Document:

Document

Exhibit 10.1

NORDSTROM

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(2020 Restatement)

Lane Powell PC
1420 Fifth Ave, Suite 4200
Seattle, WA 98101-2375
Telephone:  (206) 223-7000
Facsimile:  (206) 223-7107

081000.1311/7966037.1  

TABLE OF CONTENTS

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	ARTICLE I.  TITLE, PURPOSE AND EFFECTIVE DATE
	1

	1.01 Title
	1

	1.02 Purpose
	1

	1.03 Effective Date
	1

	ARTICLE II.  ELIGIBILITY AND PARTICIPATION
	1

	2.01 Eligibility
	1

	2.02 Participation
	3

	2.03 Disability
	4

	2.04 Leave of Absence
	4

	ARTICLE III.  BENEFITS
	4

	3.01 Retirement Benefit
	4

	3.02 Tier I Executive Retirement Benefit
	5

	3.03 Tier II Executive Retirement Benefit.
	5

	3.04 1999 and Transition Plan Executive Retirement Benefit.
	5

	3.05 Normal Retirement Benefits
	6

	3.06 Early Retirement Benefits
	6

	3.07 Deferred Retirement Benefits
	7

	3.08 Disability Retirement Benefits
	7

	3.09 Death Benefit
	8

	3.10 Payment of Benefits
	8

	ARTICLE IV.    RIGHTS OF PARTICIPANTS IN THE PLAN
	9

	4.01 Vesting
	9

	4.02 Exceptions to Vesting
	9

	4.03 Application of Clawback Policy
	10

	4.04 Rights in Plan are Unfunded and Unsecured
	11

	4.05 Discretion to Grant Years of Service or Increase Age.
	11

	ARTICLE V.  DEATH BENEFITS
	11

	5.01 Death Benefit Payable
	11

	5.02 50% Joint and Survivor Annuity
	12

	5.03 Acknowledgment
	12

	5.04 Surviving Beneficiary
	12

	5.05 Doubt as to Beneficiary
	13

	ARTICLE VI.  TERMINATION, AMENDMENT OR MODIFICATION OF THE PLAN
	13

	6.01 Plan Amendments and Termination
	13

	6.02 Change of Control – Protected Benefits
	13

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	ARTICLE VII.  CLAIMS PROCEDURES
	14

	7.01 Submission of Claim
	14

	7.02 Denial of Claim
	14

	7.03 Review of Denied Claim
	14

	7.04 Decision upon Review of Denied Claim
	14

	ARTICLE VIII.  TRUST
	15

	8.01 Establishment of the Trust
	15

	8.02 Interrelationship of the Plan and the Trust
	15

	8.03 Funding on Change of Control
	15

	8.04 Administration of Trust Assets.
	15

	ARTICLE IX.  PLAN ADMINISTRATION
	16

	9.01 Plan Sponsor and Administrator
	16

	9.02 Authority of Committee
	16

	9.03 Exercise of Authority
	16

	9.04 Delegation of Authority
	16

	9.05 Reliance on Opinions
	16

	9.06 Information
	16

	9.07 Indemnification
	17

	ARTICLE X.  MISCELLANEOUS
	17

	10.01 No Employment Contract
	17

	10.02 Employee Cooperation
	17

	10.03 Illegality and Invalidity
	17

	10.04 Required Notice
	17

	10.05 Interest of Participant’s Beneficiary
	17

	10.06 Tax Liabilities from Plan
	18

	10.07 Benefits Nonexclusive
	18

	10.08 Discharge of Company Obligation
	18

	10.09 Costs of Enforcement
	18

	10.10 Gender and Case
	18

	10.11 Titles and Headings
	18

	10.12 Applicable Law
	18

	10.13 Counterparts
	18

	10.14 Definitions
	19

	10.15 Code Section 409A
	19

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ARTICLE I.

TITLE, PURPOSE AND EFFECTIVE DATE 

        1.01 Title.  This plan shall be known as the Nordstrom Supplemental Executive Retirement Plan, and any reference in this instrument to the “Plan” or “SERP” shall include the plan as described herein and as amended from time to time.

        1.02 Purpose.  The Plan is intended to constitute an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees of Nordstrom, Inc., a Washington corporation (“Company”), and its affiliates as designated by the Board (collectively the “Employers”), within the meaning of Section 201(2), 301(a)(3) and 401(a)(4) of the Employee Retirement Income Security Act of 1974 (“ERISA”).  In addition, the Plan is an unfunded, nonqualified plan that is not intended to satisfy the qualification requirements set forth in Section 401(a) of the Internal Revenue Code of 1986, as amended (“Code”).  The benefits provided to a Participant under this Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Employers.  The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

        1.03 Effective Date.  The Plan was originally effective as of July 18, 1988.  The Plan was subsequently amended on a number of occasions and, in order to provide a number of Plan design changes, to make changes in Plan administration and to otherwise clarify certain Plan provisions, the Company adopted a restatement of the Plan, effective January 1, 1999.  Subsequent to the 1999 Restatement, the Company undertook a complete review of the competitive nature of the Plan’s benefit structure, revisited the initial goals and objectives of the Plan and, in making a number of other administrative changes, adopted the 2002 Restatement.  After an internal review of the 2002 Restatement and the structure of the benefit formula and its impact on specific participant groups, a number of modifications were proposed, which were included in a 2003 Restatement.  The 2008 Restatement was adopted effective January 1, 2009, to document compliance with Section 409A of the Code.  For the period from January 1, 2005 to December 31, 2008, the Plan observed operational compliance with Section 409A of the Code, in accordance with transitional guidance issued by the Internal Revenue Service.  This 2020 Restatement is generally effective January 1, 2020, unless otherwise indicated herein.  

ARTICLE II.

ELIGIBILITY AND PARTICIPATION

2.01  Eligibility. Eligibility for this Plan shall be limited to Executives as that term is defined herein.  

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         (a) Executive Defined.  For purposes of this Plan, the term “Executive” means the officers of Nordstrom, Inc., as selected by the Board, and any other management or highly compensated employee of the Company or an Employer, who has been specifically designated by the Committee and approved by the Board as eligible to become a Participant in this Plan. When designating such individual as an “Executive,” the Board or Committee shall have the discretion to categorize Executives as any one of the following:

          (i) 1999 Plan Executives.  A “1999 Plan Executive” is any Executive who, as of January 1, 2003, was both:  designated as eligible under the Plan (either because he or she was a corporate officer or as a result of Board or Committee designation), and  eligible for, or within one year of being eligible for, Early Retirement under the Plan.

          (ii) Transition Plan Executives.  A “Transition Plan Executive” is any Executive who, as of January 1, 2003, met all of the following requirements:  was designated as eligible under the Plan (either because he or she was a corporate officer or as a result of Board or Committee designation),  had more than 15 Years of Credited Service under the Plan,  was not eligible for, and was not within one year of being eligible for, Early Retirement under the Plan, and  was not specifically designated as a Tier I or Tier II Executive.

          (iii) Tier I Executives.  A “Tier I Executive” is any Executive designated by the Board or the Committee as a Tier I Executive and who is not a 1999 Plan Executive or a Transition Plan Executive.

          (iv) Tier II Executives.  A “Tier II Executive” is any Executive designated by the Board or Committee as a Tier II Executive and who is not a 1999 Plan Executive or a Transition Plan Executive.

          (v) Change in Designation.  The Committee and the Board shall have the discretion and authority to change an Executive’s designation, provided that the time and form of payment of a benefit under this Plan shall be determined based on the Executive’s category when he or she was first designated as eligible for this Plan.

         (b) Revocation of Designation.  Notwithstanding the foregoing, the Board may, in its sole and exclusive discretion, revoke an employee’s designation as an Executive hereunder at any time.  An Executive whose designation has been revoked shall be entitled to only those benefits, if any, which have vested as of the date of revocation, and the revocation shall not change the time or form of payment of benefits.

         (c) Certain Executive Transfers.  An Executive who has terminated employment with an Employer or the Company as a result of an employment transfer to an affiliate that is not an Employer, shall continue to be considered an eligible Executive solely for purposes of determining whether the Executive has separated from active employment (including for purposes of determining eligibility for Early Retirement under 3.06), but shall not accrue any additional benefits while not actively employed by the Company or an Employer.  Any subsequent designation of such individual’s Executive status under the 
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Plan may include benefit credit for years of service with such organization as the Committee deems appropriate.

        2.02 Participation.  An Executive becomes a “Participant” in the Plan, when such Executive retires under 2.02(a), with the appropriate approval under 2.02(b) and 2.02(c), as follows:

         (a) “Retirement” Defined.  An Executive retires under the terms of the Plan when such Executive separates from active employment with the Company and each and every subsidiary and affiliate of the Company, on or after a retirement date specified in this section.  For purposes of this Plan, an Executive separates from active employment on the date when the Company and the Executive reasonably anticipate that the Executive’s level of bona fide services will be permanently reduced to 49 percent or less of the level of bona fide services performed during the immediately preceding period of 36 consecutive months.  An Executive’s termination of employment with the Company as a result of such Executive’s transfer to a subsidiary or affiliate of the Company shall not, by itself, constitute a separation from active employment for purposes of this section.   The retirement dates are:

          (i) Normal Retirement Date.  The Executive’s Normal Retirement Date shall be (a) a 1999 Plan Executive’s sixtieth (60th) birthday, (b) a Transition Plan Executive’s fifty-fifth (55th) birthday, or (c) a Tier I or Tier II Executive’s fifty-eighth (58th) birthday.

          (ii) Early Retirement Date.  The Executive’s Early Retirement Date shall be the date that the Executive has both:

           (1) completed at least ten (10) Years of Credited Service (as defined under 3.01(a)); and

           (2) in the case of a 1999 Plan Executive, attained age 50, or in the case of a  Tier I,  Tier II or Transition Plan Executive, attained age 53.

          (iii) Disability Retirement Date.  The Executive’s Disability Retirement Date shall be the date on which:  a 1999 Plan Executive becomes eligible for unreduced Early Retirement Benefits under Section 3.06, provided that the Executive continues to be permanently Disabled on such date, or  a Tier I, Tier II or Transition Plan Executive becomes eligible for Normal Retirement Benefits under 3.05, provided that the Executive continues to be permanently Disabled through his or her Normal Retirement Date.

         (b) Committee Approval.  The Committee is not required to approve  Retirement Benefits under Article III, provided that the Company’s Compensation Department (or any successor department) shall report all such Retirement Benefits that commenced during the year to the Committee annually.  

         (c) Board Approval for Early Retirement.  An Executive who separates from active employment on or after his or her Early Retirement Date (but prior to Normal Retirement Date) must receive the consent and approval of the Board for such early retirement.  If the Executive elects to separate from 
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active employment without Board approval of early retirement, the Executive’s entire benefit under the Plan shall be forfeited.    

        2.03 Disability.  An Executive who becomes Disabled while employed by the Company or an Employer shall be deemed to be an Executive in active service with the Company during the period of such Disability and shall continue to accrue Years of Credited Service for such period whether or not such Executive actually performs services for the Company during such period; provided, however, that accrual of service under this section shall cease upon the earlier of the Disabled Executive’s: (i) recovering from such Disability; or (ii) Disability Retirement Date. An Executive who recovers from such Disability, but who does not thereafter return to active service with an Employer shall be treated as though he or she terminated employment prior to reaching a Retirement Date and his or her Plan benefit shall be forfeited.  For purposes of this Plan, an Executive is Disabled if the Executive is considered “disabled” under the Company’s Disability Program.

        2.04 Leave of Absence.  The Board shall determine, on an individual basis and in its sole and absolute discretion, the treatment under the Plan of an Executive who takes a leave of absence from the Company or an Employer for reasons other than Disability, provided that the Board shall not change the time or form of payment of benefits set forth in this Plan solely because of the Executive’s leave of absence.  If an Executive is on an approved leave of absence for reasons other than Disability, the employment relationship will be treated as continuing for the entire period of the approved leave.

ARTICLE III.

BENEFITS

        3.01 Retirement Benefit.  An Executive’s “Retirement Benefit” shall mean the benefit payable to the Executive as a Participant, pursuant to this Article III, expressed and payable as a monthly benefit in the form of a 50% Joint and Survivor Annuity, commencing on the Retirement Date.  An Executive’s Retirement Benefit depends on the Executive’s eligibility category as designated by the Board or Committee as a 1999 Plan Executive, Transition Plan Executive, Tier I Executive, or Tier II Executive, with the following provisions and definitions applying to each of those categories:

         (a) Year of Credited Service.  A “Year of Credited Service” shall have the same meaning as “Years of Service” under the Nordstrom 401(k) Plan (and any predecessor or successor thereto) (“401(k) Plan”).  Service with a subsidiary or other corporation controlled by the Company shall not be considered “Credited Service” unless the Committee specifically agrees to credit such service.  In addition, Years of Credited Service may be granted by the Committee under 4.05.  In no case, however, will more than twenty-five (25) Years of Credited Service be counted for any purpose under the Plan.

         (b) Final Average Compensation.  For purposes of this Plan, Final Average Compensation shall mean the monthly compensation resulting from the average of the highest thirty-six (36) months of the Executive’s Covered Compensation, measured over the Averaging Period:

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          (i) Covered Compensation.  For purposes of determining an Executive’s Final Average Compensation, Covered Compensation shall include base salary and the cash bonus accrued for a fiscal year, divided by the number of full and partial months the Executive worked in the fiscal year.  Covered Compensation shall not include any other items of remuneration such as reimbursements, allowances, fringe benefits or gains on the exercise of stock options, regardless of whether such amounts are included in the taxable income of the Executive.  Unless specifically agreed to by the Committee, Covered Compensation shall not include any remuneration provided by a subsidiary or an affiliate.

          (ii) Averaging Period.  The Executive’s Averaging Period shall be the longer of:  (a) the final sixty (60) months of the Executive’s employment; or (b) the entire period of service (measured in months) after either  a 1999 Plan Executive’s fiftieth (50th) birthday, or  a Transition Plan or Tier I or II Executive’s fifty-third (53rd) birthday.  Unless the Committee decides otherwise, periods of employment with a subsidiary or affiliate that is not an Employer shall not be considered for purposes of determining the Averaging Period.

         (c) Maximum Retirement Benefit.  Notwithstanding anything in the Plan to the contrary, including but not necessarily limited to this Article III, the Retirement Benefit payable to an Executive under this Plan shall at no time exceed $58,333.33 per month.    

        3.02 Tier I Executive Retirement Benefit.  A Tier I Executive’s Retirement Benefit shall be equal to one and six-tenths percent (1.6%) of such Executive’s Final Average Compensation, multiplied by the Executive’s Years of Credited Service.

        3.03 Tier II Executive Retirement Benefit.  A Tier II Executive’s Retirement Benefit shall be equal to eight-tenths percent (0.8%) of such Executive’s Final Average Compensation, multiplied by the Executive’s Years of Credited Service.

        3.04 1999 and Transition Plan Executive Retirement Benefit.  A 1999 Plan Executive’s Retirement Benefit and a Transition Plan Executive’s Retirement Benefit shall be equal to two and four-tenths percent (2.4%) of such Executive’s Final Average Compensation, multiplied by the Executive’s Years of Credited Service, but reduced by the Executive’s Annuity Value of 401(k) Plan, determined as follows:

         (a) Annuity Value of 401(k) Plan.  The Executive’s Annuity Value of 401(k) Plan means the actuarially equivalent monthly amount of the Executive’s Company contribution account balances as of the date such Executive retires, if the account balances were paid in the form of a 50% Joint and Survivor Annuity, as follows:

          (i) 401(k) Plan.  Company-provided 401(k) Plan and matching contributions (and income thereon) under the 401(k) Plan; plus

          (ii) Other Qualified Plans.  The amount of any Company-provided benefits to the Executive under any other qualified plan of the Company or its affiliates; plus

          (iii) Distributions.  The amount of any previous withdrawals or other distributions of any type (regardless of the payee) from the previously described plans (without adjustment 
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for imputed earnings for any period following the actual date of withdrawal or distribution), other than  distributions of life insurance policies from the 401(k) Plan; and  the excess (if any) of premiums paid with respect to life insurance policies prior to such date over the cash surrender value used in computing the account balances in the 401(k) Plan as of such date expressed and payable as a monthly benefit commencing on the applicable payment date in the form of a 50% Joint and Survivor Annuity.

         (b) 50% Joint and Survivor Annuity.  For purposes of determining the reductions under Section 3.04(a), a 50% Joint and Survivor Annuity means the annuity defined in Section 5.02, with the following modifications to take into account the determination of such annuity value upon the Participant’s (as opposed to the Beneficiary’s) commencement of benefits under the Plan: 

          (i) Beneficiary.  A Participant’s joint annuitant in this context is the individual who would be considered the Participant’s Beneficiary under 5.02(a) (for purposes of the Plan’s pre-retirement survivor annuity) on the date the Participant retires.  In the event that there is no Beneficiary on such date, the survivor annuity shall be calculated as though the Participant had a Beneficiary of the same age as the Participant.

          (ii) Actuarial Equivalent.  The Actuarial Equivalent used for this section shall be the same as that defined and used by the Committee in Section 5.02(b), except that the interest rate used shall be the IRS Long Term Applicable Federal Rate (AFR) stated for the month prior to the month in which the Executive retires.

        3.05 Normal Retirement Benefits.  An Executive who retires on or after Normal Retirement Date shall be entitled to a Retirement Benefit under either 3.02, 3.03 or 3.04 (as appropriate) determined as of the actual date the Executive retires.

        3.06 Early Retirement Benefits.  Subject to 3.06(c), an Executive who retires (with the consent and approval of the Board) on or after his or her Early Retirement Date but before his Normal Retirement Date shall be entitled to an Early Retirement Benefit as follows:

         (a) Retirement Benefit.  The Executive’s Retirement Benefit under 3.02, 3.03 or 3.04 (as appropriate) determined on the actual date the Executive retires, reduced by the Early Retirement Reduction Factor.

         (b) Early Retirement Reduction Factor.  

          (i) 1999 Plan Executives.  For 1999 Plan Executives, three percent (3%) for each year the sum of the Participant’s age and Years of Credited Service is less than 75.   

          (ii) Transition Plan Executives.  For Transition Plan Executives, twelve and one-half percent (12.5%) for each year prior to the Executive’s Normal Retirement Date, with such reduction percentage to be prorated for any applicable fraction of a year, based on the number of full months worked in such year.

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          (iii) Tiers I and II Executives.  For any Tier I or Tier II Executive, ten percent (10%) for each year prior to the Executive’s Normal Retirement Date, with such reduction percentage to be prorated for any applicable fraction of a year, based on the number of full months worked in such year.

         (c) Transition Plan Executives.  If a Transition Plan Executive's Early Retirement Benefit calculated as though they were a Tier I Executive (under 3.02 and 3.06(b)(iii)), is greater than the Early Retirement Benefit calculated as a Transition Plan Executive (under 3.04 and 3.06(b)(ii)), then such Transition Plan Executive shall be entitled to receive such greater Early Retirement Benefit calculated as though they were a Tier I Executive.

        3.07 Deferred Retirement Benefits.  An Executive who retires after his or her Normal Retirement Date shall be entitled to a Deferred Retirement Benefit equal to the Normal Retirement Benefit under this Article III, but increased with interest for each Year of Post-Normal Retirement Date Service, up to a maximum of ten (10) Years of Post-Normal Retirement Date Service.  For Executives who have not retired as of the August 8, 2014, a Year of Post-Normal Retirement Date Service means the period of twelve (12) consecutive full months beginning with the Participant’s Normal Retirement Date, and each successive period of twelve (12) consecutive full months, prior to the Participant’s date of Retirement (as defined in 2.02(a)).  Partial Years of Post-Normal Retirement Date Service shall be disregarded.  An interest rate of five percent (5%) per Year of Post-Normal Retirement Date Service, compounded annually, shall be used to calculate the increase under this section.

        3.08 Disability Retirement Benefits.  A Disabled Executive continuing to accrue service credit under Section 2.03 shall be treated, for purposes of the Plan, as an active Executive for such period, and the Retirement Benefit under this Article III shall be determined as of such Disabled Executive’s Disability Retirement Date.  A Disabled Executive may not receive Retirement Benefits prior to the Disability Retirement Date, even if, for example, the Executive qualifies for Early Retirement before his or her Disability Retirement Date.  In addition, a Disabled Executive who receives Retirement Benefits while also receiving long-term disability or other disability income benefits pursuant to any other Employer-sponsored plan, fund or program that covers a substantial number of employees (excluding disability income paid by Social Security), shall have the monthly Retirement Benefit payable under this Plan reduced (but not below zero) by the monthly benefit actually paid or payable under such other plan.  The amount by which the disability retirement benefit is reduced due to other payments shall be permanently forfeited.

        3.09 Death Benefit.  The Death Benefit under this Plan, whether payable before or after Retirement, shall consist solely of a survivor annuity, payable for the life of the Beneficiary (if any), as described in Article V.   

        3.10 Payment of Benefits.  The following shall apply to the payment of benefits under Article III:

         (a) Payment Commencement.

          (i) General Rule.  Payment of benefits under this Article III shall commence within 90 days after the date the Executive retires.  The Participant may not designate the taxable year in which payments will begin.

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          (ii) Key Employees.  If the Executive is a Key Employee, in order to comply with Code Section 409A, payments during the six-month period beginning on the Retirement Date shall be suspended.  The first payment after expiration of the six-month waiting period shall include all periodic payments that were suspended during the six-month waiting period.  For purposes of the Plan, Key Employee has the same meaning as under Code Section 416(i)(1)(A)(i), (ii), or (iii) (and disregarding Code Section 416(i)(5)).  An Executive’s status as a Key Employee is determined as of each September 30, and the Executive is treated as a Key Employee under the Plan for the next calendar year.  

         (b) Timing of Payment.  Periodic payments of benefits shall be paid in equal amounts on each of the Company’s regular payroll dates in accordance with the Company’s payroll policy then in effect.

         (c) Withholding. 
          
         (i)  Income Tax and Other Withholding.  The Company shall withhold from any and all benefit payments made under the Plan and this Article III, all federal, state and local income taxes the Company reasonably determines are required to be withheld in connection with the benefits hereunder, and any other amounts due, owing and unpaid by the Participant to the Company, to be determined in the sole discretion of the Company.  In the event the amounts due under this 3.10(c)(i) exceed the amount of benefits currently payable, the Participant shall be required to contribute to the Company an amount necessary to meet such obligations.
 
         (ii)  Employment Taxes.  At the time of Retirement, the Company shall calculate the employment taxes (i.e., Social Security and Medicare taxes) due on the Participant's benefit under the Plan.  Employment taxes shall be remitted to the appropriate taxing authority in accordance with applicable federal and state tax regulations.  The Company may, but is not required to, pay the Participant’s share of the employment taxes on behalf of the Participant.

  

ARTICLE IV.

RIGHTS OF PARTICIPANTS IN THE PLAN 

4.01  Vesting.  Except as otherwise provided in this Section and elsewhere in Article IV and Section 6.02, no Executive, Participant or Beneficiary shall have any vested interest in any Plan benefits.  The Benefits in which such Participant or Beneficiary has a vested interest under this Section (subject to forfeiture in 4.02) shall be determined as follows:

        (a) Years in Position.  In addition to the other requirements of this Section 4.01, an Employee must have been a designated Tier II Executive under the Plan for a period of at least seven Years of Credited Service in order to become vested in a benefit under this Plan.  

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         (b) Early Retirement.  A Participant entitled to Early Retirement Benefits under Section 3.06 shall have a vested interest in such benefits after the Board consents to and approves the Participant’s Early Retirement Date.

         (c) Normal Retirement.  A Participant entitled to Normal Retirement benefits under Section 3.05 shall have a vested interest in Normal Retirement benefits on the Participant’s Normal Retirement Date.

         (d) Deferred Retirement.  An Executive who retires after Normal Retirement Date shall have a vested interest in Retirement Benefits granted under Section 3.05 on the Participant’s Normal Retirement Date, and shall have a vested interest in the additional benefits under Section 3.07 on such Participant’s Deferred Retirement Date.

         (e) Death Benefit.  The Beneficiary of a Participant who is entitled to a survivor annuity under Article V shall have a vested interest in any applicable survivor annuity which is actually payable in accordance with the terms of Article V, on and after the date of the Participant’s death.

4.02  Exceptions to Vesting.  Notwithstanding any other provision of this Plan, an Executive’s benefit shall be forfeited in the following situations:

         (a) Tier II Executives.  No benefits shall be paid to a Tier II Executive who terminates employment with less than seven Years of Credited Service as a designated Tier II Executive under the Plan.

         (b) Suicide or Self-Inflicted Injury.  No benefits shall be paid to an Executive or to any Beneficiary of such Executive as a result of suicide or self-inflicted injury by the Executive within three (3) years after such Executive becomes an “Executive” under the Plan.

         (c) Termination for Cause.  If an Executive is terminated for “cause” or if an Executive is found by the Company at any time to have engaged in any acts as would have constituted “cause” for termination, the Executive and any Beneficiary of the Executive shall immediately forfeit any and all rights to benefits under this Plan.  Accordingly, any benefits in pay status shall cease immediately, and no future benefits shall be payable to the Executive or to his or her Beneficiary.  For purposes of this Plan, “cause” shall mean that the Executive has or had:

          (i) misappropriated, stolen or embezzled funds of the Company or an affiliate;

          (ii) committed an act of deceit, fraud, dereliction of duty or gross or willful misconduct;

          (iii) been convicted of either a felony or a crime involving moral turpitude or entered a plea of no contest in response to an indictment for such crime or felony;

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          (iv) intentionally disclosed confidential information of the Company or an affiliate (except when such disclosure is made pursuant to the direction of the Company or in accordance with legal, administrative or judicial process); or

          (v) engaged in competitive behavior against, actions inimical to the interests of, purposely aided a competitor of, or has misappropriated or aided in the misappropriation of a material opportunity of the Company or its affiliates.

        (d) Cessation of Benefits for Competition.  Retirement Benefits currently in pay status to a Participant shall cease, and no further benefits shall be payable, to the Participant (or Beneficiary) to the extent the Participant competes, directly or indirectly, with the Company.  For purposes of this Plan, “competing, directly or indirectly, with the Company” shall mean (without limitation) a determination, in the sole discretion of the Committee, of any of the following:  engaging in the operation of any type of business or enterprise in any way competitive with the business of the Company or its subsidiaries or affiliates,  holding an interest, either directly or indirectly, as owner, director, officer, employee, partner, shareholder (other than as the owner of less than two percent (2%) of the outstanding stock of a publicly owned company), in any type of business or enterprise in any way competitive with the business of the Company or its subsidiaries or affiliates; or  investing capital in, lending money or property to or rendering services to any type of business or enterprise in any way competitive with the business of the Company or its subsidiaries or affiliates.  In the event of a dispute as to the application of this paragraph, the Committee may waive or modify its right to discontinue payment to any Participant or to any Beneficiary of such Participant by written agreement.

        4.03 Application of Clawback Policy.  This section applies if the Board elects to apply the Company’s clawback policy to a Participant and application of the clawback policy results in a reduction in the Participant’s Final Average Compensation.  The Participant’s Plan benefit shall be recalculated, and the Participant’s future payments shall be adjusted automatically beginning with the first payment after the recalculation is completed.  To the extent that the Participant has already received payments under the Plan and those payments are greater than the recalculated benefit (i.e., an overpayment), the Plan Administrator shall recover the overpayment by reducing the next payment due under the Plan (but not below zero) and applying it to the overpayment.  To the extent that there continues to be an overpayment after reduction of the first recalculated payment, each successive payment shall be reduced (but not below zero) and the reduction shall be applied to the overpayment until the overpayment has been repaid in full.  Once the overpayment has been repaid in full, the Participant shall receive the recalculated benefit as if the recalculated benefit had been the initial benefit calculated under the Plan.  The provisions of this section for recovery of overpayments shall also apply to the Beneficiary of a Participant after the Participant’s death.

        4.04 Rights in Plan are Unfunded and Unsecured.  The Company’s obligation under the Plan shall in every case be an unfunded and unsecured promise to pay.  A Participant’s right to Plan distributions shall be no greater than the rights of general, unsecured creditors of the Company.  The Company may establish one or more grantor trusts (as defined in Code Section 671 et seq.) to facilitate the payment of benefits hereunder; however, the Company shall not be obligated under any circumstances (other than a Change of Control, as described in 6.02) to fund its financial obligations under the Plan.  Any assets which the Company may acquire or set aside to defray its financial liabilities shall be general assets 
10

of the Company, and such assets, as well as any assets set aside in a grantor trust, shall be subject to the claims of its general creditors in the event of the Company’s insolvency.

        4.05 Discretion to Grant Years of Service or Increase Age.  If circumstances warrant, and it is decided it is in the best interests of the Company, the Committee shall have the authority and discretion to grant to certain individuals additional Years of Credited Service or to treat such individuals as having attained a certain age for purposes of this Plan, provided, however, that no such action may alter the time or form of payment of Plan benefits.  Such circumstances may include  providing Executives with a recruiting incentive, or  such other circumstances that the Committee deems appropriate.  The Committee may condition the receipt of such additional benefits (to which the Executive is not otherwise entitled) on the Participant’s execution of an election of increased benefits under this Plan and a general release of all claims.  The Committee’s granting of Years of Credited Service and/or treating the Executive as attaining a certain age may affect the amount of the Executive’s benefit under this Plan, but shall not alter, and shall not be construed as altering, the Executive’s actual age or years of service with the Employer under any other plan of the Employer or for purposes of determining the time or form of payment under this Plan.

ARTICLE V.

DEATH BENEFITS

        5.01 Death Benefit Payable.  Each Executive’s Retirement Benefit is expressed and payable as a monthly benefit in the form of a 50% Joint and Survivor Annuity under this Plan.  Accordingly, the sole death benefit payable under this Plan on behalf of an Executive or a Participant is as follows: 

         (a) Pre-Retirement Death Benefit.  If a Participant dies while actively employed as an Executive, a pre-retirement death benefit shall be payable under the Plan upon the death of the Executive.  The pre-retirement death benefit shall be a Survivor Annuity payable for the life of the Executive’s Beneficiary, calculated as though the Executive had retired as a Participant and had begun receiving Early, Normal or Deferred Retirement Benefits under the Plan based on his or her actual age and Years of Credited Service on the day before his or her death.  The periodic payment to the Beneficiary is 50% of the periodic payment that would have been paid to the Executive if the Executive had not died prior to Retirement.  If the Executive dies before reaching a Retirement Date under the Plan, the survivor annuity shall commence on the earliest date the Executive would have been eligible to retire under the Plan.

         (b) Post-Retirement Death Benefit.  The Post-Retirement Death Benefit payable on behalf of a Participant shall be a 50% Survivor Annuity payable for the life of the Participant’s Beneficiary, based on the actual Retirement Benefit the Participant was receiving at the time of his or her death, calculated in accordance with the provisions of Section 5.02. 

        5.02 50% Joint and Survivor Annuity.  A 50% Joint and Survivor Annuity means an annuity for the life of the Participant and, after his or her death, a survivor annuity for the life of the Participant’s Beneficiary in an amount that is fifty percent (50%) of the original annuity amount paid to the Participant; 
11

provided, however, that if the Beneficiary is more than five years younger than the Participant, such survivor annuity will be calculated so that it is the Actuarial Equivalent of the 50% survivor annuity for a Beneficiary five years younger than the Participant.

         (a) Beneficiary.  A Participant’s Beneficiary is the individual to whom the Participant is legally married or the Participant’s Registered Domestic Partner on the date of the Participant’s death.  For this purpose, the term “Registered Domestic Partner” has the same meaning as is used under the Nordstrom Welfare Benefit Plan; provided, however, that the Committee may, in its discretion, substitute a less restrictive definition than is used in the Nordstrom Welfare Benefit Plan.

         (b) Actuarial Equivalent.  The Committee shall have the authority to periodically determine and change the appropriate factors used to determine Actuarial Equivalence under the Plan.  As of the Effective Date of this Restatement, the mortality table shall be the 1983 Group Annuity Mortality Table for males (GAM 83) and the interest rate shall be the IRS Long Term Applicable Federal Rate (AFR) stated for the month of the Executive’s death.

        5.03 Acknowledgment.  The Committee shall have the sole and exclusive discretion to determine the identity of any Beneficiary, and no person shall have a right to any death benefit under this Plan in the absence of a determination that he or she is the Beneficiary of the Executive or Participant.

        5.04 Surviving Beneficiary.  For purposes of determining whether the Beneficiary predeceases the Executive, the individual is considered to survive the Executive if such Beneficiary is alive seven (7) days after the date of the Executive’s death.

        5.05 Doubt as to Beneficiary.  If the Plan Administrator has any doubt as to the proper individual to receive payments pursuant to this Plan, the Plan Administrator shall have the right, exercisable in its discretion, to cause the Executive’s Employer to withhold such payments until this matter is resolved to the Plan Administrator’s satisfaction.

ARTICLE VI.

TERMINATION, AMENDMENT OR MODIFICATION OF THE PLAN

        6.01 Plan Amendments and Termination.  

         (a) Board of Directors.  The Plan may be amended or terminated by the Board of Directors at any time.  Except as provided in 6.02, such amendment or termination may modify or eliminate any benefit hereunder other than a benefit that is in pay status, or the vested portion of a Retirement Benefit that is not in pay status.  

         (b) Compensation, People and Culture Committee.  The Committee has the authority on behalf of the Board to review, finalize, approve and adopt amendments to the Plan, other than amendments relating to Plan eligibility.  Except as provided in 6.02, such amendment may modify or eliminate any benefit hereunder other than a benefit that is in pay status, or the vested portion of a 
12

Retirement Benefit that is not in pay status.  The Committee shall notify the Board of all amendments adopted under this provision.

         (c) Officer in Charge of Human Resources.  The Company’s senior officer with responsibility for Human Resources has the authority on behalf of the Board to review, finalize, approve and adopt technical, legal, administrative, and compliance amendments recommended by the Company’s legal counsel.  The Company’s senior officer with responsibility for Human Resources shall notify the Board of all amendments adopted under this provision.

         (d) Benefits on Termination.  If the Plan is terminated, benefit payments may be accelerated only to the extent permitted in final regulations under Code Section 409A.

        6.02 Change of Control – Protected Benefits.  In the event of a Change of Control (as defined in the Trust), the following additional provisions shall apply.

         (a) No Amendment or Termination.  No amendment (or termination) of the Plan can occur that would reduce or otherwise eliminate the monthly benefit payable under the Plan to any person with respect to a Participant who retired prior to such Change of Control, nor shall any Plan amendment reduce the benefit to be paid with respect to an Executive (who has not retired) below the amount which such Executive has accrued and would have received (upon reaching Normal Retirement Date) had he or she retired the day before such Change of Control (the “Change of Control Benefit”).  

         (b) Full Vesting in Accrued Benefit.  Upon the occurrence of a Change of Control, each active Executive shall be fully vested in his or her Change of Control Benefit under this Plan through the date of the Change of Control; in the event of termination of employment after a Change of Control and before the Executive’s Normal Retirement Date, the terminated Executive shall receive a reduced Early Retirement benefit commencing on his or her Early Retirement Date (with reductions based upon the age attained on the actual Early Retirement Date and without the need for Board approval of the Early Retirement Date).

         (c) Full Funding.  Notwithstanding the provisions of Section 4.04 and the unfunded status of the Plan, in the event of a Change of Control, the Company shall fully fund the Trust as provided in Article VIII.

ARTICLE VII.

CLAIMS PROCEDURES

        7.01 Submission of Claim.  Benefits shall be paid in accordance with the provisions of this Plan.  The Participant, or any person claiming through the Participant (“Claiming Party”), shall make a written request for benefits under this Plan, mailed or delivered to the Committee.  Such claim shall be reviewed by the Committee or its delegate.

13

        7.02 Denial of Claim.  If a claim for payment of benefits is denied in full or in part, the Committee or its delegate shall provide a written notice to the Claiming Party within ninety (90) days setting forth:  the specific reasons for denial;  any additional material or information necessary to perfect the claim;  an explanation of why such material or information is necessary; and  an explanation of the steps to be taken for a review of the denial.  A claim shall be deemed denied if the Committee or its delegate does not take any action within the aforesaid ninety (90) day period.

        7.03 Review of Denied Claim.  If the Claiming Party desires Committee review of a denied claim, the Claiming Party shall notify the Committee or its delegate in writing within sixty (60) days after receipt of the written notice of denial.  As part of such written request, the Claiming Party may request a review of the Plan document or other non-privileged documents relevant to the claim, may submit any written issues and comments, and may request an extension of time for such written submission of issues and comments.

        7.04 Decision upon Review of Denied Claim.  The decision on the review of the denied claim shall be rendered by the Committee within sixty (60) days after receipt of the request for review.  If circumstances require, the Committee may take up to an additional sixty (60) days to render its decision.  The decision shall be in writing and shall state the specific reasons for the decision, including reference to specific provisions of the Plan on which the decision is based.

ARTICLE VIII.

TRUST

        8.01 Establishment of the Trust.  The Company may establish a trust, provided that any trust created by the Company, and any assets held by such trust to assist the Company in meeting its obligations under this Plan, shall be structured in a way to avoid immediate taxation to Participants in the Plan.  Except in the case of a Change of Control (as defined in the Trust), the Company reserves the absolute right, in its sole and exclusive discretion, to direct (or refrain from directing) the transfer over to the Trust of such assets to the extent the Company deems advisable, provided that no such transfer, Trust or other arrangement entered into by the Company shall affect the status of the Plan as unfunded for purposes of ERISA or the Code.

        8.02 Interrelationship of the Plan and the Trust.  The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Company, Participants and the creditors of the Company to the assets transferred to the Trust.  The Company shall at all times remain liable to carry out its obligations under the Plan.  The Company’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Company’s obligations under this Plan.

        8.03 Funding on Change of Control.  In the event of a Change of Control (as defined in the Trust) at any time when the Trust has not been terminated and is not fully funded (as defined below), the 
14

Company shall promptly transfer to the trustee of the Trust assets sufficient to cause the Trust to be fully funded on the date of such transfer.  For purposes of this paragraph, the Trust shall be “fully funded” on a given date if, on such date, the fair market value of the assets held by the trustee of the Trust is at least equal to the Actuarial Equivalent present value of: (i) all benefits under the Plan in pay status to Participants or Beneficiaries on such date; plus (ii) the fully vested Change of Control Benefit under 6.02.  For purposes of this paragraph, Actuarial Equivalent present value shall be determined using the interest and mortality assumptions of the Article III Actuarial Equivalent in effect for the month prior to the Change of Control.

        8.04 Administration of Trust Assets.  Prior to a Change of Control, the Company, acting through an Administrative Committee established for the purpose of overseeing administration of the Company’s non-qualified deferred compensation plans, shall direct the Trustee regarding the investment of Trust assets.  On and after a Change of Control, the authority of the Administrative Committee shall cease, and the Trustee shall have the exclusive authority and responsibility for the investment of Trust assets, subject to any investment guidelines provided by the Company prior to the Change of Control.

ARTICLE IX.

PLAN ADMINISTRATION

        9.01 Plan Sponsor and Administrator.  The Company is the “Plan Sponsor,” and the Committee is the “Plan Administrator.”  The Company’s senior officer with responsibility for Human Resources and the Company’s Compensation Department (or any successor department) have been selected to assist the Committee in its day to day responsibilities with respect to the Plan.  The Committee, with the advice of the Compensation Department, will make such rules and computations and will take such other actions to administer the Plan as the Committee may deem appropriate.

        9.02 Authority of Committee.  As Plan Administrator, the Committee has the sole and exclusive discretion, authority and responsibility to construe and interpret the terms and provisions of the Plan, to remedy and resolve ambiguities, to grant or deny any and all claims for benefits and to determine all issues relating to eligibility for benefits.  All actions taken by the Committee as Plan Administrator, or its delegate, will be conclusive and binding on all persons having any interest under the Plan, subject only to the provisions of Article VII.  All findings, decisions and determinations of any kind made by the Committee or its delegate shall not be disturbed unless the Committee has acted in an arbitrary and capricious manner.

        9.03 Exercise of Authority.  All resolutions or other actions taken by the Committee shall either: (a) be taken by a vote of a majority of those present at a meeting at which a majority of the members are present; or (b) be evidenced in a writing adopted by a majority of all the members in office at the time the action is taken if the Committee acts without a meeting.

        9.04 Delegation of Authority.  The Committee may delegate all or part of its responsibilities, authority and discretion under the Plan to other persons.  The duties of the Committee under the Plan will be carried out in its name by the officers, directors and employees of the Company.  Any such delegation shall carry with it the full discretion and authority vested in the Committee under Section 9.02.  The Committee has delegated the day-to-day administration of the Plan to the Company’s Compensation Department under the direction of the Company’s senior officer with responsibility for Human Resources.
15

        9.05 Reliance on Opinions.  The members of the Committee and the officers and directors of the Company, and any employee of the Company who is charged with duties in connection with the administration of the Plan shall be entitled to rely on all certificates and reports made by any duly appointed accountants, and on all opinions given by any duly appointed legal counsel, including legal counsel for the Company.

        9.06 Information.  The Company shall supply full and timely information to the Committee on all matters relating to the compensation of Participants, the date and circumstances of the termination of employment or death of a Participant and such other pertinent information as the Committee may reasonably require.

        9.07 Indemnification.  The Company shall indemnify and hold harmless each Committee or Board member, and each Company employee performing services or acting in any capacity, from and with respect to the Plan against any and all expenses and liabilities arising in connection with services performed in regard to this Plan.  Expenses against which such individual shall be indemnified hereunder shall include, without limitation, the amount of any settlement or judgment, costs, counsel fees and related charges reasonably incurred in connection with a claim asserted, or a proceeding brought or settlement thereof.  The foregoing right of indemnification shall be in addition to any other rights to which any such individual may be entitled as a matter of law or other agreement.

ARTICLE X.

MISCELLANEOUS

        10.01 No Employment Contract.  The terms and conditions of the Plan shall not be deemed to constitute a contract of employment between the Company and an Executive.  Nothing in this Plan shall be deemed to give an Executive the right to be retained in the service of the Company or to interfere with any right of the Company to discipline or discharge the Executive at any time.

        10.02 Employee Cooperation.  An Executive will cooperate with the Company by furnishing any and all information reasonably requested by the Company and take such other actions as may be requested to facilitate Plan administration and the payment of benefits hereunder.

        10.03 Illegality and Invalidity.  If any provision of this Plan is found illegal or invalid, said illegality or invalidity shall not affect the remaining parts hereof, but the Plan shall be construed and enforced as if such illegal and invalid provision had not been included herein.

        10.04 Required Notice.  Any notice which shall be or may be given under the Plan shall be in writing and shall be mailed by United States mail, postage prepaid.  If notice is to be given to the Company, such notice shall be addressed to the Company c/o Compensation Department, 1700 Seventh Avenue, Suite 900, Seattle, Washington 98101-4407.  If notice is to be given to a Participant, such notice shall be hand-delivered to the Participant or may be mailed to the last known address of the Participant on the 
16

Company’s Human Resources records.  Any party may, from time to time, change the address to which notices shall be mailed by giving written notice of such new address.

        10.05 Interest of Participant’s Beneficiary.  The interest in the benefits hereunder of a spouse or Life Partner of a Participant who, at any time prior to the death of the Participant, ceases to be the spouse or Life Partner of the Participant (whether by death, dissolution, annulment, separation, divorce or, in the case of a Life Partner, the termination of the life partnership), shall automatically pass to the Participant unless the spouse is required to be treated as the “Surviving Spouse” pursuant to a court order meeting the requirements of a Qualified Domestic Relations Order, applying rules analogous to those under Code Section 414(p). A former spouse may not transfer his or her interest in the Plan in any manner, including, but not limited to, by his or her will, nor shall such interest pass under the laws of intestate succession.

        10.06 Tax Liabilities from Plan.  If an Executive’s participation in this Plan generates a state or federal tax liability to the Participant prior to commencement of benefit payments (including a tax liability under Section 409A of the Code), the Committee may exercise its discretion to authorize a distribution of funds in an amount not to exceed the amount needed to satisfy such liability (including additions to tax, penalties and interest).  A distribution under this provision is solely at the discretion of the Committee, and the Executive may not elect, directly or indirectly, to accelerate payment.  The Executive’s tax liability shall be measured by using that Executive’s then current highest federal, state and local marginal tax rate, plus the rates or amounts for the applicable additions to tax, penalties and interest.  Such a distribution shall affect and reduce the benefits to be paid under Articles III and V hereof.

        10.07 Benefits Nonexclusive.  The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Company.  The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

        10.08 Discharge of Company Obligation.  The payment of benefits under the Plan to a Participant or Beneficiary shall fully and completely discharge the Company, the Board, and the Committee from all further obligations under this Plan with respect to a Participant, and participation shall terminate upon such full payment of benefits.

        10.09 Costs of Enforcement.  If any action at law or in equity is necessary by the Committee or the Company to enforce the terms of the Plan, the Committee or the Company shall be entitled to recover reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which that party may be entitled.

        10.10 Gender and Case.  Unless the context clearly indicates otherwise, masculine pronouns shall include the feminine and singular words shall include the plural and vice versa.

        10.11 Titles and Headings.  Titles and headings of the Articles and Sections of the Plan are included for ease of reference only and are not to be used for the purpose of construing any portion or provision of the Plan document.

17

        10.12 Applicable Law.  To the extent not preempted by federal law, the Plan shall be governed by the laws of the State of Washington.

        10.13 Counterparts.  This instrument may be executed in one or more counterparts, each of which is legally binding and enforceable.

        10.14 Definitions:

(a) “Board” means the board of directors of Nordstrom, Inc.

(b) “Code” means the Internal Revenue Code of 1986, as amended.

(c) “Committee” means the Compensation, People and Culture Committee of the Board.

        10.15 Code Section 409A:  The Company intends that the Plan comply with the requirements of Code Section 409A and shall be operated and interpreted consistent with that intent.  Notwithstanding the foregoing, the Company makes no representation that the Plan complies with Code Section 409A and shall have no liability to any Participant for any failure to comply with Code Section 409A.

This Plan is signed and adopted, pursuant to proper authority, this ________ day of _________________________, 2020.

						
		NORDSTROM, INC.

By:___________________________________
Christine Deputy

Title:   Chief Human Resources Officer

18Exhibit
4.4

 

 

 

 

 

 

 

 

 

 

 

 

PINGTAN
MARINE ENTERPRISE LTD.,

Issuer

AND

[    ],

Trustee

INDENTURE

Dated as of [ ], 20[ ]

DEBT SECURITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    1 DEFINITIONS	1
	Section
    1.01	Definitions
    of Terms	1
	 	 	 
	ARTICLE
    2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	Section
    2.01	Designation
    and Terms of Securities	5
	Section
    2.02	Form
    of Securities and Trustee’s Certificate	8
	Section
    2.03	Denominations:
    Provisions for Payment	8
	Section
    2.04	Execution
    and Authentications	9
	Section
    2.05	Registration
    of Transfer and Exchange	10
	Section
    2.06	Temporary
    Securities	11
	Section
    2.07	Mutilated,
    Destroyed, Lost or Stolen Securities	12
	Section
    2.08	Cancellation	12
	Section
    2.09	Benefits
    of Indenture	13
	Section
    2.10	Authenticating
    Agent	13
	Section
    2.11	Global
    Securities	14
	 	 	 
	ARTICLE
    3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	15
	Section
    3.01	Redemption	15
	Section
    3.02	Notice
    of Redemption	15
	Section
    3.03	Payment
    Upon Redemption	16
	Section
    3.04	Sinking
    Fund	16
	Section
    3.05	Satisfaction
    of Sinking Fund Payments with Securities	17
	Section
    3.06	Redemption
    of Securities for Sinking Fund	17
	 	 	 
	ARTICLE
    4 COVENANTS	17
	Section
    4.01	Payment
    of Principal, Premium and Interest	17
	Section
    4.02	Maintenance
    of Office or Agency	18
	Section
    4.03	Paying
    Agents	18
	Section
    4.04	Appointment
    to Fill Vacancy in Office of Trustee	19
	Section
    4.05	Compliance
    with Consolidation Provisions	19
	 	 	 
	ARTICLE
    5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	19
	Section
    5.01	Company
    to Furnish Trustee Names and Addresses of Securityholders	19
	Section
    5.02	Preservation
    Of Information; Communications With Securityholders	19
	Section
    5.03	Reports
    by the Company	20
	Section
    5.04	Reports
    by the Trustee	20

 

    i

     

    

 

	ARTICLE
    6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	21
	Section
    6.01	Events
    of Default	21
	Section
    6.02	Collection
    of Indebtedness and Suits for Enforcement by Trustee	22
	Section
    6.03	Application
    of Moneys Collected	24
	Section
    6.04	Limitation
    on Suits	24
	Section
    6.05	Rights
    and Remedies Cumulative; Delay or Omission Not Waiver	25
	Section
    6.06	Control
    by Securityholders	25
	Section
    6.07	Undertaking
    to Pay Costs	26
	 	 	 
	ARTICLE
    7 CONCERNING THE TRUSTEE	26
	Section
    7.01	Certain
    Duties and Responsibilities of Trustee	26
	Section
    7.02	Certain
    Rights of Trustee	27
	Section
    7.03	Trustee
    Not Responsible for Recitals or Issuance or Securities	29
	Section
    7.04	May
    Hold Securities	29
	Section
    7.05	Moneys
    Held in Trust	29
	Section
    7.06	Compensation
    and Reimbursement	30
	Section
    7.07	Reliance
    on Officer’s Certificate	30
	Section
    7.08	Disqualification;
    Conflicting Interests	31
	Section
    7.09	Corporate
    Trustee Required; Eligibility	31
	Section
    7.10	Resignation
    and Removal; Appointment of Successor	31
	Section
    7.11	Acceptance
    of Appointment By Successor	32
	Section
    7.12	Merger,
    Conversion, Consolidation or Succession to Business	34
	Section
    7.13	Preferential
    Collection of Claims Against the Company	34
	Section
    7.14	Notice
    of Default	34
	 	 	 
	ARTICLE
    8 CONCERNING THE SECURITYHOLDERS	34
	Section
    8.01	Evidence
    of Action by Securityholders	34
	Section
    8.02	Proof
    of Execution by Securityholders	35
	Section
    8.03	Who
    May be Deemed Owners	35
	Section
    8.04	Certain
    Securities Owned by Company Disregarded	35
	Section
    8.05	Actions
    Binding on Future Securityholders	36
	 	 	 
	ARTICLE
    9 SUPPLEMENTAL INDENTURES	36
	Section
    9.01	Supplemental
    Indentures Without the Consent of Securityholders	36
	Section
    9.02	Supplemental
    Indentures With Consent of Securityholders	37
	Section
    9.03	Effect
    of Supplemental Indentures	38
	Section
    9.04	Securities
    Affected by Supplemental Indentures	38
	Section
    9.05	Execution
    of Supplemental Indentures	38
	 	 	 
	ARTICLE
    10 SUCCESSOR ENTITY	39
	Section
    10.01	Company
    May Consolidate, Etc	39
	Section
    10.02	Successor
    Entity Substituted	39
	 	 	 
	ARTICLE
    11 SATISFACTION AND DISCHARGE	40
	Section
    11.01	Satisfaction
    and Discharge of Indenture	40
	Section
    11.02	Discharge
    of Obligations	40

 

    ii

     

    

 

	Section
    11.03	Deposited
    Moneys to be Held in Trust	40
	Section
    11.04	Payment
    of Moneys Held by Paying Agents	40
	Section
    11.05	Repayment
    to Company	41
	 	 	 
	ARTICLE
    12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	41
	Section
    12.01	No
    Recourse	41
	 	 	 
	ARTICLE
    13 MISCELLANEOUS PROVISIONS	41
	Section
    13.01	Effect
    on Successors and Assigns	41
	Section
    13.02	Actions
    by Successor	41
	Section
    13.03	Surrender
    of Company Powers	42
	Section
    13.04	Notices	42
	Section
    13.05	Governing
    Law	42
	Section
    13.06	Treatment
    of Securities as Debt	42
	Section
    13.07	Certificates
    as to Conditions Precedent	42
	Section
    13.08	Payments
    on Business Days	43
	Section
    13.09	Conflict
    with Trust Indenture Act	43
	Section
    13.10	Counterparts	43
	Section
    13.11	Separability	43
	Section
    13.12	Compliance
    Certificates	43
	Section
    13.13	U.S.A.
    Patriot Act	44
	Section
    13.14	Force
    Majeure	44
	Section
    13.15	Table
    of Contents; Headings	44

 

    iii

     

    

 

INDENTURE

 

INDENTURE,
dated as of [        ], 20[  ], among Pingtan Marine Enterprise Ltd., a Cayman Islands company (the “Company”), and
[         ], as trustee (the “Trustee”):

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal
amount to be issued from time to time in one or more Series as in this Indenture provided, as registered Securities without coupons,
to be authenticated by the certificate of the Trustee;

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and

 

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

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE
1

DEFINITIONS

 

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

 

“Authenticating
Agent” means an authenticating agent with respect to all or any of the Series of Securities appointed by the Trustee
pursuant to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board
of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized
committee of such Board.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on
the date of such certification.

 

     

     

    

 

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

 

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

 

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

 

“Company”
means Pingtan Marine Enterprise Ltd., a corporation duly organized and existing under the laws of the Cayman Islands, and, subject
to the provisions of Article 10, shall also include its successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall
be principally administered, which office at the date hereof is located at [      ].

 

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

 

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

 

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

 

“Event
of Default” means, with respect to Securities of a particular Series, any event specified in Section 6.01, continued
for the period of time, if any, therein designated.

 

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

 

“Global
Security” means a Security issued to evidence all or a part of any Series of Securities which is executed by the
Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all
in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

    2

     

    

 

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

 

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

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular Series of Securities
established as contemplated by Section 2.01.

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular Series, means
the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such Series
as the fixed date on which an installment of interest with respect to Securities of that Series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, the chief executive officer, the president, the chief
financial officer, the chief operating officer, any executive vice president, any senior vice president, any vice president, the
treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided
for in Section 13.07(b), if and to the extent required by the provisions thereof.

 

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

 

    3

     

    

 

“Outstanding”,
when used with reference to Securities of any Series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that Series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as provided in Article 3, or provision satisfactory to the Trustee shall have been made
for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer
its corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any
supplemental indenture hereto).

 

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

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

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

 

“Security
Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

“Series”
or “Series of Securities” means each Series of Securities of the Company created pursuant to Article
2.

 

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

 

“Trustee”
means , and, subject to the provisions of Article 7, shall also include its successors and assigns, and, if at any time there
is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee”
as used with respect to a particular Series of the Securities shall mean the trustee with respect to that Series.

 

    4

     

    

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb), as amended.

 

“U.S.A.
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

ARTICLE
2

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION

AND EXCHANGE OF SECURITIES

 

Section
2.01 Designation and Terms of Securities.

 

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

 

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

 

(2) any
limit upon the aggregate principal amount of the Securities of that Series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of that Series);

 

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

 

(4) the
form of the Securities of the Series including the form of the certificate of authentication for such Series;

 

(5) the
applicability of any guarantees;

 

(6) whether
or not the Securities will be secured or unsecured, and the terms of any secured debt;

 

(7) whether
the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any
subordination;

 

    5

     

    

 

(8) if
the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price
other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration
of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another
security or the method by which any such portion shall be determined;

 

(9) the
interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin
to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining
such dates;

 

(10) the
Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

(11) if
applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company
may at its option, redeem such Series of Securities pursuant to any optional or provisional redemption provisions and the terms
(including, if applicable, the ability to make any redemption of such Series of Securities conditional on the satisfaction of
one or more conditions precedent) of those redemption provisions;

 

(12) the
date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking
fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the Series of
Securities and the currency or currency unit in which the Securities are payable;

 

(13) the
denominations in which the Securities of the Series shall be issuable, if other than denominations of one thousand U.S. dollars
($1,000) or any integral multiple thereof;

 

(14) any
and all terms, if applicable, relating to any auction or remarketing of the Securities of that Series and any security for the
obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing
of Securities of that Series;

 

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

 

(16) if
applicable, the provisions relating to conversion or exchange of any Securities of the Series and the terms and conditions upon
which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how
it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option)
conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion
or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

 

(17) if
other than the full principal amount thereof, the portion of the principal amount of Securities of the Series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

    6

     

    

 

(18) additions
to or changes in the covenants applicable to the Series of Securities being issued, including, among others, the consolidation,
merger or sale covenant;

 

(19) additions
to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the Securityholders
to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable;

 

(20) additions
to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

(21) additions
to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

(22) additions
to or changes in the provisions relating to the modification of this Indenture both with and without the consent of Securityholders
of Securities issued under this Indenture;

 

(23) the
currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;

 

(24) whether
interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option, the terms
and conditions upon which the election may be made;

 

(25) the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and
principal amounts of the Securities of the Series to any Securityholder that is not a “United States person” for federal
tax purposes;

 

(26) any
restrictions on transfer, sale or assignment of the Securities of the Series; and

 

(27) any
other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes
in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

 

(b) All
Securities of any one Series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto.

 

If
any of the terms of the Series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the Series.

 

Securities
of any particular Series may be issued at various times, with different dates on which the principal or any installment of principal
is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different redemption dates.

 

    7

     

    

 

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

 

Section
2.03 Denominations: Provisions for Payment. The Securities shall be issuable as registered Securities and in the denominations
of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular
Series shall bear interest payable on the dates and at the rate specified with respect to that Series. Subject to Section 2.01(a)(23),
the principal of and the interest on the Securities of any Series, as well as any premium thereon in the case of a redemption
or repurchase thereof prior to maturity, and any cash amount due upon the conversion or exchange thereof, shall be payable in
the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office
or agency of the Company in the continental United States of America maintained for that purpose. Each Security shall be dated
the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve
30-day months.

 

The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date
for Securities of that Series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities)
is registered at the close of business on the regular record date for such interest installment. In the event that any Security
of a particular Series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date
with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section 3.03.

 

    8

     

    

 

Any
interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities
of the same Series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered
holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by
the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1) The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor
to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register
(as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted
Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons
in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date.

 

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

 

Unless
otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any Series of
Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to
a Series of Securities and any Interest Payment Date for such Series shall mean either the fifteenth day of the month immediately
preceding the month in which an Interest Payment Date established for such Series pursuant to Section 2.01 hereof shall occur,
if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established
for such Series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether
or not such date is a Business Day.

 

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

 

Section
2.04 Execution and Authentications. The Securities shall be signed on behalf of the Company by one of its Officers.
Signatures may be in the form of a manual or facsimile signature.

 

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

 

    9

     

    

 

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

 

Upon
the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities
under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture
Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate
stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with
the provisions of this Indenture.

 

The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee.

 

Section
2.05 Registration of Transfer and Exchange.

 

(a) Securities
of any Series may be exchanged upon presentation thereof at the office or agency of the Company in the continental United States
of America designated for such purpose, for other Securities of such Series of authorized denominations, and for a like aggregate
principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided
in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate
and such office or agency shall deliver in exchange therefor the Security or Securities of the same Series that the Securityholder
making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b) The
Company shall keep, or cause to be kept at its office or agency in the continental United States of America designated for such
purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article
provided and which at all reasonable times shall be open for inspection by the Trustee. The Security Registrar shall be appointed
as authorized by Board Resolution.

 

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

 

    10

     

    

 

All
Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied
(if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory
to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney
in writing.

 

(c) Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of
transfer of Securities, or issue of new Securities in case of partial redemption of any Series or repurchase, conversion or exchange
of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04
not involving any transfer.

 

(d) The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same Series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any Series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn,
other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case
may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

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

 

    11

     

    

 

Section
2.07 Mutilated, Destroyed, Lost or Stolen Securities. In case any temporary or definitive Security shall become mutilated
or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same Series, bearing a number
not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution
for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company
and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction,
loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction,
loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted
Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any
substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

In
case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may,
instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case
of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity
as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company
and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every
replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of the same Series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing
provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall
preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their
surrender.

 

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

 

    12

     

    

 

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

 

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

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee
may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties
of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

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Section
2.11 Global Securities.

 

(a) If
the Company shall establish pursuant to Section 2.01 that the Securities of a particular Series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such Series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by
the Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as its
custodian, retained by the Trustee) and (iv) shall bear a legend substantially to the following effect: “Except as otherwise
provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee
of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) Notwithstanding
the provisions of Section 2.05, the Global Security of a Series may be transferred, in whole but not in part and in the manner
provided in Section 2.05, only to another nominee of the Depositary for such Series, or to a successor Depositary for such Series
selected or approved by the Company or to a nominee of such successor Depositary.

 

(c) If
at any time the Depositary for a Series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such Series or if at any time the Depositary for such Series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such Series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default
has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11
shall no longer be applicable to the Securities of such Series and the Company will execute, and subject to Section 2.04, the
Trustee will authenticate and deliver the Securities of such Series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such Series in exchange
for such Global Security. In addition, the Company may at any time determine that the Securities of any Series shall no longer
be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such
Series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate
evidencing such determination by the Company, will authenticate and deliver the Securities of such Series in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security of such Series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in
definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee.
Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall
be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for
delivery to the Persons in whose names such Securities are so registered.

 

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ARTICLE
3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

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

 

Section
3.02 Notice of Redemption.

 

(a) In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
Series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall,
or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such Series to be redeemed by mailing,
first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail), a notice of such
redemption not less than 30 days and not more than 60 days before the date fixed for redemption of that Series to such holders
at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities
to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given,
whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security
of any Series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the
proceedings for the redemption of any other Securities of such Series or any other Series. In the case of any redemption of Securities
prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture,
the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each
such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that Series
are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the
office or agency of the Company in the continental United States of America, upon presentation and surrender of such Securities,
that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date
interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If applicable, a notice of
redemption may set forth one or more conditions precedent that must be satisfied prior to the redemption. If less than all the
Securities of a Series are to be redeemed, the notice to the holders of Securities of that Series to be redeemed in part shall
specify the particular Securities to be so redeemed.

 

In
case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security
or Securities of such Series in principal amount equal to the unredeemed portion thereof will be issued.

 

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

 

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Section
3.03 Payment Upon Redemption.

 

(a) If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
Series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities
or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in
the payment of such redemption price and accrued interest with respect to any such Security or portion thereof, subject to, with
respect to any redemption that is conditioned upon the satisfaction of any conditions precedent, (i) the delay of such redemption
date until such time as any or all of such conditions precedent have been satisfied or (ii) the revocation of such redemption
if the Company determines that such conditions precedent will not be satisfied. On presentation and surrender of such Securities
on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed
at the applicable redemption price for such Series, together with interest accrued thereon to the date fixed for redemption (but
if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to
the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(b) Upon
presentation of any Security of such Series that is to be redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the
Company, a new Security of the same Series of authorized denominations in principal amount equal to the unredeemed portion of
the Security so presented.

 

Section
3.04 Sinking Fund. The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement
of Securities of a Series, except as otherwise specified as contemplated by Section 2.01 for Securities of such Series.

 

The
minimum amount of any sinking fund payment provided for by the terms of Securities of any Series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any Series
is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any Series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment
shall be applied to the redemption of Securities of any Series as provided for by the terms of Securities of such Series.

 

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

 

Section
3.06 Redemption of Securities for Sinking Fund. Not less than 45 days prior to each sinking fund payment date for any
Series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that Series pursuant to the terms
of the Series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that Series pursuant
to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee
any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE
4

COVENANTS

 

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

 

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

 

Section
4.03 Paying Agents.

 

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

 

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

 

(2) that
it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that Series when the same shall be due and payable;

 

(3) that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

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

 

(b) If
the Company shall act as its own paying agent with respect to any Series of the Securities, it will on or before each due date
of the principal of (and premium, if any) or interest on Securities of that Series, set aside, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that Series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.
Whenever the Company shall have one or more paying agents for any Series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of that Series, deposit with the paying agent a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify
the Trustee of this action or failure so to act.

 

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(c) Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the
Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such
sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee,
the Company or such paying agent shall be released from all further liability with respect to such money.

 

Section
4.04 Appointment to Fill Vacancy in Office of Trustee. The Company, whenever necessary to avoid or fill a vacancy in
the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a
Trustee hereunder.

 

Section
4.05 Compliance with Consolidation Provisions. The Company will not, while any of the Securities remain Outstanding,
consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or
sell or convey all or substantially all of its property to any other Person unless the provisions of Article 10 hereof are complied
with.

 

ARTICLE
5

SECURITYHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

 

Section
5.01 Company to Furnish Trustee Names and Addresses of Securityholders. The Company will furnish or cause to be furnished
to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list, in such form as the Trustee
may reasonably require, of the names and addresses of the holders of each Series of Securities as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not
differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee
may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such
list need be furnished for any Series for which the Trustee shall be the Security Registrar.

 

Section
5.02 Preservation Of Information; Communications With Securityholders.

 

(a) The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses
of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

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(b) The
Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c) Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

Section
5.03 Reports by the Company.

 

(a) The
Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company
files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies
of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the
Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however,
the Company shall not be required to deliver to the Trustee any correspondence filed with the SEC or any materials for which the
Company has sought and received confidential treatment by the Commission. For the avoidance of doubt, a failure by the Company
to file annual reports, information and other reports with the SEC within the time period prescribed thereof by the Commission
shall not be deemed a breach of this Section 5.03.

 

(b) Delivery
of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information
and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein,
or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).

 

Section
5.04 Reports by the Trustee.

 

(a) If
required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each [_______], commencing [        ], 20[  ], shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon
the Security Register, a brief report dated as of such [        ], which complies with Section 313(a) of the Trust Indenture Act.

 

(b) The
Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c) A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees
to notify the Trustee when any Securities become listed on any securities exchange.

 

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ARTICLE
6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

 

Section
6.01 Events of Default.

 

(a) Whenever
used herein with respect to Securities of a particular Series, “Event of Default” means any one or more of
the following events that has occurred and is continuing:

 

(1) the
Company defaults in the payment of any installment of interest upon any of the Securities of that Series, as and when the same
shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of
an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute
a default in the payment of interest for this purpose;

 

(2) the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that Series as and when
the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required
by any sinking or analogous fund established with respect to that Series; provided, however, that a valid extension of the maturity
of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;

 

(3) the
Company fails to observe or perform any other of its covenants or agreements with respect to that Series contained in this Indenture
or otherwise established with respect to that Series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more Series of Securities other than such
Series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and
stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee,
by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities
of that Series at the time Outstanding;

 

(4) the
Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of
an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5) a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of
the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b) In
each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of
all the Securities of that Series shall have already become due and payable, either the Trustee or the holders of not less than
25% in aggregate principal amount of the Securities of that Series then Outstanding hereunder, by notice in writing to the Company
(and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and
unpaid interest on all the Securities of that Series to be due and payable immediately, and upon any such declaration the same
shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs,
the principal of and accrued and unpaid interest on all the Securities of that Series shall automatically be immediately due and
payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

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

 

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

 

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

 

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

 

(a) The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of
a Series, or in any payment required by any sinking or analogous fund established with respect to that Series as and when the
same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall
default in the payment of the principal of (or premium, if any, on) any of the Securities of a Series when the same shall have
become due and payable, whether upon maturity of the Securities of a Series or upon redemption or upon declaration or otherwise
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
Series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that Series; and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

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(b) If
the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums
so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment
or final decree against the Company or other obligor upon the Securities of that Series and collect the moneys adjudged or decreed
to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities
of that Series, wherever situated.

 

(c) In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such Series allowed for the entire amount due and payable by the Company under the
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the
Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and
to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such Series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

 

(d) All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that Series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at
any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of
any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such Series.

 

In
case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it
by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any
of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

 

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

 

Section
6.03 Application of Moneys Collected. Any moneys collected by the Trustee pursuant to this Article with respect to a
particular Series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case
of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities
of that Series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:

 

FIRST:
To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

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

 

THIRD:
To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

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

 

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Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for
the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without
the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker
and holder of every Security of such Series with every other such taker and holder and the Trustee, that no one or more holders
of Securities of such Series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture
to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority
over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all holders of Securities of such Series. For the protection and enforcement
of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

Section
6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a) Except
as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

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

 

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

 

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

 

ARTICLE
7

CONCERNING THE TRUSTEE

 

Section
7.01 Certain Duties and Responsibilities of Trustee.

 

(a) The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a Series and after the curing of all
Events of Default with respect to the Securities of that Series that may have occurred, shall undertake to perform with respect
to the Securities of such Series such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of
a Series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that Series
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.

 

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

 

(i) prior
to the occurrence of an Event of Default with respect to the Securities of a Series and after the curing or waiving of all such
Events of Default with respect to that Series that may have occurred:

 

(A) the
duties and obligations of the Trustee shall with respect to the Securities of such Series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such Series except for the
performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

 

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(B) in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such Series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture;

 

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

 

(iii) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal amount of the Securities of any Series at the time Outstanding
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that Series; and

 

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

 

Section
7.02 Certain Rights of Trustee.

 

Except
as otherwise provided in Section 7.01:

 

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

 

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

 

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

 

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(d) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein
or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of
Default with respect to a Series of the Securities (that has not been cured or waived), to exercise with respect to Securities
of that Series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs;

 

(e) The
Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture;

 

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

 

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

 

(h) In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances;

 

(i) In
no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action; and

 

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

 

(k) Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion.

 

In
addition, the Trustee shall not be deemed to have knowledge of an Event of Default other than an Event of Default relating to
the failure to pay the interest on, or the principal of, the Securities, until the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section
7.03 Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a) The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(b) The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the
Trustee.

 

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

 

Section
7.05 Moneys Held in Trust. Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until
used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received
by it hereunder except such as it may agree to in writing with the Company to pay thereon.

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Section
7.06 Compensation and Reimbursement.

 

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

 

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

 

(c) To
ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds
or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities.
When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4) or
(5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection
therewith are to constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive
the termination of this Indenture and the resignation or removal of the Trustee.

 

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

 

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

 

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

 

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

 

Section
7.10 Resignation and Removal; Appointment of Successor.

 

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

 

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

 

(i) the
Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

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(ii) the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(iii) the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then,
in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security
or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The
holders of a majority in aggregate principal amount of the Securities of any Series at the time Outstanding may at any time remove
the Trustee with respect to such Series by so notifying the Trustee and the Company and may appoint a successor Trustee for such
Series with the consent of the Company.

 

(d) Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a Series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided
in Section 7.11.

 

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

 

Section
7.11 Acceptance of Appointment By Successor.

 

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

 

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(b) In
case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) Series, the
Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more Series shall execute and
deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those Series to which the
appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
Series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall with respect to the Securities of that or those Series to which the appointment of such successor trustee relates
have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested
in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
Series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those Series
to which the appointment of such successor trustee relates.

 

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

 

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

 

(e) Upon
acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession
of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon
the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

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Section
7.12 Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, including the
administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation
shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities.

 

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

 

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

 

ARTICLE
8

CONCERNING THE SECURITYHOLDERS

 

Section
8.01 Evidence of Action by Securityholders. Whenever in this Indenture it is provided that the holders of a majority
or specified percentage in aggregate principal amount of the Securities of a particular Series may take any action (including
the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact
that at the time of taking any such action the holders of such majority or specified percentage of that Series have joined therein
may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that
Series in person or by agent or proxy appointed in writing.

 

If
the Company shall solicit from the Securityholders of any Series any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record
date for such Series for the determination of Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date,
but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the
purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that Series have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that
purpose the Outstanding Securities of that Series shall be computed as of the record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after the record date.

 

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

 

(a) The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.

 

The
Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

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

 

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

 

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

 

ARTICLE
9

SUPPLEMENTAL INDENTURES

 

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

 

(a) to
cure any ambiguity, defect, or inconsistency in this Indenture or in the Securities of any Series;

 

(b) to
comply with Article 10;

 

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

 

(d) to
add to the covenants, restrictions, conditions or provisions such new covenants, restrictions, conditions or provisions for the
benefit of the Securityholders, to make the occurrence, or the occurrence and the continuance, of a default in any such additional
covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power conferred upon the Company
in this Indenture;

 

(e) to
add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Securities, as set forth in this Indenture;

 

(f) to
make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

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(g) to
provide for the issuance of and establish the form and terms and conditions of the Securities of any Series as provided in Section
2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any Series
of Securities, or to add to the rights of the holders of any Series of Securities;

 

(h) to
evidence and provide for the acceptance of appointment under this Indenture by a successor trustee;

 

(i) to
evidence the succession of another corporation to the Company, or successive successions, pursuant to Article 10, and the assumption
by the successor corporation of the covenants, agreements and obligations of the Company herein and in the Securities of any Series;
or

 

(j) to
comply with any requirements of the Commission with the qualification of this Indenture under the Trust Indenture Act.

 

The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

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

 

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

 

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Section
9.03 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions
of this Article or of Section 10.01, this Indenture shall, with respect to such Series, be and be deemed to be modified and amended
in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Company and the holders of Securities of the Series affected thereby shall thereafter be determined, exercised
and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section
9.04 Securities Affected by Supplemental Indentures. Securities of any Series affected by a supplemental indenture,
authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of
Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities
exchange upon which such Series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of that Series so modified as to conform, in the opinion of the Board of Directors, to any modification
of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and
delivered in exchange for the Securities of that Series then Outstanding.

 

Section
9.05 Execution of Supplemental Indentures. Upon the request of the Company, accompanied by its Board Resolutions authorizing
the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders
required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee,
subject to the provisions of Sections 7.01 and 7.02, shall receive an Officer’s Certificate upon request and an Opinion
of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted
by the terms of this Article, that all conditions precedent to the execution of the supplemental indenture have been complied
with and the Supplemental Indenture is a valid and legally binding instrument enforceable against the Company.

 

Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general
terms the substance of such supplemental indenture, to the Securityholders of all Series affected thereby as their names and addresses
appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

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ARTICLE
10

SUCCESSOR ENTITY

 

Section
10.01 Company May Consolidate, Etc. Nothing contained in this Indenture shall prevent any consolidation or merger of
the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers
in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer
or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety,
to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and
operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each
case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual
payment of the principal of (premium, if any) and interest on all of the Securities of all Series in accordance with the terms
of each Series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions
of this Indenture with respect to each Series or established with respect to such Series pursuant to Section 2.01 to be kept or
performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust
Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired
such property.

 

Section
10.02 Successor Entity Substituted.

 

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

 

(b) In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form
(but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c) Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into
the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise,
of all or any part of the property of any other Person (whether or not affiliated with the Company).

 

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ARTICLE
11

SATISFACTION AND DISCHARGE

 

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

 

Section
11.02 Discharge of Obligations. If at any time all such Securities of a particular Series not heretofore delivered to
the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid by the
Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to
pay at maturity or upon redemption all such Securities of that Series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption,
as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with
respect to such Series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the
Trustee the obligations of the Company under this Indenture with respect to such Series shall cease to be of further effect except
for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities
shall mature and be paid.

 

Thereafter,
Sections 7.06 and 11.05 shall survive.

 

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

 

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

 

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

 

ARTICLE
12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

 

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

 

ARTICLE
13

MISCELLANEOUS PROVISIONS

 

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

 

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

 

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

 

Section
13.04 Notices. Except as otherwise expressly provided herein, any notice, request or demand that by any provision of
this Indenture is required or permitted to be given, made or served by the Trustee, the Security Registrar, any paying or other
agent under this Indenture, the holders of Securities or any other Person pursuant to this Indenture to or on the Company, may
be given or served by being in writing and sent by electronic transmission or deposited in first class mail, postage prepaid,
addressed (until another address is filed in writing by the Company with the Trustee), to the Company as follows: Pingtan Marine
Enterprise Ltd., 18/F Zhongshan Building A No. 154 Hudong Road Fuzhou, China 3500001, Attention: Corporate Secretary. Any notice,
election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon
the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate
Trust Office of the Trustee.

 

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

 

In
addition, the Company: (a) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture
or any Securities, as the case may be, may be instituted in any U.S. federal court with applicable subject matter jurisdiction
sitting in The City of New York; (b) waives, to the fullest extent permitted by applicable law, any objection which it may now
or hereafter have to the laying of venue of any such suit, action or proceeding, and any claim that any suit, action or proceeding
in such a court has been brought in an inconvenient forum; and (c) submits to the non-exclusive jurisdiction of such courts in
any suit, action or proceeding.

 

Section
13.06 Treatment of Securities as Debt. It is intended that the Securities will be treated as indebtedness and not as
equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.

 

Section
13.07 Certificates as to Conditions Precedent.

 

(a) Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture (except
with respect to the initial issuance of Securities), the Company shall furnish to the Trustee an Officer’s Certificate and
an Opinion of Counsel or reliance letter, upon request, stating that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(4) of the Trust Indenture Act) relating to the
proposed action have been complied with, except that in the case of any such application or demand as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or demand,
no additional certificate need be furnished; provided, however, that no Opinion of Counsel or reliance letter shall be required
in connection with the issuance of Securities on the date on which the Securities are originally issued or deemed issued as set
forth on the face of such Securities.

 

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(b) Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(4) of the
Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read such covenant or
condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements contained
in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination
or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

 

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

 

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

 

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

 

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

 

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

 

    43

     

    

 

Section
13.13 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it
may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section
13.14 Force Majeure. In no event shall the Trustee, the Security Registrar, any paying agent or any other agent under
this Indenture be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee,
the Security Registrar, any paying agent or any other agent under this Indenture shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section
13.15 Table of Contents; Headings. The table of contents and headings of the articles and sections of this Indenture
have been inserted for convenience of reference only, are not intended to be considered a part hereof, and will not modify or
restrict any of the terms or provisions hereof.

 

    44

     

    

 

In
Witness Whereof, the parties hereto have
caused this Indenture to be duly executed all as of the day and year first above written.

 

	 	PINGTAN MARINE ENTERPRISE LTD.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	[           ], as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Indenture]

 

     

     

    

 

CROSS-REFERENCE
TABLE1

 

	Section
        of Trust Indenture Act of 1939, as Amended	 	Section
        of Indenture
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

 

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

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