Document:

Form of Advisory Agreement

 EXHIBIT 10.1 
  
 FORM OF ADVISORY AGREEMENT 
 between 
 KBS LEGACY
PARTNERS APARTMENT REIT, INC. 
 and 
 KBS CAPITAL ADVISORS LLC 
 ____________, 2010 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE 1 – DEFINITIONS
	  	1
	 ARTICLE 2 – APPOINTMENT
	  	8
	 ARTICLE 3 – DUTIES OF THE ADVISOR
	  	8
	 3.01 Organizational and Offering Services
	  	9
	 3.02 Acquisition Services
	  	9
	 3.03 Asset Management Services
	  	9
	 3.04 Stockholder Services
	  	12
	 3.05 Other Services
	  	12
	 ARTICLE 4 – AUTHORITY OF ADVISOR
	  	12
	 4.01 General
	  	12
	 4.02 Powers of the Advisor
	  	13
	 4.03 Approval by the Board
	  	13
	 4.04 Modification or Revocation of Authority of Advisor
	  	13
	 ARTICLE 5 – BANK ACCOUNTS
	  	13
	 ARTICLE 6 – RECORDS AND FINANCIAL STATEMENTS
	  	13
	 ARTICLE 7 – LIMITATION ON ACTIVITIES
	  	14
	 ARTICLE 8 – FEES
	  	14
	 8.01 Acquisition Advisory Fees
	  	14
	 8.02 Development and Construction Fees
	  	15
	 8.03 Asset Management Fees
	  	15
	 8.04 Disposition Fees
	  	16
	 8.05 Subscription Processing Fee
	  	16
	 8.06 Property Management Fee
	  	16
	 8.07 Subordinated Share of Cash Flows
	  	17
	 8.08 Subordinated Incentive Fee
	  	17
	 8.09 Changes to Fee Structure
	  	18
	 ARTICLE 9 – EXPENSES
	  	18
	 9.01 General
	  	18
	 9.02 Timing of and Limitations on Reimbursements
	  	19
	 ARTICLE 10 – VOTING AGREEMENT
	  	20
	 ARTICLE 11 – RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	20
	 11.01 Relationship
	  	20
	 11.02 Time Commitment
	  	21
	 11.03 Investment Opportunities and Allocation
	  	21
	 ARTICLE 12 – THE KBS NAME
	  	21
	 ARTICLE 13 – TERM AND TERMINATION OF THE AGREEMENT
	  	22
	 13.01 Term
	  	22
	 13.02 Termination by Either Party
	  	22
	 13.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	22
	 ARTICLE 14 – ASSIGNMENT
	  	23

  

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	 ARTICLE 15 – INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	23
	 15.01 Indemnification
	  	23
	 15.02 Limitation on Indemnification
	  	23
	 15.03 Limitation on Payment of Expenses
	  	24
	 ARTICLE 16 – MISCELLANEOUS
	  	24
	 16.01 Notices
	  	24
	 16.02 Modification
	  	24
	 16.03 Severability
	  	24
	 16.04 Construction
	  	25
	 16.05 Entire Agreement
	  	25
	 16.06 Waiver
	  	25
	 16.07 Gender
	  	25
	 16.08 Titles Not to Affect Interpretation
	  	25
	 16.09 Counterparts
	  	25

  

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 ADVISORY AGREEMENT 
 This Advisory Agreement, dated as of ___________, 2010 (the “Agreement”), is between KBS Legacy Partners Apartment REIT,
Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company desires to avail itself of the
knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision
of, the board of directors of the Company (the “Board”), all as provided herein; and 
 WHEREAS, the Advisor is
willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Advisory Fees” shall have the meaning set forth in Section 8.01. 
 “Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01,
incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property or other potential investment, whether or not acquired, as applicable, including, without limitation, legal
fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums and miscellaneous expenses related to
selection and acquisition of properties, whether or not acquired. 
 “Acquisition Fees” means the fee payable
to the Advisor pursuant to Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person in connection with making or investing in any Property or other Permitted Investment or the purchase,
development or construction of any Property by the Company. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or
points or any fee of a similar nature, however designated. Excluded shall be Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 

 

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 “Advisor” means (i) KBS Capital Advisors LLC, a Delaware limited
liability company, or (ii) any successor advisor to the Company. 
 “Affiliate or Affiliated” An Affiliate
of another Person includes any of the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with
the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose
outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be
deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing
body) of such program is composed of Affiliates of the entity. 
 “Appraised Value” means the value according
to an appraisal made by an Independent Appraiser. 
 “Asset Management Fee” shall have the meaning set forth in
Section 8.03. 
 “Average Invested Assets” means, for a specified period, the average of the aggregate
book value of the assets of the Company invested, directly or indirectly, in Properties and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the
average of such values at the end of each month during such period. 
 “Board” means the board of directors of
the Company, as of any particular time. 
 “Bylaws” means the bylaws of the Company, as amended from time to
time. 
 “Cash from Financings” means the net cash proceeds realized by the Company from the financing of
Properties or other Permitted Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith). 
 “Cash from Sales and Settlements” means the net cash proceeds realized by the Company (i) from the sale, exchange or other disposition of any of its assets or any portion thereof
after deduction of all expenses incurred in connection therewith including, without limitation, Disposition Fees and (ii) from the prepayment, maturity, workout or other settlement of any other Permitted Investment or portion thereof after
deduction of all expenses incurred in connection therewith. In the case of a transaction described in clause (i) (C) of the definition of “Sale” and (i)(B) of the definition of “Settlement,” Cash from Sales and
Settlements means the proceeds of any such transaction actually distributed to the Company from the Joint Venture or partnership. Cash from Sales and Settlements shall not include Cash from Financings. 
 “Cash from Sales, Settlements and Financings” means the total sum of Cash from Sales and Settlements and Cash from
Financings. 
  

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 “Charter” means the articles of incorporation of the Company, as amended
from time to time. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect
from time to time. 
 “Company” means KBS Legacy Partners Apartment REIT, Inc., a corporation organized under
the laws of the State of Maryland. 
 “Competitive Real Estate Commission” means a real estate or brokerage
commission for the purchase or sale of property that is reasonable, customary, and competitive in light of the size, type, and location of the property. 
 “Conflicts Committee” shall have the meaning set forth in the Company’s Charter. 
 “Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to
provide major repairs or rehabilitation on a Property, either initially or at a later date payable pursuant to Section 8.02. 
 “Contract Sales Price” means the total gross consideration received by the Company for the sale of a Property or other Permitted Investment. 
 “Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned, directly or indirectly, by the Company, the amount actually paid or allocated to fund
the acquisition, development, construction or improvement of Properties, including expenses related thereto (but excluding any Acquisition Fees related thereto), plus the amount of any outstanding debt attributable to such Properties and the
budgeted capital improvement costs, and (ii) in the case of Properties owned by any Joint Venture or partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or a partner, the portion of the amount actually
paid or allocated to fund the acquisition, development, construction or improvement of Properties, including expenses related thereto (but excluding any Acquisition Fees related thereto), plus the amount of any outstanding debt associated with such
Properties that is attributable to the Company’s investment in the Joint Venture or partnership and the budgeted capital improvement costs. 
 “Cost of other Permitted Investments” means the sum of the cost of all Permitted Investments held, directly or indirectly, by the Company, calculated each month on an ongoing basis, and
calculated as follows for each investment: the lesser of (i) the amount actually paid or allocated to acquire or fund the Permitted Investment, including expenses related thereto (but excluding any Acquisition Fees related thereto) and the
amount of any debt associated with or used to acquire or fund such investment and (ii) the outstanding principal amount of such Permitted Investment, including expenses related to the acquisition or funding of such investment (but excluding any
Acquisition Fees related thereto), as of the time of calculation. With respect to any Permitted Investment held by the Company through a Joint Venture or partnership of which it is, directly or indirectly, a co-venturer or partner, such amount shall
be the Company’s proportionate share thereof. 
  

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 “Dealer Manager” means (i) KBS Capital Markets Group LLC, a Delaware
limited liability company, or (ii) any successor dealer manager to the Company. 
 “Development Fee” means
a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date payable pursuant to
Section 8.02. 
 “Director” means a member of the board of directors of the Company. 
 “Disposition Fee” shall have the meaning set forth in Section 8.04. 
 “Distributions” means any distributions of money or other property by the Company to owners of Shares, including
distributions that may constitute a return of capital for federal income tax purposes. 
 “GAAP” means
accounting principals generally accepted in the United States. 
 “Gross Proceeds” means the aggregate purchase
price of all Shares sold for the account of the Company through an Offering, without deduction for Organization and Offering Expenses. 
 “Independent Appraiser” means a person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering
opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate
Appraisers (M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of such qualification. 
 “Initial Public Offering” means the initial public offering of Shares registered on Registration Statement No. 333-161449 on Form S-11. 
 “Invested Capital” means the amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price, reduced by any amounts paid by the Company to
repurchase Shares pursuant to the Company’s plan for redemption of Shares. 
 “Joint Venture” means any
joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties or other Permitted Investments. 
 “Listed” or “Listing” shall have the meaning set forth in the Company’s Charter. 
 “Market Value” shall have the meaning set forth in Section 8.08. 
 “NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date
hereof. 
  

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 “Net Income” means, for any period, the total revenues applicable to such
period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses
(as defined herein) shall exclude the gain from the sale of the Company’s assets. 
 “Offering” means any
offering of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 
 “Operating Cash Flow” means Operating Revenue Cash Flows minus the sum of (i) Operating Expenses, (ii) all principal and interest payments on indebtedness and other sums paid to lenders, (iii) the expenses of
raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution,
transfer, registration and Listing of the Shares, (iv) taxes, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of
real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, mortgage loans or other property (other than commissions on the sale of assets other than real property), such as the costs of
foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 
 “Operating
Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the
expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance,
distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with
Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate
interests, mortgage loans or other property (other than commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of
(i) Properties, (ii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is, directly
or indirectly, a co-venturer or partner. 
 “Organization and Offering Expenses” means all expenses incurred by
or on behalf of the Company in connection with or preparing the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before or after the date of this Agreement, which may include but are
not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by
the Company; expenses for printing, engraving and mailing; compensation of employees while

  

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engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale of the securities under Federal
and State laws, including taxes and fees, accountants’ and attorneys’ fees. 
 “Partnership” means
KBS Legacy Partners Limited Partnership, a Delaware limited partnership formed to own and operate Properties and other Permitted Investments on behalf of the Company. 
 “Permitted Investments” means all investments (other than Properties and short-term investments acquired for purposes of cash management) in which the Company may acquire an interest,
either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to the Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, including, without limitation,
mortgage loans and other types of debt financing investments. 
 “Person” means an individual, corporation,
partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the
Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for
purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 “Property” or
“Properties” means any real property or properties transferred or conveyed to the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership in which the
Company is, directly or indirectly, a co-venturer or partner. 
 “Property Manager” means an entity that has
been retained to perform and carry out at one or more of the Properties property management services. 
 “Registration
Statement” means the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-161449), as amended from time to time, in connection with the Initial Public Offering. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 
 “Sale” means (i) any transaction or series of transactions whereby: (A) the Company or the Partnership sells,
grants, transfers, conveys, or relinquishes its ownership of any Property or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any
Property or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or
substantially all of the interest of the Company or the Partnership in any Joint Venture or any partnership in which it is, directly or indirectly, a co-venturer or partner; or (C) any Joint Venture or any partnership in which the Company or
the Partnership is, directly or indirectly, a co-venturer or partner, sells, grants, transfers, conveys, or relinquishes its ownership

  

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of any Property or other Permitted Investment or portion thereof, including any event with respect to any Property or other Permitted Investment that gives rise to insurance claims or
condemnation awards, but (ii) not including any transaction or series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested
in one or more Properties or other Permitted Investments within 180 days thereafter. 
 “SEC” means the United
States Securities and Exchange Commission. 
 “Settlement” means (i) the prepayment, maturity, workout or
other settlement of any Permitted Investment or portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or
indirectly, a partner, but (ii) not including any transaction or series of transactions specified in clause (i) (A) or (i) (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are
reinvested in one or more Properties or other Permitted Investments within 180 days thereafter. 
 “Shares”
means shares of common stock of the Company, par value $.01 per share. 
 “Stockholders” means the registered
holders of the Shares. 
 “Stockholders’ 8% Return” means, as of any date, an aggregate amount equal to a
8% cumulative, non-compounded, annual return on Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). For purposes of calculating the Stockholders’ 8% Return, Invested Capital shall be
determined for each day during the period for which the Stockholders’ 8% Return is being calculated and shall be calculated net of (1) Distributions of Operating Cash Flow to the extent such Distributions of Operating Cash Flow provide a
cumulative, non-compounded, annual return in excess of 8%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year and (2) Distributions of Cash from Sales, Settlements and Financings, except to the extent
such Distributions would be required to supplement Distributions of Operating Cash Flow in order to achieve a cumulative, non-compounded, annual return of 8%, as such amounts are computed on a daily basis based on a three hundred sixty-five day
year. 
 “Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances if the
Shares are Listed, as calculated in Section 8.08. 
 “Subordinated Performance Fee Due Upon Termination”
means a fee payable in the form of an interest bearing promissory note (the “Performance Fee Note”) in a principal amount equal to (1) 15% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties
at the Termination Date, less amounts of all indebtedness secured by the Company’s Properties, plus the fair market value of all other Permitted Investments of the Company at the Termination Date, less amounts of indebtedness related to such
Permitted Investments, plus total Distributions (excluding any stock dividend) through the Termination Date exceeds (b) the sum of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the
Stockholders’ 8% Return from inception through the Termination Date less (2) any prior payment to the Advisor of a Subordinated Share of Cash Flows. Interest on the Performance Fee

  

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Note will accrue beginning on the Termination Date at a rate deemed fair and reasonable by the Conflicts Committee. The Company shall repay the Performance Fee Note at such time as the Company
completes the first Sale or Settlement after the Termination Date using Cash from Sales and Settlements. If the Cash from Sales and Settlements from the first Sale or Settlement after the Termination Date is insufficient to pay the Performance Fee
Note in full, including accrued interest, then the Performance Fee Note shall be paid in part from the Cash from Sales and Settlements from the first Sale or Settlement, and in part from the Cash from Sales and Settlements from each successive Sale
or Settlement until the Performance Fee Note is repaid in full, with interest. If the Performance Fee Note has not been paid in full within five years from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the
balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such
time. If the Shares are not Listed at such time, the Advisor, its successors or assigns, may elect to convert the balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the fair market value for the
Shares as determined by the Board based upon the Appraised Value of Company’s Properties on the date of election plus the fair market value of all other Permitted Investments of the Company on the date of election. 
 “Subordinated Share of Cash Flows” has the meaning set forth in Section 8.07. 
 “Subscription Processing Fee” has the meaning set forth in Section 8.05. 
 “Termination Date” means the date of termination of the Agreement determined in accordance with Article 13 hereof.

 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that, in any period of four
consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 
 ARTICLE 2 
 APPOINTMENT 
 The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms
and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 
 The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its best efforts to present to
the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the
Company with a

  

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continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the
limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform
the following duties: 
 3.01 Organizational and Offering Services.  The Advisor shall perform all services
related to the organization of the Company or any Offering or private sale of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or
(iii) would require the Advisor to register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition
Services. 
 (i)   Serve as the Company’s investment and financial advisor and provide
relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii)   Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the
terms and conditions of transactions pursuant to which investments in Properties and other Permitted Investments will be made; (c) acquire and dispose of Properties and other Permitted Investments on behalf of the Company; (d) arrange for
financing and refinancing and make other changes in the asset or capital structure of investments in Properties and other Permitted Investments; and (e) enter into leases, service contracts and other agreements for Properties and other
Permitted Investments; 
 (iii)   Perform due diligence on prospective investments and create due
diligence reports summarizing the results of such work; 
 (iv)   With respect to prospective
investments presented to the Board, prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 
 (v)   Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the
value of contemplated investments of the Company; 
 (vi)   Deliver to or maintain on behalf of the
Company copies of all appraisals obtained in connection with the Company’s investments; and 
 (vii)   Negotiate and execute approved investments and other transactions, including prepayments, maturities, workouts and other settlements of Permitted Investments. 
 3.03 Asset Management Services. 
 (i)   Real Estate and Related Services: 
  

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 (a)   Investigate, select and, on behalf of the Company, engage
and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders,
technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons
acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
 (b)   Negotiate and service the Company’s and the Properties’ debt facilities and other financings; 
 (c)   Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates)
where appropriate, concerning the value of the Properties and other Permitted Investments; 
 (d)  
Monitor and evaluate the performance of each asset of the Company and the Company’s overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related
to the Properties and other Permitted Investments; 
 (e)   Formulate and oversee the implementation
of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties and other Permitted Investments on an overall portfolio basis; 

(f)   Consult with the Company’s officers and the Board and assist the Board in the formulation and
implementation of the Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with respect to the making of investments
consistent with the investment objectives and policies of the Company and with respect to any borrowings proposed to be undertaken by the Company; 
 (g)   Oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 

(h)   Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of
the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers; 
 (i)   Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the
Company’s overall budget; 
  

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 (j)   Coordinate and manage relationships between the Company and
any co-venturers or partners; and 
 (k)   Consult with the Company’s officers and the Board and
provide assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 
 (ii) Accounting and Other Administrative Services: 
 (a)   Provide the day-to-day management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company; 
 (b)   From time to time, or at any time reasonably requested by the Board, make reports to the Board on the
Advisor’s performance of services to the Company under this Agreement; 
 (c)   Make reports to
the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors LLC, as well as any investments that have been made by the Advisor or any
of its Affiliates directly; 
 (d)   Provide or arrange for any administrative services and items,
legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 
 (e)   Provide financial and operational planning services; 
 (f)   Maintain accounting and other record-keeping functions at the Company and investment levels, including
information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other
regulatory agency; 
 (g)   Maintain and preserve all appropriate books and records of the Company;

 (h)   Provide tax and compliance services and coordinate with appropriate third parties, including
the Company’s independent auditors and other consultants, on related tax matters; 
 (i)  
Provide the Company with all necessary cash management services; 
 (j)   Manage and coordinate with
the transfer agent the monthly dividend process and payments to Stockholders; 
  

 11 

 (k)  Consult with the Company’s officers and the Board and
assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
 (l)  Provide the Company’s officers and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to
compliance with the Sarbanes-Oxley Act of 2002; 
 (m)  Consult with the Company’s officers and
the Board relating to the corporate governance structure and appropriate policies and procedures related thereto; 
 (n)  Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002;

 (o)  Notify the Board of all proposed material transactions before they are completed; and

 (p)  Do all things necessary to assure its ability to render the services described in this
Agreement. 
 3.04 Stockholder Services. 
 (i)  Manage services for and communications with Stockholders, including answering phone calls, preparing and
sending written and electronic reports and other communications; 
 (ii)  Oversee the performance of
the transfer agent and registrar; 
 (iii)  Establish technology infrastructure to assist in providing
Stockholder support and service; and 
 (iv)  Consistent with Section 3.01, the Advisor shall
perform the various subscription processing services reasonably necessary for the admission of new Stockholders. 
 3.05
Other Services.  Except as provided in Article 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 
 ARTICLE 4 
 AUTHORITY OF ADVISOR 
 4.01 General.  All rights and powers to manage and control the day-to-day business and affairs of the Company shall be
vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of

  

 12 

 
the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other
Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 
 4.02 Powers of the Advisor.  Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management of the Company, the
power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and
in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or
incidental thereto to perform its obligations under this Agreement. 
 4.03 Approval by the
Board.  Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law
require the prior approval of the Board. If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents
required by it to evaluate such investment, financing or disposition. 
 4.04 Modification or Revocation of Authority of
Advisor.  The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall
be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
 ARTICLE 5 
 BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in its own name for the
account of the Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board may
approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company.

 ARTICLE 6 
 RECORDS AND FINANCIAL STATEMENTS 
 The Advisor, in the conduct of its
responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with

  

 13 

 
GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the
Company and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information
necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the
Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their
nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 
 ARTICLE 7 
 LIMITATION ON ACTIVITIES 
 Notwithstanding any provision in this Agreement to the contrary, the Advisor shall
not take any action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the
Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the
Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Charter or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board,
the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor
shall have no liability for acting in accordance with the specific instructions of the Board so given. 
 ARTICLE 8

 FEES 
 8.01 Acquisition Advisory Fees.  As compensation for the investigation, selection and acquisition (by purchase, contribution, investment or exchange) of Properties and other Permitted
Investments, the Company shall pay a fee to the Advisor (an “Acquisition Advisory Fee”) for each such investment. With respect to the acquisition of a Property or other Permitted Investment to be wholly owned, directly or
indirectly, by the Company, the Acquisition Advisory Fee payable to the Advisor shall equal 1.0% of the sum of the amount actually paid or allocated to fund the acquisition, development, construction or improvement of the Property or other Permitted
Investment, inclusive of the Acquisition Expenses associated with such Property or other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property or other Permitted Investment plus budgeted
capital improvement costs. With respect to the acquisition of a Property or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or

  

 14 

 
indirectly, a co-venturer or partner, the Acquisition Advisory Fee payable to the Advisor shall equal 1.0% of the portion of the amount actually paid or allocated to fund the acquisition,
development, construction or improvement of the Property or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property or other Permitted Investment, plus the amount of any debt associated with, or used to fund
the investment in, such Property or other Permitted Investment that is attributable to the Company’s investment in such Joint Venture or partnership plus budgeted capital improvement costs. Notwithstanding anything herein to the contrary, the
payment of Acquisition Advisory Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. The Advisor shall submit an invoice to the Company on or about the closing or
closings of each acquisition, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Advisory Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However,
the Acquisition Advisory Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Acquisition Advisory Fees not taken as to any fiscal year shall be deferred without interest
and may be paid in such other fiscal year as the Advisor shall determine. 
 8.02 Development and Construction
Fees.  If the Advisor or an Affiliate provides development services and/or construction services with respect to a Property, the Company shall pay the Advisor Development Fees and/or Construction Fees, as applicable, in amounts that
are usual and customary for comparable services rendered to similar projects in the geographic market; provided, however, that the Conflict Committee must determine that such Development Fees and Construction Fees are fair and reasonable and on
terms and conditions not less favorable than those available from unaffiliated third parties. Development Fees and Construction Fees will include the reimbursement of the specified cost incurred by the Advisor of engaging third parties for such
services. However, the Development Fee and/or Construction Fee, as applicable, may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Development Fees and/or Construction Fees,
as applicable, not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. Notwithstanding the above, the Advisor may engage (on behalf of the Company) third parties to
provide development or construction services pursuant to its authority under Article 4 and pay such third parties all applicable Development Fees or Construction Fees. Notwithstanding anything herein to the contrary, the payment of Development Fees
and Construction Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. 
 8.03 Asset Management Fees.  The Company shall pay the Advisor as compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management
Fee”) in an amount equal to one-twelfth of 1.0% of the sum of the Cost of Real Estate Investments and the Cost of other Permitted Investments. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the
Asset Management Fee for the applicable period. Generally, the Asset Management Fee payable to the Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. However, the Asset Management Fee
may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other
fiscal year as the Advisor shall determine. 
  

 15 

 8.04 Disposition Fees.  If the Advisor or any of its Affiliates provide a
substantial amount of services (as determined by the Conflicts Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to 1.0% of the Contract Sales Price;
provided, however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its assets in one or more transactions designed to effectuate a business combination
transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). The payment of any Disposition Fees by the Company
shall be subject to the limitations contained in the Company’s Charter. Any Disposition Fee payable under this Section 8.04 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions (including such
Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property or other Permitted Investment or (ii) the Competitive Real
Estate Commission for each Property or other Permitted Investment. The Advisor shall submit an invoice to the Company on or about the closing or closings of each disposition, accompanied by a computation of the Disposition Fee. Generally, the
Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of
the Advisor. All or any portion of the Disposition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.05 Subscription Processing Fee.  The Company shall pay the Advisor as compensation for the services described in
Section 3.04(iv) hereof a monthly fee (the “Subscription Processing Fee”) in an amount equal to $35 per subscription agreement for Shares received and processed by the Advisor. The Advisor shall submit a monthly invoice to the
Company, accompanied by a computation of the total amount of the Subscription Processing Fee for the applicable period. Generally, the Subscription Processing Fee payable to the Advisor shall be paid on the last day of such month, or the first
business day following the last day of such month. However, the Subscription Processing Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Subscription Processing Fees
not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. The Subscription Processing Fee is an Organization and Offering Expense of the Company and is subject to the
limitations on Organization and Offering Expenses in Article 9 hereof. 
 8.06 Property Management Fees.  If
the Company retains the Advisor or its Affiliates to manage any of its Properties, the Company will pay the Advisor or its Affiliates in amounts that are usual and customary for comparable services rendered to similar Properties in the geographic
market; provided, however, that the Conflict Committee must determine that such Property Management Fees are fair and reasonable and on terms and conditions not less favorable than those available from unaffiliated third parties. Property Management
Fees will include the reimbursement of the specified cost incurred by the Advisor of engaging third parties for such services. However, the Property Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion
of the Advisor. All or any portion of the Property Management Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. Notwithstanding the above, the Advisor
may engage (on behalf of the Company) third parties to provide property management

  

 16 

 
services pursuant to its authority under Article 4 and pay such third parties all applicable Property Management Fees. 
 8.07 Subordinated Share of Cash Flows.  The Subordinated Share of Cash Flows shall be payable to the Advisor in an amount
equal to 15% of Operating Cash Flow and Cash from Sales, Settlements and Financings remaining after the Stockholders have received Distributions of Operating Cash Flow and of Cash from Sales, Settlements and Financings such that the owners of all
outstanding Shares have received Distributions in an aggregate amount equal to the sum of: 
 a.  the
Stockholders’ 8% Return and 
 b.  Invested Capital. 
 When determining whether the above threshold has been met: 
  

	 	(A)	Any stock dividend shall not be included as a Distribution; and 

  

	 	(B)	Distributions paid on Shares redeemed by the Company (and thus no longer included in the determination of Invested Capital), shall not be included as a Distribution.

 Following Listing, no Subordinated Share of Cash Flows will be paid to the Advisor. 
 If the Subordinated Share of Cash Flows is payable to the Advisor, the Advisor shall submit a monthly invoice to the Company, accompanied by a computation
of the total amount of the Subordinated Share of Cash Flows for the applicable period. Generally, the Subordinated Share of Cash Flows payable to the Advisor shall be paid on the last day of such month, or the first business day following the last
day of such month. However, the Subordinated Share of Cash Flows may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Subordinated Share of Cash Flows not taken as to any
fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.08 Subordinated Incentive Fee.  Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 15% of the amount by which (i) the market value of the outstanding Shares of the
Company, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market
Value”), plus the total of all Distributions paid to Stockholders (excluding any stock dividends) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested
Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in
the form of cash, Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Cash Flows. In the event the Subordinated
Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. In addition, the Subordinated Incentive Fee

  

 17 

 
may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Subordinated Incentive Fee not taken as to any fiscal year shall be
deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.09 Changes to Fee
Structure.  In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
 ARTICLE 9 
 EXPENSES 
 9.01 General.  In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited
to: 
 (i)  All Organization and Offering Expenses; provided, however, that the Company shall not
reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the date of the reimbursement and provided further that
within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed
Offering; the Company shall not reimburse the Advisor for any Organization and Offering Expenses that are not fair and commercially reasonable to the Company, and the Advisor shall reimburse the Company for any Organization and Offering Expenses
that are not fair and commercially reasonable to the Company; 
 (ii)  Acquisition Fees and
Acquisition Expenses incurred in connection with the selection and acquisition of Properties and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company,
provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Charter; 
 (iii)  The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not
Affiliated with the Advisor; 
 (iv)  Interest and other costs for borrowed money, including
discounts, points and other similar fees; 
 (v)  Taxes and assessments on income or Properties, taxes
as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 
 (vi)  Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors; 
  

 18 

 (vii)  Expenses of managing, improving, developing, operating and
selling Properties and other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties and other Permitted Investments, including but not limited to prepayments,
maturities, workouts and other settlements of other Permitted Investments; 
 (viii)  All
out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 
 (ix)  Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of
all employees directly involved in the performance of such services, provided that, other than reimbursement of travel and communications expenses, no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the
extent that such employees perform services for which the Advisor receives Acquisition Fees or Disposition Fees; 
 (x)  Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and
other reports required by governmental entities; 
 (xi)  Audit, accounting and legal fees, and other
fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board, the Conflicts Committee or any other committee of the Board; 
 (xii)  Out-of-pocket costs for the Company to comply with all applicable laws, regulations and ordinances;

 (xiii)  Expenses connected with payments of Distributions made or caused to be made by the Company
to the Stockholders; 
 (xiv)  Expenses of organizing, redomesticating, merging, liquidating or
dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv)  All other out-of-pocket
costs incurred by the Advisor in performing its duties hereunder. 
 9.02 Timing of and Additional Limitations on
Reimbursements. 
 (i)  Expenses incurred by the Advisor on behalf of the Company and reimbursable
pursuant to this Article 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days
after the end of each quarter. 
  

 19 

 (ii)  Notwithstanding anything else in this Article 9 to the
contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2.5 million in the Initial Public Offering. 
 (iii)  Commencing upon the earlier to occur of four fiscal quarters after (i) the Company’s making of
its first investment or (ii) six months after commencement of the Initial Public Offering, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating
Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25%
Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such
excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of
the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in writing (or the
Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Conflicts
Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be
determined in accordance with GAAP applied on a consistent basis. 
 ARTICLE 10 
 VOTING AGREEMENT 
 The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor, a director or
any of their Affiliates or (ii) any transaction between the Company and the Advisor, a director or any of their Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no
longer an Affiliate of the Company. 
 ARTICLE 11 
 RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER
ACTIVITIES OF THE ADVISOR 
 11.01 Relationship.  The Company and the Advisor are not partners or joint
venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the
rendering of advice to other Persons (including other

  

 20 

 
REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director,
officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also
render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Conflicts Committee the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or
could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. Notwithstanding the foregoing, the Advisor shall promptly provide notice to the Conflicts Committee
if the Advisor and Legacy Partners Residential Realty, LLC propose, after the date of this Agreement, to create any additional exclusion from the restrictions on competing business activities set forth in Section 8.1(a) of the operating agreement of
KBS-Legacy Apartment Community REIT Venture, LLC. Such notice shall include a detailed description of the proposed exclusion and the basis for the determination by the Advisor and Legacy Partners Residential Realty, LLC that the excluded activity is
not competitive with the Company or its investments. Within a reasonable time following its receipt of such notice, the Conflicts Committee shall approve or reject (by majority vote) the proposed exclusion. 
 11.02 Time Commitment.  The Advisor shall, and shall cause its Affiliates and their respective employees, officers and
agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its
Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 
 11.03 Investment Opportunities and Allocation.  The Advisor shall be required to use commercially reasonable efforts to
present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company. 
 ARTICLE 12 
 THE KBS NAME 
 The Advisor and its Affiliates have a proprietary interest in the name “KBS.” The Advisor hereby grants to the Company a
non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “KBS” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor
or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “KBS” or any derivative thereof and the
Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “KBS” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some
form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “KBS.”
Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for
investment in real estate) and financial and service organizations having “KBS” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 
  

 21 

 ARTICLE 13 
 TERM AND TERMINATION OF THE AGREEMENT 
 13.01
Term.  This Agreement shall have an initial term of one year from the date hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company’s board of directors will
evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by a majority of the Company’s board of directors (including
a majority of the Conflicts Committee) not otherwise interested in the transaction. 
 13.02 Termination by Either
Party.  This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall
survive termination of this Agreement. 
 13.03 Payments on Termination and Survival of Certain Rights and
Obligations.  Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (i)  After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder
except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (A) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement and (B) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 

(ii)  The Advisor shall promptly upon termination: 
 (a)  pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued
compensation and reimbursement for its expenses to which it is then entitled; 
 (b)  deliver to the
Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (c)  deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and

 (d)  cooperate with the Company to provide an orderly transition of advisory functions.

  

 22 

 ARTICLE 14 
 ASSIGNMENT 
 This Agreement may be assigned by the
Advisor to an Affiliate with the consent of a majority of the Company’s board of directors (including a majority of the Conflicts Committee) not otherwise interested in the transaction. The Advisor may assign any rights to receive fees or other
payments under this Agreement without obtaining the approval of the Board or the Conflicts Committee. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a
corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the
Company is bound by this Agreement. 
 ARTICLE 15 
 INDEMNIFICATION AND LIMITATION OF LIABILITY 
 15.01
Indemnification.  Except as prohibited by the restrictions provided in this Section 15.01, Section 15.02 and Section 15.03, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including
their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the
extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 Notwithstanding the foregoing, the Company shall not indemnify the Advisors or its Affiliates for any loss, liability or expense arising
from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material
securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction
approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of
the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. 
 15.02 Limitation on Indemnification.  Notwithstanding the foregoing, the Company shall not provide for indemnification of
the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: 
 (i)  The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss
or liability was in the best interests of the Company. 
 (ii)  The Advisor or its Affiliates were
acting on behalf of or performing services for the Company. 
  

 23 

 (iii)  Such liability or loss was not the result of negligence or
misconduct by the Advisor or its Affiliates. 
 15.03 Limitation on Payment of Expenses.  The Company shall pay
or reimburse reasonable legal expenses and other costs incurred by the Advisors or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended
from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party
who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the
Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 
 ARTICLE 16 
 MISCELLANEOUS 
 16.01 Notices.  Any notice, report or other communication required or permitted to be given hereunder shall be in writing
unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein: 
 To the Company or the Board: 
 KBS Legacy Partners Apartment REIT, Inc. 
 620 Newport Center Drive, Suite 1300 
 Newport Beach, California 92660 

To the Advisor: 
 KBS Capital Advisors LLC 
 620 Newport Center Drive, Suite 1300 
 Newport Beach, California 92660 
 Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 16.01. 
 16.02 Modification.  This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except
by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 
 16.03
Severability.  The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of
them may be invalid or unenforceable in whole or in part. 
  

 24 

 16.04 Construction.  The provisions of this Agreement shall be construed
and interpreted in accordance with the laws of the State of Delaware. 
 16.05 Entire Agreement.  This
Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied,
oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not
be modified or amended other than by an agreement in writing. 
 16.06 Waiver.  Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 16.07 Gender.  Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires. 
 16.08 Titles Not to Affect
Interpretation.  The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

16.09 Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
 [The remainder of this page is intentionally
left blank. 
 Signature page follows.] 
  

 25 

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

			
	KBS LEGACY PARTNERS APARTMENT REIT, INC.
		
	    By:	 	 
		 	 C. Preston Butcher
 Chief
Executive Officer

  

							
	KBS CAPITAL ADVISORS LLC
		
	    By:	 	PBren Investments, L.P., a Manager
			
		 	By:	 	PBren Investments, LLC, as general partner
				
		 		 	By:	 	 
		 		 		 	Peter M. Bren, Manager
		
	    By:	 	Schreiber Real Estate Investments, L.P., a Manager
			
		 	By:	 	Schreiber Investments, LLC, as general partner
				
		 		 	By:	 	 
		 		 		 	Charles J. Schreiber, Jr., Manager

  

 26Form of Indenture

 Exhibit 4.1 
 RUBICON TECHNOLOGY, INC. 
 AND 
 ____________________________________, AS TRUSTEE 
 INDENTURE 
 DATED AS OF __________, ____ 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
			
	 1.1
	  	 DEFINITIONS
	  	1
			
	 1.2
	  	 OTHER DEFINITIONS
	  	5
			
	 1.3
	  	 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT
	  	6
			
	 1.4
	  	 RULES OF CONSTRUCTION
	  	6
		
	ARTICLE 2 THE SECURITIES	  	7
			
	 2.1
	  	 ISSUABLE IN SERIES
	  	7
			
	 2.2
	  	 ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES
	  	7
			
	 2.3
	  	 EXECUTION AND AUTHENTICATION
	  	9
			
	 2.4
	  	 REGISTRAR AND PAYING AGENT
	  	10
			
	 2.5
	  	 PAYING AGENT TO HOLD ASSETS IN TRUST
	  	11
			
	 2.6
	  	 SECURITYHOLDER LISTS
	  	12
			
	 2.7
	  	 TRANSFER AND EXCHANGE
	  	12
			
	 2.8
	  	 REPLACEMENT SECURITIES
	  	12
			
	 2.9
	  	 OUTSTANDING SECURITIES
	  	13
			
	 2.10
	  	 WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION
	  	13
			
	 2.11
	  	 TEMPORARY SECURITIES
	  	14
			
	 2.12
	  	 CANCELLATION
	  	14
			
	 2.13
	  	 PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST
	  	14
			
	 2.14
	  	 CUSIP NUMBER
	  	15
			
	 2.15
	  	 PROVISIONS FOR GLOBAL SECURITIES
	  	15
			
	 2.16
	  	 PERSONS DEEMED OWNERS
	  	16

  

 i 

					
	ARTICLE 3 REDEMPTION	  	16
			
	 3.1
	  	 NOTICES TO TRUSTEE
	  	16
			
	 3.2
	  	 SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED
	  	17
			
	 3.3
	  	 NOTICE OF REDEMPTION
	  	17
			
	 3.4
	  	 EFFECT OF NOTICE OF REDEMPTION
	  	18
			
	 3.5
	  	 DEPOSIT OF REDEMPTION PRICE
	  	18
			
	 3.6
	  	 SECURITIES REDEEMED IN PART
	  	19
		
	ARTICLE 4 COVENANTS	  	19
			
	 4.1
	  	 PAYMENT OF SECURITIES
	  	19
			
	 4.2
	  	 SEC REPORTS
	  	19
			
	 4.3
	  	 WAIVER OF STAY, EXTENSION OR USURY LAWS
	  	19
			
	 4.4
	  	 COMPLIANCE CERTIFICATE
	  	20
			
	 4.5
	  	 CORPORATE EXISTENCE
	  	20
		
	ARTICLE 5 SUCCESSOR CORPORATION	  	21
			
	 5.1
	  	 LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS
	  	21
			
	 5.2
	  	 SUCCESSOR PERSON SUBSTITUTED
	  	21
		
	ARTICLE 6 DEFAULTS AND REMEDIES	  	22
			
	 6.1
	  	 EVENTS OF DEFAULT
	  	22
			
	 6.2
	  	 ACCELERATION
	  	23
			
	 6.3
	  	 REMEDIES
	  	23
			
	 6.4
	  	 WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT
	  	24
			
	 6.5
	  	 CONTROL BY MAJORITY
	  	24
			
	 6.6
	  	 LIMITATION ON SUITS
	  	24
			
	 6.7
	  	 RIGHTS OF HOLDERS TO RECEIVE PAYMENT
	  	25
			
	 6.8
	  	 COLLECTION SUIT BY TRUSTEE
	  	25
			
	 6.9
	  	 TRUSTEE MAY FILE PROOFS OF CLAIM
	  	25
			
	 6.10
	  	 PRIORITIES
	  	26
			
	 6.11
	  	 UNDERTAKING FOR COSTS
	  	26

  

 ii 

					
	ARTICLE 7 TRUSTEE	  	26
			
	 7.1
	  	 DUTIES OF TRUSTEE
	  	26
			
	 7.2
	  	 RIGHTS OF TRUSTEE
	  	28
			
	 7.3
	  	 INDIVIDUAL RIGHTS OF TRUSTEE
	  	29
			
	 7.4
	  	 TRUSTEE’S DISCLAIMER
	  	29
			
	 7.5
	  	 NOTICE OF DEFAULT
	  	29
			
	 7.6
	  	 REPORTS BY TRUSTEE TO HOLDERS
	  	29
			
	 7.7
	  	 COMPENSATION AND INDEMNITY
	  	29
			
	 7.8
	  	 REPLACEMENT OF TRUSTEE
	  	30
			
	 7.9
	  	 SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION
	  	31
			
	 7.10
	  	 ELIGIBILITY; DISQUALIFICATION
	  	31
			
	 7.11
	  	 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
	  	31
			
	 7.12
	  	 PAYING AGENTS
	  	32
		
	ARTICLE 8 AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	32
			
	 8.1
	  	 WITHOUT CONSENT OF HOLDERS
	  	32
			
	 8.2
	  	 WITH CONSENT OF HOLDERS
	  	33
			
	 8.3
	  	 COMPLIANCE WITH TRUST INDENTURE ACT
	  	34
			
	 8.4
	  	 REVOCATION AND EFFECT OF CONSENTS
	  	34
			
	 8.5
	  	 NOTATION ON OR EXCHANGE OF SECURITIES
	  	35
			
	 8.6
	  	 TRUSTEE TO SIGN AMENDMENTS, ETC.
	  	35
		
	ARTICLE 9 DISCHARGE OF INDENTURE; DEFEASANCE	  	35
			
	 9.1
	  	 DISCHARGE OF INDENTURE
	  	35
			
	 9.2
	  	 LEGAL DEFEASANCE
	  	36
			
	 9.3
	  	 COVENANT DEFEASANCE
	  	36
			
	 9.4
	  	 CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE
	  	36

  

 iii 

					
	 9.5
	  	DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS	  	38
			
	 9.6
	  	REINSTATEMENT	  	38
			
	 9.7
	  	MONEYS HELD BY PAYING AGENT	  	39
			
	 9.8
	  	MONEYS HELD BY TRUSTEE	  	39
		
	 ARTICLE 10 MISCELLANEOUS
	  	40
			
	 10.1
	  	TRUST INDENTURE ACT CONTROLS	  	40
			
	 10.2
	  	NOTICES	  	40
			
	 10.3
	  	COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS	  	41
			
	 10.4
	  	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	  	41
			
	 10.5
	  	STATEMENT REQUIRED IN CERTIFICATE AND OPINION	  	41
			
	 10.6
	  	RULES BY TRUSTEE AND AGENTS	  	42
			
	 10.7
	  	BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT	  	42
			
	 10.8
	  	GOVERNING LAW	  	42
			
	 10.9
	  	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	  	42
			
	 10.10
	  	SUCCESSORS	  	43
			
	 10.11
	  	MULTIPLE COUNTERPARTS	  	43
			
	 10.12
	  	TABLE OF CONTENTS, HEADINGS, ETC.	  	43
			
	 10.13
	  	SEVERABILITY	  	43
			
	 10.14
	  	SECURITIES IN A FOREIGN CURRENCY OR IN EUROS	  	43
			
	 10.15
	  	JUDGMENT CURRENCY	  	44

  

 iv 

 CROSS-REFERENCE TABLE 
  

			
	 TRUST INDENTURE ACT SECTION
	  	INDENTURE SECTION
	 310(a)(1)(2)(5)
	  	7.10
	 310(a)(3)(4)
	  	Inapplicable
	 310(b)
	  	7.8; 7.10
	 310(c)
	  	Inapplicable
	 311(a)(b)
	  	7.11
	 311(c)
	  	Inapplicable
	 312(a)
	  	2.6
	 312(b)(c)
	  	10.3
	 313(a)(b)
	  	7.6
	 313(c)
	  	7.6; 10.2
	 313(d)
	  	7.6
	 314(a)
	  	4.2; 4.4; 10.2
	 314(b)
	  	N/A
	 314(c)(1)(2)
	  	10.4; 10.5
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	10.5
	 314(f)
	  	Inapplicable
	 315(a)
	  	7.1, 7.2
	 315(b)
	  	7.5; 10.2
	 315(c)
	  	7.1
	 315(d)
	  	7.1; 7.2
	 315(e)
	  	6.11
	 316(a)(last sentence)
	  	2.10
	 316(a)(1)(A)
	  	6.5
	 316(a)(1)(B)
	  	6.4
	 316(a)(2)
	  	8.2
	 316(b)
	  	6.7
	 316(c)
	  	8.4
	 317(a)(1)
	  	6.8
	 317(a)(2)
	  	6.9
	 317(b)
	  	2.5; 7.12
	 318(a)
	  	10.1

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

  

 v 

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

 “Capital Stock” means, with respect to any Person, any and all shares or other
equivalents (however designated) of capital stock, partnership interests or any other participation, right or other interest in the nature of an equity interest in such Person or any option, warrant or other security convertible into any of the
foregoing. 
 “Company” means the party named as such in the first paragraph of this Indenture until a successor
replaces such party pursuant to Article 5 of this Indenture, and thereafter means the successor and any other primary obligor on the Securities. 
 “Company Order” means a written order signed in the name of the Company by two of the Company’s executive Officers, one of whom must be its Chief Executive Officer or its Chief Financial
Officer. 
 “Company Request” means any written request signed in the name of the Company by its Chief Executive
Officer, its President, any Vice President, its Chief Financial Officer or its Treasurer and attested to by its Secretary or any Assistant Secretary. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered. 
 “Default” means any event that is, or that with the passing of time or giving of notice or both would be, an Event of Default.

 “Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form
of one or more Global Securities, the Person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act, until a successor Depository shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Depository” shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such Person, such Persons. 
 “Dollars” means the currency of the United States of America. 
 “Euro” means the single currency of participating member states of the economic and monetary union as contemplated in the Treaty
on European Union. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States of
America. 
 “Foreign Government Obligations” means, with respect to Securities that are denominated in a Foreign
Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by, or
acting as an agency or instrumentality of, such government, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) and (ii), are not callable
or redeemable at the option of the issuer thereof. 
  

 2 

 “GAAP” means generally accepted accounting principles consistently applied as in
effect in the United States of America from time to time. 
 “Global Security” or “Global Securities” means
a Security or Securities, as the case may be, in the form established pursuant to Section 2.2, evidencing all or part of a Series of Securities issued to the Depository for such Series or its nominee, and registered in the name of such
Depository or nominee, and bearing the legend set forth in Section 2.15(c) (or such other legend(s) as may be applied to such Securities in accordance with Section 2.2(24)). 
 “Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books.

 “Indebtedness” means (without duplication), with respect to any Person, any indebtedness at any time outstanding,
secured or unsecured, contingent or otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds, notes, debentures or similar
instruments, or representing the balance deferred and unpaid of the purchase price of any property (excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities arising in the ordinary course of business),
if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. 
 “Indenture” means this Indenture as amended, restated or supplemented from time to time. 
 “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Lien” means, with respect to any property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation,
assignment, deposit arrangement, security interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets
(including, without limitation, any capitalized lease obligation, conditional sales or other title retention agreement having substantially the same economic effect as any of the foregoing). 
 “Maturity,” when used with respect to any Security, means the date on which the principal of such Security, or an installment of
principal, becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect payment or otherwise. 
 “Officer” means the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the
Secretary of the Company, or any other officer designated by the Board of Directors, as the case may be. 
 “Officers’
Certificate” means, with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or any Senior or Executive Vice President and the Chief Financial Officer or any Treasurer of such Person, that shall
comply with applicable provisions of this Indenture. 
  

 3 

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

  

 4 

 
its Subsidiaries; or (ii) in the case of a partnership, joint venture, association or other business entity, with respect to which such Person or any of its Subsidiaries has the power to
direct or cause the direction of the management and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity is consolidated with such Person for financial statement purposes. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture
(except as provided in Section 8.3). 
 “Trustee” means the party named as such in this Indenture until a
successor replaces it pursuant to this Indenture, and thereafter means the successor, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect
to Securities of that Series. 
 “U.S. Government Obligations” means direct non-callable obligations of, or
non-callable obligations guaranteed by, the United States of America for the payment of which obligation or guarantee the full faith and credit of the United States of America is pledged. 
 1.2 OTHER DEFINITIONS. 
 The
definitions of the following terms may be found in the sections indicated as follows: 
  

			
	 TERM
	  	 DEFINED IN SECTION

	 “Bankruptcy Law”
	  	6.1
		
	 “Business Day”
	  	10.7
		
	 “Covenant Defeasance”
	  	9.3
		
	 “Custodian”
	  	6.1
		
	 “Event of Default”
	  	6.1
		
	 “Journal”
	  	10.15
		
	 “Judgment Currency”
	  	10.16
		
	 “Legal Defeasance
	  	9.2
		
	 “Legal Holiday”
	  	10.7
		
	 “Market Exchange Rate”
	  	10.15
		
	 “New York Paying Agent”
	  	2.4
		
	 “Paying Agent”
	  	2.4
		
	 “Place of Payment”
	  	10.7
		
	 “Registrar”
	  	2.4
		
	 “Required Currency”
	  	10.16
		
	 “Service Agent”
	  	2.4

  

 5 

 1.3 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. 
 Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this
Indenture to be qualified under the TIA is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 
 “indenture securities” means the Securities. 
 “indenture
securityholder” means a Holder or Securityholder. 
 “indenture to be qualified” means this Indenture.

 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor on the indenture securities” means the Company. 
 All other terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC
rule have the meanings therein assigned to them. 
 1.4 RULES OF CONSTRUCTION. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it herein, whether defined expressly or by reference; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the
plural, and in the plural include the singular; 
 (5) words used herein implying any gender shall apply to each gender; and

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

 6 

 ARTICLE 2 
 THE SECURITIES 
 2.1 ISSUABLE IN SERIES. 
 The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is $100,000,000. The Securities may
be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the
authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as
interest rate, Stated Maturity, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, PROVIDED, that all Series of Securities shall be equally and ratably entitled
to the benefits of the Indenture. 
 2.2 ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES. 
 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.2(1) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(2) through 2.2(24)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate, in each case,
pursuant to authority granted under a Board Resolution: 
 (1) the title of the Series (which shall distinguish the Securities
of that particular Series from the Securities of any other Series); 
 (2) any limit upon the aggregate principal amount of the
Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to
Section 2.7, 2.8, 2.11, 3.6 or 8.5); 
 (3) the price or prices (expressed as a percentage of the principal amount thereof)
at which the Securities of the Series will be issued; 
 (4) the date or dates on which the principal of the Securities of the
Series is payable; 
 (5) the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to
determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if
any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any Interest Payment Date; 
  

 7 

 (6) the place or places where the principal of, and interest and premium, if any, on, the
Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means; 
 (7) if
applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 (8) the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to
such obligation; 
 (9) the dates, if any, on which and the price or prices at which the Securities of the Series will be
repurchased by the Company at the option of the Holders thereof, and other detailed terms and provisions of such repurchase obligations; 
 (10) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable; 
 (11) the forms of the Securities of the Series in bearer (if to be issued outside of the United States of America) or fully registered form
(and, if in fully registered form, whether the Securities will be issuable as Global Securities); 
 (12) if other than the
principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.2; 
 (13) the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited
to, the Euro, and, if such currency of denomination is a composite currency other than the Euro, the agency or organization, if any, responsible for overseeing such composite currency; 
 (14) the designation of the currency, currencies or currency units in which payment of the principal of, and interest and premium, if any,
on, the Securities of the Series will be made; 
 (15) if payments of principal of, or interest or premium, if any, on, the
Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

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

 8 

 (17) the provisions, if any, relating to any collateral provided for the Securities of the
Series; 
 (18) any addition to or change in the covenants set forth in Articles 4 or 5 that applies to Securities of the
Series; 
 (19) any addition to or change in the Events of Default which applies to any Securities of the Series, and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 
 (20) the terms and conditions, if any, for conversion of the Securities into or exchange of the Securities for shares of common stock or preferred stock of the Company that apply to Securities of the
Series; 
 (21) any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with
respect to Securities of such Series if other than those appointed herein; 
 (22) the terms and conditions, if any, upon which
the Securities shall be subordinated in right of payment to other Indebtedness of the Company; 
 (23) if applicable, that the
Securities of the Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and 
 (24) any other terms
of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1, but which may modify or delete any provision of this Indenture insofar as it applies to such
Series). 
 All Securities of any one Series need not be issued at the same time, and may be issued from time to time,
consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, however, the authorized principal amount of any Series may not be increased
to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 
 2.3 EXECUTION AND AUTHENTICATION. 
 The Securities shall be executed on
behalf of the Company by two Officers of the Company or an Officer and an Assistant Secretary of the Company. Each such signature may be either manual or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced on the
Securities and may be in facsimile form. 
 If an Officer whose signature is on a Security no longer holds that office at the
time the Security is authenticated, the Security shall nevertheless be valid. 
 A Security shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at any time, and from time to time,

  

 9 

 
authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a
Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series
outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as
provided in Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject
to Section 7.1) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and
the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 
 The Trustee shall have the right to decline to authenticate and deliver any Securities of any Series: (a) if the Trustee, being advised
in writing by outside counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall
reasonably determine that such action would expose the Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then outstanding Series of Securities. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may
authenticate Securities whenever the Trustee may do so. Any appointment shall be evidenced by an instrument signed by an authorized officer of the Trustee, a copy of which shall be furnished to the Company. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 2.4 REGISTRAR AND PAYING AGENT. 
 The Company shall maintain in each Place
of Payment for any Series of Securities (i) an office or agency where such Securities may be presented for registration of transfer or for exchange (“Registrar”), (ii) an office or agency where such Securities may be presented
for payment (“Paying Agent”) (PROVIDED that the Company shall at all times maintain a Paying Agent in the Borough of Manhattan, City of New York, State of New York (the “New York Paying Agent”), and PROVIDED, FURTHER, that at the
option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the register for the Securities maintained by the Registrar), and (iii) an office or agency
where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served (“Service Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may
have one or more co-registrars

  

 10 

 
and one or more additional paying agents. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office, or to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set forth in Section 10.2.
If the Company acts as Paying Agent, it shall segregate the money held by it for the payment of principal of, and interest and premium, if any, on, the Securities and hold it as a separate trust fund. The Company may change any Paying Agent,
Registrar, co-registrar or any other Agent without notice to any Securityholder. 
 The Company may also from time to time
designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes, and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any Series for such purposes. The Company hereby initially designates the Corporate Trust Office of the Trustee as such
office of the Company. The Company shall give prompt written notice to the Trustee of such designation or rescission, and of any change in the location of any such other office or agency. 
 The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or agent for service of notices
and demands, or fails to give the foregoing notice, the Trustee shall act as such. The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service
Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. The Company designates
                                        ,
as the New York Paying Agent, with offices at
                                         
   . 
 2.5 PAYING AGENT TO HOLD ASSETS IN TRUST. 
 The Trustee as Paying Agent shall, and the Company shall require each Paying Agent other than the Trustee to agree in writing that each
Paying Agent shall, hold in trust for the benefit of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest or premium, if any, on, such Series of Securities (whether
such assets have been distributed to it by the Company or any other obligor on such Series of Securities), and the Company and the Paying Agent shall notify the Trustee in writing of any Default by the Company (or any other obligor on such Series of
Securities) in making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed, and the Trustee may, at any time during the continuance of any
payment default with respect to any Series of Securities, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the
Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such assets. 
  

 11 

 2.6 SECURITYHOLDER LISTS. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Securityholders of each Series of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of each regular record date for the payment of interest on the Securities of a Series and before each related Interest
Payment Date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders of each Series of Securities. 
 2.7 TRANSFER AND EXCHANGE. 
 When Securities of a Series are presented to the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested if the requirements of applicable law are met, and when such Securities of a
Series are presented to the Registrar with a request to exchange them for an equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall make the exchange as requested. To permit transfers and
exchanges, upon surrender of any Security for registration of transfer at the office or agency maintained pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request.

 If Securities are issued as Global Securities, the provisions of Section 2.15 shall apply. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Registrar or a co-registrar) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Company and the Registrar or a co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 
 Any exchange or transfer shall be without charge, except that the Company may require payment by the Holder of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.6 or 8.5. The Trustee shall not be required to register transfers of
Securities of any Series, or to exchange Securities of any Series, for a period of 15 days before the record date for selection for redemption of such Securities. The Trustee shall not be required to exchange or register transfers of Securities of
any Series called or being called for redemption in whole or in part, except the unredeemed portion of such Security being redeemed in part. 
 2.8 REPLACEMENT SECURITIES. 
 If a mutilated Security is surrendered to the Trustee, or if the Holder of a
Security presents evidence to the satisfaction of the Company and the Trustee that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a

  

 12 

 
replacement Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. An indemnity bond may be required by the Company or the
Trustee that is sufficient in the reasonable judgment of the Company or the Trustee, as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced. The Company may charge
such Holder for the Company’s out-of-pocket expenses in replacing a Security, including the fees and expenses of the Trustee. Every replacement Security shall constitute an original additional obligation of the Company, whether or not the
destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 2.9 OUTSTANDING SECURITIES. 
 Securities outstanding at any time are all Securities authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.9 as
not outstanding. 
 If a Security is replaced pursuant to Section 2.8 (other than a mutilated Security surrendered for
replacement), it ceases to be outstanding until the Company and the Trustee receive proof satisfactory to each of them that the replaced Security is held by a bona fide purchaser. A mutilated Security ceases to be outstanding upon surrender of such
Security and replacement thereof pursuant to Section 2.8. 
 If a Paying Agent holds on a Redemption Date or the Stated
Maturity money sufficient to pay the principal of, premium, if any, and accrued interest on, Securities payable on that date, and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture (PROVIDED, that
if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made), then on and after that date such Securities cease to be outstanding and
interest on them ceases to accrue. 
 A Security does not cease to be outstanding solely because the Company or an Affiliate
holds the Security. 
 2.10 WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION. 
 In determining whether the Holders of the required aggregate principal amount of the Securities of any Series have concurred in any
direction, waiver or consent, the Securities of any Series owned by the Company or any other obligor on such Securities, or by any Affiliate of any of them, shall be disregarded, except that for the purposes of determining whether the Trustee shall
be protected in relying on any such direction, waiver or consent, only Securities of such Series which the Trustee actually knows are so owned shall be so disregarded. Securities of such Series so owned which have been pledged in good faith shall
not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Securities of such Series and that the pledgee is not the Company or any other obligor on the Securities of such
Series, or an Affiliate of any of them. 
  

 13 

 2.11 TEMPORARY SECURITIES. 
 Until definitive Securities are ready for delivery, the Company may prepare and execute, and the Trustee shall authenticate, temporary
Securities. Temporary Securities shall be substantially in the form, and shall carry all rights, of definitive Securities, but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare and execute, and the Trustee shall authenticate, definitive Securities in exchange for temporary Securities without charge to the Holder. 
 2.12 CANCELLATION. 
 All Securities surrendered for payment, redemption or
registration of transfer or exchange, or for credit against any sinking fund payment, shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee for cancellation. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee or, at the
direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel, and at the written request of the Company shall dispose of, all Securities surrendered for transfer, exchange, payment or cancellation. If the Company shall
acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to this
Section 2.12. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture. 
 2.13 PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST. 
 Except as otherwise provided as contemplated by Section 2.2 with respect to any Series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Security is registered at the close of business on the regular record date for such interest, as provided in the Board Resolution, supplemental indenture hereto or Officers’
Certificate establishing the terms of such Series. 
 If the Company defaults in a payment of interest on the Securities, it
shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section 4.1, to the Persons who are Securityholders on a subsequent special record date, which date shall be the 15th day next preceding the date fixed
by the Company for the payment of defaulted interest, or the next succeeding Business Day if such date is not a Business Day. At least 15 days before the special record date, the Company shall mail or cause to be mailed to each Securityholder, with
a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid. 
  

 14 

 Except as otherwise specified as contemplated by Section 2.2 for Securities of any
Series, interest on the Securities of each Series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 2.14 CUSIP
NUMBER. 
 The Company in issuing the Securities may use one or more “CUSIP” numbers, and, if the Company does so,
the Trustee shall use the CUSIP number(s) in notices of redemption or exchange as a convenience to Holders, PROVIDED, that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in
the notice or on the Securities, and that reliance may be placed only on the other identification numbers printed on the Securities, and that any such redemption or exchange shall not be affected by any defect in or omission of any such numbers.

 2.15 PROVISIONS FOR GLOBAL SECURITIES. 
 (a) A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more
Global Securities, and the Depository for such Global Securities or Securities. 
 (b) Notwithstanding any provisions to the
contrary contained in Section 2.7 and in addition thereto, if, and only if the Depository (i) at any time is unwilling or unable to continue as Depository for such Global Security or ceases to be a clearing agency registered under the
Exchange Act and (ii) a successor Depository is not appointed by the Company within 90 days after the date the Company is so informed in writing or becomes aware of the same, the Company promptly will execute and deliver to the Trustee
definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive Securities (which the Company will promptly execute and deliver to the Trustee) and an Officers’ Certificate to the
effect that such Global Security shall be so exchangeable, will authenticate and deliver definitive Securities, without charge, registered in such names and in such authorized denominations as the Depository shall direct in writing (pursuant to
instructions from its direct and indirect participants or otherwise) in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. Upon the exchange of a Global Security for definitive Securities,
such Global Security shall be canceled by the Trustee. Unless and until it is exchanged in whole or in part for definitive Securities, as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the
Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee
of such a successor Depository. 
 (c) Any Global Security issued hereunder shall bear a legend in substantially the following
form: 
 “This Security is a Global Security within the meaning of the Indenture hereinafter referred to, and is registered
in the name of the Depository or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a Person other than the

  

 15 

 
Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee
of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.” 
 (d) The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization,
direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 
 (e)
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of, and interest and premium, if any, on, any Global Security shall be made to the Depository or its
nominee in its capacity as the Holder thereof. 
 (f) Except as provided in Section 2.15(e) above, the Company, the Trustee
and any Agent shall treat a Person as the Holder of such principal amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written statement of the Depository (which may be in the form of a
participants’ list for such Series) with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture, PROVIDED, that until the
Trustee is so provided with a written statement, it may treat the Depository or any other Person in whose name a Global Security is registered as the owner of such Global Security for the purpose of receiving payment of the principal of, and any
premium and (subject to Section 2.13) any interest on, such Global Security and for all other purposes whatsoever, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 2.16 PERSONS DEEMED OWNERS. 
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for all other purposes whatsoever, and none of
the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar shall be affected by notice to the contrary. 
 ARTICLE 3 
 REDEMPTION 
 3.1 NOTICES TO TRUSTEE. 
 The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities, or may covenant to redeem and pay the Series of Securities or any part thereof, prior to the Stated Maturity thereof at
such time and on such terms as provided for in such Securities or the related Board Resolution, supplemental indenture or Officers’

  

 16 

 
Certificate. If a Series of Securities is redeemable and the Company elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the Redemption Date and the
principal amount of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) before the Redemption Date. Any such notice may be canceled at any time prior to notice of such redemption being mailed to
any Holder, and shall thereby be void and of no effect. 
 3.2 SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED. 
 Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’
Certificate, if fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot or by any other method that the Trustee considers fair and appropriate (unless the
Company specifically directs the Trustee otherwise) and, if such Securities are listed on any securities exchange, by a method that complies with the requirements of such exchange. 
 The Trustee shall make the selection from Securities of a Series outstanding and not previously called for redemption, and shall promptly
notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed at least 35 but not more than 60 days before the Redemption Date.
Securities of a Series in denominations of $1,000 may be redeemed only in whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations larger than $1,000. Securities of a Series and
portions of them it selects shall be in amounts of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2(10), the minimum principal denomination for each Series and integral multiples
thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. 
 3.3 NOTICE OF REDEMPTION. 
 Unless otherwise indicated for a particular Series by Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, at least 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of
Securities to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar. The notice shall identify the Securities to be redeemed and shall state: 
 (1) the Redemption Date; 
 (2) the redemption price, and that such redemption price shall become due and payable on the Redemption Date; 
 (3) if
any Security of a Series is being redeemed in part, the portion of the principal amount of such Security of a Series to be redeemed and that, after the Redemption Date and upon surrender of such Security of a Series, a new Security or Securities in
principal amount equal to the unredeemed portion will be issued; 
 (4) the name and address of the Paying Agent; 
  

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 (5) that Securities of a Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price, and the place or places where each such Security is to be surrendered for such payment; 
 (6) that, unless the Company defaults in making the redemption payment, interest on the Securities of a Series called for redemption ceases to accrue on the Redemption Date, and the only remaining right of the Holders of such Securities is
to receive payment of the redemption price upon surrender to the Paying Agent of the Securities redeemed; 
 (7) if fewer than
all of the Securities of a Series are to be redeemed, the identification of the particular Securities of a Series (or portion thereof) to be redeemed, as well as the aggregate principal amount of Securities of a Series to be redeemed and the
aggregate principal amount of Securities of a Series to be outstanding after such partial redemption. 
 (8) the CUSIP number,
if any, printed on the Securities being redeemed; and 
 (9) that no representation is made as to the correctness or accuracy of
the CUSIP number, if any, listed in such notice or printed on the Securities. 
 At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at the Company’s sole expense. 
 3.4 EFFECT OF NOTICE OF REDEMPTION.

 Once the notice of redemption described in Section 3.3 is mailed, Securities of a Series called for redemption become
due and payable on the Redemption Date and at the redemption price, plus interest, if any, accrued to the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall be paid at the redemption price, plus accrued
interest, if any, to the Redemption Date; PROVIDED, that if the Redemption Date is after a regular interest payment record date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed
Securities registered on the relevant record date, as specified by the Company in the notice to the Trustee pursuant to Section 3.1. 
 3.5 DEPOSIT OF REDEMPTION PRICE. 
 On or prior to the Redemption Date (but no later than 11:00 A.M. Eastern Time
on such date), the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date other than Securities or portions thereof called for
redemption on that date which have been delivered by the Company to the Trustee for cancellation. 
 On and after any Redemption
Date, if money sufficient to pay the redemption price of, and accrued interest on, Securities called for redemption shall have been made available in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited
from paying such moneys to Holders, the Securities called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be to receive payment of the redemption price of and, subject to the proviso in
Section 3.4, accrued and unpaid interest

  

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on such Securities to the Redemption Date. If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption payment is made, on
the unpaid principal of the Security and any interest or premium, if any, not paid on such unpaid principal, in each case, at the rate and in the manner provided in the Securities. 
 3.6 SECURITIES REDEEMED IN PART. 
 Upon surrender of a Security of a Series
that is redeemed in part, the Company shall execute, and the Trustee shall authenticate, for a Holder a new Security of the same Series equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE 4 
 COVENANTS 
 4.1 PAYMENT OF SECURITIES. 
 The Company shall pay the principal of, and interest and premium, if any, on, each Series of Securities on the dates and in the manner provided in such Securities and this Indenture. 
 An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date
money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise. 
 The Company shall pay interest on overdue principal, and overdue interest, to the extent lawful, at the rate specified in the Series of
Securities. 
 4.2 SEC REPORTS. 
 The Company will deliver to the Trustee within 15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the information, documents and other reports, if any,
which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; PROVIDED, HOWEVER, that each such report or document will be deemed to be so delivered to the Trustee if the Company files such report or
document with the SEC through the SEC’s EDGAR database no later than the time such report or document is required to be filed with the SEC pursuant to the Exchange Act. Notwithstanding that the Company may not be subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, the Company will file with the SEC, to the extent permitted, and provide the Trustee with, such quarterly and annual reports and such information, documents and other reports specified in
Sections 13 and 15(d) of the Exchange Act. The Company will also comply with the other provisions of TIA Section 314(a). 
 4.3 WAIVER
OF STAY, EXTENSION OR USURY LAWS. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension, usury or other law which would prohibit or

  

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forgive the Company from paying all or any portion of the principal of, and/or interest and premium, if any, on, the Securities as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the covenants or the performance of this Indenture; and the Company hereby expressly waives (to the extent that they may lawfully do so) all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 4.4 COMPLIANCE CERTIFICATE. 
 (a) The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate which complies with TIA Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has
been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and that there is no default in the performance or observance of any of the terms,
provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with
respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of, or interest or premium, if any, on, the Securities is prohibited, or if such
event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
 (b) (i) If any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Securities, within five Business Days
after the Company becoming aware of such occurrence the Company shall deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action and what action the Company is taking or proposes to take with respect thereto.

 4.5 CORPORATE EXISTENCE. 
 Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, in accordance with the organizational documents
(as the same may be amended from time to time) of the Company and the rights (charter and statutory), licenses and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such right, license or franchise,
or its corporate existence, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not adverse in any material respect to the Holders.

  

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 ARTICLE 5 
 SUCCESSOR CORPORATION 
 5.1 LIMITATION ON CONSOLIDATION, MERGER AND
SALE OF ASSETS. 
 (a) The Company will not, in any transaction or series of transactions, merge or consolidate with or into,
or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or substantially as an entirety in one transaction or a series of related transactions), to any Person or Persons,
unless at the time of and after giving effect thereto (i) either (A) if the transaction or series of transactions is a merger or consolidation, the Company shall be the surviving Person of such merger or consolidation, or (B) the
Person formed by such consolidation or into which the Company is merged or to which the properties and assets of the Company are transferred (any such surviving Person or transferee Person being the “Surviving Entity”) shall be a
corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, or a corporation or comparable legal entity organized under the laws of a foreign jurisdiction and shall expressly
assume by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company (including, without limitation, the obligation to pay the principal of, and premium and
interest, if any, on, the Securities and the performance of the other covenants) under the Securities of each Series and this Indenture, and in each case, this Indenture shall remain in full force and effect; and (ii) immediately before and
immediately after giving effect to such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction or series
of transactions), no Default or Event of Default shall have occurred and be continuing. 
 (b) In connection with any
consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and
an Opinion of Counsel, each stating that such consolidation, merger or transfer, and the supplemental indenture in respect thereto, comply with this Section 5.1, and that all conditions precedent herein provided for relating to such transaction
or transactions have been complied with. 
 5.2 SUCCESSOR PERSON SUBSTITUTED. 
 Upon any consolidation, merger or transfer of all or substantially all of the assets of the Company in accordance with Section 5.1
above, the successor corporation formed by such consolidation, or into which the Company is merged or to which such transfer is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor corporation had been named as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Securities. 
  

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 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 6.1 EVENTS OF DEFAULT. 
 “Events of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless
in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 
 (1) there is a default in the payment of any principal of, or premium, if any, on, the Securities when the same becomes due and payable at
Maturity, upon acceleration, redemption or otherwise; 
 (2) there is a default in the payment of any interest on any Security
of a Series when the same becomes due and payable, and the Default continues for a period of 30 days; 
 (3) the Company
defaults in the observance or performance of any other covenant in the Securities of a Series or in this Indenture for 60 days after written notice from the Trustee or the Holders of not less than 25% in the aggregate principal amount of the
Securities of such Series then outstanding, which notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default”; 
 (4) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (A) commences a voluntary case, 
 (B) consents to the entry of an order for relief against it in an involuntary case, 
 (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
 (D) makes a general assignment for the benefit of its creditors, or 
 (E) generally is not paying its debts as they become due; 
 (5) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any Significant Subsidiary in
an involuntary case; 
 (B) appoints a Custodian of the Company or any Significant Subsidiary, or for all or
substantially all of the property of the Company or any Significant Subsidiary; or 
  

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 (C) orders the liquidation of the Company or any Significant Subsidiary, and
the order or decree remains unstayed and in effect for 90 consecutive days; or 
 (6) any other Event of Default provided with
respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(19). 
 The term “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 The
Trustee may withhold notice of any Default (except in the payment of the principal of, or interest or premium, if any, on, the Securities) to the Holders of the Securities of any Series in accordance with Section 7.5. When a Default is cured,
it ceases to exist. 
 6.2 ACCELERATION. 
 If an Event of Default with respect to Securities of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(4) or (5)) occurs and is continuing, the Trustee
by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities of that Series then outstanding by written notice to the Company and the Trustee, may declare that the entire principal amount of
all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of acceleration are immediately due and payable, in which case such amounts shall become immediately due and payable; PROVIDED, HOWEVER, that after such
acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series may rescind and annul such acceleration and its
consequences if (i) all existing Events of Default, other than the nonpayment of accelerated principal, interest or premium, if any, that has become due solely because of the acceleration, have been cured or waived, (ii) to the extent the
payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid and (iii) the rescission would not conflict with any
judgment or decree. No such rescission shall affect any subsequent Default or impair any right consequent thereto. In case an Event of Default specified in Section 6.1(4) or (5) with respect to the Company occurs, such principal, premium,
if any, and interest amount with respect to all of the Securities of that Series shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities of that Series. 
 6.3 REMEDIES. 
 If an Event
of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of the principal of, or interest and premium,
if any, on, the Securities of that Series, or to enforce the performance of any provision of the Securities of that Series or this Indenture. 
  

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 The Trustee may maintain a proceeding even if it does not possess any of the Securities of
that Series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 
 6.4 WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT. 
 Subject to Sections
6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then outstanding have the right to waive any existing Default or Event of Default with respect to such Series or compliance with any provision of this
Indenture (with respect to such Series) or the Securities of such Series. Upon any such waiver, such Default with respect to such Series shall cease to exist, and any Event of Default with respect to such Series arising therefrom shall be deemed to
have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. This Section 6.4 shall be in lieu of TIA
Section 316(a)(1)(B), and TIA Section 316(a)(1)(B) is hereby expressly excluded from this Indenture and Section as permitted by the TIA. 
 6.5 CONTROL BY MAJORITY. 
 Subject to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount
of the Securities of any Series then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee by this Indenture with respect to
such Series. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture, or that the Trustee determines may be unduly prejudicial to the rights of another Securityholder, or that may involve the Trustee in
personal liability; PROVIDED, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. This Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A), and TIA
Section 316(a)(1)(A) is hereby expressly excluded from this Indenture and Section as permitted by the TIA. 
 6.6 LIMITATION ON SUITS.

 Subject to Section 6.7, a Securityholder may not institute any proceeding or pursue any remedy with respect to this
Indenture or the Securities of a Series unless: 
 (1) the Holder gives to the Trustee written notice of a continuing Event of
Default with respect to the Securities of that Series; 
 (2) the Holders of at least 25% in aggregate principal amount of the
Securities of such Series then outstanding make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or
Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request; 
  

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 (4) the Trustee does not comply with the request within 60 days after receipt of the request
and the offer of indemnity; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in aggregate principal amount of the Securities of such Series then outstanding. 
 A Securityholder may not use this Indenture to prejudice the rights of another Securityholder, or to obtain a preference or priority over another Securityholder. 
 6.7 RIGHTS OF HOLDERS TO RECEIVE PAYMENT. 
 Notwithstanding any other
provision of this Indenture, the right of any Holder of a Security of a Series to receive payment of the principal of, and interest and premium, if any, on, the Security of such Series on or after the respective due dates expressed in the Security
of such Series, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional, and shall not be impaired or affected without the consent of the Holder. 
 6.8 COLLECTION SUIT BY TRUSTEE. 
 If an Event of Default in payment of principal, interest or premium, if any, specified in Section 6.1(1) or (2) with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the Securities of that Series) for the whole amount of unpaid principal and premium, if any, and accrued interest remaining unpaid, together
with interest on overdue principal and premium, if any, and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate then borne by the Securities of that Series, and such further
amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as set forth in Section 7.7. 
 6.9 TRUSTEE MAY FILE PROOFS OF CLAIM. 
 The Trustee may file such proofs of claim and other papers or documents, and take other actions (including sitting on a committee of creditors), as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company (or any
other obligor on the Securities), any of their respective creditors or any of their respective property, and the Trustee shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims,
and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings, and any custodian in any such judicial proceeding is hereby authorized by
each Securityholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. 
  

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 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to, or accept or adopt on behalf of any Securityholder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities of a Series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of
the claim of any Securityholder in any such proceedings. 
 6.10 PRIORITIES. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.7; 
 SECOND: to Securityholders for amounts then due and unpaid for the principal of, and interest and premium, if any, on, the Securities in respect of which, or for the benefit of which, such money has been
collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities; for principal and any premium and interest, respectively; and 
 THIRD: to the Company. 
 The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall mail to each Securityholder a notice that states the
record date, the payment date and amount to be paid. 
 6.11 UNDERTAKING FOR COSTS. 
 In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of the Securities of a Series then outstanding. 
 ARTICLE 7 
 TRUSTEE 
 7.1 DUTIES OF TRUSTEE. 
 (a) If an Event of Default has occurred and is
continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the same circumstances in the conduct of
his own affairs. 
  

 26 

 (b) Except during the continuance of an Event of Default: 
 (1) The Trustee need perform only those duties that are specifically set forth in this Indenture, and no covenants or obligations shall be
implied in this Indenture against the Trustee. 
 (2) In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture, but, in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (1) This paragraph does not limit the effect of paragraph (b) of this Section 7.1.

 (2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (3) The Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and 6.5. 
 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds, or otherwise incur any financial liability, in the performance of any of its rights or powers if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision of this Indenture that in any way relates to the Trustee. 
 (f) The Trustee and Paying Agent shall not be liable for interest on any money received by either of them, except as the Trustee and Paying
Agent may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law. 
 (g) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care set forth in paragraphs (a), (b), (c), (d) and (f) of this
Section 7.1 and in Section 7.2 with respect to the Trustee. 
  

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 7.2 RIGHTS OF TRUSTEE. 
 (a) Subject to Section 7.1: 
 (1) The Trustee may rely on, and shall be
protected in acting or refraining from acting upon, any document reasonably believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 (2) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel,
or both, which shall conform to the provisions of Section 10.5. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 
 (3) The Trustee may act through agents and attorneys, and shall not be responsible for the misconduct or negligence of any agent appointed
by it with due care. 
 (4) The Trustee shall not be liable for any action it takes or omits to take in good faith which it
reasonably believes to be authorized or within its rights or powers. 
 (5) The Trustee may consult with counsel reasonably
acceptable to the Trustee, which may be counsel to the Company, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered
by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (6) The Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby. 
 (7) The Trustee
shall not be deemed to have knowledge of any fact or matter (including, without limitation, a Default or Event of Default) unless such fact or matter is known to a Responsible Officer of the Trustee. 
 (8) Unless otherwise expressly provided herein or in the Securities of a Series or the related Board Resolution, supplemental indenture or
Officers’ Certificate, the Trustee shall not have any responsibility with respect to reports, notices, certificates or other documents filed with it hereunder, except to make them available for inspection, at reasonable times, by
Securityholders, it being understood that 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 (except as set forth in Section 4.4). 
  

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 7.3 INDIVIDUAL RIGHTS OF TRUSTEE. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities, and may make loans to, accept deposits
from, perform services for or otherwise deal with the Company, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, shall be subject to Sections 7.10
and 7.11. 
 7.4 TRUSTEE’S DISCLAIMER. 
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities (except that the Trustee represents that it is duly authorized to execute and deliver this Indenture
and authenticate the Securities and perform its obligations hereunder), and the Trustee shall not be accountable for the Company’s use of the proceeds from the sale of Securities or any money paid to the Company pursuant to the terms of this
Indenture, and the Trustee shall not be responsible for any statement in the Securities other than its certificates of authentication. 
 7.5
NOTICE OF DEFAULT. 
 If a Default or an Event of Default occurs and is continuing with respect to the Securities of any
Series, and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of the Default or the Event of Default, as the case may be, within 90 days after it occurs or, if later, after a
Responsible Officer of the Trustee has knowledge of such Default or Event of Default (except if such Default or Event of Default has been validly cured or waived before the giving of such notice). Except in the case of a Default or an Event of
Default in payment of the principal of, or interest or premium, if any, on, any Security of any Series, the Trustee may withhold the notice if and so long as the Board of Directors of the Trustee, the executive committee or any trust committee of
such board and/or its Responsible Officers in good faith determine(s) that withholding the notice is in the interests of the Securityholders of that Series. 
 7.6 REPORTS BY TRUSTEE TO HOLDERS. 
 If and to the extent required by the
TIA, within 60 days after April 1 of each year, commencing the April 1 following the date of this Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such April 1 that complies with TIA
Section 313(a). The Trustee also shall comply with TIA Sections 313(b) and 313(c). 
 A copy of each report at the time of
its mailing to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange or
any delisting thereof, and the Trustee shall comply with TIA Section 313(d). 
  

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 7.7 COMPENSATION AND INDEMNITY. 
 The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be
limited by any provision of law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee within 45 days after receipt of request for all reasonable out-of-pocket disbursements and expenses incurred or made by it in
connection with its duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 The Company shall indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance or performance of its duties under this Indenture
including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly of any claim
asserted against the Trustee for which it may seek indemnity. 
 The failure by the Trustee to so notify the Company shall not
however relieve the Company of its obligations. Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad faith. To
secure the payment obligations of the Company in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee except such money or property held in trust to pay
the principal of, interest and premium, if any, on particular Securities of that Series. 
 When the Trustee incurs expenses or
renders services after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 For purposes of this Section 7.7, the term “Trustee” shall include any trustee appointed pursuant to this Article 7.

 7.8 REPLACEMENT OF TRUSTEE. 
 The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation. 
 The Holders of a majority in principal amount of the outstanding Securities of any Series may remove the Trustee with respect to that Series
by notifying the removed Trustee in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company, which consent shall not be unreasonably withheld. The Company may remove the Trustee with respect to that
Series at its election if: 
 (1) the Trustee fails to comply with, or ceases to be eligible under, Section 7.10;

 (2) the Trustee is adjudged a bankrupt or an insolvent, or an order for relief is entered with respect to the Trustee, under
any Bankruptcy Law; 
 (3) a Custodian or other public officer takes charge of the Trustee or its property; or 
 (4) the Trustee otherwise becomes incapable of acting. 
  

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 (5) If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee,
with respect to any Series of Securities for any reason, the Company shall promptly appoint, by Board Resolution, a successor Trustee. 
 If a successor Trustee with respect to the Securities of one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal
amount of the outstanding Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee with respect to the Securities of one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately following such delivery, (i) the retiring Trustee with respect to one or more Series shall, subject to its rights under Section 7.7, transfer all property held by
it as Trustee with respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring Trustee shall become effective and (iii) the successor Trustee with respect to such Series shall have all the rights,
powers and duties of the Trustee under this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession to each Securityholder of such Series. 
 7.9 SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION. 
 If the Trustee, or any Agent, consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation, subject to Section 7.10, the
successor corporation without any further act shall be the successor Trustee or Agent, as the case may be. 
 7.10 ELIGIBILITY;
DISQUALIFICATION. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1),
(2) and (5) in every respect. The Trustee (or in the case of a Trustee that is a Person included in a bank holding company system, the related bank holding company) shall have a combined capital and surplus of at least $100,000,000 as set
forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b), including the provision in Section 310(b)(1). In addition, if the Trustee is a Person included in a bank holding company
system, the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section 310(a)(2). If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it
shall resign immediately in the manner and with the effect specified in this Article 7. 
  

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 7.11 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. 
 The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who
has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
 7.12 PAYING AGENTS.

 The Company shall cause each Paying Agent other than the Trustee to execute and deliver to it and the Trustee an
instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 7.12: 
 (1) that it
will hold all sums held by it as agent for the payment of the principal of, or interest or premium, if any, on, the Securities (whether such sums have been paid to it by the Company or by any obligor on the Securities) in trust for the benefit of
Holders of the Securities or the Trustee; 
 (2) that it will at any time during the continuance of any Event of Default, upon
written request from the Trustee, deliver to the Trustee all sums so held in trust by it together with a full accounting thereof; and 
 (3) that it will give the Trustee written notice within three Business Days after any failure of the Company (or by any obligor on the Securities) in the payment of any installment of the principal of, or interest or premium, if any, on,
the Securities when the same shall be due and payable. 
 ARTICLE 8 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 8.1 WITHOUT CONSENT OF HOLDERS. 
 The Company, when authorized by a Board Resolution, and the Trustee may amend
or supplement this Indenture or the Securities of one or more Series without notice to or consent of any Securityholder: 
 (1)
to comply with Section 5.1; 
 (2) to provide for certificated Securities in addition to uncertificated Securities;

 (3) to comply with any requirements of the SEC under the TIA; 
 (4) to cure any ambiguity, defect or inconsistency, or to make any other change herein or in the Securities that does not materially and
adversely affect the rights of any Securityholder; 
 (5) to provide for the issuance of, and establish the form and terms and
conditions of, Securities of any Series as permitted by this Indenture; or 
  

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

 The Trustee is hereby authorized to join with the Company in the execution of any supplemental indenture authorized or
permitted by the terms of this Indenture, and to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which adversely affects
its own rights, duties or immunities under this Indenture. 
 8.2 WITH CONSENT OF HOLDERS. 
 (a) The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or
more Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of such Series affected by such amendment or supplement without notice to any Securityholder. The Holders of
not less than a majority in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance by the Company in a particular instance with any provision of this Indenture or
the Securities of such Series without notice to any Securityholder. Subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment, supplement or waiver may not: 
 (1) reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 (2) reduce the rate of, or change the time for payment of, interest on any Security; 
 (3) reduce the principal, or change the Stated Maturity, of any Security, or reduce the amount of, or postpone the date fixed for, the
payment of any sinking fund or analogous obligation; 
 (4) make any Security payable in money other than that stated in the
Security; 
 (5) change the amount or time of any payment required by the Securities, or reduce the premium payable upon any
redemption of the Securities, or change the time before which no such redemption may be made; 
 (6) waive a Default or Event of
Default in the payment of the principal of, or interest or premium, if any, on, any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities
of such Series and a waiver of the payment default that resulted from such acceleration); 
 (7) waive a redemption payment with
respect to any Security, or change any of the provisions with respect to the redemption of any Securities; 
 (8) make any
changes in Section 6.6 or this Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any matter; or 
  

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 (9) take any other action otherwise prohibited by this Indenture to be taken without the
consent of each Holder affected thereby. 
 (b) Upon the request of the Company, accompanied by a Board Resolution authorizing
the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and of the documents described in Section 8.6, the
Trustee shall join with the Company in the execution of such supplemental indenture, unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental indenture. 
 (c) It shall not be necessary for the
consent of the Holders under this section to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment or supplement under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing
the amendment or supplement. Any failure of the Company to mail any such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any supplemental indenture. 
 8.3 COMPLIANCE WITH TRUST INDENTURE ACT. 
 Every amendment to, or supplement of, this Indenture or the Securities shall comply with the TIA as then in effect. 
 8.4 REVOCATION AND EFFECT OF CONSENTS. 
 Until an amendment, supplement,
waiver or other action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Security or portion thereof, and of any Security issued upon
the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. Any such Holder or subsequent Holder, however, may revoke the consent as to his Security or portion of a Security, if
the Trustee receives the notice of revocation before the date the amendment, supplement, waiver or other action becomes effective. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which record date shall be at least 30 days prior to the first
solicitation of such consent. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to
such amendment, supplement or waiver, or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. 
  

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 After an amendment, supplement, waiver or other action becomes effective, it shall bind
every Securityholder, unless it makes a change described in any of clauses (1) through (9) of Section 8.2. In that case, the amendment, supplement, waiver or other action shall bind each Holder of a Security who has consented to it
and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to receive payment of the
principal of, and interest and premium, if any, on, a Security, on or after the respective due dates expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such
Holder. 
 8.5 NOTATION ON OR EXCHANGE OF SECURITIES. 
 If an amendment, supplement or waiver changes the terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to the Trustee. In such case, the Trustee shall place
an appropriate notation on such Security about the changed terms and return it to the Holder. Alternatively, the Company, in exchange for such Security, may issue, and the Trustee shall authenticate, a new security that reflects the changed terms.
Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver. 
 8.6 TRUSTEE TO SIGN AMENDMENTS, ETC. 
 The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article 8 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such
amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1, shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or
waiver is authorized or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors of the Company approves it. 
 ARTICLE 9 
 DISCHARGE OF INDENTURE; DEFEASANCE 
 9.1 DISCHARGE OF INDENTURE. 
 The Company may terminate its obligations under the Securities of any Series and this Indenture with respect to such Series, except the obligations referred to in the last paragraph of this Section 9.1, if there shall have been
canceled by the Trustee, or delivered to the Trustee for cancellation, all Securities of such Series theretofore authenticated and delivered (other than any Securities of such Series that are asserted to have been destroyed, lost or stolen and that
shall have been replaced as provided in Section 2.8) and the Company has paid all sums payable by it hereunder or deposited all required sums with the Trustee. 
 After such delivery the Trustee upon request shall acknowledge in a writing prepared by or on behalf of the Company the discharge of the Company’s obligations under the Securities of such Series and
this Indenture, except for those surviving obligations specified below. 
  

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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company in Sections 7.7, 9.5 and 9.6 shall survive. 
 9.2 LEGAL DEFEASANCE. 
 The Company may at its option, by Board Resolution, be discharged from its obligations with respect to the Securities of any Series on the
date upon which the conditions set forth in Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by the Securities of such Series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall,
subject to Section 9.6, execute proper instruments acknowledging the same, as are delivered to it by the Company), except for the following, which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders
of outstanding Securities of such Series to receive solely from the trust funds described in Section 9.4 and as more fully set forth in such section, payments in respect of the principal of, and interest and premium, if any, on, the Securities
of such Series when such payments are due, (B) the Company’s obligations with respect to the Securities of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder (including claims of, or payments to, the Trustee under or pursuant to Section 7.7) and (D) this Article 9. Subject to compliance with this Article 9, the Company may exercise its option under this Section 9.2 with
respect to the Securities of any Series notwithstanding the prior exercise of its option under Section 9.3 below with respect to the Securities of such Series. 
 9.3 COVENANT DEFEASANCE. 
 At the option of the Company, pursuant to a Board
Resolution, the Company shall be released from its obligations with respect to the outstanding Securities of any Series under Sections 4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding Securities of such Series, on
and after the date the conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference elsewhere herein to any such specified Section or portion thereof or by reason of any
reference in any such specified section or portion thereof to any other provision herein or in any other document, but the remainder of this Indenture and the Securities of any Series shall be unaffected thereby. 
 9.4 CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE. 
 The following shall be the conditions to application of Section 9.2 or Section 9.3 to the outstanding Securities of a Series: 
 (1) the Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 7.10 who shall agree to comply with the provisions of this Article 9 applicable to it) as funds in trust for the purpose of

  

 36 

 
making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (A) money in an amount, or (B) U.S.
Government Obligations or Foreign Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or
(C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee (or other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the outstanding Securities of such Series at the Stated Maturity of such principal, interest or premium, if any, or on
dates for payment and redemption of such principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities of such Series; 
 (2) no Event of Default or Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit, or shall have occurred and be continuing at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following the expiration of the longest preference period under any Bankruptcy Law
applicable to the Company in respect of such deposit as specified in the Opinion of Counsel identified in paragraph (8) below (it being understood that this condition shall not be deemed satisfied until the expiration of such period);

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

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

 9.5 DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS. 
 All money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee
pursuant to Section 9.4 in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying
Agent as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal, accrued interest and premium, if any, but such money need not be segregated from other funds except to the
extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the U.S. Government Obligations and Foreign Government Obligations deposited pursuant to Section 9.4 or the principal, interest and premium, if any, received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the outstanding Securities. 
 Anything in this Article 9 to the contrary
notwithstanding, but subject to payment of any of its outstanding fees and expenses, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held
by the Trustee as provided in Section 9.4 which, in the opinion of a nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which
would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 9.6 REINSTATEMENT. 

If the Trustee or Paying Agent is unable to apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance
with Section 9.1, 9.2, 9.3 or 9.4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the

  

 38 

 
Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or
Paying Agent is permitted to apply all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with Section 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if the Company has made any payment
of principal of, or accrued interest or premium, if any, on, any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money, U.S.
Government Obligations or Foreign Government Obligations held by the Trustee or Paying Agent. 
 9.7 MONEYS HELD BY PAYING AGENT.

 In connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the
provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section 9.1, to the Company, and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys. 
 9.8 MONEYS HELD BY TRUSTEE. 
 Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the principal of, or
interest or premium, if any, on, any Security that are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the principal of, or interest or premium, if any, on, such Security shall have
respectively become due and payable shall be repaid to the Company upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Security entitled to receive such
payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; PROVIDED, HOWEVER, that the
Trustee or any such Paying Agent, before being required to make any such repayment, may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities maintained by the Registrar,
or cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of general circulation in the City of New York, New York, a notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company or
the release of any money held in trust by the Company, Securityholders entitled to the money must look only to the Company for payment as general creditors, unless applicable abandoned property law designates another Person. 
  

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 ARTICLE 10 
 MISCELLANEOUS 
 10.1 TRUST INDENTURE ACT CONTROLS. 

If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this
Indenture by the TIA, the required provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be. 
 10.2 NOTICES. 
 Any notice or communication shall be given in writing and delivered in Person, sent by facsimile (and receipt confirmed by telephone or
electronic transmission report), delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows: 
 If to the Company: 
 Rubicon Technology, Inc. 
 9931 Franklin Avenue 
 Franklin Park, Illinois 60131 
 Fax:
                                         
    
 Attention: William F. Weissman 
 Copy to: 
 Winston & Strawn LLP 
 35 West Wacker Drive 
 Chicago, Illinois 60601 
 Fax: (312) 558-5700 
 Attention: Leland Hutchinson 
 If to the Trustee: 
 _______________________________ 
 _______________________________ 
 _______________________________ 
 _______________________________ 
 The Company or the Trustee by written notice to
the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally
delivered; when receipt is confirmed by telephone or electronic transmission report, if sent by facsimile; and three Business Days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address
shall not be deemed to have been given until actually received by the addressee). 
  

 40 

 Any notice or communication mailed to a Securityholder shall be mailed to such
Securityholder by first-class mail, postage prepaid, at such Securityholder’s address shown on the register kept by the Registrar. 
 Failure to mail, or any defect in, a notice or communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders. If a notice or communication to a Securityholder is
mailed in the manner provided above, it shall be deemed duly given, three Business Days after such mailing, whether or not the addressee receives it. 
 In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as
shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 
 In the case of Global
Securities, notices or communications to be given to Securityholders shall be given to the Depository, in accordance with its applicable policies as in effect from time to time. 
 In addition to the manner provided for in the foregoing provisions, notices or communications to Securityholders shall be given by the
Company by release made to Reuters Economic Services and Bloomberg Business News. 
 10.3 COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS. 

 Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or
any other Series with respect to their rights under this Indenture or the Securities of that Series or any other Series. The Company, the Trustee, the Registrar and any other Person shall have the protection of TIA Section 312(c). 

10.4 CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 
 (1) an Officers’ Certificate (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of
the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (2) an Opinion of Counsel (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 10.5 STATEMENT REQUIRED IN CERTIFICATE AND OPINION. 
 Each certificate and opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 4.4) shall include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
  

 41 

 (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of
such Person, it or he has made such examination or investigation as is necessary to enable it or him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with. 
 10.6 RULES BY TRUSTEE AND AGENTS. 
 The Trustee may make reasonable rules for action by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable rules for their functions. 
 10.7 BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT. 
 A “Business
Day” is a day that is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday, a federally-recognized holiday or a day on which banking institutions are not authorized or required by law, regulation or executive order to be
open in the State of New York. 
 If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. “Place of Payment” means the place or places where the principal of, and interest and premium, if any, on, the Securities of a
Series are payable as specified as contemplated by Section 2.2. If the regular record date is a Legal Holiday, the record date shall not be affected. 
 10.8 GOVERNING LAW. 
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 10.9 NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS. 
 This Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security or debt agreement may be used to
interpret this Indenture. 
 A director, officer, employee, stockholder or incorporator, as such, of the Company shall not have
any liability for any obligations of the Company under the Securities or the Indenture. Each Securityholder by accepting a Security waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the
Securities. 
  

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 10.10 SUCCESSORS. 
 All covenants and agreements of the Company in this Indenture and the Securities shall bind the Company’s successors and assigns, whether so expressed or not. All agreements of the Trustee, any
additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns. 
 10.11 MULTIPLE
COUNTERPARTS. 
 The parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an
original, but all of them together represent one and the same agreement. 
 10.12 TABLE OF CONTENTS, HEADINGS, ETC. 
 The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 10.13 SEVERABILITY. 
 Each provision of this Indenture shall be considered separable, and if for any reason any
provision which is not essential to the effectuation of the basic purpose of this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby, and a Holder shall have no claim therefor against any party hereto. 
 10.14 SECURITIES IN A FOREIGN CURRENCY
OR IN EUROS. 
 Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate delivered pursuant to Section 2.2 with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of
Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including Euros), then
the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For
purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; PROVIDED, HOWEVER, in the case
of Euros, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication,
the “Journal”). If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New
York or, in the case of Euros, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of Euros, rates of exchange from one or more major banks in New York City or in the country of issue
of the currency in question or, in the case of Euros, in Luxembourg or such other

  

 43 

 
quotations or, in the case of Euros, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the
equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
 All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in the Trustee’s sole discretion, and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders. 
 10.15 JUDGMENT CURRENCY. 
 The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or
interest or premium, if any, or other amount on, the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate
at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a Business
Day, in which instance, the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the Business Day
preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender or any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)) in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the
Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual
receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

			
	RUBICON TECHNOLOGY, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	[Name of Trustee]
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	 
	Name:	 	 
	Title:

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