: 
 (1) The Trustee need perform only those duties that are specifically set forth in this Indenture and no covenants
or obligations shall be implied in this Indenture against the Trustee. 
 (2) In the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee 
  

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 and conforming to the requirements of this Indenture but, in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) This paragraph does not limit the effect of paragraph (b) of this Section 7.1.

 (2) 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. 
 (3) The Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and 6.5 hereof. 
 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision of this Indenture that in any way relates to the Trustee. 

(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 the law. 
 (g) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care set forth in paragraphs (a), (b), (c), and (d) of this Section 7.1 and in Section 7.2 with
respect to the Trustee. 
 7.2 Rights of Trustee. 
 (a) Subject to Section 7.1 hereof: 
 (1) The Trustee may rely on and shall be protected
in acting or refraining from acting upon any document reasonably 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. 
  

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 (2) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel, or both, which shall conform to the provisions of Section 10.5 hereof. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith in reliance on such
certificate or opinion. 
 (3) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed by it with due care. 
 (4) The Trustee shall not be liable for any action it takes or omits
to take in good faith which it reasonably believes to be authorized or within its rights or powers. 
 (5) The Trustee may
consult with counsel of its selection, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel. 
 (6) The Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which may be incurred therein or thereby. 
 (7) The Trustee shall not
be deemed to have knowledge of any fact or matter unless such fact or matter is known to a Responsible Officer of the Trustee. 
 7.3 Individual Rights of
Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may make loans to,
accept deposits from, perform services for or otherwise deal with the Company, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, shall be subject to
Sections 7.10 and 7.11 hereof. 
 7.4 Trustee’s Disclaimer. 
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities (except that the Trustee represents that it is duly authorized to execute and deliver this Indenture and
authenticate the Securities and perform its obligations hereunder), it shall not be accountable for the Company’s use of the proceeds from the sale of Securities or any money paid to the Company pursuant to the terms of this Indenture and it
shall not be responsible for any statement in the Securities other than its certificates of authentication. 
  

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 7.5 Notice of Default. 
 If a Default or an Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the Securities of that
Series notice of the Default or the Event of Default, as the case may be, within 30 days after it occurs. Except in the case of a Default or an Event of Default in payment of the principal of, or premium, if any, or interest on any Security of any
Series, the Trustee may withhold the notice if and so long as the Board of Directors of the Trustee, the executive committee or any trust committee of such board and/or its Responsible Officers in good faith determine(s) that withholding the notice
is in the interests of the Securityholders of that Series. 
 7.6 Reports by Trustee to Holders. 
 If and to the extent required by the TIA, within 60 days after May 15 of each year, commencing the May 15 following the date of this Indenture,
the Trustee shall mail to each Securityholder a brief report dated as of such May 15 that complies with TIA Section 313(a). The Trustee also shall comply with TIA Sections 313(b) and 313(c). 
 A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that
Series are listed. The Company shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange, and the Trustee shall comply with TIA Section 313(d). 
 7.7 Compensation and Indemnity. 
 The Company shall
pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any provision of law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
upon request for all reasonable disbursements, expenses and advances incurred or made by it in connection with its duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel. 
 The Company shall indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in
connection with the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or
duties hereunder. The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity. However, the failure by the Trustee to so notify the Company shall not relieve the Company of its obligations.
Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad faith. 
 To secure the payment obligations of the Company in this Section 7.7, 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 such money or property held in trust to pay principal of and interest and premium (if any) on particular Securities of that Series. 
  

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 When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(6) or (7) hereof occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 For purposes of this Section 7.7, the term “Trustee” shall include any trustee appointed pursuant to Article 9. 
 7.8 Replacement of Trustee. 
 The Trustee may resign
with respect to the Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation. 
 The Holders of a majority in principal amount of the outstanding Securities of any Series may remove the Trustee with respect to that Series by notifying the removed Trustee in writing and may appoint a successor Trustee with respect to
that Series with the written consent of the Company, which consent shall not be unreasonably withheld. The Company may remove the Trustee with respect to that Series at its election if: 
 (1) the Trustee fails to comply with, or ceases to be eligible under, Section 7.10 hereof; 
 (2) 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; 
 (3) a Custodian or other public officer takes charge of the Trustee or its property; or 
 (4) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee with respect to any Series of Securities for any reason, the Company shall promptly notify each Holder of such event and shall
promptly appoint a successor Trustee. 
 If a successor Trustee with respect to the Securities of 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 10% in principal amount of the outstanding Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee. 
 If the Trustee with respect to the Securities of one or more Series fails to
comply with Section 7.10 hereof, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and 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 following such delivery
(i) the retiring Trustee with respect to one or more Series shall, subject to its rights under Section 7.7 hereof, transfer all property held by it as Trustee with respect to such Series to the successor Trustee, (ii) the 

 

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 resignation or removal of the retiring Trustee shall become effective, and (iii) the successor Trustee with respect
to such Series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession to each Securityholder of such Series.

 7.9 Successor Trustee by Consolidation, Merger or Conversion. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation, subject to Section 7.10 hereof, the successor corporation
without any further act shall be the successor Trustee. 
 7.10 Eligibility; Disqualification. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee
shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b), including the provision in Section 310(b)(1). If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and with the effect specified in this Article 7. 
 7.11 Preferential Collection of Claims Against Company. 
 The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated
therein. 
 7.12 Paying Agents. 
 The
Company shall cause each Paying Agent other than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 7.12: 
 (1) that it will hold all sums held by it as agent for the payment of principal of, or premium, if any, or interest on, the Securities
(whether such sums have been paid to it by the Company or by any obligor on the Securities) in trust for the benefit of Holders of the Securities or the Trustee; 
 (2) that it will at any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee
all sums so held in trust by it together with a full accounting thereof; and 
 (3) that it will give the Trustee written
notice within three (3) Business Days of any failure of the Company (or by any obligor on the Securities) in the payment of any installment of the principal of, premium, if any, or interest on, the Securities when the same shall be due and
payable. 
  

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 ARTICLE 8 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 8.1 Without Consent of Holders. 
 The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without
notice to or consent of any Securityholder: 
 (1) to comply with Section 5.1 hereof; 
 (2) to provide for uncertificated Securities in addition to certificated Securities; 
 (3) to comply with any requirements of the SEC under the TIA; 
 (4) to cure any ambiguity, defect or inconsistency, or to make any other change that does not adversely affect the rights of any
Securityholder; 
 (5) to provide for the issuance of and establish the form and terms and conditions of Securities of any
Series as permitted by this Indenture; or 
 (6) 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. 
 The Trustee is hereby authorized to join with the Company in the execution of any supplemental indenture authorized or permitted
by the terms of this Indenture and to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which adversely affects its own
rights, duties or immunities under this Indenture. 
 8.2 With Consent of Holders. 
 (a) The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or
more Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of such Series affected by such amendment or supplement without notice to any Securityholder. The Holders of
not less than a majority in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance in a particular instance by the Company with any provision of this Indenture or
the Securities of such Series without notice to any Securityholder. Subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment, supplement or waiver, including a waiver pursuant to Section 6.4, may
not: 
 (1) reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver to this Indenture
or the Securities; 
  

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 (2) reduce the rate of or change the time for payment of interest on any Security;

 (3) 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; 
 (4) make any Security payable in money other than that stated
in the Security; 
 (5) change the amount or time of any payment required by the Securities or reduce the premium payable upon
any redemption of the Securities, or change the time before which no such redemption may be made; 
 (6) waive a Default or
Event of Default in the payment of the principal of or interest or premium, 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); 
 (7) waive a redemption
payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities; 
 (8)
make any changes in Sections 6.4 or 6.7 hereof or this Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any matter; or; or 
 (9) take any other action otherwise prohibited by this Indenture to be taken without the consent of each holder affected thereby.

 (b) Upon the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental
indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and upon receipt by the Trustee of the documents described in Section 8.6 hereof, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may in its discretion, but
shall not be obligated to, enter into such supplemental indenture. 
 (c) It shall not be necessary for the consent of the
Holders under this section to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  

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 8.3 Compliance with Trust Indenture Act. 
 Every amendment to or supplement of this Indenture or the Securities shall comply with the TIA as then in effect. 
 8.4 Revocation and Effect of Consents. 
 Until an
amendment, supplement, waiver or other action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Security or portion thereof, and of
any Security issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. Any such Holder or subsequent Holder, however, may revoke the consent as to his Security or
portion of a Security, if the Trustee receives the notice of revocation before the date the amendment, supplement, waiver or other action becomes effective. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver which record date shall be at least 30 days
prior to the first solicitation of such consent. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be
entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days
after such record date without the applicable amendment, supplement or waiver becoming effective. 
 After an amendment, supplement, waiver
or other action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through (9) of Section 8.2 hereof. In that case the amendment, supplement, waiver or other action 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; provided that any such waiver shall not impair or
affect the right of any Holder to receive payment of principal of and interest and premium (if any) on a Security, on or after the respective due dates expressed in such Security, or to bring suit for the enforcement of any such payment on or after
such respective dates without the consent of such Holder. 
 8.5 Notation on or Exchange of Securities. 
 If an amendment, supplement, or waiver changes the terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to
the Trustee. In such case, the Trustee shall place an appropriate notation on such Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for such Security
shall issue and the Trustee shall authenticate a new security that reflects the changed terms. Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

  

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 8.6 Trustee to Sign Amendments, Etc. 
 The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1 hereof, shall be fully protected in relying
upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors of the
Company approves it. 
 ARTICLE 9 
 DISCHARGE OF INDENTURE; DEFEASANCE 
 9.1 Discharge of Indenture. 
 The Company may terminate its obligations under the Securities of any Series and this Indenture with respect to such Series, except the obligations
referred to in the last paragraph of this Section 9.1, if there shall have been canceled by the Trustee or delivered to the Trustee for cancellation all Securities of such Series theretofore authenticated and delivered (other than any
Securities of such Series that are asserted to have been destroyed, lost or stolen and that shall have been replaced as provided in Section 2.8 hereof) and the Company has paid all sums payable by it hereunder or deposited all required sums
with the Trustee. 
 After such delivery the Trustee upon request shall acknowledge in writing the discharge of the Company’s
obligations under the Securities of such Series and this Indenture except for those surviving obligations specified below. 
 Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company in Sections 7.7, 9.5 and 9.6 hereof shall survive. 
 9.2 Legal
Defeasance. 
 The Company may at its option, by Board Resolution, be discharged from its obligations with respect to the Securities of
any Series on the date the conditions set forth in Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by the Securities of such Series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company,
shall, subject to Section 9.6 hereof, execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of outstanding Securities
of such Series to receive solely from the trust funds described in Section 9.4 hereof and as more fully set forth in such section, payments in respect of the principal of, premium, if any, and interest on the Securities of such Series when such
payments are due, (B) the Company’s obligations with respect to the Securities of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9 hereof, (C) the rights, powers, trusts, duties, and immunities of the Trustee hereunder
(including claims of, 
  

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 or payments to, the Trustee under or pursuant to Section 7.7 hereof) and (D) this Article 9. Subject to
compliance with this Article 9, the Company may exercise its option under this Section 9.2 with respect to the Securities of any Series notwithstanding the prior exercise of its option under Section 9.3 below with respect to the Securities
of such Series. 
 9.3 Covenant Defeasance. 
 At the option of the Company, pursuant to a Board Resolution, the Company shall be released from its obligations under Sections 4.2 through 4.7 hereof, inclusive, and Section 5.1 hereof, with respect to the outstanding Securities of
any Series, on and after the date the conditions set forth in Section 9.4 hereof are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference elsewhere herein to any such specified Section or portion
thereof or by reason of any reference in any such specified section or portion thereof to any other provision herein or in any other document, but the remainder of this Indenture and the Securities of any Series shall be unaffected thereby.

 9.4 Conditions to Legal Defeasance or Covenant Defeasance. 
 The following shall be the conditions to application of Section 9.2 or Section 9.3 hereof to the outstanding Securities of a Series: 
 (1) the Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the
requirements of Section 7.10 hereof who shall agree to comply with the provisions of this Article 9 applicable to it) as 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 the Securities, (A) money in an amount, or (B) U.S. Government Obligations or Foreign Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of, premium, if any, and accrued interest on the outstanding Securities
of such Series at the Stated Maturity of such principal, premium, if any, or interest, or on dates for payment and redemption of such principal, premium, if any, and interest selected in accordance with the terms of this Indenture and of the
Securities of such Series; 
 (2) no Event of Default or Default with respect to the Securities of such Series shall have
occurred and be continuing on the date of such deposit, or shall have occurred and be continuing at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following the expiration of the
longest preference period under any Bankruptcy Law applicable to the Company in respect of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 
  

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 (3) such Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest for purposes of the TIA with respect to any securities of the Company; 
 (4) such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute default under any other agreement or instrument to which the Company is a party or by which it is bound; 
 (5) the Company shall have delivered to the Trustee an Opinion of Counsel stating that, as a result of such Legal Defeasance or Covenant
Defeasance, neither the trust nor the Trustee will be required to register as an investment company under the Investment Company Act of 1940, as amended; 
 (6) in the case of an election under Section 9.2 above, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling to the effect that or (ii) there has been a change in any applicable Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of the outstanding Securities of such
Series or persons in their positions will not recognize income, gain or loss for Federal income tax purposes solely as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner, including as
a result of prepayment, and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (7) in
the case of an election under Section 9.3 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the outstanding Securities of such Series will not recognize income, gain or loss for
Federal income tax purposes as a result of such Covenant Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 (8) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for in this Article 9 relating to either the Legal Defeasance under Section 9.2 above or the Covenant Defeasance under Section 9.3 hereof (as the case may be) have been complied with; 
 (9) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) was not
made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 
 (10) the Company shall have paid or duly provided for payment under terms mutually satisfactory to the Company and the Trustee all amounts then due to the Trustee pursuant to Section 7.7 hereof. 
  

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 9.5 Deposited Money and U.S. and Foreign Government Obligations to be Held in Trust; Other Miscellaneous Provisions.

 All money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee
pursuant to Section 9.4 hereof in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal, premium, if any, and accrued interest, but such money need not be segregated from other funds except to
the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed
against the U.S. Government Obligations and Foreign Government Obligations deposited pursuant to Section 9.4 hereof or the principal, premium, if any, and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the outstanding Securities. 
 Anything in this Article 9 to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held by it as provided in Section 9.4 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance. 
 9.6 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance with Section 9.1, 9.2, 9.3 or 9.4 hereof by reason of any legal proceeding or by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit
had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted to apply all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with Section 9.1, 9.2,
9.3 or 9.4 hereof; provided, however, that if the Company has made any payment of principal of, premium, if any, or accrued interest on any Securities because of the reinstatement of their obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such payment from the money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee or Paying Agent. 
 9.7 Moneys Held by Paying Agent. 
 In connection with the satisfaction and discharge of this
Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee, or if sufficient moneys have been deposited pursuant to Section 9.1 hereof, to the Company,
and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
  

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 9.8 Moneys Held by Trustee. 
 Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the principal of, or premium, if any, or interest on any Security that are not applied but remain
unclaimed by the Holder of such Security for two years after the date upon which the principal of, or premium, if any, or interest on such Security shall have respectively become due and payable shall be repaid to the Company upon Company Request,
or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for
the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Trustee or any such Paying Agent, before being required to make any such
repayment, may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities maintained by the Registrar or cause to be published once a week for two successive weeks, in a
newspaper published in the English language, customarily published each Business Day and of general circulation in the City of New York, New York, a notice that such money remains unclaimed and that, after a date specified therein, which shall not
be less than 30 days from the date of such mailing or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company or the release of any money held in trust by the Company,
Securityholders entitled to the money must look only to the Company for payment as general creditors unless applicable abandoned property law designates another person. 
 ARTICLE 10 
 MISCELLANEOUS 
 10.1 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts
with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 10.2 Notices. 
 Any notice or communication shall be given in writing and delivered in person, sent by facsimile, delivered by commercial courier service or mailed by
first-class mail, postage prepaid, addressed as follows: 
  

			
		 	 If to the Company:

		
		 	 GTC Biotherapeutics, Inc.

		 	 175 Crossing Boulevard

		 	 Framingham, Massachusetts 01702

		 	 Attention: Chief Financial Officer

  

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		 	 Copy to:

		
		 	 Edwards Angell Palmer & Dodge LLP

		 	 111 Huntington Avenue

		 	 Boston, Massachusetts 02199

		 	 Attention: Nathaniel S. Gardiner, Esq.

		
		 	 If to the Trustee:

		
		 	                                      
                                       
 
		
		 	                                      
                                       
 
		
		 	                                      
                                       
 
		
		 	                                      
                                       
 
		
		 	                                      
                                       
 

 The Company or the Trustee by written notice to the other may designate additional or different
addresses for subsequent notices or communications. Any notice or communication to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when answered back, if telexed; when
receipt is acknowledged, if telecopied; and five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received
by the addressee). 
 Any notice or communication mailed to a Securityholder shall be mailed to him by first-class mail, postage prepaid, at
his address shown on the register kept by the Registrar. In addition, notices or communications to Securityholders shall be given by release made to Reuters Economic Services and Bloomberg Business News. 
 Failure to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders.
If a notice or communication to a Securityholder is mailed in the manner provided above, it shall be deemed duly given five (5) calendar days after mailing, whether or not the addressee receives it. 
 In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by
this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 
  

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 In the case of Global Securities, notices or communications to be given to Securityholders shall be given
to the Depositary, in accordance with its applicable policies as in effect from time to time. 
 10.3 Communications by Holders with Other Holders.

 Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any
other Series with respect to their rights under this Indenture or the Securities of that Series or any other Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
 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: 
 (1) an Officers’ Certificate (which shall include the statements set forth in Section 10.5 below) 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 
 (2) an Opinion of Counsel (which shall include the statements
set forth in Section 10.5 below) stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 10.5
Statement Required in Certificate and Opinion. 
 Each certificate and opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (1) a statement that the Person making such certificate or opinion has read
such covenant or condition; 
 (2) 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; 
 (3) a statement that, in the opinion of such
Person, it or he has made such examination or investigation as is necessary to enable it or him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with. 
  

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 10.6 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable rules for their functions. 
 10.7 Business Days; Legal Holidays. 
 A
“Business Day” is a day that is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday, a federally recognized holiday or a day on which banking institutions are not required to be open in the State of New
York or the Commonwealth of Kentucky. 
 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. 
 10.8 Governing Law. 
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES. 
 10.9 No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such
indenture, loan, security or debt agreement may be used to interpret this Indenture. 
 10.10 No Recourse Against Others. 
 A director, officer, employee, stockholder or incorporator, 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 creations. Each Securityholder by accepting a Security waives and releases all such liability. Such waiver and release are part of the
consideration for the issuance of the Securities. 
 10.11 Successors and Assigns. 
 All agreements of the Company in this Indenture and the Securities shall bind its successors and assigns, whether so expressed or not. All agreements of
the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns. 
  

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 10.12 Multiple Counterparts. 
 The parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement. 
 10.13 Table of Contents, Headings, Etc. 
 The table of
contents, cross-reference sheet 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. 
 10.14 Separabilty. 
 Each provision of this Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture or 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. 
 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 ECU), 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 10.16, “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. 
  

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 All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative
determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all
Holders. 
 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
premium (if any) 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. 
 [Remainder of Page Intentionally Left Blank] 
  

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 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed as of the day and year first above written. 
  

			
	 GTC BIOTHERAPEUTICS, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [Name of Trustee]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 - 46 -

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