Document:

EXHIBIT 4.3

 

 

 

 

 

AUTOMATIC DATA PROCESSING, INC.,

Company

 

 

AND

 

 

U.S. BANK NATIONAL ASSOCIATION,

Trustee

 

 

 

 

 

INDENTURE

 

Dated as of

 

 

 

 

 

Debt Securities

 

 

 

 

 

     

    

    

 

CROSS-REFERENCE TABLE*

 

	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)	 	713(a)
	311(b)	 	713(b)
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(b)
	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
	314(b)	 	Inapplicable
	314(c)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	Inapplicable
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.02
	315(b)	 	6.07
	315(c)	 	7.01
	315(d)	 	7.01(b)
	 	 	7.01(c)
	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)	 	13.06

 

 

		*	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.

 

     

    

    

 

TABLE OF CONTENTS

 

 

 

		Page
	Article 1	 
	Definitions	 
	 	 
	Section 1.01 .  Definitions of Terms.	1
	 	 
	Article 2	 
	Issue, Description, Terms, Execution, Registration and Exchange of Securities	 
	 	 
	Section 2.01 .  Designation and Terms of Securities.	8
	Section 2.02 .  Form of Securities and Trustee’s Certificate.	9
	Section 2.03 .  Denominations; Provision for Payment.	10
	Section 2.04 .  Execution and Authentications.	11
	Section 2.05 .  Registration of Transfer and Exchange.	12
	Section 2.06 .  Temporary Securities.	13
	Section 2.07 .  Mutilated, Destroyed, Lost or Stolen Securities.	13
	Section 2.08 .  Cancellation.	13
	Section 2.09 .  Benefits of Indenture.	14
	Section 2.10 .  Authenticating Agent.	14
	Section 2.11 .  Global Securities.	14
	Section 2.12 .  CUSIP/ISIN Numbers.	15
	 	 
	Article 3	 
	Redemption of Securities and Sinking Fund Provisions	 
	 	 
	Section 3.01 .  Redemption.	15
	Section 3.02 .  Notice of Redemption.	16
	Section 3.03 .  Payment Upon Redemption.	17
	Section 3.04 .  Sinking Fund.	17
	Section 3.05 .  Satisfaction of Sinking Fund Payments with Securities.	17
	Section 3.06 .  Redemption of Securities for Sinking Fund.	17
	 	 
	Article 4	 
	Certain Covenants	 
	 	 
	Section 4.01 .  Payment of Principal, Premium and Interest.	18
	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
	Section 4.06 .  Trustee’s Obligations with Respect to the Covenants.	19
	Section 4.07 .  Compliance Certificate.	19
	 	 
	Article 5	 
	Securityholders Lists and Reports by the Company and the Trustee	 
	 	 
	Section 5.01 .  Company to Furnish Trustee Names and Addresses of Securityholders.	19

 

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	Section 5.02 .  Preservation of Information; Communications with Securityholders.	20
	Section 5.03 .  Reports by the Company.	20
	Section 5.04 .  Reports by the Trustee.	21
	 	 
	Article 6	 
	Remedies of the Trustee and Securityholders on Event of Default	 
	 	 
	Section 6.01 .  Events of Default.	21
	Section 6.02 .  Collection of Indebtedness and Suits for Enforcement by Trustee.	23
	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.	25
	 	 
	Article 7	 
	Concerning the Trustee	 
	 	 
	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.	28
	Section 7.04 .  May Hold Securities.	28
	Section 7.05 .  Moneys Held in Trust.	28
	Section 7.06 .  Compensation and Reimbursement.	28
	Section 7.07 .  Reliance on Officers’ Certificate and Opinion of Counsel.	29
	Section 7.08 .  Disqualification; Conflicting Interests.	29
	Section 7.09 .  Corporate Trustee Required; Eligibility.	29
	Section 7.10 .  Resignation and Removal; Appointment of Successor.	30
	Section 7.11 .  Acceptance of Appointment by Successor.	30
	Section 7.12 .  Merger, Conversion, Consolidation or Succession to Business.	31
	Section 7.13 .  Preferential Collection of Claims Against the Company.	32
	 	 
	Article 8	 
	Concerning the Securityholders	 
	 	 
	Section 8.01 .  Evidence of Action by Securityholders.	32
	Section 8.02 .  Proof of Execution by Securityholders.	32
	Section 8.03 .  Who May be Deemed Owners.	33
	Section 8.04 .  Certain Securities Owned by Company Disregarded.	33
	Section 8.05 .  Actions Binding on Future Securityholders.	33
	 	 
	Article 9	 
	Supplemental Indentures	 
	 	 
	Section 9.01 .  Supplemental Indentures Without the Consent of Securityholders.	33

 

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	Section 9.02 .  Supplemental Indentures With Consent of Securityholders.	34
	Section 9.03 .  Effect of Supplemental Indentures.	35
	Section 9.04 .  Securities Affected by Supplemental Indentures.	35
	Section 9.05 .  Execution of Supplemental Indentures.	35
	Section 9.06 .  Conformity with Trust Indenture Act.	35
	 	 
	Article 10	 
	Successor Corporation	 
	 	 
	Section 10.01 .  Company May Consolidate, Etc., Only on Certain Terms.	35
	Section 10.02 .  Successor Substitute.	36
	 	 
	Article 11	 
	Defeasance And Discharge	 
	 	 
	Section 11.01 .  Discharge of Company’s Obligations.	36
	Section 11.02 .  Legal Defeasance.	37
	Section 11.03 .  Covenant Defeasance.	38
	Section 11.04 .  Application of Trust Money.	38
	Section 11.05 .  Repayment to Company.	38
	 	 
	Article 12	 
	Immunity of Incorporators, Stockholders, Officers and Directors	 
	 	 
	Section 12.01 .  No Recourse.	39
	 	 
	Article 13	 
	Miscellaneous Provisions	 
	 	 
	Section 13.01 .  Effect on Successors and Assigns.	39
	Section 13.02 .  Actions by Successor.	39
	Section 13.03 .  Surrender of Company Powers.	39
	Section 13.04 .  Notices.	40
	Section 13.05 .  Governing Law.	40
	Section 13.06 .  Compliance Certificates and Opinions.	40
	Section 13.07 .  Payments on Business Days.	40
	Section 13.08 .  Conflict with Trust Indenture Act.	40
	Section 13.09 .  Counterparts.	40
	Section 13.10 .  Separability.	41
	Section 13.11 .  Assignment.	41
	Section 13.12 .  Waiver of Jury Trial.	41
	Section 13.13 .  Force Majeure.	41
	Section 13.14 .  USA Patriot Act.	41

 

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INDENTURE, dated as of                     ,
between Automatic Data Processing, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association,
a national banking association organized and existing under the laws of the United States of America, 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 unsecured 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 acts and requirements necessary
to make this Indenture a valid and legally binding 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 Securityholders:

 

Article
1

Definitions

 

Section 1.01. Definitions of Terms.

 

The terms defined in this Section (except
as otherwise expressly provided in this Indenture 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 or that are by reference
in such Act defined in the Securities Act (except as herein 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 authorized by the Trustee with respect to all or
any series of the Securities to act on behalf of the Trustee to authenticate the Securities of any series pursuant to Section 2.10.

 

“Authorized Officer” means,
when used with respect to the Company, the President and Chief Executive Officer, the Chief Financial Officer, the General Counsel
or the Treasurer of the Company.

 

“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 of the Company or any duly authorized committee of such Board.

 

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

 

“Business Day” means, with
respect to any series of Securities, any day other than a day on which Federal or State banking institutions in the Borough of
Manhattan, The City of New York, are authorized or obligated by law, executive order or regulation to close.

 

    

    

    

 

“Commission” means the United
States Securities and Exchange Commission and any successor thereto.

 

“Company” means Automatic Data
Processing, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions
of Article 10, shall also include its successors and assigns.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining term (“Remaining Life”) of the series of Securities to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of such series of Securities.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“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 is located at U.S. Bank National Association, Global Corporate Trust Services, 21 South St 3rd Floor, Morristown, NJ 07960
, Attn: Automatic Data Processing administrator , or such other address as the Trustee may designate from time to time by notice
to the Securityholders and the Company, or the principal corporate trust office of any successor Trustee (or such other address
as such successor Trustee may designate from time to time by notice to the Securityholders and the Company).

 

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

 

“Default” means any event,
act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulted Interest” has the
meaning assigned to such term 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, New York, New York, 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 Securities
Exchange Act of 1934, as amended.

 

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

 

“Governmental Obligations”
means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include
a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as

 

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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 any amount payable to the holder of such depositary
receipt, or from any amount received by the custodian in respect of the Governmental Obligation, or from any 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.

 

“Indebtedness” of any specified
Person means any indebtedness in respect of borrowed money.

 

“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.

 

“Independent Investment Banker”
means the investment banking institution or institutions specified in the applicable indenture supplemental hereto and their respective
successors, or, if such firms or the successors, if any, to such firm or firms, as the case may be, are unwilling or unable to
select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

 

“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 an Officers’ Certificate pursuant to 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.

 

“Officers’ Certificate”
means a certificate, signed by two Authorized Officers of the Company, that is delivered to the Trustee in accordance with the
terms hereof. Each such certificate shall include the statements provided for in Section 13.06, if and to the extent required
by the provisions thereof.

 

“Opinion of Counsel” means
an opinion in writing 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 13.06, if and
to the extent required by the provisions thereof.

 

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

 

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

 

“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

 

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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.

 

“Redemption Price” has the
meaning assigned to such term in Section 3.01.

 

“Reference Treasury Dealer”
means the investment banking institutions specified as such in the applicable indenture supplemental hereto; provided, however,
that if any of them ceases to be a primary U.S. Government securities dealers (each a “Primary Treasury Dealer”), the
Company will substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third business day preceding such redemption date (or date of deposit in the case of a satisfaction and discharge).

 

“Responsible Officer” when
used with respect to the Trustee means any vice president, any assistant vice president, any trust officer or assistant trust officer,
or any other officer of the Trustee customarily performing functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and
familiarity with the particular subject and, in each case, who shall have direct responsibility for the administration of this
Indenture.

 

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

 

“Securities” means the debt
securities authenticated and delivered under this Indenture.

 

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

 

“Security Register” has the
meaning assigned to such term in Section 2.05(b).

 

“Security Registrar” has the
meaning assigned to such term in Section 2.05(b).

 

“Subsidiary” means, with respect
to any Person, (i) any corporation, limited liability company or other unincorporated entity at least a majority of whose
outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries
or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least
a majority of whose outstanding partnership or similar interests shall at the time be owned by such Person, or by one or more of
its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person
or any of its Subsidiaries is a general partner.

 

“Treasury Rate” means, with
respect to any redemption date, the rate per year, calculated on the third business day preceding the redemption date (or date
of deposit in the case of a satisfaction and discharge), equal to:

 

(i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated
“H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities”, for the maturity corresponding to the Comparable Treasury Issue; provided that, if
no maturity is within three months before or after the remaining life of the series of Securities to be redeemed, yields for the
two published maturities most closely corresponding to the Comparable Treasury

 

    7 

    

    

 

Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding
to the nearest month; or

 

(ii) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal
to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

“Trustee” means U.S. Bank National
Association, 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.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended, subject to the provisions of Section 9.01 and Section 9.02, as in effect
at the date of execution of this instrument.

 

“UCC” means the Uniform Commercial
Code, as in effect in each applicable jurisdiction.

 

“Voting Stock”, as applied
to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person,
other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

Article
2

Issue, Description, Terms, Execution, Registration and Exchange of Securities

 

Section 2.01. Designation and Terms
of Securities.

 

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 Officers’ Certificate, or established in one or
more indentures supplemental hereto:

 

(a) the title of the Security of the series
(which shall distinguish the Securities of the series from all other Securities);

 

(b) 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);

 

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

 

(d) the rate or rates at which the Securities
of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(e) the date or dates from which such interest,
if any, shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such
Interest Payment Dates and the record date for the determination of Securityholders to whom interest is payable on any such Interest
Payment Dates;

 

(f) the right, if any, to extend the interest
payment periods and the duration of such extension;

 

    8 

    

    

 

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

 

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

 

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

 

(j) if other than denominations of two
thousand U.S. dollars ($2,000) and integral multiples of one thousand U.S. dollars ($1,000) in excess thereof, the denominations
in which the Securities of the series shall be issuable;

 

(k) any and all other terms with respect
to such series (which terms shall not be inconsistent with the terms of this Indenture) including any terms which may be required
by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

(l) whether the Securities are issuable
as a Global Security and, in such case, the identity of the Depositary for such series;

 

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

 

(n) any additional or different Events
of Default or restrictive covenants provided for with respect to the Securities of the series;

 

(o) any provisions granting special rights
to Securityholders when a specified event occurs;

 

(p) any special tax implications of the
Securities of the series; and

 

(q) conversion or exchange provisions,
if any, including conversion or exchange prices or rates and adjustments thereto.

 

All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to 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, 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 Officers’ Certificate
setting forth the terms of the series.

 

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

 

Section 2.02. Form of Securities
and Trustee’s Certificate.

 

The Securities of any series and the Trustee’s
certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one
or more indentures supplemental

 

    9 

    

    

 

hereto
or as provided by or pursuant to a Board Resolution and set forth in an Officers’ Certificate, and 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 stock exchange
on which Securities of that series may be listed, or to conform to usage.

 

Section 2.03. Denominations; Provision
for Payment.

 

The Securities shall be issuable as registered
Securities without coupons and in minimum denominations of two thousand U.S. dollars ($2,000) and integral multiples of one thousand
U.S. dollars ($1,000) in excess thereof, subject to Section 2.01(j). The Securities of a particular series shall bear interest
payable on the dates and at the rate or rates specified with respect to that series. The principal of and the interest on the Securities
of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or
currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be
dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve
30-day months.

 

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

 

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

 

(a) 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,
or transmitted through the facilities of the Depositary, 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. Following such mailing of notice of
the proposed payment of such Defaulted Interest and the special record date, 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 and shall
be no longer payable pursuant to the following clause (b).

 

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(b) 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 or pursuant
to 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
with respect to 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 such 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.

 

(a) The Securities shall be signed on behalf
of the Company by an Authorized Officer. 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 a Chief Financial Officer or Treasurer thereof, or of any Person who
shall have been a Secretary or Assistant Secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated
and delivered or disposed of such Person shall have ceased to be the Chief Financial Officer or Treasurer, or the Secretary or
an Assistant Secretary, of the Company. The Securities may contain such notations, legends or endorsements as are required by law,
stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

(b) 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 of such Security
is entitled to the benefits of this Indenture.

 

(c) 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 two Authorized Officers, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

(d) In authenticating such Securities and
accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to
receive, and (subject to Section 7.01) shall be fully protected in conclusively relying upon (i) an Officers’ Certificate
or executed supplemental indenture setting forth the form and terms of the Securities as required pursuant to Section 2.01
and (ii) an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions
of this Indenture and that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner
and subject to any conditions specified in such Opinion of Counsel, will be legal, valid and binding obligations of the Company
entitled to the benefits of this Indenture, and enforceable against the Company in accordance with their terms, except to the extent
that enforcement thereof may be limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or
similar laws now or hereafter in effect relating to creditors’ rights generally and (b) general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at law).

 

(e) 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.

 

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(f) If the authentication and delivery
relates to a new series of Securities created by a supplemental indenture hereto, the Trustee shall be entitled to receive an Officers’
Certificate and Opinion of Counsel stating that all conditions precedent to the execution of the supplemental indenture with respect
to that series of Securities have been complied with, the Company has the power to execute and deliver such supplemental indenture
and has taken all necessary action for those purposes and any such supplemental indenture has been duly authorized, executed and
delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles.

 

(g) With respect to Securities of a series
offered over a period of time, the Trustee may conclusively rely, as to the authorization by the Company of any of such Securities,
the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and
other documents delivered pursuant to this Section in connection with the first authentication of Securities of such series unless
and until such Opinion of Counsel or other documents have been superseded or revoked.

 

Section 2.05. Registration of Transfer
and Exchange.

 

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

 

(b) The Company shall keep, or cause to
be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City and State of New York, or such
other location designated by the Company 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 provided in this Section and which at all reasonable times shall be open for inspection by the Trustee. The registrar
for the purpose of registering Securities and transfers of Securities as herein provided shall be appointed as authorized by Board
Resolution (the “Security Registrar”).

 

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.

 

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 registered holder’s duly authorized attorney in writing.

 

(c) No service charge shall be made for
any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series,
but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other
than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.

 

(d) The Company shall not be required (i) to
issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before
the day of the mailing of a notice of redemption 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. The provisions of
this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

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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
thereof), at the office or agency of the Company designated for the purpose in the Borough of Manhattan, the City and State of
New York, 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 in writing
to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged,
the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of
such series authenticated and delivered hereunder.

 

Section 2.07. Mutilated, Destroyed,
Lost or Stolen Securities.

 

In case any temporary or definitive Security
shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and
upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same
series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu
of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall
furnish to the Company and the Trustee such security or indemnity 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, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered
to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it in accordance with its customary

 

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procedures,
and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture.
On written 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. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption
or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for
cancellation.

 

Section 2.09. Benefits of Indenture.

 

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

 

Section 2.10. Authenticating Agent.

 

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

 

Any Authenticating Agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon written
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. The Company agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services hereunder.

 

Section 2.11. Global Securities.

 

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

 

(b) Notwithstanding the provisions of Section 2.05,
the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only
to another nominee of

 

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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. 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 direct or indirect 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. Neither the Trustee nor any Agent shall have any responsibility
for any actions taken or not taken by the 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, this Section 2.11 shall no longer be applicable
to the Securities of such series and the Company will execute, and subject to Section 2.05, 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 2.05, the Trustee, upon receipt of an Officers’ 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.

 

Section 2.12. CUSIP/ISIN Numbers.

 

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

 

Article
3

Redemption of Securities and Sinking Fund Provisions

 

Section 3.01. Redemption.

 

Unless any indenture supplemental hereto
relating to any series of Securities provides otherwise with respect to such series of Securities, the Company may redeem the Securities
of any series issued hereunder in whole at any time or in part from time to time, at the Company’s option, at a redemption
price (the “Redemption Price”) equal to the greater of:

 

(a) 100% of the principal amount of the
series of Securities to be redeemed; or

 

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(b) the sum of the present values of the
remaining scheduled payments of principal and interest on the series of Securities to be redeemed (exclusive of interest accrued
to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the then current Treasury Rate plus a spread as specified in the applicable indenture supplemental hereto;

 

plus, in each case, accrued and
unpaid interest on the principal amount of the series of Securities to be redeemed to the date of redemption.

 

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 the right
reserved so to do, 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 electronic delivery or mailing, first class postage prepaid, 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 given 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 Officers’ Certificate evidencing compliance with any such restriction.

 

Each such notice of redemption shall specify
the date fixed for redemption, the CUSIP or ISIN number(s) of such Securities, the redemption price, or the manner in which the
redemption price will be calculated, 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 Borough of Manhattan,
the City and State of New York, 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 such date interest will cease to accrue and that the redemption
is for a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders
of Securities of that series to be redeemed in whole or 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 the Trustee is to provide notice
to the holders of Securities in accordance with clause (a) above, for a partial or full redemption, the Company shall give,
in the form of an Officers’ Certificate, the Trustee at least 45 days notice in advance of the date fixed for redemption
as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon, in the case of a partial redemption,
the Trustee shall select, by lot or in such other manner in accordance with the Depositary’s customary procedures and that
may provide for the selection of a portion or portions (equal to two thousand U.S. dollars ($2,000) and integral multiples of one
thousand U.S. dollars ($1,000) in excess thereof) of the principal amount of such Securities of a denomination larger than $2,000,
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 Authorized 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 and in the form attached to such written instructions. 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

 

    16 

    

    

 

case
may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable
the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

Section 3.03. Payment Upon Redemption.

 

(a) If the giving of notice of redemption
shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in
such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price,
together with interest accrued to the date fixed for redemption, and interest on such Securities or portions of Securities shall
cease to accrue on and after the date fixed for redemption; except that interest shall continue to accrue on any such Security
or portion thereof with respect to which the Company defaults in the payment of such redemption price and accrued interest. 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 this Section 3.04,
Section 3.05 and Section 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except
as otherwise specified as contemplated by Section 2.01 for Securities of such series.

 

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

 

Section 3.05. Satisfaction of Sinking
Fund Payments with Securities.

 

The Company (i) may deliver Outstanding
Securities of a series (other than any Securities previously called for redemption) 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, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing

 

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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
Officers’ 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 (in accordance with the Depositary’s customary procedures) 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

Certain Covenants

 

Section 4.01. Payment of Principal,
Premium and Interest.

 

The Company will duly and punctually pay
or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place
and in the manner provided herein and established with respect to such Securities. Any payments under this Indenture for the benefit
of the Person in whose name said Security is registered shall be received by the Trustee or Paying Agent no later than 12:00 p.m.
(New York time) on the applicable payment date or redemption date.

 

Section 4.02. Maintenance of Office
or Agency.

 

So long as any series of the Securities
remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York,
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
hereinabove 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 an Authorized Officer 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
(but not service of process) may be made 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.

 

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:

 

(i) 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;

 

(ii) 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;

 

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

 

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

 

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(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 in writing
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 in writing of this
action or failure so to act.

 

(c) Notwithstanding anything in this Section
to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05,
and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for
any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying
agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company
or such paying agent; and, upon such payment by any paying agent to the Trustee, 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, or merge into itself, or sell or convey all or substantially all
of its property to any other company unless the provisions of Article 10 hereof are complied with.

 

Section 4.06. Trustee’s Obligations
with Respect to the Covenants.

 

The Trustee shall not be obligated to monitor
or confirm, on a continuing basis or otherwise, the Company’s compliance with the covenants contained in this Article 4 or
with respect to reports or other documents filed under the Indenture; provided, however, that nothing herein shall
relieve the Trustee of its obligations under Article 7 hereof.

 

Section 4.07. Compliance Certificate.

 

The Company shall deliver to the Trustee
within 120 days after the end of each of the Company’s fiscal years, a certificate executed by its principal executive officer,
principal financial officer or principal accounting officer, stating as to his or her knowledge the Company’s compliance
(without regard to periods of grace or notice requirements) with all conditions and covenants under this Indenture, and if the
Company shall not be in compliance, specifying such non-compliance and the nature and status thereof of which such officer may
have knowledge.

 

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) on 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

 

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

 

Section 5.02. Preservation of Information;
Communications with Securityholders.

 

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

 

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

 

(c) Securityholders may communicate as
provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture
or under the Securities.

 

Section 5.03. Reports by the Company.

 

(a) The Company covenants and agrees to
file with the Trustee, within 30 days after the Company is required to file 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 may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents
or reports pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance with the rules
and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and
reports that may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on
a national securities exchange as may be prescribed from time to time in such rules and regulations; provided that the Company
shall be deemed to have filed with the Trustee any annual report, information, document or other report that the Company shall
have filed with the Commission that is publicly available via the Commission’s Electronic Data Gathering, Analysis and Retrieval
(EDGAR) system or any successor thereto; provided further that the Trustee shall have no responsibility whatsoever to monitor
whether any such filing has occurred.

 

(b) The Company covenants and agrees to
file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants
provided for in this Indenture as may be required from time to time by such rules and regulations.

 

(c) Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).
The Trustee shall have no responsibility for the filing, timeliness or content of such reports.

 

(d) The Company covenants and agrees to
transmit by mail, first class postage prepaid, or reputable over-night delivery service that provides for evidence of receipt,
or transmit through the facilities of the Depositary, to the Securityholders, as their names and addresses appear upon the Security
Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports

 

    20 

    

    

 

required
to be filed by the Company pursuant to subsections (a) and (b) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission.

 

Section 5.04. Reports by the Trustee.

 

(a) On or before May 15 in each year
in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class postage prepaid, or transmit through
the facilities of the Depositary, to the Securityholders, as their names and addresses appear upon the Security Register, a brief
report dated as of the preceding May 15, if and to the extent required under 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 stock exchange upon which
any Securities are listed (if so listed) and also with the Commission. The Company agrees to reasonably promptly notify the Trustee
in writing when any Securities become listed on any stock exchange, and of any delisting thereof.

 

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:

 

(i) 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 continuance of such default for a period of 30 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;

 

(ii) 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;

 

(iii) 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 aggregate principal amount of the Securities of all series
affected by such failure at the time Outstanding;

 

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

 

(v) a court of competent jurisdiction
enters an order under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints
a Custodian of the Company for all or substantially all of their respective property, or (C) orders the liquidation of the
Company, and the order or decree remains unstayed and in effect for 90 days; or

 

    21 

    

    

 

(vi) any other Event of Default
provided for with respect to the Securities of such series in accordance with Section 2.01.

 

(b) If an Event of Default described in
clauses (a)(i) or (a)(ii) of this Section 6.01 with respect to the Securities of any series then Outstanding hereunder occurs
and is continuing, then, unless the principal of the Securities of such 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 such series then Outstanding,
by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of all the
Securities of such series and interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration
the same shall become and shall be immediately due and payable, notwithstanding anything contained in this Indenture or in the
Securities of such series or established with respect to such series pursuant to Section 2.01 to the contrary. If an Event
of Default described in clauses (a)(iii) or (a)(vi) of this Section 6.01 with respect to Securities of one or more series
then Outstanding hereunder occurs and is continuing, then, except with respect to any such affected series for which the principal
of all the Securities thereof 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 all affected series then Outstanding (all such series voting together as a single
class), by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of
all the Securities then Outstanding of such series and interest accrued thereon, if any, to be due and payable immediately, and
upon such declaration the same shall become immediately due and payable. If an Event of Default described in clauses (a)(iv) or
(a)(v) of this Section 6.01 occurs and is continuing, then the entire principal amount of all of the Securities then Outstanding,
and the interest accrued thereon, if any, will automatically become due and payable immediately, without any declaration or other
act by the Trustee or any Securityholder.

 

(c) At any time after the principal of
the Securities of any series shall have been declared due and payable as provided in Section 6.01(b), 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 such series then Outstanding (in the case of an Event of Default described in
clauses (a)(i) or (a)(ii) of this Section 6.01, each such affected series voting as a separate class, and in the case of an
Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of this Section 6.01, all such affected series
voting together as a single class), 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 such series and the principal of (and premium, if any, on) any and all Securities of such
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, applied to the Securities
of each such series at the rate per annum expressed in the Securities of each such series, respectively, 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 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 any such 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 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.

 

    22 

    

    

 

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

 

(b) If the Company shall fail to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered
to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute
any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company
or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided
by law 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 proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy
or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

 

Nothing contained herein shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or

 

    23 

    

    

 

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 the payment, if only partially paid, and upon surrender
thereof if fully paid:

 

FIRST: To the payment of costs
and expenses of collection and of all amounts payable to the Trustee (acting in any capacity hereunder) (including legal fees and
expenses) 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;

 

THIRD: Any remainder to the
Company.

 

Section 6.04. Limitation on Suits.

 

No holder of any Security of any series
shall have any right by virtue or by availing itself 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: (a) 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; (b) the holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series
(in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01, each such series voting as a separate
class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01, all
affected series voting together as a single class) or shall have made written request upon the Trustee to institute such action,
suit or proceeding in its own name as trustee hereunder; (c) such holder or holders shall have offered to the Trustee such
indemnity or security reasonably satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby;
(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity or security, shall have failed
to institute any such action, suit or proceeding; and (e) during such 60 day period, the holders of a majority in principal
amount of the Securities of such series (voting as provided in clause (b) above) do not give the Trustee a direction inconsistent
with the request.

 

Notwithstanding anything contained herein
or in any other provisions of this Indenture to the contrary, 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 (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not any actions or forbearances on the part of any such Securityholder or Securityholders are unduly
prejudicial to any other Securityholders). For the protection and enforcement of the provisions of this Section, each

 

    24 

    

    

 

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 on 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 all series at the time Outstanding affected thereby (all such series voting together as a
single class except with respect to an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01, in which case,
each such affected series voting as a separate class), 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 be unduly prejudicial to the rights of holders of Securities of any
other series at the time Outstanding determined in accordance with Section 8.04 (it being understood that the Trustee does
not have an affirmative duty to ascertain whether or not any such directions would be unduly prejudicial to the rights of such
Securityholders). 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 would involve the Trustee in personal liability. The holders of a majority in aggregate principal amount of the Securities
of all series at the time Outstanding affected thereby (all such series voting together as a single class), 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 any such series
as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been
cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the
Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured
for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored
to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon.

 

Section 6.07. Undertaking to Pay
Costs.

 

All parties to this Indenture agree, and
each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and
expenses, 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

 

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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 such person’s 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

 

(B) in the absence of negligence
or willful misconduct 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 (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein);

 

(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 Securityholders
provided to the Trustee in accordance with Section 6.06 relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with
respect to the Securities of such series;

 

(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; and

 

    26 

    

    

 

(v) whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct of or affecting the liability of or affording
protection to the Trustee shall be subject to the requirements of the Trust Indenture Act.

 

Section 7.02. Certain Rights of
Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a) the Trustee may conclusively rely and
shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, 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 two Authorized Officers (unless other evidence in respect thereof is specifically prescribed herein);

 

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

 

(d) subject to Section 7.01, the Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to
the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred
therein or thereby;

 

(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 series affected thereby, determined as provided
in Section 8.04 (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01, each such
series treated as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi)
of Section 6.01, all affected series treated as a single class); 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) the Trustee shall not be deemed to
have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the existence of such Default or Event of Default with respect to the Securities and this Indenture;

 

(i) the rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified in connection with the
performance of its duties under this Indenture

 

    27 

    

    

 

shall
extend to the Trustee acting in any capacity hereunder, the Trustee’s officers, directors, agents and employees and each
agent, custodian and other person employed to act hereunder, and be enforceable by the Trustee acting in any capacity hereunder.
Such immunities and protections and right to indemnification, together with the Trustee’s right to compensation, shall survive
the Trustee’s resignation or removal and final payment of the Securities;

 

(j) the Trustee may request that the Company
deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture;

 

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

 

(l) the Trustee shall not be required to
give any bond or surety in respect of the performance of its powers and duties hereunder; and

 

(m) under no circumstances shall the Trustee
be liable in its individual capacity for the obligations evidenced by the Securities.

 

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.

 

Section 7.06. Compensation and
Reimbursement.

 

(a) The Company covenants and agrees to
pay to the Trustee (acting in any capacity hereunder), and the Trustee shall be entitled to, such 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

 

    28 

    

    

 

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 shall be determined to have been caused by its own negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final decision). The Company also covenants to indemnify the
Trustee (acting in any capacity hereunder) (and its officers, agents, directors and employees) for, and to hold it harmless against,
any loss, liability, claim, damage or expense incurred without negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final decision) on the part of the Trustee and arising out of or in connection with the acceptance or administration
of this trust, including the costs and expenses of defending itself against any claim of liability in the premises and of enforcing
this Indenture (including this Section 7.06) and the Securities.

 

(b) The obligations of the Company under
this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for 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. The benefits of this Section shall survive the termination of this Indenture, satisfaction
and discharge of this Indenture, or resignation or removal of the Trustee pursuant to the provisions of this Indenture.

 

Section 7.07. Reliance on Officers’
Certificate and Opinion of Counsel.

 

Except as otherwise provided in Section 7.01,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it 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 willful misconduct on the part of the
Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate and, upon request, an Opinion of
Counsel, delivered to the Trustee and such certificate and opinion, in the absence of negligence or willful misconduct on the part
of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions
of this Indenture upon the faith thereof.

 

Section 7.08. Disqualification;
Conflicting Interests.

 

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

 

Section 7.09. Corporate Trustee
Required; Eligibility.

 

There shall at all times be a Trustee with
respect to the Securities issued hereunder which shall at all times be a corporation or national association 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 50 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 national association 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 national association shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor
may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In
case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.10.

 

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Section 7.10. Resignation and Removal;
Appointment of Successor.

 

(a) The Trustee or any successor hereafter
appointed, may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the
Company and by transmitting notice of resignation by mail, first class postage prepaid, or transmitting through the facilities
of the Depositary, 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, at the
Company’s expense, 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;

 

(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,
unless the Trustee’s duty to resign is stayed as provided herein, 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 in writing not less than 30 days prior the effective date of such removal 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

 

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retiring
Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee,
such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor trustee
all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee
all property and money held by such retiring Trustee hereunder.

 

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

 

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

 

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

 

(e) Upon acceptance of appointment by a
successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by
mail, first class postage prepaid, or transmit through the facilities of the Depositary, 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.

 

(f) The retiring Trustee shall have no
responsibility or liability for any action or inaction of a successor trustee.

 

Section 7.12. Merger, Conversion,
Consolidation or Succession to Business.

 

Any corporation or national association
into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or national association
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or national association

 

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succeeding
to all or substantially all of the corporate trust business of the Trustee, 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.

 

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 one or more 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 such
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 the relevant series in person or by agent or proxy appointed in writing.

 

If the Company shall solicit from the Securityholders
of one or more series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may,
at its option, as evidenced by an Officers’ 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 the relevant 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 the
relevant series shall be computed as of the record date; provided, however, that no such authorization, agreement
or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the record date.

 

Section 8.02. Proof of Execution
by Securityholders.

 

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

 

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

 

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

 

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

 

Section 8.03. Who May be Deemed
Owners.

 

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

 

Section 8.04. Certain Securities
Owned by Company Disregarded.

 

In determining whether the holders of the
requisite aggregate principal amount of Securities of one or more series have concurred in any direction, consent or waiver under
this Indenture, the Securities of such 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 conclusively relying on any such direction,
consent or waiver, only Securities of such series that a Responsible Officer of 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.

 

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 one or more series specified in this Indenture in connection with such action,
any holder of a Security of any such 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 one or more 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 such 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

 

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hereto
(which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders,
for one or more of the following purposes:

 

(a) to cure any ambiguity, defect, or inconsistency
herein, 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 of the Company
for the benefit of the holders of all or any Series of Securities (and if such covenants are to be for the benefit of less than
all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to
surrender any right or power herein conferred upon the Company;

 

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

 

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

 

(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.

 

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

 

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

 

Section 9.02. Supplemental Indentures
With Consent of Securityholders.

 

With the consent (evidenced as provided
in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of all of the
series affected by such supplemental indenture or indentures at the time Outstanding (all such series voting together as a single
class), the Company, when authorized by Board Resolutions, 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, (i) extend the fixed maturity of any Securities of
any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce
any premium payable upon the redemption thereof or (ii) reduce the aforesaid percentage of Securities, the holders of which
are required to consent to any such supplemental indenture.

 

It shall not be necessary for the consent
of the Securityholders of the 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 the relevant
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.

 

Following the execution, authentication
and delivery of a supplemental indenture pursuant to the provisions of this Article or of Section 10.01, the Securities of
any series affected thereby may bear a notation in form approved by the Company, provided such form meets the requirements
of any exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company
shall determine that it is necessary or desirable, new Securities of such 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 Section 7.01, shall be provided with an
Officers’ Certificate and Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to
this Article is authorized or permitted by, and conforms to, the terms of this Article. that such supplemental indenture is the
legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms (subject to customary
assumptions and qualifications).

 

Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first
class postage prepaid, or transmit through the facilities of the Depositary, 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 Trustee to mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such supplemental indenture.

 

Section 9.06. Conformity with Trust
Indenture Act.

 

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

 

Article
10

Successor Corporation

 

Section 10.01. Company May Consolidate,
Etc., Only on Certain Terms.

 

The Company shall not consolidate with
or merge into any other Person or convey, transfer or lease all or substantially all of its properties and assets to any Person,
and the Company shall not permit any Person to consolidate with or merge into the Company, unless:

 

    35 

    

    

 

(a) in case the Company shall consolidate
with or merge into another Person or convey, transfer or lease all or substantially all of its properties and assets to any Person,
the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer,
or which leases, all or substantially all of the properties and assets of the Company shall be a corporation, partnership or trust,
shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia
and shall expressly assume, by an indenture supplemental hereto (in form satisfactory to the Trustee), executed and delivered to
the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance
or observance of every covenant of this Indenture on the part of the Company to be performed or observed;

 

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

 

(c) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with
this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

Section 10.02. Successor Substitute.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any conveyance, transfer or lease of all or substantially all of the properties
and assets of the Company in accordance with Section 10.01 above, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under the Indenture with the same effect as if such successor Person had been
named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations
and covenants under the Indenture and the Securities.

 

Article
11

Defeasance And Discharge

 

Section 11.01. Discharge of Company’s
Obligations. 

 

Except as otherwise provided in this Section 11.01,
the Company may terminate its obligations under the Securities of any series and this Indenture with respect to the Securities
of such series if:

 

(a) all Securities of such series previously
authenticated and delivered (other than destroyed, lost or wrongfully taken Securities of such series that have been replaced or
Securities of such series that are paid pursuant to Section 2.07 or Securities of such series for whose payment money or securities
have theretofore been held in trust and thereafter repaid to the Company, as provided in Section 11.05) have been delivered
to the Trustee for cancellation and the Company has paid all sums payable by it hereunder; or

 

(b) (i) the Securities of such series are
scheduled to mature within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for giving the notice of redemption, (ii) the Company irrevocably deposits in trust with the Trustee, as trust funds solely
for the benefit of the holders of such Securities, money or Government Obligations or a combination thereof sufficient (unless
such funds consist solely of money), in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, without consideration of any reinvestment and after payment of all
federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee, to pay and discharge
the principal of (and premium, if any) and interest on the Securities of such series to maturity or redemption, as the case may
be, and to pay all other sums payable by the Company hereunder, together with irrevocable instructions

 

    36 

    

    

 

directing
the Trustee to apply such funds to the payment thereof at maturity or redemption, and (iii) the Company delivers to the Trustee
an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein
relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied
with.

 

With respect to the foregoing clause (a),
only the Company’s obligations under Sections 7.06 and 11.05 in respect of the Securities of such series shall survive. With
respect to the foregoing clause (b), only the Company’s obligations in Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06,
7.10 and 11.05 in respect of the Securities of such series shall survive until such Securities of such series are no longer outstanding.
Thereafter, only the Company’s obligations in Sections 7.06 and 11.05 in respect of the Securities of such series shall survive
such satisfaction and discharge. After any such irrevocable deposit, the Trustee shall acknowledge in writing the discharge of
the Company’s obligations under the Securities of such series and this Indenture with respect to the Securities of such series
except for those surviving obligations specified above.

 

Section 11.02. Legal Defeasance.

 

Except as provided below, the Company will
be deemed to have paid and will be discharged from any and all obligations in respect of the Securities of any series and the provisions
of this Indenture (and the Trustee, at the expense of the Company, shall execute instruments in form and substance satisfactory
to the Company and the Trustee acknowledging the same) if the following conditions shall have been satisfied:

 

(a) the Company has irrevocably deposited
in trust with the Trustee as trust funds solely for the benefit of the holders of the Securities of such series, for payment of
the principal of (and premium, if any) and interest on the Securities of such series, money or Government Obligations or a combination
thereof sufficient (unless such funds consist solely of money), in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee without consideration of any reinvestment and
after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee,
to pay and discharge the principal of (and premium, if any) and interest on the outstanding Securities of such series to maturity
or earlier redemption (irrevocably provided for under arrangements satisfactory to the Trustee), as the case may be;

 

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

 

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

 

(d) the Company has delivered to the Trustee
(i) an Opinion of Counsel from a nationally recognized law firm to the effect that the beneficial owners of the Securities
of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance
and that legal defeasance will not otherwise alter the beneficial owners’ U.S. federal income tax treatment of principal,
premium, if any, and interest payments on the Securities of such series, which opinion must be based on a ruling of the Internal
Revenue Service, or a change in U.S. federal income tax law and (ii) an Opinion of Counsel, subject to customary assumptions
and qualifications, to the effect that the beneficial owners of the Securities of such series have a valid security interest in
the trust funds subject to no prior liens under the UCC; and

 

(e) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein
relating to the defeasance contemplated by this Section 11.02 of the Securities of such series have been complied with.

 

The Company’s obligations in Sections
2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 with respect to the Securities of such series shall survive until such
Securities are no longer outstanding. Thereafter, only the Company’s obligations in Sections 7.06 and 11.05 shall survive.

 

    37 

    

    

 

Section 11.03. Covenant Defeasance.

 

The Company may omit to comply with any
term, provision or condition set forth in Section 4.05 (or any other specific covenant relating to the Securities of any series
provided for in a Board Resolution or supplemental indenture pursuant to Section 2.01 which may by its terms be defeased pursuant
to this Section 11.03), and such omission shall be deemed not to be an Event of Default under clause (a)(iii) of Section 6.01,
with respect to the outstanding Securities of such series if:

 

(a) the Company has irrevocably deposited
in trust with the Trustee as trust funds solely for the benefit of the holders of Securities of such series, for payment of the
principal of (and premium, if any) and interest on the Securities of such series, money or Government Obligations or a combination
thereof in an amount sufficient (unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee) without consideration of any reinvestment
and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee,
to pay and discharge the principal of (and premium, if any) and accrued interest on the outstanding Securities of such series to
maturity or earlier redemption (irrevocably provided for under arrangements satisfactory to the Trustee), as the case may be;

 

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

 

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

 

(d) the Company has delivered to the Trustee
(i) an Opinion of Counsel, subject to customary assumptions and qualifications, to the effect that the beneficial owners of
the Securities of such series have a valid security interest in the trust funds subject to no prior liens under the UCC and (ii) an
Opinion of Counsel from a nationally recognized law firm to the effect that the beneficial owners of the Securities of such series
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the covenant defeasance and that covenant
defeasance will not otherwise alter the beneficial owners’ U.S. federal income tax treatment of principal, premium, if any,
and interest payments on the Securities of such series; and

 

(e) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein
relating to the covenant defeasance contemplated by this Section 11.03 of the Securities of such series have been complied
with.

 

Section 11.04. Application of Trust
Money. 

 

Subject to Section 11.05, the Trustee
or paying agent shall hold in trust money or Government Obligations deposited with it pursuant to Section 11.01, 11.02 or
11.03, as the case may be, in respect of the Securities of any series and shall apply the deposited money and the proceeds from
deposited Government Obligations in accordance with the Securities of such series and this Indenture to the payment of principal
of (and premium, if any) and interest on the Securities of such series; but such money need not be segregated from other funds
except to the extent required by law. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the Government Obligations deposited pursuant to Section 11.01, 11.02 or 11.03, as the case may be,
or the principal and interest received in respect thereof, other than any such tax, fee or other charge that by law is for the
account of the Securityholders.

 

Section 11.05. Repayment to Company.

 

Subject to Sections 7.06, 11.01, 11.02
and 11.03, the Trustee and the paying agent shall promptly pay to the Company upon request set forth in an Officers’ Certificate
any money held by them at any time and not required to make payments hereunder and thereupon shall be relieved from all liability
with respect to such money. Subject to applicable escheat or abandoned property laws, the Trustee and the paying agent

 

    38 

    

    

 

shall
pay to the Company upon written request any money held by them and required to make payments under this Indenture that remains
unclaimed for two years; provided that the Trustee or such paying agent before being required to make any such payment
to the Company shall mail to each Securityholder entitled to such money at such Securityholder’s address (as set forth in
the register) notice that such money remains unclaimed and that after a date specified therein (which shall be at least 30 days
from the date of such publication or mailing) any unclaimed balance of such money then remaining will be repaid to the Company.
After payment to the Company, Securityholders entitled to such money must look to the Company for payment as unsecured general
creditors unless an abandoned property law designates another Person, and all liability of the Trustee and such paying agent with
respect to such money shall cease.

 

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

 

Section 13.03. Surrender of Company
Powers. 

 

The Company, by an instrument in writing
executed by 2/3 (two-thirds) of its Board of Directors and delivered to the Trustee, may surrender any of the powers reserved to
the Company under this Indenture, including any supplemental indenture hereto, and thereupon such power so surrendered shall terminate
both as to the Company and as to any successor corporation.

 

    39 

    

    

 

Section 13.04. Notices. 

 

Except as otherwise expressly provided
herein any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee
or by the holders of Securities to or on the Company may be given or served by being deposited first class postage prepaid in a
post-office letterbox addressed (until another address is filed in writing by the Company with the Trustee), as follows: Automatic
Data Processing, Inc., One ADP Boulevard, Roseland, New Jersey 07068. Any notice, election, request or demand by the Company or
any Securityholder 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.

 

Section 13.06. Compliance Certificates
and Opinions. 

 

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

 

(b) Each certificate or opinion provided
for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall
include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he or she has made such examination
or investigation as is necessary to enable him or her 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 13.07. Payments on Business
Days. 

 

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

 

Section 13.08. 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 13.09. 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.
The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for

 

    40 

    

    

 

all
purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for
all purposes.

 

Section 13.10. 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 13.11. Assignment. 

 

The Company will have the right at all
times to assign any of its rights or obligations under this Indenture to a direct or indirect wholly-owned Subsidiary of the Company,
provided that, in the event of any such assignment, the Company will remain liable for all such obligations. Subject to
the foregoing, the Indenture is binding upon and inures to the benefit of the parties thereto and their respective successors and
assigns. This Indenture may not otherwise be assigned by the parties hereto.

 

Section 13.12. Waiver of Jury Trial.

 

EACH OF THE COMPANY, THE SECURITYHOLDERS
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 13.13. Force Majeure. 

 

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.

 

Section 13.14. USA 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.

 

    41 

    

    

 

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

 

	 	AUTOMATIC
    DATA PROCESSING, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	U.S. BANK
    NATIONAL ASSOCIATION 

    as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:EX-10.1

 Exhibit 10.1 
  

 
 August 2, 2018 
 Sean M.
Connolly 
 c/o Conagra Brands, Inc. 
 222 Merchandise Mart
Plaza, Suite 1300 
 Chicago, Illinois 60654 
  

	 	Re:	 Chief Executive Officer (“CEO”) Letter of Agreement 

Dear Sean, 
 The purpose of this letter of
agreement (“Letter Agreement”) is to memorialize certain terms and conditions pursuant to which you will continue to serve, after the expiration on August 1, 2018 of the Employment Agreement, dated as of
February 12, 2015, between Sean M. Connolly (“you” or similar words) and ConAgra Foods, Inc. (n/k/a Conagra Brands, Inc., the “Company”), as amended (the “Employment
Agreement”), as the President and CEO of the Company. 
 The Board of Directors of the Company (the
“Board”) has determined that it is in the best interests of the Company to obtain and retain your services under this Letter Agreement as the President and CEO of the Company on the following terms and conditions: 

 

	 	1.	 Term of Employment. Your term of employment with the Company will continue in accordance with the terms
hereof until your employment ends in accordance with Section 4 below. 

  

	 	2.	 Position, Location and Duties. You will continue as President and CEO of the Company and a member of the
Board as described in this Letter Agreement. You will be re-nominated to the Board while you are a Company employee. Your primary work location shall be the Company’s headquarters in Chicago, Illinois. As
President and CEO, you will devote your full working time and efforts to the performance of the duties of President and CEO of the Company, but you may, consistent with such duties, engage in charitable and community affairs, manage your personal
investments and, subject to the prior approval of the Board, serve on the boards of directors of other companies. 

	 	3.	 Compensation and Benefits. 

 

	 	3.1	 Base Salary. The Company will pay you a base salary (“Base Salary”) at not less
than the rate of $1,200,000 per annum in accordance with the ordinary payroll practices of the Company. The Base Salary shall be reviewed for possible increases by the Board’s Human Resources Committee (the “Committee”)
and the Board’s independent directors at least annually, and any such increased amount shall become the Base Salary hereunder. 

  

	 	3.2	 Annual Cash Incentive Awards. You will be eligible to participate in the Company’s annual cash
incentive program (“Annual Incentive Program”) as approved by the Board or the Committee for employees generally. Your Annual Incentive Program award opportunity each year, at target, will be no less than 150% of your Base
Salary, and your maximum Annual Incentive Program award opportunity each year will be equal to 200% of the target Annual Incentive Program award opportunity. The performance goals with respect to your Annual Incentive Program award opportunity in
any year will be established by the Committee on a basis consistent with the establishment of such performance goals for other senior executive officers of the Company. 

 

	 	3.3	 Long-Term Equity-Based Incentive Awards. You will be eligible to receive equity-based incentive award
opportunities under the Company’s 2014 Stock Plan and/or any other or successor incentive plan or program available from time to time to senior executive officers at levels determined by the Committee and commensurate with your position
(collectively, the “LTI Program”). Your LTI Program award opportunity for any routine three-year performance period award approved by the Committee will be, at target, no less than $7.5 million. The translation of such
target LTI Program award opportunity in any three-year performance period into (a) specific award vehicles and (b) a number of equity awards per vehicle, will be completed in a manner consistent with the methodology approved by the
Committee for use with other senior executive officers of Company. As long as restricted stock units and performance shares are included in the LTI Program, the Company shall use award agreements and/or operational rules for your grants that contain
normal and early retirement provisions substantially no less favorable to retirees than those set forth in the form of agreements used by the Company for its July 2018 grants. If the Company shall use
non-qualified stock options in the LTI Program in the future, the Company shall use a form of award agreement for your grants that contain normal and early retirement provisions substantially no less favorable
to retirees than those set forth in the form of agreement used in your August 28, 2015 grant, provided that any requirement to accelerate (either pro-rata or in full, as applicable) vesting upon a
retirement event shall be replaced with an obligation to continue vesting (either pro-rata or in full, as applicable) on the original vesting schedule. 

 

	 	3.4	 Employee Benefit Plans. The Company will provide you and your eligible dependents with coverage under
all employee benefit programs, plans and practices, in accordance with the terms thereof, that the Company makes available to senior executive officers (including qualified and non-qualified plans, provided
that such plans are open to new participants as of the date first written above) in accordance with Company policies. This will include vacation benefits pursuant to the standard Company vacation policy, but not less than four weeks per calendar
year. 

  
 -2- 

	 	3.5	 Expenses and Other Benefits. You are authorized to incur reasonable expenses in carrying out your duties
under this Agreement, including expenses for travel and similar items related to such duties. The Company will reimburse you for all such expenses, subject to established Company policies. Additionally, the Company will reimburse you for
professional fees incurred in the negotiation and preparation of this Letter Agreement (and related documents), up to a maximum of $20,000. Further, the Company’s senior executive security policy will apply to you (on a basis no less favorable
than exists on the date hereof), including your use of corporate aircraft and appropriate home security in the form recommended by the Company’s security personnel. 

 

	 	3.6	 Stock Ownership. You will comply with the Company’s executive stock ownership guidelines as they
exist from time to time. 

  

	 	3.7	 Reimbursement and In-Kind Benefit Rules. Any reimbursements or in-kind benefits to be provided pursuant to this Letter Agreement (including but not limited to Sections 3.5, 4.6 and 6) that are taxable to you will be subject to the
following restrictions: (a) each reimbursement or in-kind benefit must be paid or provided, as applicable, no later than the last day of the calendar year following a tax year of yours during which the
expense was incurred as the case may be; (b) the amount of expenses eligible for reimbursement, or in kind benefits provided, during any one of your tax years may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other of your tax years; (c) the period during which any reimbursement may be paid or in-kind benefit may be provided is the later
of ten years after termination of this Letter Agreement or in the case of reimbursements related to expenses, the expiration of all applicable statutes of limitation for the collection of such expenses; and (d) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  

	 	4.	 Separation from Service. The term of this Letter Agreement will commence on the Effective Date and
continue until your employment is terminated in accordance with the terms of this Section 4 (the “Term”). In the event this Letter Agreement is terminated by either you or the
Company, Sections 6, 9, 10 and 11 will survive and Section 3.5 will survive in accordance with its terms. During the Term, the Company may
terminate your employment at any time for any reason, and you may terminate your employment at any time with or without Good Reason, subject to the terms of this Section 4. 

 

	 	4.1	 For purposes of this Section 4, the following terms will have
the following meanings: 

  

	 	(a)	 “Cause” will be limited to (i) your willful and continued failure to substantially
perform your duties with the Company (other than any such failure resulting from your termination of your employment for Good Reason) after a demand for substantial performance is delivered to you that specifically identifies the manner in which the
Company believes that you have not substantially performed your duties, and you have failed to resume substantial performance of your duties on a continuous basis within five (5) days of receiving such demand, (ii) your willful engagement
in conduct that is demonstrably and materially injurious to the 

  
 -3- 

	 	
Company, monetarily or otherwise, or (iii) your conviction of a felony or conviction of a misdemeanor that impairs your ability substantially to perform your duties to the Company. For
purposes of this subsection, no act, or failure to act, on your part will be deemed “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interest
of the Company. 

  

	 	(b)	 “Good Reason” will mean a termination of employment initiated by you upon one or more
of the following occurrences: (i) any failure of the Company to comply with and satisfy any of the terms of this Letter Agreement; (ii) any significant involuntary reduction of your authority, duties or responsibilities as President and
CEO; (iii) any involuntary removal of you from the position of President and CEO or involuntary removal of you from (or failure to re-nominate you to) the Board; (iv) any involuntary reduction in
your aggregate compensation level including, but not limited to, Base Salary, annual and long term incentive opportunity, and retirement plans, as in effect as of the date first written above; (v) requiring you to become based at any office or
location more than 50 miles from the Company’s Chicago, Illinois headquarters, except for travel reasonably required in the performance of your responsibilities; and (vi) you being required to undertake business travel to an extent
substantially greater than your business travel obligations as of when you became President and CEO; provided, however, that no termination will be deemed to be for Good Reason unless (A) you provide the Company with written
notice setting forth the specific facts or circumstances constituting Good Reason within ninety days after your knowledge of the initial existence of the occurrence of such facts or circumstances, and (B) the Company has failed to cure such
facts or circumstances within thirty days of its receipt of such written notice. 

  

	 	(c)	 “Permanent Disability” will mean you are, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under the Company’s long-term disability plan. 

  

	 	(d)	 “Retirement” will mean your “Early Retirement” or “Normal
Retirement.” 

  

	 	(e)	 “Early Retirement” will mean your termination of employment with the Company upon or
after attaining age 55, but prior to attaining age 57. 

  

	 	(f)	 “Normal Retirement” will mean your termination of employment with the Company upon or
after attaining age 57. 

  
 -4- 

	 	(g)	 “Separation from Service”, “termination of employment” and
similar references will mean the date that your employment with the Company terminates under circumstances that constitute a separation from service within the meaning of Internal Revenue Code (“Code”) Section 409A and
the Treasury Regulations relating thereto (“Section 409A”). Generally, you will incur a Separation from Service if you die, retire, or otherwise have a termination of employment with the
Company, determined in accordance with the following: 

  

	 	(i)	 Termination of Employment. Whether Separation from Service has occurred is determined based on whether
the facts and circumstances indicate that the Company and you reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services you would perform after such date would permanently
decrease to no more than twenty (20) percent of the average level of bona fide services performed over the immediately preceding thirty six (36) month period (or the full period of services to the Company if you have been providing
services to the Company less than thirty six (36) months). For periods during which you are on a paid “bona fide leave of absence” (as described under Section 409A) and have not otherwise terminated employment, for purposes of
this subsection you are treated as providing bona fide services at a level equal to the level of services that you would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which you
are on an unpaid bona fide leave of absence and have not otherwise terminated employment are disregarded for purposes of this subsection (including for purposes of determining the applicable thirty six (36) month (or shorter) period).

  

	 	(ii)	 Service with Related Companies. For purposes of determining whether a Separation from Service has
occurred under the above provisions, the “Company” shall include the Company and all Related Companies. “Related Companies” shall mean: (A) any corporation that is a member of a controlled group of corporations (as defined
in Code Section 414(b)) that includes the Company; and (B) any trade or business (whether or not incorporated) that is under common control (as defined in Code Section 414(c)) with the Company. For purposes of applying Code Sections
414(b) and (c), 25% is substituted for the 80% ownership level. 

  

	 	4.2	 Termination Upon Death or Permanent Disability. In the event of a Separation from Service during the
Term by reason of your death or Permanent Disability, (a) your Base Salary will be paid to you or your estate (as applicable) through the month of Separation from Service, together with any accrued, but unused, vacation pay and any unreimbursed
business expenses incurred through the date of Separation from Service and substantiated in accordance with Section 3.5, (b) you will be paid an Annual Incentive Program award payout consistent with the
disability provisions of the Annual Incentive Program in place at the time of the Separation from Service, but in an amount in no case less than a pro rata Annual Incentive Program award payout for the fiscal year in which the Separation from
Service occurs based on (i) the number of days employed during the fiscal year and (ii) the actual achievement of applicable financial performance targets (determined without any exercise of negative discretion inconsistent with any such
exercise respecting other executives), which amount (if any) will be paid when Annual Incentive Program award payouts for such year are paid to other executives; (c) all deferred compensation (not including retirement

  
 -5- 

	 	
benefits) will be paid to you, your estate, or your designated beneficiary (as applicable) in accordance with the terms of such deferred compensation (the items in (a), (b), and (c) above
are collectively referred to as the “Accrued Benefits”), and (d) you, your estate, or your designated beneficiary (as applicable) will receive unpaid vested benefits in accordance with the relevant terms of any
retirement, equity compensation, or other employee benefit plan or program in which you were a participant. 

  

	 	4.3	 Termination Without Cause or for Good Reason During Term. If there is a Separation from Service during
the Term initiated by the Company without Cause, or resulting from you initiating a Separation from Service with Good Reason: (a) you will receive all Accrued Benefits, except that the pro-rata Annual
Incentive Program award payout will be without regard to the disability provisions of the Annual Incentive Program in place at the time of the Separation from Service; (b) you will receive a payment in lump sum in an amount equal to two times
(2x) the sum of your (i) Base Salary plus (ii) an amount equal to the value of your target Annual Incentive Program award opportunity for the year in which the Separation from Service occurs; (c) the stock options granted by the
Company to you on April 1, 2015 will remain exercisable until the later of July 31, 2021 and as otherwise provided for under the terms of the nonqualified stock option agreement; (d) the unvested portion of stock options granted by
the Company to you on August 28, 2015 will become vested and exercisable on a pro-rata basis, based on the number of days employed during the applicable vesting period relative to the total number of days
constituting the vesting period; (e) if you elect continuation coverage under Company’s medical, dental and vision benefits pursuant to Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended
(“COBRA”), the Company shall pay your monthly COBRA premium (which payments shall be taxable to you), until the earlier of (i) your eligibility for any such coverage under another employer’s medical plans or
(ii) the date that is 24 months after the Separation from Service and your participation in such benefits plan shall be extended for such portion of the 24-month period not otherwise covered by COBRA; and
(f) you will receive unpaid vested benefits in accordance with the relevant terms of any retirement, equity compensation or other employee benefit plan or program in which you were a participant. Except as otherwise provided in the preceding
sentence, any equity awards granted to you will remain subject to the terms and conditions of the applicable Award Agreements and the equity or incentive compensation plans under which they were granted. 

 

	 	4.4	 Termination With Cause or Without Good Reason. If during the Term there is a Separation from Service
initiated by the Company with Cause, or resulting from you voluntarily initiating a Separation from Service without Good Reason, then: (a) you will be paid Base Salary through the month of termination, together with any accrued, but unused,
vacation pay and any unreimbursed business expenses incurred through the date of Separation from Service and substantiated in accordance with Section 3.5 and (b) you will receive unpaid vested
benefits in accordance with the relevant terms of any retirement, equity compensation, or other employee benefit plan or program in which you were a participant. 

  
 -6- 

	 	4.5	 Termination Upon Retirement. If during the Term there is a Retirement, then, subject to the last
sentence of Section 4.6: (a) you will be paid Base Salary through the month of termination, together with any accrued but unused vacation pay and any unreimbursed business expenses incurred through the
date of Separation from Service and substantiated in accordance with Section 3.5, (b) subject to Section 4.5(c), you will receive unpaid vested benefits in
accordance with the relevant terms of any retirement, equity compensation or other benefit plan or program in which you were a participant, and (c) notwithstanding anything to the contrary in the LTI Program (including the Conagra Brands, Inc.
2008 Performance Share Plan, as amended) or the Annual Incentive Program to the contrary, for purposes of your awards granted on or after July 17, 2018 and outstanding as of the date of the Separation from Service (if any) under the LTI Program
and the Annual Incentive Program: (A) any definition of “Early Retirement” (or substantially similar definition, as determined by the Committee) that is less favorable to you than the definition of Early Retirement in this Letter
Agreement shall be deemed to be amended by this Letter Agreement so that the applicable requirement is replaced by the requirement that you attain at least age 55 but have not yet attained age 57; (B) any definition of “Normal Retirement”
(or substantially similar definition, as determined by the Committee) that is less favorable to you than the definition of Normal Retirement in this Letter Agreement shall be deemed to be amended by this Letter Agreement so that the applicable
requirement is replaced by the requirement that you attain at least age 57; and (C) if any restricted stock unit or performance share award or agreement with you under the LTI Program for an award outstanding at the time of the Separation from
Service provides for immediate vesting (either pro-rata or in full, as applicable) in the event of Normal Retirement or Early Retirement (as such terms are defined in the restricted stock unit or performance
share award or agreement), and such Normal Retirement or Early Retirement is not within two years of a Change of Control (as such term is defined in the restricted stock unit or performance share award or agreement) such restricted stock unit or
performance share award or agreement shall be deemed to be amended by this Letter Agreement so that it provides for continued vesting after the Retirement Separation from Service in accordance with the normal vesting schedule for such award (either pro-rata or in full, as applicable). 

  

	 	4.6	 Impact of Multiple Separation Events. For the avoidance of doubt, you may receive benefits under
multiple sections of this Letter Agreement if multiple Separation from Service events apply at the time of your termination (e.g., the full benefits of a termination under Section 4.3 together with, if Normal Retirement-eligible or Early
Retirement-eligible, the benefits of LTI Program award vesting under Section 4.5). However, there shall be no duplication of payments or benefits under Sections 4.5, 4.2, or 4.3, as
applicable, and in no event shall you receive the Retirement benefits contemplated by Section 4.5 if your Separation from Service is initiated by the Company for Cause or is due to your death.

  

	 	4.7	 Timing of Payments. Subject to Section 4.8 below and any
applicable deferral election, all cash payments required hereunder following death, Permanent Disability or any other Separation from Service will be made on the sixty-first day following such Separation from Service, unless otherwise provided in an
applicable retirement, 

  
 -7- 

	 	
equity compensation or other benefit plan or program of the Company. Any payments made pursuant to a Separation from Service upon Permanent Disability under
Section 4.2 or pursuant to Section 4.3 not required by law in the absence of this Letter Agreement are conditioned on you having first signed a
release agreement in a form provided by the Company (and not imposing any post-termination restrictive covenants on you other than an affirmation of those such covenants entered into by you and the Company prior to the date thereof) and the release
becoming irrevocable by its terms within sixty (60) calendar days following the date of your Separation from Service. 

  

	 	4.8	 Six-Month Wait. Notwithstanding anything contained in this
Letter Agreement to the contrary, to the extent necessary to comply with Code Section 409A(a)(2)(B)(i), if you are a “specified employee” (determined in accordance with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) as of the date of Separation from Service (other than a Separation from Service due to death), then any payment, benefit or entitlement provided for in this Letter Agreement that is
payable by reference to the date of your Separation from Service during the first six months following the date of Separation from Service will be paid or provided to you in a lump sum cash payment to be made on the earlier of (a) your death or
(b) the first business day (or within 30 days after such first business day) of the seventh calendar month immediately following the month in which the date of Separation from Service occurs. If any payment is delayed pursuant to this
Section 4.8, the Company shall pay interest at the rate described below on the postponed payments from the date the payment would have been due but for this
Section 4.8 to the date on which such amounts are paid. Interest will be credited at an annual rate equal to the rate announced by Wells Fargo & Company (or its successor) as its
“prime rate” as of the date the payment would have been due but for this Section 4.8, plus one hundred (100) basis points, compounded annually. 

 

	 	4.9	 Code Section 409A. It is intended by the Company and you that all compensation and
benefits payable or provided to you under this Agreement or otherwise will fully comply with or be exempt from the provisions of Section 409A so as not to subject you to additional tax, interest or penalties that may be imposed under
Section 409A. You and the Company acknowledge that Section 409A is ambiguous in certain respects. The Company agrees that it will attempt in good faith not to take any action, or refrain from taking any action, that would result in the
imposition of tax, interest and/or penalties upon you under Section 409A. To the extent the Company has acted or refrained from acting in good faith as required by this Section, it will not be responsible for any consequences of failure to
comply with Section 409A. 

  

	 	5.	 Offsets. In the event of a termination of your employment pursuant to
Section 4.3 above or a Company breach of this Letter Agreement, you shall not be required to mitigate damages nor will the payments due to you hereunder be reduced or offset by reason of any payments
you may receive from any other source or by any amounts owing by you to the Company. 

  
 -8- 

	 	6.	 Separability; Legal Fees. If any provision of this Letter Agreement will be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability will not affect the remaining provisions hereof that will remain in full force and effect. In addition, the Company shall reimburse you for all legal and accounting fees and
expenses incurred by you in seeking to obtain or enforce any right or benefit provided by this Letter Agreement or any other compensation-related plan, agreement or arrangement of the Company upon presentation by you of an itemized account of such
expenditures, unless your claim is found by the arbitration panel to have been frivolous. 

  

	 	7.	 Assignment. This Letter Agreement will be binding upon and inure to the benefit of your heirs and
representatives and the assigns and successors of the Company, but neither this Letter Agreement nor any rights hereunder will be assignable or otherwise subject to hypothecation by you (except by will or by operation of the laws of intestate
succession) or the Company, except that the Company shall assign this Letter Agreement to any successor (whether by merger, purchase or otherwise) to all or substantially of the stock, assets or businesses of the Company. 

 

	 	8.	 Amendment. This Letter Agreement may only be amended by mutual written agreement between the Company and
you. 

  

	 	9.	 Governing Law. This Letter Agreement will be construed, interpreted and governed in accordance with the
laws of Delaware without reference to such state’s rules relating to conflicts of law. 

  

	 	10.	 Arbitration. Any controversy or claim arising out of this Letter Agreement or any breach will be
resolved by arbitration pursuant to this Section 10 and the then current rules of the American Arbitration Association. The arbitration will be held in Chicago, Illinois before three arbitrators who are
knowledgeable as to employment and employee benefits law. If the parties cannot agree on the appointment, one arbitrator shall be appointed by the Company, one by you, and the third shall be appointed by the first two arbitrators. The
arbitrators’ decision and award will be final and binding and may be entered in any court having jurisdiction thereof. The arbitrators shall not have the power to award punitive or exemplary damages. Each party shall bear its own
attorneys’ fees associated with the arbitration and other costs and expenses of the arbitration will be borne as provided by the rules of the American Arbitration Association; provided, however, that unless the arbitrators
determine your position was frivolous, you shall be entitled to reimbursement for reasonable attorneys’ fees and expenses and arbitration expenses incurred in connection with the dispute. If any portion of this
Section 10 is held to be unenforceable, it will be severed and will not affect either the duty to arbitrate or any other part of this Section 10.
Notwithstanding the foregoing, the Company may seek interim injunctive relief to enforce restrictive covenants pending resolution of any arbitration. 

  

	 	11.	 Entire Agreement. This Letter Agreement supersedes any unwritten agreements or understandings by and
between you and the Company and any of its affiliates or their respective directors, officers, shareholders, employees, attorneys, agents, or representatives, and, together with the agreements, plans and programs referred to herein.

  
 -9- 

	 	
This Letter Agreement, together with the time sharing agreement in existence as of the date first written above between the Company and you, and the change in control agreement in existence as of
the date first written above between the Company and you, constitute the entire agreement between the parties, respecting the subject matter hereof and there are no representations, warranties or other commitments other than those expressed herein;
provided, however, that, you and the Company acknowledge that, upon termination of the Employment Agreement, Sections 6, 8, 11, 12, 13 and 14 thereof survive and Sections 4.3, 4.5 and 4.7 thereof survive in accordance with their terms. If there is a
conflict between any provision of this Letter Agreement and any provision of any of your stock option or other award agreements, this Letter Agreement will control. You acknowledge that certain plans maintained by the Company must comply with ERISA,
the Code and the terms and conditions of the plans (“Qualified Plans”). Nothing contained in this Letter Agreement will require the Company to provide any benefit contrary to the terms and conditions of the Qualified Plans or
in violation of ERISA or the Code. To the extent any benefit to be provided hereunder to you cannot be provided through a Qualified Plan, the Company will provide the benefit on a non-qualified basis.
Notwithstanding anything in this Letter Agreement to the contrary, nothing in this Letter Agreement or the Employment Agreement prevents (or prevented) you from providing, without prior notice to the Company, information to governmental authorities
regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity you are not (and were not) prohibited
from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

On behalf of the Company, we thank you for your leadership and dedicated service to the Company. 

[SIGNATURE PAGE FOLLOWS] 

  
 -10- 

 
			
	Very truly yours,
	
	CONAGRA BRANDS, INC.
		
	By:	 	 /s/ Richard H. Lenny

	Name:	 	Richard H. Lenny
	Title:	 	Chairman of the Board of Directors

  

			
	Acknowledged and Agreed to by:
	
	SEAN M. CONNOLLY
	
	 /s/ Sean M. Connolly

		
	Date:	 	August 2, 2018

  
 -11-

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