Document:

Exhibit
4.6

 

ANI PHARMACEUTICALS,
INC.

 

Issuer

 

AND

 

as Trustee

 

INDENTURE

 

Dated as
of , 20

 

Debt Securities

 

     

     

    

  

CROSS-REFERENCE
TABLE(1)

 

	SECTION
        OF

        TRUST
        INDENTURE

        ACT
        OF 1939, AS AMENDED
	 	 

        SECTION(S)
        OF

        INDENTURE

	310(a)	 	7.9
	310(b)	 	7.8
	311(a)	 	7.13
	311(b)	 	7.13
	312(a)	 	5.1, 5.2(a)
	312(b)	 	5.2(b)
	312(c)	 	5.2(c)
	313(a)	 	5.4
	313(b)	 	5.4
	313(c)	 	5.4
	313(d)	 	5.4
	314(a)	 	5.3, 14.12
	314(c)	 	14.7(a)
	314(e)	 	14.7(b)
	315(a)	 	7.1
	315(b)	 	7.14
	315(c)	 	7.1
	315(d)	 	7.1
	315(e)	 	6.7
	316(a)	 	6.6, 8.4
	316(b)	 	6.4
	316(c)	 	8.1
	317(a)	 	6.2
	317(b)	 	4.2
	318(a)	 	14.9

 

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

 

     

     

    

  

TABLE OF
CONTENTS

 

	 	 	Page
			 
	ARTICLE I DEFINITIONS	1
	 	 	 
	Section 1.1	Definitions of Terms.	1
	Section 1.2	Incorporation by Reference of Trust Indenture Act.	6
	 	 	 
	ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	6
	 	 	 
	Section 2.1	Designation and Terms of Securities.	6
	Section 2.2	Form of Securities and Trustee’s Certificate.	9
	Section 2.3	Denominations; Provisions for Payment.	9
	Section 2.4	Execution and Authentication.	10
	Section 2.5	Registration of Transfer and Exchange.	11
	Section 2.6	Temporary Securities.	12
	Section 2.7	Mutilated, Destroyed, Lost or Stolen Securities.	13
	Section 2.8	Cancellation.	14
	Section 2.9	Benefits of Indenture.	14
	Section 2.10	Authenticating Agent.	14
	Section 2.11	Global Securities.	15
	Section 2.12	Cusip and Isin Numbers.	16
	 	 	 
	ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	16
	 	 	 
	Section 3.1	Redemption.	16
	Section 3.2	Notice of Redemption.	16
	Section 3.3	Payment upon Redemption.	17
	Section 3.4	Sinking Fund.	18
	Section 3.5	Satisfaction of Sinking Fund Payments with Securities.	18
	Section 3.6	Redemption of Securities for Sinking Fund.	18
	 	 	 
	ARTICLE IV COVENANTS	19
	 	 	 
	Section 4.1	Payment of Principal, Premium and Interest.	19
	Section 4.2	Paying Agent and Security Registrar.	19
	Section 4.3	Appointment to Fill Vacancy in Office of Trustee.	21
	Section 4.4	Compliance with Consolidation Provisions.	21
	 	 	 
	ARTICLE V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	21
	 	 	 
	Section 5.1	Company to Furnish Trustee Names and Addresses of Securityholders.	21
	Section 5.2	Preservation of Information; Communications with Securityholders.	21
	Section 5.3	Reports by the Company.	22
	Section 5.4	Reports by the Trustee.	22

 

    	 	i	 

     

    

  

	ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	23
	 	 	 
	Section 6.1	Events of Default.	23
	Section 6.2	Collection of Indebtedness and Suits for Enforcement by Trustee.	25
	Section 6.3	Application of Moneys Collected.	26
	Section 6.4	Limitation on Suits.	26
	Section 6.5	Rights and Remedies Cumulative; Delay or Omission not Waiver.	27
	Section 6.6	Control by Securityholders.	28
	Section 6.7	Undertaking to Pay Costs.	28
	 	 	 
	ARTICLE VII CONCERNING THE TRUSTEE	29
	 	 	 
	Section 7.1	Certain Duties and Responsibilities of Trustee.	29
	Section 7.2	Certain Rights of Trustee.	30
	Section 7.3	Trustee not Responsible for Recitals or Issuance or Securities.	31
	Section 7.4	May Hold Securities and Otherwise Deal with the Company.	32
	Section 7.5	Moneys Held in Trust.	32
	Section 7.6	Compensation and Reimbursement.	32
	Section 7.7	Reliance on Officer’s Certificate.	33
	Section 7.8	Disqualification; Conflicting Interests.	33
	Section 7.9	Corporate Trustee Required; Eligibility.	33
	Section 7.10	Resignation and Removal; Appointment of Successor.	34
	Section 7.11	Acceptance of Appointment by Successor.	35
	Section 7.12	Merger, Conversion, Consolidation or Succession to Business.	36
	Section 7.13	Preferential Collection of Claims Against the Company.	37
	Section 7.14	Notice of Default.	37
	Section 7.15	Limitation of Liability	37
	 	 	 
	ARTICLE VIII CONCERNING THE SECURITYHOLDERS	37
	 	 	 
	Section 8.1	Evidence of Action by Securityholders.	37
	Section 8.2	Proof of Execution by Securityholders.	38
	Section 8.3	Who may be Deemed Owners.	38
	Section 8.4	Certain Securities Owned by Company Disregarded.	39
	Section 8.5	Actions Binding on Future Securityholders.	39
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	39
	 	 	 
	Section 9.1	Supplemental Indentures without the Consent of Securityholders.	39
	Section 9.2	Supplemental Indentures with the Consent of Securityholders.	41
	Section 9.3	Effect of Supplemental Indentures.	42
	Section 9.4	Securities Affected by Supplemental Indentures.	42
	Section 9.5	Execution of Supplemental Indentures.	42
	 	 	 
	ARTICLE X SUCCESSOR ENTITY	43
	 	 	 
	Section 10.1	Company may Consolidate, etc.	43
	Section 10.2	Successor Entity Substituted.	43
	Section 10.3	Evidence of Consolidation, etc. To Trustee.	44

 

    	 	ii	 

     

    

  

	ARTICLE XI SATISFACTION AND DISCHARGE	44
	 	 	 
	Section 11.1	Satisfaction and Discharge of Indenture.	44
	Section 11.2	Application of Trust Money.	45
	 	 	 
	ARTICLE XII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	46
	 	 	 
	Section 12.1	Option to Effect Legal Defeasance or Covenant Defeasance.	46
	Section 12.2	Legal Defeasance and Discharge.	46
	Section 12.3	Covenant Defeasance.	47
	Section 12.4	Conditions to Legal or Covenant Defeasance.	47
	Section 12.5	Deposited Money and Government Securities to be Held in Trust; other
    Miscellaneous Provisions.	48
	Section 12.6	Repayment to Company.	49
	Section 12.7	Reinstatement.	49
	 	 	 
	ARTICLE XIII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	50
	 	 	 
	Section 13.1	No Recourse.	50
	 	 	 
	ARTICLE XIV MISCELLANEOUS PROVISIONS	50
	 	 	 
	Section 14.1	Effect on Successors and Assigns.	50
	Section 14.2	Actions by Successor.	50
	Section 14.3	Surrender of Company Powers.	50
	Section 14.4	Notices.	50
	Section 14.5	Governing Law/Waiver of Jury Trial.	51
	Section 14.6	Treatment of Securities as Debt.	51
	Section 14.7	Compliance Certificates and Opinions.	51
	Section 14.8	Payments on Business Days.	51
	Section 14.9	Conflict with Trust Indenture Act.	52
	Section 14.10	Counterparts.	52
	Section 14.11	Severability.	52
	Section 14.12	Compliance Certificates.	52
	Section 14.13	Usa Patriot Act	52
	Section 14.14	Consent to Jurisdiction and Service	53
	Section 14.15	Force Majeure	53

 

    	 	iii	 

     

    

  

INDENTURE

 

INDENTURE,
dated as of , 20 , among ANI PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), and ________________________________,
a national banking association organized under the laws of the United States, as trustee (the “Trustee”):

 

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

 

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

 

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

 

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

 

ARTICLE
I

DEFINITIONS

 

		Section
                           1.1	Definitions
                                         of Terms.

 

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

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified person. For purposes of this definition, “control,” 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. For purposes of this definition,
the terms “controlling,” “controlled by” and “under common control with” have correlative
meanings.

 

     

     

    

  

“Authorized
Officer,” when used with respect to the Company, means the Chairman of the Board of Directors, the Co-Chief Executive
Officers, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary or any Executive Vice President or Senior Vice President of the Company.

 

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

 

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

 

“Board
Resolution” means a copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors, or such committee of the Board of Directors or officers of the Company to
which authority to act on behalf of the Board of Directors has been delegated, and to be in full force and effect on the date
of such certification, and to be delivered to the Trustee.

 

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

 

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

 

“Commission”
means the Securities and Exchange Commission.

 

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

 

“Company
Request” and “Company Order” means a written request or order signed in the name of the Company by
one or more Authorized Officers of the Company, and delivered to the Trustee.

 

“Corporate
Trust Office” means the principal office of the Trustee at which, at any particular time, this Indenture shall be administered,
which office at the date hereof is located at ; Attention: . With respect to presentation for transfer or exchange, conversions
or principal payment, such address shall be ; Attention: , or such other address as the Trustee may designate from time to time
by written notice to the Securityholders and the Company, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by written notice to the Securityholders and the
Company).

 

“Covenant
Defeasance” shall have the meaning set forth in Section 12.3.

 

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

 

    	 	2	 

     

    

  

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

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing
agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company
pursuant to either Section 2.1 or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.1, continued
for the period of time, if any, therein designated.

 

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

 

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

 

“Governmental
Obligations” means securities that are (a) direct obligations of the U.S. for the payment of which its full faith and
credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
U.S., the payment of which is unconditionally guaranteed as a full faith and credit obligation by the U.S. that, in either case,
are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such Governmental Obligation or a specific
payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of
such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental
Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

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

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more Board Resolutions
or one or more indentures supplemental hereto entered into in accordance with the terms hereof.

 

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

 

“Legal
Defeasance” shall have the meaning set forth in Section 12.2.

 

    	 	3	 

     

    

  

“Officer’s
Certificate” means a certificate signed by an Authorized Officer of the Company that is delivered to the Trustee in
accordance with the terms hereof. Each such certificate shall include the statements provided for in Section 14.7, if and to the
extent required by the provisions thereof. An Officer’s Certificate given pursuant to Section 14.12 shall be signed by the
principal executive, financial or accounting officer of the Company but need not contain the statements provided for in Section
14.7.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of
or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include
the statements provided for in Section 14.7, if and to the extent required by the provisions thereof.

 

“Outstanding,”
when used with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee, or delivered to the Trustee or any Paying Agent for cancellation or that have previously
been canceled; (b) Securities or portions thereof for the payment or redemption of which cash or Governmental Obligations in the
necessary amount shall have been irrevocably deposited in trust with the Trustee or with any Paying Agent (other than the Company)
or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided,
however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such
redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for
giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.7, unless the Trustee and the Company receive proof satisfactory to them that
the replaced Security is held by a protected purchaser.

 

“Paying
Agent” shall have the meaning set forth in Section 4.2(a).

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity, and includes any syndicate or group that would be deemed to be a “person”
under Section 13(d)(3) of the Exchange Act.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 2.7 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or
stolen Security.

 

“Redemption
Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant
to this Indenture.

 

“Securities”
shall have the meaning set forth in the recitals to this Indenture.

 

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

 

    	 	4	 

     

    

  

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

 

“Security
Register” shall have the meaning set forth in Section 4.2(a).

 

“Security
Registrar” shall have the meaning set forth in Section 4.2(a).

 

“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 or a coupon representing such installment of interest as the fixed date on which the principal
of such Security or such installment of principal or interest is due and payable.

 

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

 

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

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“Trust
Officer” means any officer of the Trustee with direct responsibility for the administration of this Indenture and also
means, with respect to a particular corporate trust matter hereunder, any other officer of the Trustee to whom such matter is
referred because of his or her knowledge of and familiarity with the particular subject.

 

“Uniform
Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.

 

“U.S.”
means the United States of America.

 

“USA
Patriot Act” shall have the meaning set forth in Section 14.13.

 

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

 

    	 	5	 

     

    

  

		SECTION 1.2	INCORPORATION BY REFERENCE OF
TRUST INDENTURE ACT.

 

Whenever this
Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this
Indenture.

 

All Trust Indenture
Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by Commission rule have the meanings assigned to them by such definitions.

 

ARTICLE
II

ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION

AND
EXCHANGE OF SECURITIES

 

		Section
                          2.1	Designation
                                         and Terms of Securities.

 

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

 

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

 

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

 

(3)        the
date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply to
the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;

 

(4)        the
rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if
any, and whether the rate(s) are fixed or variable;

 

(5)        the
date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the
manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of
holders to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

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

 

    	 	6	 

     

    

 

 

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

 

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

 

(9)        the
terms of the subordination of any series of subordinated debt;

 

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

 

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

 

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

 

(13)     whether
the Securities will be convertible into or exchangeable for shares of common stock or other securities of the Company or any other
Person or other securities and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable,
including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or
optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion
or exchange period;

 

(14)      if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.1;

 

(15)     any
additional or different Events of Default or restrictive covenants (which may but shall not be required to include, among other
restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional
indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of their capital stock;
redeem capital stock; in the case of such Subsidiaries, pay dividends, make distributions or transfer assets; make investments
or other restricted payments; sell or otherwise dispose of assets; enter into sale leaseback transactions; engage in transactions
with stockholders and affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger)
or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its
Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios) provided
for with respect to the Securities of the series;

 

    	 	7	 

     

    

 

 

(16)      if
other than U.S. dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited
to, foreign currency);

 

(17)      the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any, and
principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal
tax purposes, and the terms and conditions, if any, relating to the Company’s ability to redeem such Securities if the Company
is required to pay such additional amounts;

 

(18)      a
discussion of any material U.S. federal income tax considerations applicable to the Securities of the series;

 

(19)      any
restrictions on transfer, sale or assignment of the Securities of the series;

 

(20)      the
terms, if any, relating to any auction or remarketing of the Securities of the series and any security for the obligations of
the Company with respect to such Securities;

 

(21)      whether
the Securities of the series are secured or unsecured, and if the Securities are secured, the terms of the secured Securities;

 

(22)      information
describing any book-entry features;

 

(23)      the
identity of any guarantors and the terms of the guarantees; and

 

(24)      any
and all other terms with respect to the series (which terms shall not be inconsistent with the terms of this Indenture, as amended
by any Board Resolution or supplemental indenture, but which may modify or delete any provisions of this Indenture insofar as
it applies to such series), including any terms which may be required by or advisable under the laws of the U.S. or regulations
thereunder or advisable (as determined by the Company) in connection with the marketing of Securities of that series.

 

All Securities
of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant
to any such Board Resolution or in any indentures supplemental hereto.

 

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

 

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

 

    	 	8	 

     

    

  

		Section 2.2	Form
of Securities and Trustee’s Certificate.

 

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

 

		Section
                          2.3	Denominations;
                                         Provisions for Payment.

 

The Securities
shall be issuable as registered Securities and in the minimum denomination of two thousand U.S. dollars ($2,000) or any integral
multiple of one thousand U.S. dollars ($1,000) in excess thereof, subject to Section 2.1(11). The Securities of a particular series
shall bear interest payable on the dates and at the rate specified with respect to that series. The principal of and the interest
on the Securities of any series, as well as any premium thereon, shall be payable in the coin or currency of the U.S. that at
the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the
United States, which shall initially be an office or agency of the Trustee. Each Security shall be dated the date of its authentication.
Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. Presentment and
surrender of the Securities is required for final payment thereon.

 

The interest
installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities
of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at
the close of business on the regular record date for such interest installment. In the event that any Security of a particular
series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect
to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation
and surrender of such Security as provided in Section 3.3.

 

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

 

    	 	9	 

     

    

  

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

 

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

 

Unless otherwise
set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities
pursuant to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series
of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding
the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment
Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the fifteenth day
of a month, whether or not such date is a Business Day.

 

Subject to
the foregoing provisions of this Section and Sections 2.5 and 2.11, each Security of a series delivered under this Indenture upon
transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and
unpaid, and to accrue, that were carried by such other Security.

 

		SECTION 2.4	EXECUTION AND AUTHENTICATION.

 

The Securities
shall be signed on behalf of the Company by an Authorized Officer and, to the extent necessary, under its corporate seal. Signatures
may be in the form of a manual or facsimile signature.

 

    	 	10	 

     

    

 

The Company
may use the facsimile signature of any Person who shall have been an Authorized Officer thereof, notwithstanding the fact that
at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer
of the Company. To the extent a Company seal is necessary, the Company seal may be in the form of a facsimile of such seal and
may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends
or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by
the Trustee.

 

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

 

In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee
shall receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon, an Opinion of Counsel stating
that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

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

 

		SECTION 2.5	REGISTRATION OF TRANSFER AND
EXCHANGE.

 

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

 

(b)        Upon
surrender for transfer of any Security at the office of the Security Registrar, the Company shall execute, the Trustee shall authenticate
and the Security Registrar shall deliver in the name of the transferee or transferees a new Security or Securities of the same
series as the Security presented for a like aggregate principal amount.

 

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

 

    	 	11	 

     

    

  

(c)        Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of
transfer of Securities, or issue of new Securities in case of partial repurchase or redemption of any series, but the Company
and the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other
than exchanges pursuant to Section 2.6, Section 3.3(b) and Section 9.4 not involving any transfer.

 

(d)        The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portion thereof called for redemption, other than the unredeemed portion of any such Securities
being redeemed in part.

 

(e)        Successive
registrations and registrations of transfers and exchanges as aforesaid may be made from time to time as desired, and each such
registration shall be noted on the register for the Securities.

 

(f)        The
Security Registrar shall provide to the Trustee such information as the Trustee may reasonably require in connection with the
delivery by such Security Registrar of Securities upon transfer or exchange of Securities.

 

(g)        The
provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

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

 

(i)        Neither
the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.

 

		SECTION 2.6	TEMPORARY SECURITIES.

 

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

 

    	 	12	 

     

    

  

		SECTION 2.7	MUTILATED, DESTROYED, LOST OR
STOLEN SECURITIES.

 

In case any
temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding
sentence) shall execute, and upon a Company Request, the Trustee (subject as aforesaid) shall authenticate and deliver, a new
Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated
Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case, the requirements of
Section 8-405 of the Uniform Commercial Code shall be met and the applicant for a substituted Security shall furnish to the Company
and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction,
loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction,
loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted
Security and deliver the same upon the delivery of a Company Order. Upon the issuance of any substituted Security, the Company
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

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

 

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

 

    	 	13	 

     

    

  

		SECTION 2.8	CANCELLATION.

 

All Securities
surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company
or any Paying Agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it,
and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture.
On the delivery of a Company Order at the time of such surrender, the Trustee shall cancel Securities held by the Trustee in accordance
with its standard procedures and applicable law and provide confirmation to the Company of such cancellation if requested by the
Company. In the absence of such request, the Trustee may dispose of canceled Securities in accordance with its standard procedures
and deliver evidence of cancellation to the Company. If the Company shall otherwise acquire any of the Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee for cancellation.

 

		SECTION 2.9	BENEFITS OF INDENTURE.

 

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

 

		SECTION 2.10	AUTHENTICATING AGENT.

 

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

 

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

 

    	 	14	 

     

    

  

		SECTION 2.11	GLOBAL SECURITIES.

 

(a)        If
the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by
the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to
the following effect: “Except as otherwise provided in Section 2.11 of this Indenture, this Security may be transferred,
in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor
Depositary.”

 

(b)        Notwithstanding
the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such series
selected or approved by the Company or to a nominee of such successor Depositary. Nothing in this Section 2.11(b) shall prohibit
or render ineffective any transfer of a beneficial interest in a Global Security effected in accordance with the other provisions
of this Indenture.

 

(c)        If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default
has occurred and is continuing and the Company has received a request from the Depositary, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.
In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global
Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the
Company will execute and, subject to Section 2.4, the Trustee, upon receipt of an Officer’s Certificate evidencing such
determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security
of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive
registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities
in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered
in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities
are so registered.

 

    	 	15	 

     

    

  

		SECTION 2.12	CUSIP AND ISIN NUMBERS.

 

The Company,
in issuing the Securities, shall use CUSIP and ISIN numbers for such Securities (if then generally in use). The Trustee shall
use CUSIP and ISIN numbers in notices of redemption as a convenience to holders; provided, however, that neither the Company nor
the Trustee shall have any responsibility for any defect in the CUSIP or ISIN number that appears on any Security, check, advice
of payment or redemption notice, and any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of
such numbers. The Company shall promptly notify the Trustee in writing in the event of any change in the CUSIP or ISIN numbers.

 

ARTICLE
III

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

		SECTION 3.1	REDEMPTION.

 

The Company
may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for
such series pursuant to Section 2.1 hereof. The provisions of this Article III may be modified, amended or replaced, in part or
in their entirety, with Securities of any series, by an Officer’s Certificate pursuant to a Board Resolution or one or more
indentures supplemental hereto, in each case in accordance with Section 2.1 hereof.

 

		SECTION 3.2	NOTICE OF REDEMPTION.

 

(a)       In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall,
or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing,
first class postage prepaid (or, in the case of Securities held in book-entry form, by electronic transmission), a notice of such
redemption not less than 30 days and not more than 60 days (except in accordance with Articles XI and XII) before the date fixed
for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register, unless
a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall
be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure
duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect
in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any
other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided
in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s
Certificate evidencing compliance with any such restriction.

 

    	 	16	 

     

    

  

Each such notice
of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be
redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or
agency of the Paying Agent or as otherwise established in a Board Resolution or an indenture supplemental hereto, upon presentation
and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice,
that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case.
If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed
in part shall specify the particular Securities to be so redeemed.

 

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

 

(b)        If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, (i) if the Securities are
in the form of Global Securities, in accordance with the procedures of the Depositary, or (ii) if the Securities are not
in the form of Global Securities, by lot, a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple
thereof) of the principal amount of such Securities of a denomination larger than $2,000, the Securities to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company
may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Authorized Officer, instruct the
Trustee or any Paying Agent to call all or any part of the Securities of a particular series for redemption and to give notice
of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee
or such Paying Agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such Paying
Agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such Paying Agent, as the
case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such Paying Agent to give any notice by mail that may be required under the provisions of this Section.

 

		SECTION 3.3	PAYMENT UPON REDEMPTION.

 

(a)        If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities
or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in
the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation
and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said
Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon
to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable
on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section
2.3).

 

    	 	17	 

     

    

  

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

 

		SECTION 3.4	SINKING FUND.

 

If Securities
of a series provide for a sinking fund as contemplated by Section 2.1, the provisions of this Section 3.4 and Sections 3.5 and
3.6 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated
by Section 2.1 for Securities of such series.

 

The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities
of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.5. Each sinking
fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such
series.

 

		SECTION 3.5	SATISFACTION OF SINKING FUND
PAYMENTS WITH SECURITIES.

 

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

 

		SECTION 3.6	REDEMPTION OF SECURITIES FOR
SINKING FUND.

 

Not less than
45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to
the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together
with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.2. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Section 3.3.

 

    	 	18	 

     

    

  

ARTICLE
IV

COVENANTS

 

		SECTION 4.1	PAYMENT OF PRINCIPAL, PREMIUM
AND INTEREST.

 

The Company
will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that
series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal
on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check
drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register,
or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate
principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have
furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date). Payments of interest on
the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed
to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire
transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount
of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire
instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date).

 

		SECTION 4.2	PAYING AGENT AND SECURITY REGISTRAR.

 

(a)        So
long as any series of the Securities remain Outstanding, the Company shall maintain an office or agency where Securities may be
presented for registration of transfer or for exchange (“Security Registrar”), an office or agency where
Securities may be presented for payment (“Paying Agent”) and an office or agency where notices to or
upon the Company in respect of the Securities and this Indenture may be served. The Security Registrar shall keep a register for
the recordation of, and shall record, the names and addresses of holders of the Securities, the Securities held by each holder
and the transfer and exchange of Securities (the “Security Register”). The entries in the Security Register
shall be conclusive, and the parties may treat each Person whose name is recorded in the Security Register pursuant to the terms
hereof as a holder hereunder for all purposes of this Indenture. The Company may have one or more co-Security Registrars and one
or more additional Paying Agents.

 

The Company
hereby initially designates the Trustee as Paying Agent and Security Registrar, and the Corporate Trust Office shall be considered
as one such office or agency of the Company for each of the aforesaid purposes, such designation to continue with respect to such
office or agency until the Company shall, by written notice signed by an Authorized Officer and delivered to the Trustee, designate
some other office or agency for such purposes or any of them.

 

    	 	19	 

     

    

  

(b)        The
Company shall enter into an appropriate agency agreement with any Security Registrar, Paying Agent, or co-registrar not a party
to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions
of this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address of any such
agent. If the Company fails to maintain a Security Registrar or Paying Agent, the Trustee shall act as such and shall be entitled
to appropriate compensation therefor. The Company and any of its Subsidiaries may act as Paying Agent, Security Registrar or co-registrar.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	20	 

     

    

 

 

(e)        Notwithstanding
anything in this Section to the contrary, the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such
sums were held by the Company or such Paying Agent; and, upon such payment by the Company or any Paying Agent to the Trustee,
the Company or such Paying Agent shall be released from all further liability with respect to such money.

 

		SECTION 4.3	APPOINTMENT TO FILL VACANCY
IN OFFICE OF TRUSTEE.

 

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

 

		SECTION 4.4	COMPLIANCE WITH CONSOLIDATION
PROVISIONS.

 

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

 

ARTICLE
V

SECURITYHOLDERS’
LISTS AND REPORTS BY

THE
COMPANY AND THE TRUSTEE

 

		SECTION 5.1	COMPANY TO FURNISH TRUSTEE NAMES
AND ADDRESSES OF SECURITYHOLDERS.

 

The Company
will furnish or cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such
form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such
regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that
the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other
times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar
form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either
case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

		SECTION 5.2	PRESERVATION OF INFORMATION;
COMMUNICATIONS WITH SECURITYHOLDERS.

 

(a)        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 the Securityholders of each series of Securities and shall otherwise comply with Section 312(a) of the Trust Indenture
Act. If the Trustee is not the Security Registrar, the Company shall furnish to the Trustee at least ten (10) days before each
interest payment date with respect to any series of Securities 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 the Securityholders
of such series of Securities, which list may be conclusively relied upon by the Trustee.

 

    	 	21	 

     

    

  

(b)        Securityholders
of any series may communicate pursuant to Section 312(b) of the Trust Indenture Act 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.

 

(c)        The
Company, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c) of the Trust Indenture
Act.

 

		SECTION 5.3	REPORTS BY THE COMPANY.

 

(a)        So
long as any Security is Outstanding, the Company shall furnish a copy to the Trustee, within 15 days after the Company files the
same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company
files with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not
be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment by the
Commission; and provided further, so long as such filings by the Company are available on the Commission’s Electronic Data
Gathering, Analysis and Retrieval System (EDGAR), such filings shall be deemed to have been furnished to the Trustee for purposes
of this Section 5.3 without any further action required by the Company. The Trustee shall have no obligation whatsoever to determine
whether or not such filings have been made.

 

(b)        Delivery
of such reports, information and documents to the Trustee shall be 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 the covenants contained in this Indenture (as to which the Trustee
is entitled to conclusively rely upon an Officer’s Certificate).

 

		SECTION 5.4	REPORTS BY THE TRUSTEE.

 

(a)        The
Trustee shall transmit to the Securityholders such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the Trust Indenture Act at the time and in the manner provided pursuant thereto. If required by Section
313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver
to holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

 

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

 

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

 

    	 	22	 

     

    

 

ARTICLE
VI

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS

ON
EVENT OF DEFAULT

 

		SECTION 6.1	EVENTS OF DEFAULT.

 

(a)        Whenever
used herein with respect to Securities of a particular series, unless otherwise specified in a Board Resolution or in an indenture
supplemental hereto, “Event of Default” means any one or more of the following events that has occurred and
is continuing:

 

(1)        the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and such default continues for a period of 30 days; provided, however, that a valid extension of
an interest payment period by the Company in accordance with the terms of any Board Resolution or indenture supplemental hereto
shall not constitute a default in the payment of interest for this purpose;

 

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

 

(3)        the
Company defaults in the performance or breach of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such
series) for a period of 90 consecutive days after the date on which written notice of such failure, requiring the same to be remedied
and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company
by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal
amount of the Securities of that series at the time Outstanding;

 

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

 

(5)        a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of
the Company, and the order or decree remains unstayed and in effect for 60 consecutive days; or

 

    	 	23	 

     

    

  

(6)        certain
other specified events, as may be provided for in a Board Resolution or in a supplemental indenture.

 

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

 

(c)        At
any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then
Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all
the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall
have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that
such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the
Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.6, and
(ii) any and all Events of Default under this Indenture with respect to such series, other than the nonpayment of principal of
(and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their
terms, shall have been remedied or waived as provided in Section 6.6.

 

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

 

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

 

    	 	24	 

     

    

  

		SECTION 6.2	COLLECTION OF INDEBTEDNESS AND
SUITS FOR ENFORCEMENT BY TRUSTEE.

 

(a)        The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of
a series, and such default shall have continued for a period of 30 days, or (ii) in case it shall default in the payment of the
principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether
upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by
any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable,
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, and the amount payable to the Trustee under Section 7.6.

 

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

 

(c)        In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under this
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the
Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and
to distribute the same after the deduction of the amount payable to the Trustee under Section 7.6; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.6.

 

    	 	25	 

     

    

 

(d)        All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at
any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of
any amounts due under Section 7.6, be for the ratable benefit of the holders of the Securities of such series.

 

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

 

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

 

		SECTION 6.3	APPLICATION OF MONEYS COLLECTED.

 

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

 

FIRST:  To
the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.6;

 

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

 

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

 

The Trustee
may fix a record date and payment date for any payment to holders pursuant to this Section 6.3. At least 15 days before such record
date, the Company shall mail to each holder and the Trustee a notice that states the record date, the payment date and the amount
to be paid.

 

    	 	26	 

     

    

  

		SECTION 6.4	LIMITATION ON SUITS.

 

No holder of
any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice
of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series
then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name
as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such indemnity reasonably satisfactory to
it against the costs, losses, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and
(v) during such 60 day period, the holders of a majority in principal amount of the Securities of that series do not give
the Trustee a direction inconsistent with the request.

 

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

 

		SECTION 6.5	RIGHTS AND REMEDIES CUMULATIVE;
DELAY OR OMISSION NOT WAIVER.

 

(a)        Except
as otherwise provided in Section 2.7, all powers and remedies given by this Article VI to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

    	 	27	 

     

    

  

(b)        No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of
any such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given by this
Article VI or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed
expedient, by the Trustee or by the Securityholders.

 

		SECTION 6.6	CONTROL BY SECURITYHOLDERS.

 

The holders
of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance
with Section 8.4, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that
such direction shall not be in conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.1,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Trust Officer
or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture
Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the
proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected
thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the Securities of such series waive
any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.1 with respect
to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on,
any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration
(unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium
has been deposited with the Trustee (in accordance with Section 6.1(c)), which requires the consent of each holder affected by
such waiver. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture
and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon.

 

		SECTION 6.7	UNDERTAKING TO PAY COSTS.

 

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

 

    	 	28	 

     

    

  

ARTICLE
VII

CONCERNING
THE TRUSTEE

 

		SECTION 7.1	CERTAIN DUTIES AND RESPONSIBILITIES
OF TRUSTEE.

 

(a)        The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect
to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of
a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. Except during the continuance
of an Event of Default with respect to the Securities of a series, in the absence of bad faith on its part, the Trustee may with
respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon 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 (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

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

 

(i)        this
subsection (b) shall not be construed to limit the effect of subsection (a) of this Section;

 

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

 

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

 

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

 

    	 	29	 

     

    

 

(c)        Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section.

 

		SECTION 7.2	CERTAIN RIGHTS OF TRUSTEE.

 

Except as otherwise
provided in Section 7.1:

 

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

 

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

 

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

 

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

 

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

 

    	 	30	 

     

    

  

(f)        The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular
series affected thereby (determined as provided in Section 8.4), and, if so requested, except as otherwise prohibited by applicable
law or as would reasonably be expected to violate or result in the loss or impairment of any attorney-client or work product privilege,
the Trustee shall be entitled to examine the books, records, and premises of the Company, personally or by agent, or attorney,
and it shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; provided, however,
that the Company shall not be required to provide access or furnish information in the event of any litigation involving this
Indenture or the Securities except pursuant to applicable rules of discovery; and provided, further, that if the payment within
a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture,
the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The
reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company
upon demand;

 

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

 

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

 

(i)        The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer has actual knowledge thereof
or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities and this Indenture;

 

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

 

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

 

(l)        The
Trustee shall not be liable for the acts or omissions of any other agent of the Company, and may assume performance by any such
agent of its duties, absent written notice or actual knowledge to the contrary; and

 

(m)        The
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty
to do so.

 

		SECTION 7.3	TRUSTEE NOT RESPONSIBLE FOR
RECITALS OR ISSUANCE OR SECURITIES.

 

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

 

    	 	31	 

     

    

  

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

 

(c)        The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.1, or for the use or application of any moneys received by any Paying Agent other than the
Trustee.

 

		SECTION 7.4	MAY HOLD SECURITIES AND OTHERWISE
DEAL WITH THE COMPANY.

 

Subject to
the Trust Indenture Act, the Trustee, the Security Registrar, any Paying Agent or any other agent of the Company, in its individual
or any other capacity, may buy, own, hold, sell and become the pledgee of any of the Securities or any other evidences of indebtedness
or other securities, whether heretofore or hereafter created or issued, of the Company or any Subsidiary or Affiliate of the Company
with the same rights it would have if it were not Trustee, Security Registrar, Paying Agent or such other agent; and the Trustee
may engage or be interested in any financial or other transaction with the Company or any Subsidiary or Affiliate of the Company,
including, without limitation, secured and unsecured loans to the Company or any Subsidiary or Affiliate of the Company; and may
maintain any and all other general banking and business relations with the Company and any Subsidiary or Affiliate of the Company
with like effect and in the same manner and to the same extent as if the Trustee were not a party to this Indenture; and no implied
covenant shall be read into this Indenture against the Trustee in respect of any such matters.

 

		SECTION 7.5	MONEYS HELD IN TRUST.

 

Subject to
the provisions of Sections 11.2, 12.5, 12.6 and 12.7, all moneys received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except
such as it may agree with the Company to pay thereon.

 

		SECTION 7.6	COMPENSATION AND REIMBURSEMENT.

 

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

 

    	 	32	 

     

    

  

(b)        To
secure the Company’s payment obligations in this Section 7.6, the Trustee shall have a lien prior to the Securities of any
series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on
particular Securities of such series.

 

When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.1(a)(4) or 6.1(a)(5) occurs, the expenses
and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions
of this Section 7.6 shall survive the resignation or removal of the Trustee and the termination or satisfaction of this Indenture.

 

		SECTION 7.7	RELIANCE ON OFFICER’S
CERTIFICATE.

 

Except as otherwise
provided in Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or
willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate
delivered to the Trustee and such certificate, in the absence of negligence or willful misconduct on the part of the Trustee,
shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this
Indenture upon the faith thereof.

 

		SECTION 7.8	DISQUALIFICATION; CONFLICTING
INTERESTS.

 

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

 

		SECTION 7.9	CORPORATE TRUSTEE REQUIRED;
ELIGIBILITY.

 

There shall
at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized
and doing business under the laws of the U.S. or any state or territory thereof or of the District of Columbia, or a corporation
or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers,
having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital
and surplus of at least one hundred million U.S. dollars ($100,000,000), and subject to supervision or examination by federal,
state, territorial, or District of Columbia authority.

 

    	 	33	 

     

    

  

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

 

		SECTION 7.10	RESIGNATION AND REMOVAL; APPOINTMENT
OF SUCCESSOR.

 

(a)        
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid (or,
in the case of Securities held in book-entry form, by electronic transmission), to the Securityholders of such series, as their
names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint
a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board
of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.
If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice
of resignation, the resigning Trustee may at the expense of the Company, petition any court of competent jurisdiction for the
appointment of a successor trustee with respect to Securities of such series, or the holders of at least 10% in the aggregate
principal amount of Outstanding Securities may petition any such court for the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

(i)        the
Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)       the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

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

 

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

 

    	 	34	 

     

    

 

(c)        The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may, upon 30 days’
notice, remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor
Trustee for such series with the consent of the Company.

 

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

 

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

 

		SECTION 7.11	ACCEPTANCE OF APPOINTMENT BY
SUCCESSOR.

 

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

 

    	 	35	 

     

    

  

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

 

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

 

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

 

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

 

		SECTION 7.12	MERGER, CONVERSION, CONSOLIDATION
OR SUCCESSION TO BUSINESS.

 

Any corporation
into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall
be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.8
and eligible under the provisions of Section 7.9, without the execution or filing of any paper or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities.

 

    	 	36	 

     

    

  

		SECTION 7.13	PREFERENTIAL COLLECTION OF CLAIMS
AGAINST THE COMPANY.

 

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

 

		SECTION 7.14	NOTICE OF DEFAULT.

 

If any Default
or any Event of Default occurs and is continuing and if the Trustee has notice of such Default or Event of Default, the Trustee
shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice
of the Default or Event of Default within 90 days after it occurs (or, the Trustee does not have notice of such Default or Event
of Default until after that time, 15 days after the Trustee has notice of such Default or Event of Default), unless such Default
or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of
(or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as
the Trustee in good faith determines that the withholding of such notice is in the interest of the Securityholders.

 

		SECTION 7.15	LIMITATION OF LIABILITY

 

The Trustee
is entering into this Indenture and the other documents contemplated hereby and related hereto to which it is a party solely in
its capacity as trustee under the Indenture and not in its individual capacity (except as expressly stated herein) and in no case
shall the Trustee (or any Person acting as successor trustee under this Indenture) be personally liable for or on account of any
of the statements, representations, warranties, covenants or obligations stated to be those of the Company hereunder or thereunder,
all such liability, if any, being expressly waived by the parties hereto and any person claiming by, through or under such party.

 

ARTICLE
VIII

CONCERNING
THE SECURITYHOLDERS

 

		SECTION 8.1	EVIDENCE OF ACTION BY SECURITYHOLDERS.

 

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

 

    	 	37	 

     

    

 

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

 

		SECTION 8.2	PROOF OF EXECUTION BY SECURITYHOLDERS.

 

Subject to
the provisions of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization)
or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
manner:

 

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

 

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

 

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

 

		SECTION 8.3	WHO MAY BE DEEMED OWNERS.

 

Prior to the
due presentment for registration of transfer of any Security, the Company, the Trustee, any Paying Agent and any Security Registrar
may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the
absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or
writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the
principal of, premium, if any, and (subject to Section 2.3) interest on such Security and for all other purposes; and neither
the Company nor the Trustee nor any Paying Agent nor any Security Registrar shall be affected by any notice to the contrary.

 

    	 	38	 

     

    

 

		SECTION 8.4	CERTAIN SECURITIES OWNED BY
COMPANY DISREGARDED.

 

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

 

		SECTION 8.5	ACTIONS BINDING ON FUTURE SECURITYHOLDERS.

 

At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders
of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture
in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities
the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as
provided in Section 8.2, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the
holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security,
and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether
or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage
in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action
shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE
IX

SUPPLEMENTAL
INDENTURES

 

		SECTION 9.1	SUPPLEMENTAL INDENTURES WITHOUT
THE CONSENT OF SECURITYHOLDERS.

 

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

 

(a)        to
cure any ambiguity, defect, omission or inconsistency herein or in the Securities of any series (with such ambiguity, defect,
omission or inconsistency being evidenced by an Officer’s Certificate);

 

(b)        to
comply with Article X, including to evidence the succession of another Person to the Company and the assumption by any such successor
of the covenants of the Company herein and in the Securities contained or to provide for the assumption of a guarantor’s
obligations to holders of the Securities in the case of a merger or consolidation or sale of all or substantially all of the guarantor’s
assets;

  

    	 	39	 

     

    

  

(c)        to
provide for uncertificated Securities in addition to or in place of certificated Securities; provided that the uncertificated
Securities are issued in registered form for purposes of Section 163(f) of the Code;

 

(d)        to
add to the covenants of the Company or any guarantor for the benefit of the holders of the Securities of any series or to surrender
any right or power conferred upon the Company or any guarantor;

 

(e)        to
provide for the issuance of additional Securities of any series in accordance with the terms of this Indenture;

 

(f)        to
evidence and provide for the acceptance of appointment hereunder by a successor trustee;

 

(g)       to
comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the
Trust Indenture Act;

 

(h)        to
provide security for the Securities of any series or to provide for any guarantee of the Securities of any series or to confirm
or evidence the release, termination or discharge of any guarantee of or lien securing the Securities of any series when such
release, termination or discharge is permitted by this Indenture;

 

(i)        to
make any change that would provide any additional rights or benefits to the holders of the Securities of any series or that does
not adversely affect the legal rights under this Indenture of any holder;

 

(j)        to
make any amendment to the provision of this Indenture relating to the transfer and legending of the Securities of any series;
provided, however, that (1) compliance with this Indenture as so amended would not result in Securities of such series being transferred
in violation of the Securities Act or any other applicable securities law and (2) such amendment does not materially and adversely
affect the rights of holders to transfer Securities of such series; or

 

(k)       to
conform the text of this Indenture, any guarantee of the Securities of any series or the notes to any provision of the “Description
of Debt Securities and Guarantees” included in the prospectus forming a part of the registration statement filed by the
Company with the Commission on Form S-3 on August 4, 2016 or any subsequent description of Securities contained in any prospectus
supplement, to the extent that such provision in that “Description of Debt Securities and Guarantees” or any subsequent
description of Securities contained in any prospectus supplement was intended by the Company to be a verbatim recitation of a
provision of this Indenture, any guarantee of the Securities of any series or the Securities, as applicable (with such intention
being evidenced by an Officer’s Certificate).

 

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

 

    	 	40	 

     

    

  

Any supplemental
indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the
holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2.

 

		SECTION 9.2	SUPPLEMENTAL INDENTURES WITH
THE CONSENT OF SECURITYHOLDERS.

 

With the consent
(evidenced as provided in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities
of each series affected by such supplemental indenture or indentures at the time Outstanding (including consents obtained in connection
with a tender offer or exchange offer for the Securities), the Company, when authorized by a Board Resolution, and the Trustee
may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the provisions
of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating
(or waiving any past default or compliance with) any of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner not covered by Section 9.1 the rights of the holders of the Securities of such series under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding
and affected thereby,

 

(a)        reduce
the percentage or aggregate principal amount of Securities, the holders of which are required to consent to any modification,
amendment, supplement or waiver;

 

(b)        reduce
the principal amount of, or premium, if any, or rate of interest on, such Securities;

 

(c)        extend
the fixed maturity of such Securities;

 

(d)        extend
the time for payment of interest on such Securities;

 

(e)        reduce
the redemption or repurchase price of such Securities or change the time at which the Securities may or must be redeemed or repurchased;

 

(f)        change
the currency of payment of principal of, or premium, if any, or interest on, such Securities;

 

(g)       waive
a default in the payment of principal of, premium, if any, or interest on such Securities (except as provided in Section 6.1(c));

 

(h)       voluntarily
release a guarantor of such Securities other than in accordance with this Indenture;

 

(i)        reduce
the percentage or aggregate principal amount of Outstanding Securities the consent of whose holders is necessary for waiver of
compliance with certain provisions of this Indenture or for waiver of certain defaults; or

 

    	 	41	 

     

    

  

(j)        impair
the right to institute suit for the enforcement of any payment on or after the stated maturity (or, in the case of a redemption,
on or after the redemption date) of such Securities.

 

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

 

		SECTION 9.3	EFFECT OF SUPPLEMENTAL INDENTURES.

 

Upon the execution
of any supplemental indenture pursuant to the provisions of this Article IX or of Section 10.1, this Indenture shall, with respect
to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the
series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

 

		SECTION 9.4	SECURITIES AFFECTED BY SUPPLEMENTAL
INDENTURES.

 

Securities
of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article IX or of Section 10.1, may bear a notation in form approved by the Company, provided
such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for
in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in
the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may
be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

		SECTION 9.5	EXECUTION OF SUPPLEMENTAL INDENTURES.

 

Upon the request
of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall
not be obligated to enter into such supplemental indenture. The Trustee shall receive, in addition to the documents required by
Section 14.7(a), an Officer’s Certificate and an Opinion of Counsel stating that and as conclusive evidence that any supplemental
indenture executed pursuant to this Article IX is authorized or permitted by, and conforms to, the terms of this Article IX, constitutes
the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms (subject to customary
exceptions) and that it is proper for the Trustee under the provisions of this Article IX to join in the execution thereof.

 

    	 	42	 

     

    

  

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

 

ARTICLE
X

SUCCESSOR
ENTITY

 

		SECTION 10.1	COMPANY MAY CONSOLIDATE, ETC.

 

Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one
or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger
of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers
in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer
or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety,
to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and
operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each
case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, (a) the due and
punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and
conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.1 to
be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions
of the Trust Indenture Act, as then in effect) executed and delivered to the Trustee by the entity formed by such consolidation,
or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event
that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities
of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of
that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or
property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion
or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation,
merger, sale, conveyance, transfer or other disposition.

 

		SECTION 10.2	SUCCESSOR ENTITY SUBSTITUTED.

 

(a)        In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee of the obligations
set forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

    	 	43	 

     

    

  

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

 

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

 

		SECTION 10.3	EVIDENCE OF CONSOLIDATION, ETC.
TO TRUSTEE.

 

The Trustee,
subject to the provisions of Section 7.1, shall receive an Officer’s Certificate and an Opinion of Counsel stating that
and as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such
assumption, comply with the provisions of this Article X.

 

ARTICLE
XI

SATISFACTION
AND DISCHARGE

 

		SECTION 11.1	SATISFACTION AND DISCHARGE OF
INDENTURE.

 

This Indenture
shall upon Company Request cease to be of further effect with respect to any series of Securities (except as to any surviving
rights of registration of transfer or exchange of Securities of such series herein expressly provided for or in the form of Security
for such series and any right to receive additional amounts), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to such series, when

 

(a)       either

 

(i)        all
Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 2.7 and (ii) Securities for whose payment cash, Governmental
Obligations or a combination thereof has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Sections 12.5 and 12.6) have been delivered to
the Trustee for cancellation; or

 

(ii)        all
such Securities of such series not theretofore delivered to the Trustee for cancellation, or

 

(A)       have
become due and payable by reason of the mailing of a notice of redemption or otherwise, or

 

(B)        will
become due and payable within one year,

 

    	 	44	 

     

    

  

and the Company,
in the case of (A) or (B) above, has deposited or caused to be deposited with the Trustee as trust funds in trust specifically
pledged as security for, and dedicated solely to, the benefit of the Securityholders of the Securities of that series, cash in
U.S. dollars, Governmental Obligations or a combination thereof in such amount as will be sufficient, without consideration of
any reinvestment of interest, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of
Securities which have become due and payable), or to the Stated Maturity or the Redemption Date, as the case may be;

 

(b)        in
respect of clause (a)(ii), no Event of Default has occurred and is continuing on the date of deposit (other than an Event of Default
resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other indebtedness and,
in each case, the granting of certain liens to secure such borrowing);

 

(c)        the
Company or any guarantor has paid or caused to be paid all other sums payable hereunder by the Company with respect to such series;
and

 

(d)        the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money towards the payment
of the notes at maturity or on the redemption date, as the case may be.

 

Notwithstanding
the satisfaction and discharge of this Indenture with respect to such series, the obligations of the Company to the Trustee with
respect to such series under this Section 11.1 and Sections 7.6 and 7.10, the obligations of the Company to any Authenticating
Agent under Section 2.10, and, if cash, Governmental Obligations or a combination thereof shall have been deposited with the Trustee
pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 11.2, shall survive.

 

		SECTION 11.2	APPLICATION OF TRUST MONEY.

 

Subject to
the provisions of Section 12.6, all cash and Governmental Obligations deposited with the Trustee pursuant to Section 11.1 shall
be held in trust and applied by the Trustee, in accordance with the provisions of the series of Securities and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company or any of its Subsidiaries acting as Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of all sums due and to become due thereon in respect of
the principal of (and premium, if any) and interest, if any, on the Securities for which payment of such cash and Governmental
Obligations has been deposited with the Trustee.

 

If the Trustee
or Paying Agent is unable to apply any cash or Governmental Obligations in accordance with this Article XI 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, then the obligations of the Company under this Indenture and the Securities of such series shall be revived
and reinstated as though no deposit had occurred pursuant to this Article XI until such time as the Trustee or Paying Agent is
permitted to apply all such cash and Governmental Obligations in accordance with this Article XI; provided, however, that, if
the Company has made any payment of principal, premium, if any, interest on or principal of 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 cash and Governmental Obligations held by the Trustee or Paying Agent.

 

    	 	45	 

     

    

  

ARTICLE
XII

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

		SECTION 12.1	OPTION TO EFFECT LEGAL DEFEASANCE
OR COVENANT DEFEASANCE.

 

The Company
may at any time, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate,
elect to have either Section 12.2 or 12.3 hereof be applied to all outstanding Securities of a series upon compliance with the
conditions set forth below in this Article XII.

 

		SECTION 12.2	LEGAL DEFEASANCE AND DISCHARGE.

 

Upon the Company’s
exercise under Section 12.1 hereof of the option applicable to this Section 12.2 with respect to a series of Securities,
the Company will, subject to the satisfaction of the conditions set forth in Section 12.4 hereof, be deemed to have been discharged
from its obligations with respect to all outstanding Securities of such series on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will
be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Securities of such series, which
will thereafter be deemed to be Outstanding only for the purposes of Section 12.5 hereof and the Articles and other Sections of
this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Securities
and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

 

(1)        the
rights of holders of Outstanding Securities of such series to receive payments in respect of the principal of, premium on, if
any, or interest on such Securities when such payments are due from the trust referred to in Section 12.4 hereof;

 

(2)        the
Issuers’ obligations with respect to such Securities under Article 2 and Section 4.2 hereof;

 

(3)        the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
and

 

(4)        this
Article XII.

 

Subject to
compliance with this Article XII, the Company may exercise its option under this Section 12.2 with respect to a series of Securities,
notwithstanding the prior exercise of its option under Section 12.3 hereof with respect to such series of Securities.

 

    	 	46	 

     

    

 

		SECTION 12.3	COVENANT DEFEASANCE.

 

Upon the Company’s
exercise under Section 12.1 hereof of the option applicable to this Section 12.3 with respect to a series of Securities, the Company
will, subject to the satisfaction of the conditions set forth in Section 12.4 hereof, be released from its obligations under Section
5.3 and Article X and any additional covenants specified in any Board Resolution or indenture supplemental hereto with respect
to the Outstanding Securities of such series on and after the date the conditions set forth in Section 12.4 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the Securities of such series will thereafter be deemed not Outstanding
for the purposes of any direction, waiver, consent or declaration or act of holders (and the consequences of any thereof) in connection
with such covenants, but will continue to be deemed Outstanding for all other purposes hereunder (it being understood that such
Securities will not be deemed Outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect
to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in Section 5.3 or Article X and any additional covenants specified in any Board Resolution
or indenture supplemental hereto, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section
or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document
and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof with respect to Outstanding
Securities of such series, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected
thereby.

 

		SECTION 12.4	CONDITIONS TO LEGAL OR COVENANT
DEFEASANCE.

 

In order to
exercise either Legal Defeasance or Covenant Defeasance under either Section 12.2 or 12.3 hereof with respect to the Outstanding
Securities of a particular series:

 

(1)        the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Securityholders of the Securities of that
series, cash in U.S. dollars, Governmental Obligations, or a combination thereof, in such amounts as will be sufficient, in the
opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal
of, premium on, if any, and interest on, the Outstanding Securities of such series on the stated date for payment thereof or on
the applicable redemption date, as the case may be, and the Company must specify whether the Securities of such series are being
defeased to such stated date for payment or to a particular redemption date;

 

(2)        in
the case of an election under Section 12.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that:

 

(A)        the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(B)        since
the date of this Indenture, there has been a change in the applicable federal income tax law,

 

    	 	47	 

     

    

  

in either case
to the effect that, and based thereon such Opinion of Counsel shall confirm 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 Legal 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 Legal Defeasance had not occurred;

 

(3)        in
the case of an election under Section 12.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming 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;

 

(4)        no
Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of
such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and
any similar concurrent deposit relating to other Indebtedness), and the granting of liens to secure such borrowings);

 

(5)        such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged
or replaced) to which the Company is a party or by which the Company is bound; and

 

(6)        the
Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

		SECTION 12.5	DEPOSITED MONEY AND GOVERNMENT
SECURITIES TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

Subject to
Section 12.6 hereof, all cash and Governmental Obligations (including the proceeds thereof) deposited with the Trustee pursuant
to Section 12.4 hereof in respect of the Outstanding Securities of a particular series 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 (including the Company acting as Paying Agent) as the Trustee may determine, to the holders of such Securities of
all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated
from other funds except to the extent required by law.

 

The Company
will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Governmental
Obligations deposited pursuant to Section 12.4 hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the holders of the Outstanding Securities of the applicable series.

 

Notwithstanding
anything in this Article XII to the contrary, the Trustee shall deliver or pay to the Company from time to time upon Company Request
any cash or Governmental Obligations held by it as provided in Section 12.4 hereof which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 12.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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		SECTION 12.6	REPAYMENT TO COMPANY.

 

Any money deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium on, if
any, or interest on any Security and remaining unclaimed for two years after such principal, premium, if any, or interest, has
become due and payable shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property law, be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the
holder of such Security will thereafter, as an unsecured general creditor, be permitted to look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may give written notice to the holder of such Security, at such holder’s address as it appears
upon the Security Register, that such money remains unclaimed and that, after a date specified therein, which will not be less
than 30 days from the date of such notification, any unclaimed balance of such money then remaining will, unless otherwise required
by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Company.

 

		SECTION 12.7	REINSTATEMENT.

 

If the Trustee
or Paying Agent is unable to apply any cash or Governmental Obligations in accordance with Section 12.2 or 12.3 hereof, as the
case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Company’s obligations under this Indenture and the Securities of the particular series shall
be revived and reinstated as though no deposit had occurred pursuant to Section 12.2 or 12.3 hereof until such time as the Trustee
or Paying Agent is permitted to apply all such cash or Governmental Obligations in accordance with Section 12.2 or 12.3 hereof,
as the case may be; provided, however, that, if the Company makes any payment of principal of, premium on, if any, or interest
on, any Security of the particular series following 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 cash or Governmental Obligations held by the Trustee
or Paying Agent.

 

    	 	49	 

     

    

  

ARTICLE
XIII

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS,

OFFICERS
AND DIRECTORS

 

		SECTION 13.1	NO RECOURSE.

 

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

 

ARTICLE
XIV

MISCELLANEOUS PROVISIONS

 

		SECTION 14.1	EFFECT ON SUCCESSORS AND ASSIGNS.

 

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

 

		SECTION 14.2	ACTIONS BY SUCCESSOR.

 

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

 

		SECTION 14.3	SURRENDER OF COMPANY POWERS.

 

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

 

		SECTION 14.4	NOTICES.

 

Except as otherwise
expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be
given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on
the Company may be given or served by being deposited in first class mail, postage prepaid, addressed, as follows: ANI Pharmaceuticals,
Inc., ANI Pharmaceuticals, Inc., 210 Main Street West, Baudette, Minnesota 56623, Attention: Secretary. Any notice, election,
request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee
shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust
Office of the Trustee.

 

    	 	50	 

     

    

  

		SECTION 14.5	GOVERNING LAW/WAIVER OF JURY
TRIAL.

 

This Indenture
and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes
shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

 

		SECTION 14.6	TREATMENT OF SECURITIES AS DEBT.

 

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

 

		SECTION 14.7	COMPLIANCE CERTIFICATES AND
OPINIONS.

 

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

 

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

 

		SECTION 14.8	PAYMENTS ON BUSINESS DAYS.

 

Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one
or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if
any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity
or redemption, and no interest shall accrue for the period after such nominal date.

 

    	 	51	 

     

    

  

		SECTION 14.9	CONFLICT WITH TRUST INDENTURE
ACT.

 

If and to the
extent that any provision of this Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act, such
Trust Indenture Act provision shall control.

 

		SECTION 14.10	COUNTERPARTS.

 

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

 

		SECTION 14.11	SEVERABILITY.

 

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

 

		SECTION 14.12	COMPLIANCE CERTIFICATES.

 

The Company
shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were
outstanding, an Officer’s Certificate stating whether or not the signers know of any Default or Event of Default that occurred
during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial
officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the
Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 14.12, such compliance shall be determined without regard to any period of grace or requirement
of notice provided under this Indenture. If any of the officers of the Company signing such certificate has knowledge of such
a Default or Event of Default, the certificate shall describe any such Default or Event of Default and its status.

 

		SECTION 14.13	USA PATRIOT ACT

 

The parties
hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like
all financial institutions, is required to obtain, verify, and record information that identifies each Person or legal entity
that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee
may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

    	 	52	 

     

    

  

		SECTION 14.14	CONSENT TO JURISDICTION AND
SERVICE

 

To the fullest
extent permitted by applicable law, each party hereby irrevocably submits to the non-exclusive jurisdiction of any Federal or
State court located in the Borough of Manhattan in The City of New York, New York in any suit, action or proceeding based on or
arising out of or relating to this Indenture or any Securities and irrevocably agrees that all claims in respect of such suit
or proceeding may be determined in any such court. Each party irrevocably waives, to the fullest extent permitted by law, any
objection which it may have to the laying of the venue of any such suit, action or proceeding brought in an inconvenient forum.
Each party agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding
upon such party, and may be enforced in any courts to the jurisdiction of which such party is subject by a suit upon such judgment,
provided, that service of process is effected upon such party in the manner specified herein or as otherwise permitted by law.

 

		SECTION 14.15	FORCE MAJEURE

 

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

 

[Signature
page follows]

 

    	 	53	 

     

    

  

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

 

	 	ANI PHARMACEUTICALS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 	, as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	54Exhibit 4.1

 

CERTIFICATE OF DESIGNATIONS, PREFERENCES
AND RIGHTS OF THE

SERIES C CONVERTIBLE PREFERRED STOCK OF

MAGNEGAS CORPORATION

 

I, Ermanno Santilli, hereby
certify that I am the Chief Executive Officer of MagneGas Corporation (the “Company”), a corporation incorporated
and existing under the Delaware General Corporation Law (the “DGCL”) and further do hereby certify:

 

That pursuant to the
authority expressly conferred upon the Board of Directors of the Company (the “Board”) by the
Company’s Certificate of Incorporation, as amended (the “Certificate of Incorporation”), the Board adopted the following resolutions creating a series of shares of preferred stock designated as Series C
Convertible Preferred Stock, none of which shares have been issued:

 

RESOLVED, that the Board
designates the Series C Convertible Preferred Stock and the number of shares constituting such series, and fixes the rights, powers,
preferences, privileges and restrictions relating to such series in addition to any set forth in the Certificate of Incorporation
as follows:

 

TERMS OF SERIES C CONVERTIBLE PREFERRED STOCK

 

1.             Designation
and Number of Shares. There shall hereby be created and established a series of preferred stock of the Company designated as
“Series C Convertible Preferred Stock” (the “Preferred Shares”). The authorized number of Preferred
Shares shall be 25,000 shares. Each Preferred Share shall have a par value of $0.001. Capitalized terms not defined herein shall
have the meaning as set forth in Section 33 below.

 

2.             Ranking.
Except to the extent that the holders of Preferred Shares representing at least sixty-five (65%) of the aggregate Stated Value
amount of the Preferred Shares then outstanding shall be required for any change, waiver or amendment to this Certificate of Designations
provided, that such sixty-five (65%) must include Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B as long as
it beneficially owns any Preferred Shares (the “Required Holders”) (the “Required Holders”)
expressly consent to the creation of Parity Stock (as defined below) or Senior Preferred Stock (as defined below) in accordance
with Section 19, all shares of capital stock of the Company shall be junior in rank to all Preferred Shares with respect to the
preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (such junior
stock is referred to herein collectively as “Junior Stock”). The rights of all such shares of capital stock
of the Company shall be subject to the rights, powers, preferences and privileges of the Preferred Shares. Without limiting any
other provision of this Certificate of Designations, without the prior express consent of the Required Holders, voting separate
as a single class, the Company shall not hereafter authorize or issue any additional or other shares of capital stock that is (i)
of senior rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation,
dissolution and winding up of the Company (collectively, the “Senior Preferred Stock”), (ii) of pari passu rank
to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution
and winding up of the Company (collectively, the “Parity Stock”) or (iii) any Junior Stock having a maturity
date (or any other date requiring redemption or repayment of such shares of Junior Stock) that is prior to the Maturity Date. In
the event of the merger or consolidation of the Company with or into another corporation, the Preferred Shares shall maintain their
relative rights, powers, designations, privileges and preferences provided for herein and no such merger or consolidation shall
result inconsistent therewith.

 

     

     

    

 

		3.	Dividends.

 

(a)          From
and after June [__], 2017 (the “Initial Issuance Date”), each holder of a Preferred Share (each, a “Holder”
and collectively, the “Holders”) shall be entitled to receive dividends (“Dividends”), when
and as declared by the Board, from time to time, in its sole discretion, which Dividends shall be paid by the Company out of funds
legally available therefor, payable, subject to the conditions and other terms hereof, in cash on the Stated Value of such Preferred
Share.

 

(b)          In
addition, from an after the occurrence of a Triggering Event until such time as all Triggering Events then outstanding are cured,
each Holder shall be entitled to receive Dividends at a rate of eighteen percent (18.0%) per annum, which Dividends shall be computed
on the basis of a 360-day year and twelve 30-day months, shall compound each calendar month and shall be payable by way of inclusion
of the Dividends in the Conversion Amount on each Conversion Date in accordance with Section 4(c) or upon any redemption
in accordance with Section 13 or upon any required payment upon any Bankruptcy Triggering Event.

 

4.             Conversion.
At any time after the Stockholder Approval Date (as defined in the Securities Purchase Agreement), each Preferred Share shall
be convertible into validly issued, fully paid and non-assessable shares of Common Stock (as defined below), on the terms and
conditions set forth in this Section 4.

 

(a)          Holder’s
Conversion Right. Subject to the provisions of Section 4(d), at any time or times on or after the Initial Issuance Date, each
Holder shall be entitled to convert any portion of the outstanding Preferred Shares held by such Holder into validly issued, fully
paid and non-assessable shares of Common Stock in accordance with Section 4(c) at the Conversion Rate (as defined below). The Company
shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a
fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share.
The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation,
fees and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Common
Stock upon conversion of any Conversion Amount.

 

(b)          Conversion
Rate. The number of shares of Common Stock issuable upon conversion of any Preferred Share pursuant to Section 4(a) shall be
determined by dividing (x) the Conversion Amount of such Preferred Share by (y) the Conversion Price (the “Conversion
Rate”):

 

     2

     

    

 

(i) “Conversion
Amount” means, with respect to each Preferred Share, as of the applicable date of determination, the sum of (1) the Stated
Value thereof plus (2) the Additional Amount thereon and any accrued and unpaid Late Charges with respect to such Stated Value
and Additional Amount as of such date of determination.

 

(ii) “Conversion
Price” means, with respect to each Preferred Share, as of any Conversion Date or other date of determination, $3.00,
subject to adjustment as provided herein.

 

(c)          Mechanics
of Conversion. The conversion of each Preferred Share shall be conducted in the following manner:

 

(i)          Optional
Conversion. To convert a Preferred Share into shares of Common Stock on any date (a “Conversion Date”),
a Holder shall deliver (whether via facsimile, electronic mail or otherwise), for receipt on or prior to 11:59 p.m., New York time,
on such date, a copy of an executed notice of conversion of the share(s) of Preferred Shares subject to such conversion in the
form attached hereto as Exhibit I (the “Conversion Notice”) to the Company. If required by Section
4(c)(iii), within three (3) Trading Days following a conversion of any such Preferred Shares as aforesaid, such Holder shall surrender
to a nationally recognized overnight delivery service for delivery to the Company the original certificates representing the Preferred
Shares (the “Preferred Share Certificates”) so converted as aforesaid (or an indemnification undertaking with
respect to the Preferred Shares in the case of its loss, theft or destruction as contemplated by Section 19). On or before the
first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company shall transmit by facsimile
or electronic mail an acknowledgment of confirmation and representation as to whether such shares of Common Stock may then be resold
pursuant to Rule 144 or an effective and available registration statement, in the form attached hereto as Exhibit II,
of receipt of such Conversion Notice to such Holder and the Company’s transfer agent (the “Transfer Agent”),
which confirmation shall constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with the
terms herein. On or before the third (3rd) Trading Day following the date of receipt of a Conversion Notice (or such earlier date
as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on the
applicable Conversion Date of such shares of Common Stock issuable pursuant to such Conversion Notice) (the “Share Delivery
Deadline”), the Company shall (1) provided that the Transfer Agent is participating in The Depository Trust Company’s
(“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to
which such Holder shall be entitled to such Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
at Custodian system, or (2) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, upon
the request of the applicable Holder, issue and deliver (via reputable overnight courier) to the address as specified in such Conversion
Notice, a certificate, registered in the name of such Holder or its designee, for the number of shares of Common Stock to which
such Holder shall be entitled. If the number of Preferred Shares represented by the Preferred Share Certificate(s) submitted for
conversion pursuant to Section 4(c)(iii) is greater than the number of Preferred Shares being converted, then the Company shall,
as soon as practicable and in no event later than three (3) Business Days after receipt of the Preferred Share Certificate(s) and
at its own expense, issue and deliver to such Holder (or its designee) a new Preferred Share Certificate (in accordance with Section
20(d)) representing the number of Preferred Shares not converted. The Person or Persons entitled to receive the shares of Common
Stock issuable upon a conversion of Preferred Shares shall be treated for all purposes as the record holder or holders of such
shares of Common Stock on the Conversion Date. In connection with any conversion of Preferred Shares by a Holder, the number of
Preferred Shares converted by such Holder shall be deducted from the Installment Share Amount(s) of Preferred Shares of such Holder
relating to the Installment Date(s) as set forth in the applicable Conversion Notice.

 

     3

     

    

 

(ii)          Company’s
Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, on or prior to the applicable Share
Delivery Deadline, if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, to issue and
deliver to the applicable Holder (or its designee) a certificate for the number of shares of Common Stock to which such Holder
is entitled and register such shares of Common Stock on the Company’s share register or, if the Transfer Agent is participating
in the DTC Fast Automated Securities Transfer Program, to credit the balance account of such Holder or such Holder’s designee
with DTC for such number of shares of Common Stock to which such Holder is entitled upon such Holder’s conversion of the
applicable Preferred Share(s) (as the case may be) (a “Conversion Failure”), then, in addition to all other
remedies available to such Holder, (1) the Company shall pay in cash to such Holder on each day after such Share Delivery Deadline
that the issuance of such shares of Common Stock is not timely effected an amount equal to 2% of the product of (A) the sum of
the number of shares of Common Stock not issued to such Holder on or prior to the Share Delivery Deadline and to which such Holder
is entitled, multiplied by (B) any trading price of the Common Stock selected by such Holder in writing as in effect at any time
during the period beginning on the applicable Conversion Date and ending on the applicable Share Delivery Deadline and (2) such
Holder, upon written notice to the Company, may void its Conversion Notice with respect to, and retain or have returned (as the
case may be) any portion of the Preferred Shares that has not been converted pursuant to such Conversion Notice, provided that
the voiding of a Conversion Notice shall not affect the Company’s obligations to make any payments which have accrued prior
to the date of such notice pursuant to this Section 4(c)(ii) or otherwise. In addition to the foregoing, if on or prior to the
Share Delivery Deadline, if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the
Company shall fail to issue and deliver to the applicable Holder (or its designee) a certificate and register such shares of Common
Stock on the Company’s share register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer
Program, the Transfer Agent shall fail to credit the balance account of such Holder or such Holder’s designee with DTC for
the number of shares of Common Stock to which such Holder is entitled upon such Holder’s conversion hereunder or pursuant
to the Company’s obligation pursuant to clause (II) below, and if on or after such Share Delivery Deadline such Holder purchases
(in an open market transaction or otherwise) shares of Common Stock corresponding to all or any portion of the number of shares
of Common Stock issuable upon such conversion that such Holder is entitled to receive from the Company and has not received from
the Company in connection with such Conversion Failure (a “Buy-In”), then, in addition to all other remedies
available to such Holder, the Company shall, within three (3) Business Days after receipt of such Holder’s request and in
such Holder’s discretion, either: (I) pay cash to such Holder in an amount equal to such Holder’s total purchase price
(including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including,
without limitation, by any other Person in respect, or on behalf, of such Holder) (the “Buy-In Price”), at which
point the Company’s obligation to so issue and deliver such certificate (and to issue such shares of Common Stock) or credit
the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number of shares of Common
Stock to which such Holder is entitled upon such Holder’s conversion hereunder (as the case may be) (and to issue such shares
of Common Stock) shall terminate, or (II) promptly honor its obligation to so issue and deliver to such Holder a certificate or
certificates representing such shares of Common Stock or credit the balance account of such Holder or such Holder’s designee,
as applicable, with DTC for the number of shares of Common Stock to which such Holder is entitled upon such Holder’s conversion
hereunder (as the case may be) and pay cash to such Holder in an amount equal to the excess (if any) of the Buy-In Price over the
product of (x) such number of shares of Common Stock multiplied by (y) the lowest Closing Sale Price of the Common Stock on any
Trading Day during the period commencing on the date of the applicable Conversion Notice and ending on the date of such issuance
and payment under this clause (II) (the “Buy-In Payment Amount”). Nothing shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares
of Common Stock (or to electronically deliver such shares of Common Stock) upon the conversion of Preferred Shares as required
pursuant to the terms hereof.

 

     4

     

    

 

(iii)          Registration;
Book-Entry. The Company shall maintain a register (the “Register”) for the recordation of the names and
addresses of the Holders of each Preferred Share and the Stated Value of the Preferred Shares (the “Registered Preferred
Shares”). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company
and each Holder of the Preferred Shares shall treat each Person whose name is recorded in the Register as the owner of a Preferred
Share for all purposes (including, without limitation, the right to receive payments and Dividends hereunder) notwithstanding notice
to the contrary. A Registered Preferred Share may be assigned, transferred or sold only by registration of such assignment or sale
on the Register. Upon its receipt of a written request to assign, transfer or sell one or more Registered Preferred Shares by such
Holder thereof, the Company shall record the information contained therein in the Register and issue one or more new Registered
Preferred Shares in the same aggregate Stated Value as the Stated Value of the surrendered Registered Preferred Shares to the designated
assignee or transferee pursuant to Section 20, provided that if the Company does not so record an assignment, transfer or
sale (as the case may be) of such Registered Preferred Shares within two (2) Business Days of such a request, then the Register
shall be automatically deemed updated to reflect such assignment, transfer or sale (as the case may be). Notwithstanding anything
to the contrary set forth in this Section 4, following conversion of any Preferred Shares in accordance with the terms hereof,
the applicable Holder shall not be required to physically surrender such Preferred Shares to the Company unless (A) the full or
remaining number of Preferred Shares represented by the applicable Preferred Share Certificate are being converted (in which event
such certificate(s) shall be delivered to the Company as contemplated by this Section 4(c)(iii)) or (B) such Holder has provided
the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of Preferred
Shares upon physical surrender of the applicable Preferred Share Certificate. Each Holder and the Company shall maintain records
showing the Stated Value, Dividends and Late Charges converted and/or paid (as the case may be) and the dates of such conversions
and/or payments (as the case may be) or shall use such other method, reasonably satisfactory to such Holder and the Company, so
as not to require physical surrender of a Preferred Share Certificate upon conversion. If the Company does not update the Register
to record such Stated Value, Dividends and Late Charges converted and/or paid (as the case may be and the dates of such conversions
and/or payments (as the case may be) within two (2) Business Days of such occurrence, then the Register shall be automatically
deemed updated to reflect such occurrence. In the event of any dispute or discrepancy, such records of such Holder establishing
the number of Preferred Shares to which the record holder is entitled shall be controlling and determinative in the absence of
manifest error. A Holder and any transferee or assignee, by acceptance of a certificate, acknowledge and agree that, by reason
of the provisions of this paragraph, following conversion of any Preferred Shares, the number of Preferred Shares represented by
such certificate may be less than the number of Preferred Shares stated on the face thereof. Each Preferred Share Certificate shall
bear the following legend:

 

     5

     

    

 

ANY TRANSFEREE OR ASSIGNEE OF THIS
CERTIFICATE SHOULD CAREFULLY REVIEW THE TERMS OF THE CORPORATION’S CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF
SERIES C PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE, INCLUDING SECTION 4(c)(iii) THEREOF. THE NUMBER OF SHARES OF SERIES C
PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SHARES OF SERIES C PREFERRED STOCK STATED ON THE
FACE HEREOF PURSUANT TO SECTION 4(c)(iii) OF THE CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES C PREFERRED STOCK
REPRESENTED BY THIS CERTIFICATE.

 

(iv)         Pro Rata
Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one Holder for the same Conversion
Date and the Company can convert some, but not all, of such Preferred Shares submitted for conversion, the Company, subject to
Section 4(d), shall convert from each Holder electing to have Preferred Shares converted on such date a pro rata amount of such
Holder’s Preferred Shares submitted for conversion on such date based on the number of Preferred Shares submitted for conversion
on such date by such Holder relative to the aggregate number of Preferred Shares submitted for conversion on such date. In the
event of a dispute as to the number of shares of Common Stock issuable to a Holder in connection with a conversion of Preferred
Shares, the Company shall issue to such Holder the number of shares of Common Stock not in dispute and resolve such dispute in
accordance with Section 25.

 

     6

     

    

 

(d)          Limitations
on Conversions. The Company shall not effect the conversion of any of the Preferred Shares held by a Holder, and such Holder
shall not have the right to convert any of the Preferred Shares held by such Holder pursuant to the terms and conditions of this
Certificate of Designations and any such conversion shall be null and void and treated as if never made, to the extent that after
giving effect to such conversion, such Holder together with the other Attribution Parties collectively would beneficially own in
excess of 4.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving
effect to such conversion. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such Holder and the other Attribution Parties shall include the number of shares of Common Stock held by such Holder and
all other Attribution Parties plus the number of shares of Common Stock issuable upon conversion of the Preferred Shares with respect
to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon
(A) conversion of the remaining, non-converted Preferred Shares beneficially owned by such Holder or any of the other Attribution
Parties and (B) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including,
without limitation, any convertible notes, convertible preferred stock or warrants, including, without limitation, the Warrants)
beneficially owned by such Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to
the limitation contained in this Section 4(d). For purposes of this Section 4(d), beneficial ownership shall be calculated in accordance
with Section 13(d) of the 1934 Act. For purposes of determining the number of outstanding shares of Common Stock a Holder may acquire
upon the conversion of such Preferred Shares without exceeding the Maximum Percentage, such Holder may rely on the number of outstanding
shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form
10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be, (y) a more recent public announcement
by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number of shares
of Common Stock outstanding (the “Reported Outstanding Share Number”). If the Company receives a Conversion
Notice from a Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding
Share Number, the Company shall notify such Holder in writing of the number of shares of Common Stock then outstanding and, to
the extent that such Conversion Notice would otherwise cause such Holder’s beneficial ownership, as determined pursuant to
this Section 4(d), to exceed the Maximum Percentage, such Holder must notify the Company of a reduced number of shares of Common
Stock to be purchased pursuant to such Conversion Notice. For any reason at any time, upon the written or oral request of any Holder,
the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to such Holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including such Preferred Shares, by such Holder and any
other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance
of shares of Common Stock to a Holder upon conversion of such Preferred Shares results in such Holder and the other Attribution
Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares
of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which such Holder’s
and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and such Holder shall not have the power to vote or to transfer
the Excess Shares. Upon delivery of a written notice to the Company, any Holder may from time to time increase (with such increase
not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage of
such Holder to any other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in
the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the
Company and (ii) any such increase or decrease will apply only to such Holder and the other Attribution Parties and not to any
other holder of Preferred Shares that is not an Attribution Party of such Holder. For purposes of clarity, the shares of Common
Stock issuable to a Holder pursuant to the terms of this Certificate of Designations in excess of the Maximum Percentage shall
not be deemed to be beneficially owned by such Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to convert such Preferred Shares pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d) to the extent
necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the intended
beneficial ownership limitation contained in this Section 4(d) or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder
of such Preferred Shares.

 

     7

     

    

 

(e)          Right
of Alternate Conversion upon an Triggering Event.

 

(i) General.
At any time at any time after the occurrence of an Triggering Event (regardless of whether such Triggering Event has been cured
or if a Holder has delivered an Triggering Event Redemption Notice to the Company), such Holder may, at such Holder’s option,
convert (each, an “Alternate Conversion”, and the date thereof, each, an “Alternate Conversion Date”)
any Preferred Shares of such Holder (such Conversion Amount of the Preferred Shares subject to such Alternate Conversion, each,
an “Alternate Conversion Amount”) into shares of Common Stock at the Alternate Conversion Price.

 

(ii) Mechanics
of Alternate Conversion. On any Alternate Conversion Date, such Holder may voluntarily convert any Alternate Conversion Amount
pursuant to Section 4(c) (with “Alternate Conversion Price” replacing “Conversion Price” for all purposes
hereunder with respect to such Alternate Conversion and with “Redemption Premium of the Conversion Amount” replacing
“Conversion Amount” in clause (x) of the definition of Conversion Rate above with respect to such Alternate Conversion)
by designating in the Conversion Notice delivered pursuant to this Section 4(e) of this Certificate of Designations that such Holder
is electing to use the Alternate Conversion Price for such conversion; provided that in the event of the Conversion Floor Price
Condition, on the applicable Alternate Conversion Date the Company shall also deliver to such Holder the applicable Alternate Conversion
Floor Amount. Notwithstanding anything to the contrary in this Section 4(e), but subject to Section 4(d), until the Company delivers
shares of Common Stock representing the applicable Alternate Conversion Amount to such Holder, such Alternate Conversion Amount
may be converted by such Holder into shares of Common Stock pursuant to Section 4(c) without regard to this Section 4(e).

 

		5.	Triggering Event Redemptions.

 

(a)          Triggering
Event. Each of the following events shall constitute a “Triggering Event” and each of the events in clauses
(xii), (xiii) and (xiv) shall constitute a “Bankruptcy Triggering Event”:

 

     8

     

    

 

(i) the failure
of the applicable Registration Statement (as defined in the Registration Rights Agreement) to be filed with the SEC on or prior
to the date that is five (5) days after the applicable Filing Deadline (as defined in the Registration Rights Agreement) or the
failure of the applicable Registration Statement to be declared effective by the SEC on or prior to the date that is five (5) days
after the applicable Effectiveness Deadline (as defined in the Registration Rights Agreement);

 

(ii) while the
applicable Registration Statement is required to be maintained effective pursuant to the terms of the Registration Rights Agreement,
the effectiveness of the applicable Registration Statement lapses for any reason (including, without limitation, the issuance of
a stop order) or such Registration Statement (or the prospectus contained therein) is unavailable to any holder of Registrable
Securities (as defined in the Registration Rights Agreement) for issuance of all of such holder’s Registrable Securities
in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of five
(5) consecutive days or for more than an aggregate of ten (10) days in any 365-day period (excluding days during an Allowable Grace
Period (as defined in the Registration Rights Agreement));

 

(iii) the suspension
(or threatened suspension) from trading or the failure (or threatened failure) of the Common Stock to be trading or listed (as
applicable) on an Eligible Market for a period of five (5) consecutive Trading Days;

 

(iv) the Company’s
(A) notice, written or oral, to any holder of Preferred Shares or Warrants, including, without limitation, by way of public announcement
or through any of its agents, at any time, of its intention not to comply, as required, with a request for exercise of any Warrants
for Warrant Shares in accordance with the provisions of the Warrants or a request for conversion of any Preferred Shares into shares
of Common Stock that is requested in accordance with the provisions of this Certificate of Designations, other than pursuant to
Section 4(d) hereof or (B) notice, written or oral, to any holder of the Preferred Warrants, including, without limitation, by
way of public announcement or through any of its agents, at any time, of its intention not to comply, as required, with a request
for any exercise of Preferred Warrants into Additional Preferred Shares that is requested in accordance with the provisions of
the Preferred Warrants;

 

(v) the Company
either (A) fails to cure a Conversion Failure or a Delivery Failure (as defined in the Warrants) by delivery of the required number
of shares of Common Stock within five (5) Trading Days after the applicable Conversion Date or Exercise Date (as defined in the
Warrants) (as the case may be) or (B) fails to cure a Delivery Failure (as defined in the Preferred Warrants) by delivery of the
required number of shares of Additional Preferred Shares within five (5) Trading Days after the applicable Exercise Date (as defined
in the Preferred Warrants);

 

     9

     

    

 

(vi) at any time
following the tenth (10th) consecutive day that a Holder’s Authorized Share Allocation (as defined in Section
12(a) below) is less than the sum of (A) the number of shares of Common Stock that such Holder would be entitled to receive upon
a conversion, in full, of all of the Preferred Shares then held (or deemed held) by such Holder (without regard to any limitations
on conversion set forth in this Certificate of Designations and with any Preferred Shares then issuable upon exercise of the Preferred
Warrant of such Holder then deemed held by such Holder) and (B) the number of shares of Common Stock that such Holder would then
be entitled to receive upon exercise in full of such Holder’s Warrants (without regard to any limitations on exercise set
forth in the Warrants);

 

(vii) at any
time the Company fails to reserve 100% of the aggregate number of Additional Preferred Shares as necessary to effect the exercise
in full of the Preferred Warrants then outstanding;

 

(viii) the
Company’s Board of Directors fails to declare any Dividend required to be declared hereunder in accordance with Section 3;

 

(ix) the Company’s
failure to pay to any Holder any Dividend required to be paid to such Holder hereunder (whether or not declared by the Board of
Directors) or any other amount when and as due under this Certificate of Designations (including, without limitation, the Company’s
failure to pay any redemption payments or amounts hereunder), the Securities Purchase Agreement or any other Transaction Document
or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby
and thereby (in each case, whether or not permitted pursuant to the DGCL), except, in the case of a failure to pay Dividends and
Late Charges when and as due, in each such case only if such failure remains uncured for a period of at least two (2) Trading Days;

 

(x) the Company
fails to remove any restrictive legend on any certificate or any shares of Common Stock or Additional Preferred Shares issued to
such Holder upon conversion or exercise (as the case may be) of any Securities (as defined in the Securities Purchase Agreement)
acquired by such Holder under the Securities Purchase Agreement as and when required by such Securities or the Securities Purchase
Agreement, unless otherwise then prohibited by applicable federal securities laws, and any such failure remains uncured for at
least five (5) days;

 

(xi) the occurrence
of any default under, redemption of or acceleration prior to maturity of at least an aggregate of $50,000 of Indebtedness (as defined
in the Securities Purchase Agreement) of the Company or any of its Subsidiaries;

 

(xii) bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or
against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third party, shall not be dismissed
within thirty (30) days of their initiation;

 

     10

     

    

 

(xiii) the commencement
by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent
by it to the entry of a decree, order, judgment or other similar document in respect of the Company or any Subsidiary in an involuntary
case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or
to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the filing
of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Company or any Subsidiary or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal,
state or foreign proceeding, or the admission by it in writing of its inability to pay its debts generally as they become due,
the taking of corporate action by the Company or any Subsidiary in furtherance of any such action or the taking of any action by
any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under federal, state or foreign law;

 

(xiv) the entry
by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of a voluntary
or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt or
insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order,
judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

 

(xv) a final judgment
or judgments for the payment of money aggregating in excess of $50,000 are rendered against the Company and/or any of its Subsidiaries
and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal,
or are not discharged within thirty (30) days after the expiration of such stay; provided, however, any judgment which is covered
by insurance or an indemnity from a credit worthy party shall not be included in calculating the $50,000 amount set forth above
so long as the Company provides each Holder a written statement from such insurer or indemnity provider (which written statement
shall be reasonably satisfactory to each Holder) to the effect that such judgment is covered by insurance or an indemnity and the
Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity within thirty (30) days
of the issuance of such judgment;

 

     11

     

    

 

(xvi) the Company
and/or any Subsidiary, individually or in the aggregate, either (i) fails to pay, when due, or within any applicable grace period,
any payment with respect to any Indebtedness in excess of $50,000 due to any third party (other than, with respect to unsecured
Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings
and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP) or is otherwise
in breach or violation of any agreement for monies owed or owing in an amount in excess of $50,000, which breach or violation permits
the other party thereto to declare a default or otherwise accelerate amounts due thereunder, or (ii) suffer to exist any other
circumstance or event that would, with or without the passage of time or the giving of notice, result in a default or event of
default under any agreement binding the Company or any Subsidiary, which default or event of default would or is likely to have
a material adverse effect on the business, assets, operations (including results thereof), liabilities, properties, condition (including
financial condition) or prospects of the Company or any of its Subsidiaries, individually or in the aggregate;

 

(xvii) other than
as specifically set forth in another clause of this Section 5(a), the Company or any Subsidiary
breaches any representation, warranty, covenant or other term or condition of any Transaction Document, except, in the case of
a breach of a covenant or other term or condition that is curable, only if such breach remains uncured for a period of three (3)
consecutive Trading Days;

 

(xviii) a false
or inaccurate certification (including a false or inaccurate deemed certification) by the Company that either (A) the Equity Conditions
are satisfied, (B) there has been no Equity Conditions Failure, or (C) as to whether any Triggering Event has occurred;

 

(xix) any breach
or failure in any respect by the Company or any Subsidiary to comply with any provision of Section 16 of this Certificate of Designations;

 

(xx) any Material
Adverse Effect (as defined in the Securities Purchase Agreement) occurs;

 

     12

     

    

 

(xxi) any provision
of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be valid
and binding on or enforceable against the parties thereto, or the validity or enforceability thereof shall be contested by any
party thereto, or a proceeding shall be commenced by the Company or any Subsidiary or any governmental authority having jurisdiction
over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company or any Subsidiary shall deny
in writing that it has any liability or obligation purported to be created under any Transaction Document; or

 

(xxii) any of Ermanno
Santilli or Scott Mahoney cease to be active employees and officers of the Company.

 

(b)          Notice
of a Triggering Event; Redemption Right. Upon the occurrence of a Triggering Event with respect to the Preferred Shares, the
Company shall within one (1) Business Day deliver written notice thereof via facsimile or electronic mail and overnight courier
(with next day delivery specified) (an “Triggering Event Notice”) to each Holder. At any time after the earlier
of a Holder’s receipt of a Triggering Event Notice and such Holder becoming aware of a Triggering Event, such Holder may
require the Company to redeem (regardless of whether such Triggering Event has been cured) all or any of the Preferred Shares by
delivering written notice thereof (the “Triggering Event Redemption Notice”) to the Company, which Triggering
Event Redemption Notice shall indicate the number of the Preferred Shares such Holder is electing to redeem. Each of the Preferred
Shares subject to redemption by the Company pursuant to this Section 5(b) shall be redeemed by the Company at a price equal to
the greater of (i) the product of (A) the Conversion Amount of the Preferred Shares to be redeemed multiplied by (B) the Redemption
Premium and (ii) the product of (X) the Conversion Rate with respect to the Conversion Amount in effect at such time as such Holder
delivers a Triggering Event Redemption Notice multiplied by (Y) the product of (1) the Redemption Premium multiplied by (2) the
greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date immediately preceding
such Triggering Event and ending on the date the Company makes the entire payment required to be made under this Section 5(b) (the
“Triggering Event Redemption Price”). Redemptions required by this Section 5(b) shall be made in accordance
with the provisions of Section 13. To the extent redemptions required by this Section 5(b) are deemed or determined by a court
of competent jurisdiction to be prepayments of the Preferred Shares by the Company, such redemptions shall be deemed to be voluntary
prepayments. Notwithstanding anything to the contrary in this Section 5(b), but subject to Section 4(d), until the Triggering Event
Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under
this Section 5(b) (together with any Late Charges thereon) may be converted, in whole or in part, by such Holder into Common Stock
pursuant to the terms of this Certificate of Designations. In the event of a partial redemption of the Preferred Shares held by
a Holder pursuant hereto, the number of Preferred Shares of such Holder redeemed shall be deducted from the Installment Share Amount(s)
of Preferred Shares of such Holder relating to the applicable Installment Date(s) as set forth in the Triggering Event Redemption
Notice. In the event of the Company’s redemption of any of the Preferred Shares under this Section 5(b), a Holder’s
damages would be uncertain and difficult to estimate because of the parties’ inability to predict future interest rates and
the uncertainty of the availability of a suitable substitute investment opportunity for such Holder. Accordingly, any redemption
premium due under this Section 5(b) is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder’s
actual loss of its investment opportunity and not as a penalty. Any redemption upon a Triggering Event shall not constitute an
election of remedies by the applicable Holder or any other Holder, and all other rights and remedies of each Holder shall be preserved.

 

     13

     

    

 

(c)          Mandatory
Redemption upon Bankruptcy Triggering Event. Notwithstanding anything to the contrary herein, and notwithstanding any conversion
that is then required or in process, upon any Bankruptcy Triggering Event, whether occurring prior to or following the Maturity
Date, the Company shall immediately redeem, in cash, each of the Preferred Shares then outstanding at a redemption price equal
to the applicable Triggering Event Redemption Price (calculated as if such Holder shall have delivered the Triggering Event Redemption
Notice immediately prior to the occurrence of such Bankruptcy Triggering Event), without the requirement for any notice or demand
or other action by any Holder or any other person or entity, provided that a Holder may, in its sole discretion, waive such right
to receive payment upon a Bankruptcy Triggering Event, in whole or in part, and any such waiver shall not affect any other rights
of such Holder or any other Holder hereunder, including any other rights in respect of such Bankruptcy Triggering Event, any right
to conversion, and any right to payment of such Triggering Event Redemption Price or any other Redemption Price, as applicable.

 

		6.	Rights Upon Fundamental Transactions.

 

(a)          Assumption.
The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes in writing
all of the obligations of the Company under this Certificate of Designations and the other Transaction Documents in accordance
with the provisions of this Section 6(a) pursuant to written agreements in form and substance satisfactory to the Required Holders
and approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver to each holder of Preferred
Shares in exchange for such Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Certificate of Designations, including, without limitation, having a stated value and dividend
rate equal to the stated value and dividend rate of the Preferred Shares held by the applicable Holders and having similar ranking
to the Preferred Shares, and satisfactory to the Required Holders and (ii) the Successor Entity (including its Parent Entity)
is a publicly traded corporation whose shares of common stock are quoted on or listed for trading on an Eligible Market. Upon the
occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Certificate of Designations and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Certificate of Designations and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein and therein. In addition to the
foregoing, upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to each Holder confirmation that
there shall be issued upon conversion or redemption of the Preferred Shares at any time after the consummation of such Fundamental
Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still
issuable under Sections 7(a) and 18, which shall continue to be receivable thereafter)) issuable upon the conversion or redemption
of the Preferred Shares prior to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent)
of the Successor Entity (including its Parent Entity) which each Holder would have been entitled to receive upon the happening
of such Fundamental Transaction had all the Preferred Shares held by each Holder been converted immediately prior to such Fundamental
Transaction (without regard to any limitations on the conversion of the Preferred Shares contained in this Certificate of Designations),
as adjusted in accordance with the provisions of this Certificate of Designations. Notwithstanding the foregoing, such Holder may
elect, at its sole option, by delivery of written notice to the Company to waive this Section 6(a) to permit the Fundamental Transaction
without the assumption of the Preferred Shares. The provisions of this Section 6 shall apply similarly and equally to successive
Fundamental Transactions and shall be applied without regard to any limitations on the conversion or redemption of the Preferred
Shares.

 

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(b)          Change
of Control Redemption Right. No sooner than twenty (20) Trading Days nor later than ten (10) Trading Days prior to the consummation
of a Change of Control(the “Change of Control Date”), but not prior to the public announcement of such Change
of Control, the Company shall deliver written notice thereof via facsimile or electronic mail and overnight courier to each Holder
(a “Change of Control Notice”). At any time during the period beginning after a Holder’s receipt
of a Change of Control Notice or such Holder becoming aware of a Change of Control if a Change of Control Notice is not delivered
to such Holder in accordance with the immediately preceding sentence (as applicable) and ending on the later of twenty (20) Trading
Days after (A) consummation of such Change of Control or (B) the date of receipt of such Change of Control Notice, such Holder
may require the Company to redeem all or any portion of such Holder’s Preferred Shares by delivering written notice thereof
(“Change of Control Redemption Notice”) to the Company, which Change of Control Redemption Notice shall indicate
the number of Preferred Shares such Holder is electing to have the Company redeem. Each Preferred Share subject to redemption pursuant
to this Section 6(b) shall be redeemed by the Company in cash at a price equal to the greatest of (i) the product of (w) the Change
of Control Redemption Premium multiplied by (y) the Conversion Amount of the Preferred Shares being redeemed, (ii) the product
of (x) the Change of Control Redemption Premium multiplied by (y) the product of (A) the Conversion Amount of the Preferred Shares
being redeemed multiplied by (B) the quotient determined by dividing (I) the greatest Closing Sale Price of the shares of Common
Stock during the period beginning on the date immediately preceding the earlier to occur of (1) the consummation of the applicable
Change of Control and (2) the public announcement of such Change of Control and ending on the date such Holder delivers the Change
of Control Redemption Notice by (II) the Conversion Price then in effect and (iii)
the product of (y) the Change of Control Redemption Premium multiplied by (z) the product of (A) the Conversion Amount of the Preferred
Shares being redeemed multiplied by (B) the quotient of (I) the aggregate cash consideration and the aggregate cash value of any
non-cash consideration per share of Common Stock to be paid to such holders of the shares of Common Stock upon consummation of
such Change of Control (any such non-cash consideration constituting publicly-traded securities shall be valued at the highest
of the Closing Sale Price of such securities as of the Trading Day immediately prior to the consummation of such Change of Control,
the Closing Sale Price of such securities on the Trading Day immediately following the public announcement of such proposed Change
of Control and the Closing Sale Price of such securities on the Trading Day immediately prior to the public announcement of such
proposed Change of Control) divided by (II) the Conversion Price then in effect (the “Change of Control Redemption Price”).
(the “Change of Control Redemption Price”). Redemptions required by this Section 6(b) shall have priority to
payments to all other stockholders of the Company in connection with such Change of Control. To the extent redemptions required
by this Section 6(b) are deemed or determined by a court of competent jurisdiction to be prepayments of the Preferred Shares by
the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section
6(b), but subject to Section 4(d), until the applicable Change of Control Redemption Price (together with any Late Charges thereon)
is paid in full to the applicable Holder, the Preferred Shares submitted by such Holder for redemption under this Section 6(b)
may be converted, in whole or in part, by such Holder into Common Stock pursuant to Section 4(c) or in the event the Conversion
Date is after the consummation of such Change of Control, stock or equity interests of the Successor Entity substantially equivalent
to the Company’s shares of Common Stock pursuant to Section 4(c). In the event of a partial redemption of the Preferred Shares
held by a Holder pursuant hereto, the number of Preferred Shares of such Holder redeemed shall be deducted from the Installment
Share Amount(s) of Preferred Shares of such Holder relating to the applicable Installment Date(s) as set forth in the Change of
Control Redemption Notice. In the event of the Company’s redemption of any of the Preferred Shares under this Section 6(b),
such Holder’s damages would be uncertain and difficult to estimate because of the parties’ inability to predict future
interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for a Holder. Accordingly,
any redemption premium due under this Section 6(b) is intended by the parties to be, and shall be deemed, a reasonable estimate
of such Holder’s actual loss of its investment opportunity and not as a penalty. The Company shall make payment of the applicable
Change of Control Redemption Price concurrently with the consummation of such Change of Control if a Change of Control Redemption
Notice is received prior to the consummation of such Change of Control and within two (2) Trading Days after the Company’s
receipt of such notice otherwise (the “Change of Control Redemption Date”). Redemptions required by this Section
6 shall be made in accordance with the provisions of Section 13.

 

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		7.	Rights Upon Issuance of Purchase Rights and Other
Corporate Events.

 

(a)          Purchase
Rights. In addition to any adjustments pursuant to Section 8 below, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all or substantially
all of the record holders of any class of Common Stock (the “Purchase Rights”), then each Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired
if such Holder had held the number of shares of Common Stock acquirable upon complete conversion of all the Preferred Shares (without
taking into account any limitations or restrictions on the convertibility of the Preferred Shares and assuming for such purpose
that all the Preferred Shares were converted at the Alternate Conversion Price as of the applicable record date) held by such Holder
immediately prior to the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights (provided, however, to the extent that such Holder’s right to participate in any such Purchase
Right would result in such Holder and the other Attribution Parties exceeding the Maximum Percentage, then such Holder shall not
be entitled to participate in such Purchase Right to such extent of the Maximum Percentage (and shall not be entitled to beneficial
ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent of any such
excess) and such Purchase Right to such extent shall be held in abeyance (and, if such Purchase Right has an expiration date, maturity
date or other similar provision, such term shall be extended by such number of days held in abeyance, if applicable) for the benefit
of such Holder until such time or times , if ever, as its right thereto would not result in such Holder and the other Attribution
Parties exceeding the Maximum Percentage, at which time or times such Holder shall be granted such right (and any Purchase Right
granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right held similarly in abeyance (and, if
such Purchase Right has an expiration date, maturity date or other similar provision, such term shall be extended by such number
of days held in abeyance, if applicable)) to the same extent as if there had been no such limitation).

 

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(b)          Other
Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect
to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision
to ensure that each Holder will thereafter have the right to receive upon a conversion of all the Preferred Shares held by such
Holder (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which
such Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by such
Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility
of the Preferred Shares contained in this Certificate of Designations) or (ii) in lieu of the shares of Common Stock otherwise
receivable upon such conversion, such securities or other assets received by the holders of shares of Common Stock in connection
with the consummation of such Corporate Event in such amounts as such Holder would have been entitled to receive had the Preferred
Shares held by such Holder initially been issued with conversion rights for the form of such consideration (as opposed to shares
of Common Stock) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant the
preceding sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section 7 shall
apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion
or redemption of the Preferred Shares contained in this Certificate of Designations.

 

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		8.	Rights Upon Issuance of Other Securities.

 

(a)          Adjustment
of Conversion Price upon Issuance of Common Stock. If and whenever on or after the Subscription Date the Company issues or
sells, or in accordance with this Section 8(a) is deemed to have issued or sold, any shares of Common Stock (including the issuance
or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Securities issued
or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”) less
than a price equal to the Conversion Price in effect immediately prior to such issuance or sale or deemed issuance or sale (such
Conversion Price then in effect is referred to herein as the “Applicable Price”) (the foregoing a “Dilutive
Issuance”), then, immediately after such Dilutive Issuance, the Conversion Price then in effect shall be reduced to an
amount equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted
Conversion Price and the New Issuance Price under this Section 8(a)), the following shall be applicable:

 

(i)          Issuance
of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which one share of
Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than the Applicable Price,
then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of
the granting or sale of such Option for such price per share. For purposes of this Section 8(a)(i), the “lowest price per
share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise
or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof”
shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon conversion,
exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof
and (y) the lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable
assuming all possible market conditions) upon the exercise of any such Options or upon conversion, exercise or exchange of any
Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof, minus (2) the sum
of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting or sale of such Option, upon
exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option
or otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred
on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Conversion Price
shall be made upon the actual issuance of such share of Common Stock or of such Convertible Securities upon the exercise of such
Options or otherwise pursuant to the terms thereof or upon the actual issuance of such shares of Common Stock upon conversion,
exercise or exchange of such Convertible Securities.

 

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(ii)          Issuance
of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest price per
share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price
per share. For purposes of this Section 8(a)(ii), the “lowest price per share for which one share of Common Stock is at any
time issuable (or may become issuable assuming all possible market conditions) upon the conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale of the Convertible
Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and
(y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable upon conversion,
exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the
holder of such Convertible Security (or any other Person) upon the issuance or sale of such Convertible Security plus the value
of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any
other Person). Except as contemplated below, no further adjustment of the Conversion Price shall be made upon the actual issuance
of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the
terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment
of the Conversion Price has been or is to be made pursuant to other provisions of this Section 8(a), except as contemplated below,
no further adjustment of the Conversion Price shall be made by reason of such issuance or sale.

 

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(iii)          Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time (other
than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 8(b)
below), the Conversion Price in effect at the time of such increase or decrease shall be adjusted to the Conversion Price which
would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase
price, additional consideration or increased or decreased conversion rate (as the case may be) at the time initially granted, issued
or sold. For purposes of this Section 8(a)(iii), if the terms of any Option or Convertible Security that was outstanding as of
the Subscription Date are increased or decreased in the manner described in the immediately preceding sentence, then such Option
or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed
to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 8(a) shall be made if such
adjustment would result in an increase of the Conversion Price then in effect.

 

(iv)          Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the
issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Required Holders, the
“Primary Security”, and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary
Securities”), together comprising one integrated transaction (or one or more transactions if such issuances or sales
or deemed issuances or sales of securities of the Company either (A) have at least one investor or purchaser in common, (B) are
consummated in reasonable proximity to each other and/or (C) are consummated under the same plan of financing), the aggregate consideration
per share of Common Stock with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest
price per share for which one share of Common Stock was issued (or was deemed to be issued pursuant to Section 8(a)(i) or 8(a)(ii)
above, as applicable) in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such
Secondary Securities, the sum of (I) the Black Scholes Consideration Value of each such Option, if any, (II) the fair market value
(as determined by the Required Holders in good faith) or the Black Scholes Consideration Value, as applicable, of such Adjustment
Right, if any, and (III) the fair market value (as determined by the Required Holder) of such Convertible Security, if any, in
each case, as determined on a per share basis in accordance with this Section 8(a)(iv). If any shares of Common Stock, Options
or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor
(for the purpose of determining the consideration paid for such Common Stock, Option or Convertible Security, but not for the purpose
of the calculation of the Black Scholes Consideration Value) will be deemed to be the net amount of consideration received by the
Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other
than cash, the amount of such consideration received by the Company (for the purpose of determining the consideration paid for
such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration
Value) will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in
which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs
of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock,
Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the
Company is the surviving entity, the amount of consideration therefor (for the purpose of determining the consideration paid for
such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration
Value) will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable
to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Required Holders. If such parties are
unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”),
the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following
such Valuation Event by an independent, reputable appraiser selected by the Required Holders (subject to the consent of the Company,
not to be unreasonably withheld). The determination of such appraiser shall be final and binding upon all parties absent manifest
error and the fees and expenses of such appraiser shall be borne by the Company.

 

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(v)          Record Date.
If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive a dividend
or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase
shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance
or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of
such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

 

(b)          Adjustment
of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision of Section 7, Section 18
or Section 8(a), if the Company at any time on or after the Subscription Date subdivides (by any stock split, stock dividend, stock
combination, recapitalization or other similar transaction) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced.
Without limiting any provision of Section 7, Section 18 or Section 8(a), if the Company at any time on or after the Subscription
Date combines (by any stock split, stock dividend, stock combination, recapitalization or other similar transaction) one or more
classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior
to such combination will be proportionately increased. Any adjustment pursuant to this Section 8(b) shall become effective immediately
after the effective date of such subdivision or combination. If any event requiring an adjustment under this Section 8(b) occurs
during the period that a Conversion Price is calculated hereunder, then the calculation of such Conversion Price shall be adjusted
appropriately to reflect such event.

 

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(c)          Holder’s
Right of Adjusted Conversion Price. In addition to and not in limitation of the other provisions of this Section 8(c) or Section
4(n) of the Securities Purchase Agreement, if the Company in any manner issues or sells
or enters into any agreement to issue or sell, any Common Stock, Options or Convertible Securities (any such securities, “Variable
Price Securities”), after the Subscription Date that are issuable pursuant to such agreement or convertible into or exchangeable
or exercisable for shares of Common Stock at a price which varies or may vary with the market price of the shares of Common Stock,
including by way of one or more reset(s) to a fixed price, but exclusive of such formulations reflecting customary anti-dilution
provisions (such as share splits, share combinations, share dividends and similar transactions) (each of the formulations for such
variable price being herein referred to as, the “Variable Price”), the Company shall provide written notice
thereof via facsimile or electronic mail and overnight courier to each Holder on the date of such agreement and/or the issuance
of such shares of Common Stock, Convertible Securities or Options, as applicable. From and after the date the Company enters into
such agreement or issues any such Variable Price Securities, each Holder shall have the right, but not the obligation, in its sole
discretion to substitute the Variable Price for the Conversion Price upon conversion of the Preferred Shares by designating in
the Conversion Notice delivered upon any conversion of Preferred Shares that solely for purposes of such conversion such Holder
is relying on the Variable Price rather than the Conversion Price then in effect. A Holder’s election to rely on a Variable
Price for a particular conversion of Preferred Shares shall not obligate such Holder to rely on a Variable Price for any future
conversions of Preferred Shares. In addition, from and after the date the Company enters into such agreement or issues any such
Variable Price Securities, for purposes of calculating the Pre-Installment Conversion Price and Installment Conversion Price as
of any time of determination, the “Conversion Price” as used therein shall mean the lower of (x) the Conversion Price
as of such time of determination and (y) the Variable Price as of such time of determination

 

(d)          Stock
Combination Event Adjustments. If at any time and from time to time on or after the Subscription Date there occurs any stock
split, stock dividend, stock combination recapitalization or other similar transaction involving the Common Stock (each, a “Stock
Combination Event”, and such date thereof, the “Stock Combination Event Date”) and the Event Market
Price is less than the Conversion Price then in effect (after giving effect to the adjustment in Section 8(b) above), then on the
sixteenth (16th) Trading Day immediately following such Stock Combination Event Date, the Conversion Price then in effect on such
sixteenth (16th) Trading Day (after giving effect to the adjustment in Section 8(b) above) shall be reduced (but in no event increased)
to the Event Market Price. For the avoidance of doubt, if the adjustment in the immediately preceding sentence would otherwise
result in an increase in the Conversion Price hereunder, no adjustment shall be made.

 

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(e)          Other
Events. In the event that the Company (or any Subsidiary) shall take any action to which the provisions hereof are not strictly
applicable, or, if applicable, would not operate to protect any Holder from dilution or if any event occurs of the type contemplated
by the provisions of this Section 8 but not expressly provided for by such provisions (including, without limitation, the granting
of stock appreciation rights, phantom stock rights or other rights with equity features), then the Board shall in good faith determine
and implement an appropriate adjustment in the Conversion Price so as to protect the rights of such Holder, provided that no such
adjustment pursuant to this Section 8(c) will increase the Conversion Price as otherwise determined pursuant to this Section 8,
provided further that if such Holder does not accept such adjustments as appropriately protecting its interests hereunder against
such dilution, then the Board and such Holder shall agree, in good faith, upon an independent investment bank of nationally recognized
standing to make such appropriate adjustments, whose determination shall be final and binding absent manifest error and whose fees
and expenses shall be borne by the Company.

 

(f)          Calculations.
All calculations under this Section 8 shall be made by rounding to the nearest cent or the nearest 1/100th of a share,
as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or
for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(g)          Voluntary
Adjustment by Company. The Company may at any time, with the prior written consent of the Required Holders, reduce the then
current Conversion Price to any amount and for any period of time deemed appropriate by the Board.

 

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		9.	Installment Conversion or Installment Redemption.

 

(a)          General.
On each applicable Installment Date, provided there has been no Equity Conditions Failure, the Company shall convert the applicable
Installment Share Amount of Preferred Shares from each Holder of Preferred Shares on such date into shares of Common Stock in accordance
with this Section 9 (a “Installment Conversion”); provided, however, that the Company may, at its option following
notice to each Holder as set forth below, redeem such Installment Share Amount of Preferred Shares by paying to each Holder the
corresponding Installment Amount in cash (a “Installment Redemption”) or by any combination of an Installment
Conversion and an Installment Redemption so long as all of the applicable Installment Share Amount of Preferred Shares related
to such Installment Date shall be converted and/or redeemed by the Company on the applicable Installment Date, subject to the provisions
of this Section 9. On the date which is the twenty-first (21st) Trading Day prior to each Installment Date (or, with respect to
the initial Installment Date, the Initial Installment Notice Due Date) (each, an “Installment Notice Due Date”),
the Company shall deliver written notice (each, a “Installment Notice” and the date all Holders receive such
notice is referred to as to the “Installment Notice Date”), to each Holder of Preferred Shares and such Installment
Notice shall (i) either (A) confirm that the applicable Installment Share Amount of Preferred Shares of such Holder shall be converted
in whole pursuant to an Installment Conversion or (B) (1) state that the Company elects to redeem for cash, or is required to redeem
for cash in accordance with the provisions of this Certificate of Designations, in whole or in part, the applicable Installment
Share Amount of Preferred Shares of such Holder pursuant to an Installment Redemption and (2) specify the portion of such corresponding
Installment Amount of such Holder which the Company elects or is required to redeem pursuant to an Installment Redemption (such
Installment Amount to be redeemed in cash, the “Installment Redemption Amount”) and the portion of the corresponding
Installment Amount of such Holder, if any, with respect to which the Company will, and is permitted to, effect an Installment Conversion
(such Installment Amount so specified to be so converted pursuant to this Section 9 is referred to herein as the “Installment
Conversion Amount”), which amounts when added together, must at least equal the entire applicable Installment Amount
corresponding to the Installment Share Amount of Preferred Shares to be convert or redeemed, as applicable, on such Installment
Date and (ii) if the applicable Installment Share Amount of Preferred Shares is to be converted, in whole or in part, pursuant
to an Installment Conversion, certify that there is not then an Equity Conditions Failure as of the applicable Installment Notice
Date. Each Installment Notice shall be irrevocable. If the Company does not timely deliver an Installment Notice in accordance
with this Section 9 with respect to a particular Installment Date, then the Company shall be deemed to have delivered an irrevocable
Installment Notice confirming an Installment Conversion of the entire Installment Share Amount of Preferred Shares related to such
Installment Date and shall be deemed to have certified that there is not then an Equity Conditions Failure in connection with such
Installment Conversion. No later than three (3) Trading Days (or such earlier date as required pursuant to the 1934 Act or other
applicable law, rule or regulation for the settlement of a trade initiated on the applicable Installment Notice Due Date of such
shares of Common Stock issuable pursuant to the applicable Installment Notice) after delivery or deemed delivery (as applicable)
of the applicable Installment Notice setting forth an Installment Conversion Amount (the “Initial Pre-Installment Conversion
Shares Date”), (A) the Company shall deliver to each Holder’s account with DTC such number of shares of Common
Stock (the “Initial Pre-Installment Conversion Shares”) equal to the quotient of (x) such Installment Conversion
Amount divided by (y) the Pre-Installment Conversion Price, and as to which such Holder shall be the owner thereof as of such time
of delivery or deemed delivery (as the case may be) of such Installment Notice and (B) in the event of the Conversion Floor Price
Condition, the Company shall deliver to each Holder the applicable Conversion Initial Pre-Installment Floor Amount. Except as expressly
provided in this Section 9(a), the Company shall convert and/or redeem the applicable Installment Share Amounts of Preferred Shares
(and corresponding Installment Amounts) of each Holder pursuant to this Section 9 in the same ratio of the applicable Installment
Share Amounts of Preferred Shares (and corresponding Installment Amounts) of each other Holder being converted and/or redeemed
hereunder. The applicable Installment Conversion Amount (whether set forth in the applicable Installment Notice or by operation
of this Section 9) shall be converted in accordance with Section 9(b) and the applicable Installment Redemption Amount shall be
redeemed in accordance with Section 9(c).

 

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(b)          Mechanics
of Installment Conversion. Subject to Section 4(d), if the Company delivers an Installment Notice or is deemed to have delivered
an Installment Notice certifying that such Installment Share Amount of Preferred Shares is being converted, in whole or in part,
in an Installment Conversion in accordance with Section 9(a), then the remainder of this Section 9(b) shall apply. The applicable
Installment Conversion Amount, if any, shall be converted on the applicable Installment Date at the applicable Installment Conversion
Price and (A) the Company shall, on such Installment Date, deliver to each Holder’s account with DTC such shares of Common
Stock issued upon such conversion (subject to the reduction contemplated by the immediately following sentence and, if applicable,
the penultimate sentence of this Section 9(b)), provided that the Equity Conditions are then satisfied (or waived in writing by
such Holder) on such Installment Date and an Installment Conversion is not otherwise prohibited under any other provision of this
Certificate of Designations and (B) in the event of the Conversion Floor Price Condition, the Company shall deliver to each Holder
the applicable Conversion Balance Floor Amount. The number of shares of Common Stock to be delivered upon such Installment Conversion
shall be reduced by the number of any Pre-Installment Conversion Shares delivered in connection with such Installment Date. If
a Triggering Event occurs during any applicable Equity Conditions Measuring Period, then, at the option of each Holder designated
in writing to the Company, either (i) such Holder shall return to the Company all, or any part, of such Pre-Installment Conversion
Shares delivered in connection with the applicable Installment Date or (ii) the Conversion Amount used to calculate the Triggering
Event Redemption Price shall be reduced by the product of (x) the Installment Conversion Amount applicable to such Installment
Date (as adjusted downward proportionally with respect to any Pre-Installment Conversion Shares returned to the Company pursuant
to clause (i) above) multiplied by (y) the Conversion Share Ratio. If the Company confirmed (or is deemed to have confirmed by
operation of Section 9(a)) the conversion of the applicable Installment Conversion Amount, in whole or in part, and there was no
Equity Conditions Failure as of the applicable Installment Notice Date (or is deemed to have certified that the Equity Conditions
in connection with any such conversion have been satisfied by operation of Section 9(a)) but an Equity Conditions Failure occurred
between the applicable Installment Notice Date and any time through the applicable Installment Date (the “Interim Installment
Period”), the Company shall provide each Holder a subsequent notice to that effect. If there is an Equity Conditions
Failure (which is not waived in writing by such Holder) during such Interim Installment Period or an Installment Conversion is
not otherwise permitted under any other provision of this Certificate of Designations, then, at the option of such Holder designated
in writing to the Company, such Holder may require the Company to do any one or more of the following: (i) the Company shall redeem
all or any part designated by such Holder of the unconverted Installment Conversion Amount (such designated amount is referred
to as the “Designated Redemption Amount”) and the Company shall pay to such Holder within three (3) days of
such Installment Date, by wire transfer of immediately available funds, an amount in cash equal to 115% of such Designated Redemption
Amount, and/or (ii) the Installment Conversion shall be null and void with respect to all or any part designated by such Holder
of the unconverted Installment Conversion Amount and such Holder shall be entitled to all the rights of a holder of the Preferred
Shares with respect to such designated part of the Installment Conversion Amount; provided, however, the Conversion Price for such
designated part of such unconverted Installment Conversion Amount shall thereafter be adjusted to equal the lesser of (A) the Installment
Conversion Price as in effect on the date on which such Holder voided the Installment Conversion and (B) the Installment Conversion
Price that would be in effect on the date on which such Holder delivers a Conversion Notice relating thereto as if such date was
an Installment Date. In addition, if any of the Equity Conditions are not satisfied (or waived in writing by such Holder) on such
Installment Date or an Installment Conversion is not otherwise permitted under any other provision of this Certificate of Designations,
then, at such Holder’s option, either (I) such Holder shall return any Pre-Installment Conversion Shares delivered in connection
with the applicable Installment Date or (II) the applicable Designated Redemption Amount shall be reduced by the product of (X)
the Installment Conversion Amount applicable to such Installment Date multiplied by (Y) the Conversion Share Ratio. If the Company
fails to redeem any Designated Redemption Amount by the third (3rd) day following the applicable Installment Date by
payment of such amount by such date for any reason (including, without limitation, to the extent such payment is prohibited pursuant
to the DGCL), then such Holder shall have the rights set forth in Section 13(a) as if the Company failed to pay the applicable
Installment Redemption Price (as defined below) and all other rights under this Certificate of Designations (including, without
limitation, such failure constituting a Triggering Event described in Section 5(a)(ix)). Notwithstanding anything to the contrary
in this Section 9(b), but subject to 4(d), until the Company delivers Common Stock representing an Installment Conversion Amount
to such Holder, the Preferred Shares corresponding to such Installment Conversion Amount may be converted by such Holder into Common
Stock pursuant to Section 4(c). In the event that a Holder elects to convert such Preferred Shares corresponding to such Installment
Conversion Amount prior to the applicable Installment Date as set forth in the immediately preceding sentence, such Preferred Shares
so converted shall be deducted from the Installment Share Amount(s) of Preferred Shares of such Holder relating to the applicable
Installment Date(s) as set forth in the applicable Conversion Notice and the Conversion Amount of such Preferred Shares so converted
shall be deducted from the Installment Amount(s) of such Holder relating to the applicable Installment Date(s) as set forth in
the applicable Conversion Notice. Notwithstanding anything herein to the contrary, if, with respect to an Installment Date, the
number of Pre-Installment Conversion Shares delivered to a Holder exceeds the number of Post-Installment Conversion Shares with
respect to such Installment Date, then such Holder shall be entitled to keep any such excess as additional Dividends with respect
to such Installment Share Amount of Preferred Shares subject to conversion or redemption, as applicable, on such Installment Date.
The Company shall pay any and all taxes that may be payable with respect to the issuance and delivery of any shares of Common Stock
in any Installment Conversion hereunder.

 

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(c)          Mechanics
of Installment Redemption. If the Company elects or is required to effect an Installment Redemption, in whole or in part, in
accordance with Section 9(a), then the Installment Redemption Amount, if any, shall be redeemed by the Company in cash on the applicable
Installment Date by wire transfer to each Holder of immediately available funds in an amount equal to 103% of the applicable Installment
Redemption Amount (the “Installment Redemption Price”). If the Company fails to redeem such Installment Redemption
Amount on such Installment Date by payment of the Installment Redemption Price for any reason (including, without limitation, to
the extent such payment is prohibited pursuant to the DGCL), then, at the option of such Holder designated in writing to the Company
(any such designation shall be a “Conversion Notice” for purposes of this Certificate of Designations), such
Holder may require the Company to convert all or any part of the Installment Redemption Amount at the Installment Conversion Price
(determined as of the date of such designation as if such date were an Installment Date). Conversions required by this Section
9(c) shall be made in accordance with the provisions of Section 4(c). Notwithstanding anything to the contrary in this Section
9(c), but subject to Section 4(d), until the Installment Redemption Price (together with any Late Charges thereon) is paid in full,
the Installment Redemption Amount (together with any Late Charges thereon) may be converted, in whole or in part, by a Holder into
Common Stock pursuant to Section 4(c). In the event a Holder elects to convert all or any portion of such Preferred Shares corresponding
to Installment Redemption Amount prior to the applicable Installment Date as set forth in the immediately preceding sentence, such
Preferred Shares corresponding to the Installment Redemption Amount so converted shall be deducted from the Installment Share Amount(s)
of Preferred Shares of such Holder relating to the applicable Installment Date(s) as set forth in the applicable Conversion Notice
and the Conversion Amount of such Preferred Shares so converted shall be deducted from the Installment Amount(s) of such Holder
relating to the applicable Installment Date(s) as set forth in the applicable Conversion Notice. Redemptions required by this Section
9(c) shall be made in accordance with the provisions of Section 13.

 

(d)          Deferrals.
Notwithstanding any provision of this Section 9(d) to the contrary, each Holder may, at its option and in its sole discretion,
deliver a written notice to the Company no later than the Trading Day immediately prior to the applicable Installment Date electing
to have the conversion or redemption, as applicable, of all or any portion of an Installment Share Amount of Preferred Shares of
such Holder attributable to such Installment Date deferred (such amount of Preferred Shares deferred, the “Deferral Amount”,
and such deferral, each a “Deferral”) until any subsequent Installment Date selected by such Holder, in its
sole discretion, in which case, the Deferral Amount shall be added to, and become part of, such subsequent Installment Share Amount
of Preferred Shares and such Deferral Amount shall continue to accrue Dividends hereunder. Any notice delivered by such Holder
pursuant to this Section 9(d) shall set forth (i) the Deferral Amount and (ii) the date that such Deferral Amount shall now be
payable.

 

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(e)          Accelerations.
Notwithstanding any provision of this Section 9 to the contrary, but subject to Section 4(d), with respect to any given Installment
Date (each, a “Current Installment Date”), during the period commencing on the Installment Notice Due Date immediately
prior to such applicable Current Installment Date and ending on the Trading Day immediately prior to the next Installment Date
(each, an “Installment Period”), each Holder may elect, at its option and in its sole discretion, at one or
more times in such Installment Period, either (x) if such election is made prior to third (3rd) Trading Day immediately prior to
such Current Installment Date (each, a “Pre-Delivery Acceleration Expiration Date”), to increase the Installment
Conversion Amount (and related Installment Amount and Installment Share Amount of Preferred Shares) of such Holder with respect
to such Current Installment Date, in which case, such Acceleration Amount(s) (as defined below) shall be added to, and become part
of, the Installment Conversion Amount and the Installment Amount (and the Preferred Shares related to such Acceleration Amount
shall increase the corresponding Installment Share Amount of Preferred Shares for the Current Installment Date), and converted
on such Current Installment Date in accordance with Section 9(b) above (including, without limitation, with the delivery of Additional
Pre-Installment Conversion Shares (as defined below) related to such Acceleration Amount as provided in this Section 9(e)) (each,
an “Acceleration”, and the Conversion Amount of such Preferred Shares subject to acceleration or conversion,
as applicable, an “Acceleration Amount”, and each such election date, an “Acceleration Date”)
at the Installment Conversion Price of such Current Installment Date (with “Installment Conversion Price” replacing
“Conversion Price” and the “Acceleration Date” replacing “Conversion Date” for all purposes
hereunder with respect to such Acceleration) in accordance with the conversion procedures set forth in Section 4(c) hereunder,
mutatis mutandis. Any such notice delivered by such Holder (each, an “Acceleration Notice”) shall set
forth (i) the Acceleration Amount(s), (ii) the applicable Current Installment Date and (iii) the date that such Acceleration Amount(s)
should have been paid if not for such Holder’s right to accelerate such Installment Share Amount(s) of Preferred Shares and
related Installment Amount(s) pursuant to this Section 9(e). To the extent more than one Installment Period exists as of an Acceleration
Date, such Holder shall also elect in such Acceleration Notice which Pre-Installment Conversion Price or Installment Conversion
Price, as applicable, that shall apply with respect to such Acceleration. The Company shall deliver Pre-Installment Conversion
Shares to such Holder with respect to any Acceleration occurring prior to the Pre-Delivery Acceleration Expiration Date related
to, and based on the same Pre-Installment Conversion Price as, the Current Installment Date attributable to such Acceleration (the
“Additional Pre-Installment Conversion Shares” and together with the Initial Pre-Installment Conversion Shares,
the “Pre-Installment Conversion Shares”) as soon as commercially practicable after the applicable Acceleration
Date, but no later than the second (2nd) Trading Day after such Acceleration Date (such date, the “Additional
Pre-Installment Conversion Shares Date”) and (B) in the event of the Conversion Floor Price Condition, the Company shall
deliver to the applicable Holder the applicable Conversion Additional Pre-Installment Floor Amount. Subject to Section 4(d), until
the Company delivers shares of Common Stock representing the applicable Acceleration Amount to such Holder, such Preferred Shares
corresponding to such Acceleration Amount may be converted by such Holder into shares of Common Stock pursuant to Section 4(c)
without regard to this Section 9(e) and the Conversion Amount of such Preferred Shares so converted shall reduce the Acceleration
Amount accordingly. Notwithstanding anything to the contrary in this Section 9(e), (with respect to each period commencing on an
Installment Notice Due Date (the “Current Installment Notice Due Date”) and ending on the Trading Day immediately
prior to the next Installment Notice Due Date (each, an “Acceleration Measuring Period”), such Holder may not
elect to effect an Acceleration (the “Current Acceleration”, and such date of determination, the “Current
Acceleration Determination Date”) during such Acceleration Measuring Period if the total adjustments to the Installment
Conversion Amount of such Holder with respect to the Installment Date related to such Current Acceleration (as adjusted for any
other Accelerations and Deferrals during such Acceleration Measuring Period), exceeds four (4) (or such greater number as mutually
agreed to in writing by the Company and the Required Holders) times the applicable Holder Pro Rata Amount of the Aggregate Installment
Share Amount of such Holder with respect to the Installment Date related to such Current Acceleration (without regard to any Accelerations
or Deferrals with respect to the Installment Date related to such Current Acceleration).

 

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		10.	Redemption at the Company’s Election.

 

(a)          Company
Optional Redemption. At any time no Equity Conditions Failure exists (unless waived in writing by the Required Holders), subject
to the Company’s compliance with Section 1(e) above, the Company shall have the right to redeem, in one redemption, up to
each Holder’s Holder Pro Rata Amount of $10 million of the Conversion Amount of the Preferred Shares then outstanding (the
“Company Optional Redemption Amount”) on the Company Optional Redemption Date (each as defined below) (a “Company
Optional Redemption”). The Preferred Shares subject to redemption pursuant to this Section 10(a) shall be redeemed by
the Company in cash at a price (the “Company Optional Redemption Price”) equal to 115% of the greater of (i)
the Conversion Amount of the Preferred Shares being redeemed as of the Company Optional Redemption Date and (ii) the product of
(I) the Conversion Rate with respect to the Conversion Amount of the Preferred Shares being redeemed as of the applicable Company
Optional Redemption Date (as defined below) multiplied by (II) the greatest Closing Sale Price of the Common Stock on any Trading
Day during the period commencing on the date immediately preceding such Company Optional Redemption Notice Date and ending on the
Trading Day immediately prior to the date the Company makes the entire payment required to be made under this Section 10(a). The
Company may exercise its right to require redemption under this Section 10(a) by delivering a written notice thereof by facsimile
or electronic mail and overnight courier to all, but not less than all, of the Holders (the “Company Optional Redemption
Notice” and the date all of the Holders received such notice is referred to as the “Company Optional Redemption
Notice Date”). The Company may deliver only one Company Optional Redemption Notice hereunder and such Company Optional
Redemption Notice shall be irrevocable. The Company Optional Redemption Notice shall (x) state the date on which the Company Optional
Redemption shall occur (the “Company Optional Redemption Date”) which date shall not be less than ninety (90)
Business Days nor more than one hundred and fifty (150) Business Days following the Company Optional Redemption Notice Date, (y)
certify that there has been no Equity Conditions Failure (or specifying any such Equity Conditions Failure that then exists, with
an acknowledgement that unless such Equity Conditions are waived by the applicable Holder, in its sole discretion, each such Company
Optional Redemption Notice will be invalid) and (z) state the aggregate Conversion Amount of the Preferred Shares which is being
redeemed in such Company Optional Redemption from such Holder and all of the other Holders of the Preferred Shares pursuant to
this Section 10(a) on the Company Optional Redemption Date. Notwithstanding anything herein to the contrary, (i) if no Equity Conditions
Failure has occurred as of the Company Optional Redemption Notice Date but an Equity Conditions Failure occurs at any time prior
to the Company Optional Redemption Date, (A) the Company shall provide each Holder a subsequent notice to that effect and (B) unless
such Holder waives the Equity Conditions Failure, the Company Optional Redemption with respect to such Holder shall be cancelled
and the applicable Company Optional Redemption Notice shall be null and void and (ii) at any time prior to the date the Company
Optional Redemption Price is paid, in full, the Company Optional Redemption Amount may be converted, in whole or in part, by any
Holder into shares of Common Stock pursuant to Section 4(c). All Conversion Amounts converted by a Holder after the Company Optional
Redemption Notice Date shall reduce the Company Optional Redemption Amount of the Preferred Shares of such Holder required to be
redeemed on the Company Optional Redemption Date. Redemptions made pursuant to this Section 10(a) shall be made in accordance with
Section 13. In the event of the Company’s redemption of any of the Preferred Shares under this Section 10, a Holder’s
damages would be uncertain and difficult to estimate because of the parties’ inability to predict future interest rates and
the uncertainty of the availability of a suitable substitute investment opportunity for such Holder. Accordingly, any redemption
premium due under this Section 10 is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder’s
actual loss of its investment opportunity and not as a penalty. For the avoidance of doubt, the Company shall have no right to
effect a Company Optional Redemption if any Triggering Event has occurred and continuing, but any Triggering Event shall have no
effect upon any Holder’s right to convert Preferred Shares in its discretion.

 

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(b)          Pro
Rata Redemption Requirement. If the Company elects to cause a Company Optional Redemption of any Preferred Shares pursuant
to Section 10(a), then it must simultaneously take the same action with respect to all of other Preferred Shares then outstanding.

 

11.         Non-circumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation (as defined
in the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Certificate of Designations, and will
at all times in good faith carry out all the provisions of this Certificate of Designations and take all action as may be required
to protect the rights of the Holders. Without limiting the generality of the foregoing or any other provision of this Certificate
of Designations or the other Transaction Documents, the Company (a) shall not increase the par value of any shares of Common Stock
receivable upon the conversion of any Preferred Shares above the Conversion Price then in effect, and (b) shall take all such actions
as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares
of Common Stock upon the conversion of Preferred Shares. Notwithstanding anything herein to the contrary, if after the sixty (60)
calendar day anniversary of the Initial Issuance Date, each Holder is not permitted to convert such Holder’s Preferred Shares
in full for any reason (other than pursuant to restrictions set forth in Section 4(d) hereof), the Company shall use its best efforts
to promptly remedy such failure, including, without limitation, obtaining such consents or approvals as necessary to effect such
conversion into shares of Common Stock.

 

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		12.	Authorized Shares.

 

(a)          Reservation.
So long as any Preferred Shares or Preferred Warrants remain outstanding, the Company shall at all times reserve at least 200%
of the number of shares of Common Stock as shall from time to time be necessary to effect the conversion, including without limitation,
Installment Conversions, Alternate Conversions and Accelerations, of all of the Preferred Shares then outstanding or issuable upon
exercise of any Preferred Warrants then outstanding (without regard to any limitations on conversions and assuming all Preferred
Shares are issued and remain outstanding until the Maturity Date) (the “Required Reserve Amount”). The Required
Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among
the Holders based on the number of the Preferred Shares held by each Holder on the Initial Issuance Date or increase in the number
of reserved shares, as the case may be (the “Authorized Share Allocation”). As long as any Preferred Warrants
remain outstanding, the Company shall at all times reserve 100% of the maximum number of Additional Preferred Shares initially
issuable upon exercise of the Preferred Warrants. In the event that a Holder shall sell or otherwise transfer any of such Holder’s
Preferred Shares or Preferred Warrants, each transferee shall be allocated a pro rata portion of such Holder’s Authorized
Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Preferred Shares or
Preferred Warrants shall be allocated to the remaining Holders of Preferred Shares and Preferred Warrants, pro rata based on the
number of the Preferred Shares or Preferred Warrants (on an as-exercised basis) then held by the Holders.

 

(b)          Insufficient
Authorized Shares. If, notwithstanding Section 12(a) and not in limitation thereof, at any time while any of the Preferred
Shares or Preferred Warrants remain outstanding the Company does not have a sufficient number of authorized and unreserved shares
of Common Stock to satisfy its obligation to reserve for issuance upon conversion of the Preferred Shares at least a number of
shares of Common Stock equal to the Required Reserve Amount (an “Authorized Share Failure”), then the Company
shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for the Preferred Shares then outstanding (or deemed outstanding pursuant
to Section 12(a) above). Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the
occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share
Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares
of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use
its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause
its board of directors to recommend to the stockholders that they approve such proposal. In the event that the Company is prohibited
from issuing shares of Common Stock to a Holder upon any conversion due to the failure by the Company to have sufficient shares
of Common Stock available out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common
Stock, the “Authorized Failure Shares”), in lieu of delivering such Authorized Failure Shares to such Holder,
the Company shall pay cash in exchange for the redemption of such portion of the Conversion Amount convertible into such Authorized
Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorized Failure Shares and (y) the greatest
Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date such Holder delivers the applicable
Conversion Notice with respect to such Authorized Failure Shares to the Company and ending on the date of such issuance and payment
under this Section 12(a); and (ii) to the extent such Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by such Holder of Authorized Failure Shares, any brokerage commissions and other out-of-pocket
expenses, if any, of such Holder incurred in connection therewith. Nothing contained in Section 12(a) or this Section 12(b) shall
limit any obligations of the Company under any provision of the Securities Purchase Agreement.

 

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		13.	Redemptions.

 

(a)          General.
If a Holder has submitted a Triggering Event Redemption Notice in accordance with Section 5(b), the Company shall deliver the applicable
Triggering Event Redemption Price to such Holder in cash within five (5) Business Days after the Company’s receipt of such
Holder’s Triggering Event Redemption Notice. If a Holder has submitted a Change of Control Redemption Notice in accordance
with Section 6(b), the Company shall deliver the applicable Change of Control Redemption Price to such Holder in cash concurrently
with the consummation of such Change of Control if such notice is received prior to the consummation of such Change of Control
and within five (5) Business Days after the Company’s receipt of such notice otherwise. The Company shall deliver the applicable
Installment Redemption Price to each Holder in cash on the applicable Installment Date. If a Holder has submitted a Maturity Redemption
Notice in accordance with Section 14, the Company shall deliver the applicable Maturity Redemption Price to such Holder in cash
on the applicable Maturity Redemption Date. The Company shall deliver the applicable Company Optional Redemption Price to each
Holder in cash on the applicable Company Optional Redemption Date. Notwithstanding anything herein to the contrary, in connection
with any redemption hereunder at a time a Holder is entitled to receive a cash payment under any of the other Transaction Documents,
at the option of such Holder delivered in writing to the Company, the applicable Redemption Price hereunder shall be increased
by the amount of such cash payment owed to such Holder under such other Transaction Document and, upon payment in full or conversion
in accordance herewith, shall satisfy the Company’s payment obligation under such other Transaction Document. In the event
of a redemption of less than all of the Preferred Shares, the Company shall promptly cause to be issued and delivered to such Holder
a new Preferred Share Certificate (in accordance with Section 19) representing the number of Preferred Shares which have not been
redeemed. In the event that the Company does not pay the applicable Redemption Price to a Holder within the time period required
for any reason (including, without limitation, to the extent such payment is prohibited pursuant to the DGCL), at any time thereafter
and until the Company pays such unpaid Redemption Price in full, such Holder shall have the option, in lieu of redemption, to require
the Company to promptly return to such Holder all or any of the Preferred Shares that were submitted for redemption and for which
the applicable Redemption Price (together with any Late Charges thereon) has not been paid. Upon the Company’s receipt of
such notice, (x) the applicable Redemption Notice shall be null and void with respect to such Preferred Shares, (y) the Company
shall immediately return the applicable Preferred Share Certificate, or issue a new Preferred Share Certificate (in accordance
with Section 20(d)), to such Holder, and in each case the Additional Amount of such Preferred Shares shall be increased by an amount
equal to the difference between (1) the applicable Redemption Price (as the case may be, and as adjusted pursuant to this Section
13, if applicable) minus (2) the Stated Value portion of the Conversion Amount submitted for redemption and (z) the Conversion
Price of such Preferred Shares shall be automatically adjusted with respect to each conversion effected thereafter by such Holder
to the lowest of (A) the Conversion Price as in effect on the date on which the applicable Redemption Notice is voided, (B) 75%
of the lowest Closing Bid Price of the Common Stock during the period beginning on and including the date on which the applicable
Redemption Notice is delivered to the Company and ending on and including the date on which the applicable Redemption Notice is
voided and (C) 75% of the quotient of (I) the sum of the five (5) lowest VWAPs of the Common Stock during the twenty (20) consecutive
Trading Day period ending and including the Trading Day immediately preceding the applicable Conversion Date divided by (II) five
(5) (it being understood and agreed that all such determinations shall be appropriately adjusted for any stock dividend, stock
split, stock combination or other similar transaction during such period). A Holder’s delivery of a notice voiding a Redemption
Notice and exercise of its rights following such notice shall not affect the Company’s obligations to make any payments of
Late Charges which have accrued prior to the date of such notice with respect to the Preferred Shares subject to such notice.

 

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(b)          Redemption
by Multiple Holders. Upon the Company’s receipt of a Redemption Notice from any Holder for redemption or repayment as
a result of an event or occurrence substantially similar to the events or occurrences described in Section 5(b) or Section 6(b),
the Company shall immediately, but no later than one (1) Business Day of its receipt thereof, forward to each other Holder by facsimile
or electronic mail a copy of such notice. If the Company receives one or more Redemption Notices, during the seven (7) Business
Day period beginning on and including the date which is three (3) Business Days prior to the Company’s receipt of the initial
Redemption Notice and ending on and including the date which is three (3) Business Days after the Company’s receipt of the
initial Redemption Notice and the Company is unable to redeem all of the Conversion Amount designated in such initial Redemption
Notice and such other Redemption Notices received during such seven (7) Business Day period, then the Company shall redeem a pro
rata amount from each Holder based on the Stated Value of the Preferred Shares submitted for redemption pursuant to such Redemption
Notices received by the Company during such seven (7) Business Day period.

 

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14.         Holder
Optional Redemption after Maturity Date. At any time from and after the tenth (10) Business Day prior to the Maturity Date,
any Holder may require the Company to redeem (a “Maturity Redemption”) all or any number of Preferred Shares
held by such Holder at a purchase price, to be paid in cash, equal to 100% of the Conversion Amount of such Preferred Shares (the
“Maturity Redemption Price”) by delivery of written notice thereof (the “Maturity Redemption Notice”)
to the Company. The Maturity Redemption Notice shall state the date the Company is required to pay to such Holder such Maturity
Redemption Price (the “Maturity Redemption Date”), which date shall be no earlier than ten (10) Business Days
following the date of delivery of such Maturity Redemption Notice. Redemptions required by this Section 14 shall be made in accordance
with the provisions of Section 13.

 

15.         Voting
Rights. Holders of Preferred Shares shall have no voting rights, except as required by law (including without limitation, the
DGCL) and as expressly provided in this Certificate of Designations. To the extent that under the DGCL the vote of the holders
of the Preferred Shares, voting separately as a class or series as applicable, is required to authorize a given action of the Company,
the affirmative vote or consent of the holders of all of the shares of the Preferred Shares, voting together in the aggregate and
not in separate series unless required under the DGCL, represented at a duly held meeting at which a quorum is presented or by
written consent of the Required Holders (except as otherwise may be required under the DGCL), voting together in the aggregate
and not in separate series unless required under the DGCL, shall constitute the approval of such action by both the class or the
series, as applicable. Subject to Section 4(d), to the extent that under the DGCL holders of the Preferred Shares are entitled
to vote on a matter with holders of shares of Common Stock, voting together as one class, each Preferred Share shall entitle the
holder thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then
convertible (subject to the ownership limitations specified in Section 4(d) hereof) using the record date for determining the stockholders
of the Company eligible to vote on such matters as the date as of which the Conversion Price is calculated. Holders of the Preferred
Shares shall be entitled to written notice of all stockholder meetings or written consents (and copies of proxy materials and other
information sent to stockholders) with respect to which they would be entitled by vote, which notice would be provided pursuant
to the Company’s bylaws and the DGCL).

 

		16.	Covenants.

 

(a)          Incurrence
of Indebtedness. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
incur or guarantee, assume or suffer to exist any Indebtedness (other than Permitted Indebtedness).

 

(b)          Existence
of Liens. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, allow
or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets
(including accounts and contract rights) owned by the Company or any of its Subsidiaries (collectively, “Liens”)
other than Permitted Liens.

 

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(c)          Restricted
Payments. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, redeem,
defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or in part,
whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any Indebtedness
(other than the any amounts payable pursuant to this Certificate of Designations) whether by way of payment in respect of principal
of (or premium, if any) or interest on, such Indebtedness if at the time such payment is due or is otherwise made or, after giving
effect to such payment, (i) an event constituting a Triggering Event has occurred and is continuing or (ii) an event that with
the passage of time and without being cured would constitute a Triggering Event has occurred and is continuing.

 

(d)          Restriction
on Redemption and Cash Dividends. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, redeem, repurchase or declare or pay any cash dividend or distribution on any of its capital stock (other than as
required by the Certificate of Designations).

 

(e)          Restriction
on Transfer of Assets. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the
Company or any Subsidiary owned or hereafter acquired whether in a single transaction or a series of related transactions, other
than (i) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Company
and its Subsidiaries in the ordinary course of business consistent with its past practice and (ii) sales of inventory and product
in the ordinary course of business.

 

(f)          Maturity
of Indebtedness. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
permit any Indebtedness of the Company or any of its Subsidiaries to mature or accelerate prior to the Maturity Date.

 

(g)          Change
in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or
indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly
contemplated to be conducted by the Company and each of its Subsidiaries on the Subscription Date or any business substantially
related or incidental thereto. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or
indirectly, modify its or their corporate structure or purpose.

 

(h)          Preservation
of Existence, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its
existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified
and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction
of its business makes such qualification necessary.

 

(i)          Maintenance
of Properties, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all
of its properties which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary
wear and tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases
to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder.

 

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(j)          Maintenance
of Intellectual Property. The Company will, and will cause each of its Subsidiaries to, take all action necessary or advisable
to maintain all of the Intellectual Property Rights (as defined in the Securities Purchase Agreement) of the Company and/or any
of its Subsidiaries that are necessary or material to the conduct of its business in full force and effect.

 

(k)          Maintenance
of Insurance. The Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable
insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent and business
interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such
amounts and covering such risks as is required by any governmental authority having jurisdiction with respect thereto or as is
carried generally in accordance with sound business practice by companies in similar businesses similarly situated.

 

(l)          Transactions
with Affiliates. The Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew, extend or be a party
to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange
of property or assets of any kind or the rendering of services of any kind) with any affiliate, except in the ordinary course of
business in a manner and to an extent consistent with past practice and necessary or desirable for the prudent operation of its
business, for fair consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a comparable
arm’s length transaction with a Person that is not an affiliate thereof.

 

(m)          Restricted
Issuances. The Company shall not, directly or indirectly, without the prior written consent of the Required Holders, (i) issue
any Preferred Shares (other than as contemplated by the Securities Purchase Agreement and this Certificate of Designations) or
(ii) issue any other securities that would cause a breach or default under this Certificate of Designations, the Preferred Warrants
or the Warrants.

 

(n)          Financial
Covenants; Announcement of Operating Results.

 

(i) Available
Cash Test. Until such time as the Preferred Shares and Preferred Warrants are no longer outstanding, the Company’s Available
Cash shall equal (x) for the period beginning on the Closing Date and ending on the six-month anniversary of the Closing Date,
at least $500,000, (y) for the period beginning on the six-month anniversary of the Closing Date and ending on the one-year anniversary
of the Closing Date, at least $1,000,000 and (z) on or after the one-year anniversary of the Closing Date, at least $1,500,000
(the “Available Cash Test”).

 

(ii) Cash Burn
Test. Until such time as the Preferred Shares and Preferred Warrants are no longer outstanding, with respect to any calendar
month, the Cash Burn of the Company and its Subsidiaries, in the aggregate, shall not exceed -$500,000 (the “Cash Burn
Test, and together with the Available Cash Test, the “Financial Tests”).

 

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(iii) Operating
Results Announcement. Commencing with the Fiscal Quarter ending June 30, 2017, the Company shall publicly disclose and disseminate
(such date, the “Announcement Date”) its operating results (the “Operating Results”) (x)
for each of the first three Fiscal Quarters of each fiscal year no later than the forty-fifth (45th) day after the end
of such Fiscal Quarter and (y) for the fourth Fiscal Quarter of each Fiscal Year, no later than the ninetieth (90th)
day after the end of such Fiscal Year (including, without limitation, the Company’s Available Cash and Cash Burn for such
Fiscal Quarter), and in the event the Company shall have satisfied the Financial Tests such announcement shall include a statement
to the effect that the Company is not in breach of the Financial Tests for such Fiscal Quarter. On the Announcement Date, the Company
shall also provide to the Holders a certification, executed on behalf of the Company by the Chief Financial Officer of the Company,
certifying that the Company satisfied the Financial Tests for such Fiscal Quarter. If the Company has failed to meet any Financial
Test for such Fiscal Quarter (a “Financial Covenant Failure”), the foregoing written certification that the
Company provides to the Holders shall also state each Financial Test that has not been met (a “Financial Covenant Failure
Notice”). Concurrently with the delivery of each Financial Covenant Failure Notice to the Holders, the Company shall
also make publicly available (as part of a Quarterly Report on Form 10-Q, Annual Report on Form 10-K or on a Current Report on
Form 8-K, or otherwise) the Operating Results, the Financial Covenant Failure Notice and the fact that an Triggering Event has
occurred under the Preferred Shares.

 

(o)          Independent
Investigation. At the request of any Holder either (x) at any time when a Triggering Event has occurred and is continuing,
(y) upon the occurrence of an event that with the passage of time or giving of notice would constitute a Triggering Event or (z)
at any time such Holder reasonably believes a Triggering Event may have occurred or be continuing, the Company shall hire an independent,
reputable investment bank selected by the Holder with the Consent of the Company (not to be unreasonably withheld) at the expense
of the Company to investigate as to whether any breach of the Certificate of Designations has occurred (the “Independent
Investigator”). If the Independent Investigator determines that such breach of the Certificate of Designations has occurred,
the Independent Investigator shall notify the Company of such breach and the Company shall deliver written notice to each Holder
of such breach. In connection with such investigation, the Independent Investigator may, during normal business hours, inspect
all contracts, books, records, personnel, offices and other facilities and properties of the Company and its Subsidiaries and,
to the extent available to the Company after the Company uses reasonable efforts to obtain them, the records of its legal advisors
and accountants (including the accountants’ work papers) and any books of account, records, reports and other papers not
contractually required of the Company to be confidential or secret, or subject to attorney-client or other evidentiary privilege,
and the Independent Investigator may make such copies and inspections thereof as the Independent Investigator may reasonably request.
The Company shall furnish the Independent Investigator with such financial and operating data and other information with respect
to the business and properties of the Company as the Independent Investigator may reasonably request. The Company shall permit
the Independent Investigator to discuss the affairs, finances and accounts of the Company with, and to make proposals and furnish
advice with respect thereto to, the Company’s officers, directors, key employees and independent public accountants or any
of them (and by this provision the Company authorizes said accountants to discuss with such Independent Investigator the finances
and affairs of the Company and any Subsidiaries), all at such reasonable times, upon reasonable notice, and as often as may be
reasonably requested.

 

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17.          Liquidation,
Dissolution, Winding-Up. In the event of a Liquidation Event, the Holders shall be entitled to receive in cash out of the assets
of the Company, whether from capital or from earnings available for distribution to its stockholders (the “Liquidation
Funds”), before any amount shall be paid to the holders of any of shares of Junior Stock, but pari passu with any Parity
Stock then outstanding, an amount per Preferred Share equal to the sum of (i) the Black Scholes Value (as defined in the Warrants)
with respect to the outstanding portion of all Warrants held by such Holder (without regard to any limitations on the exercise
thereof) as of the date of such event and (ii) the greater of (A) 115% of the Conversion Amount thereof on the date of such payment
and (B) the amount per share such Holder would receive if such Holder converted such Preferred Shares into Common Stock immediately
prior to the date of such payment, provided that if the Liquidation Funds are insufficient to pay the full amount due to the Holders
and holders of shares of Parity Stock, then each Holder and each holder of Parity Stock shall receive a percentage of the Liquidation
Funds equal to the full amount of Liquidation Funds payable to such Holder and such holder of Parity Stock as a liquidation preference,
in accordance with their respective certificate of designations (or equivalent), as a percentage of the full amount of Liquidation
Funds payable to all holders of Preferred Shares and all holders of shares of Parity Stock. To the extent necessary, the Company
shall cause such actions to be taken by each of its Subsidiaries so as to enable, to the maximum extent permitted by law, the proceeds
of a Liquidation Event to be distributed to the Holders in accordance with this Section 17. All the preferential amounts to be
paid to the Holders under this Section 17 shall be paid or set apart for payment before the payment or setting apart for payment
of any amount for, or the distribution of any Liquidation Funds of the Company to the holders of shares of Junior Stock in connection
with a Liquidation Event as to which this Section 17 applies. Upon payment in full of the Black Scholes Value of such Warrants
pursuant to this Section 17, such Warrants shall be deemed repurchased by the Company and no longer exercisable.

 

18.          Distribution
of Assets. In addition to any adjustments pursuant to Section 7(a) and Section 8, if the Company shall declare or make any
dividend or other distributions of its assets (or rights to acquire its assets) to any or all holders of shares of Common Stock,
by way of return of capital or otherwise (including without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(the “Distributions”), then each Holder, as holders of Preferred Shares, will be entitled to such Distributions
as if such Holder had held the number of shares of Common Stock acquirable upon complete conversion of the Preferred Shares (without
taking into account any limitations or restrictions on the convertibility of the Preferred Shares and assuming for such purpose
that the Preferred Share was converted at the Alternate Conversion Price as of the applicable record date) immediately prior to
the date on which a record is taken for such Distribution or, if no such record is taken, the date as of which the record holders
of Common Stock are to be determined for such Distributions (provided, however, that to the extent that such Holder’s
right to participate in any such Distribution would result in such Holder and the other Attribution Parties exceeding the Maximum
Percentage, then such Holder shall not be entitled to participate in such Distribution to such extent of the Maximum Percentage
(and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial
ownership) to such extent of any such excess) and the portion of such Distribution shall be held in abeyance for the benefit of
such Holder until such time or times as its right thereto would not result in such Holder and the other Attribution Parties exceeding
the Maximum Percentage, at which time or times, if any, such Holder shall be granted such Distribution (and any Distributions declared
or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there
had been no such limitation).

 

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19.         Vote
to Change the Terms of or Issue Preferred Shares. In addition to any other rights provided by law, except where the vote or
written consent of the holders of a greater number of shares is required by law or by another provision of the Certificate of Incorporation,
without first obtaining the affirmative vote at a meeting duly called for such purpose or the written consent without a meeting
of the Required Holders, voting together as a single class, the Company shall not: (a) amend or repeal any provision of, or add
any provision to, its Certificate of Incorporation or bylaws, or file any certificate of designations or articles of amendment
of any series of shares of preferred stock, if such action would adversely alter or change in any respect the preferences, rights,
privileges or powers, or restrictions provided for the benefit, of the Preferred Shares, regardless of whether any such action
shall be by means of amendment to the Certificate of Incorporation or by merger, consolidation or otherwise; (b) increase or decrease
(other than by conversion) the authorized number of Preferred Shares; (c) without limiting any provision of Section 1, create or
authorize (by reclassification or otherwise) any new class or series of shares that has a preference over or is on a parity with
the Preferred Shares with respect to dividends or the distribution of assets on the liquidation, dissolution or winding up of the
Company; (d) purchase, repurchase or redeem any shares of capital stock of the Company junior in rank to the Preferred Shares (other
than pursuant to equity incentive agreements (that have in good faith been approved by the Board) with employees giving the Company
the right to repurchase shares upon the termination of services); (e) without limiting any provision of Section 1, pay dividends
or make any other distribution on any shares of any capital stock of the Company junior in rank to the Preferred Shares; (f) issue
any Preferred Shares other than pursuant to the Preferred Warrants, this Certificate of Designations or the Securities Purchase
Agreement; or (g) without limiting any provision of Section 11, whether or not prohibited by the terms of the Preferred Shares,
circumvent a right of the Preferred Shares.

 

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		20.	Reissuance of Preferred Certificates

 

(a)          Transfer.
If any Preferred Shares are to be transferred, the applicable Holder shall surrender the applicable Preferred Share Certificate
to the Company, whereupon the Company will forthwith issue and deliver upon the order of such Holder a new Preferred Share Certificate
(in accordance with Section 20(d)), registered as such Holder may request, representing the outstanding number of Preferred Shares
being transferred by such Holder and, if less than the entire outstanding number of Preferred Shares is being transferred, a new
Preferred Share Certificate (in accordance with Section 20(d)) to such Holder representing the outstanding number of Preferred
Shares not being transferred. Such Holder and any assignee, by acceptance of the Preferred Share Certificate, acknowledge and agree
that, by reason of the provisions of Section 4(c) following conversion or redemption of any of the Preferred Shares, the outstanding
number of Preferred Shares represented by the Preferred Shares may be less than the number of Preferred Shares stated on the face
of the Preferred Shares.

 

(b)          Lost,
Stolen or Mutilated Preferred Share Certificate. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of a Preferred Share Certificate (as to which a written certification and the indemnification
contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking
by the applicable Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of such Preferred Share Certificate, the Company shall execute and deliver to such Holder a new Preferred Share Certificate (in
accordance with Section 20(d)) representing the applicable outstanding number of Preferred Shares.

 

(c)          Preferred
Share Certificate Exchangeable for Different Denominations. Each Preferred Share Certificate is exchangeable, upon the surrender
hereof by the applicable Holder at the principal office of the Company, for a new Preferred Share Certificate or Preferred Share
Certificate(s) (in accordance with Section 20(d)) representing in the aggregate the outstanding number of the Preferred Shares
in the original Preferred Share Certificate, and each such new 20(d) will represent such portion of such outstanding number of
Preferred Shares from the original Preferred Share Certificate as is designated by such Holder at the time of such surrender.

 

(d)          Issuance
of New Preferred Share Certificate. Whenever the Company is required to issue a new Preferred Share Certificate pursuant to
the terms of this Certificate of Designations, such new Preferred Share Certificate (i) shall represent, as indicated on the face
of such Preferred Share Certificate, the number of Preferred Shares remaining outstanding (or in the case of a new Preferred Share
Certificate being issued pursuant to Section 20(a) or Section 20(c), the number of Preferred Shares designated by such Holder which,
when added to the number of Preferred Shares represented by the other new Preferred Share Certificates issued in connection with
such issuance, does not exceed the number of Preferred Shares remaining outstanding under the original Preferred Share Certificate
immediately prior to such issuance of new Preferred Share Certificate), and (ii) shall have an issuance date, as indicated on the
face of such new Preferred Share Certificate, which is the same as the issuance date of the original Preferred Share Certificate.

 

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21.          REMEDIES,
CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Certificate of Designations
shall be cumulative and in addition to all other remedies available under this Certificate of Designations and any of the other
Transaction Documents at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing
herein shall limit a Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with
the terms of this Certificate of Designations. The Company covenants to each Holder that there shall be no characterization concerning
this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion
and the like (and the computation thereof) shall be the amounts to be received by such Holder and shall not, except as expressly
provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that
a breach by it of its obligations hereunder will cause irreparable harm to any Holder and that the remedy at law for any such breach
may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, each Holder shall be
entitled, in addition to all other available remedies, to specific performance and/or temporary, preliminary and permanent injunctive
or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages
and without posting a bond or other security. The Company shall provide all information and documentation to a Holder that is requested
by such Holder to enable such Holder to confirm the Company’s compliance with the terms and conditions of this Certificate
of Designations (including, without limitation, compliance with Section 8(a)).

 

22.          Payment
of Collection, Enforcement and Other Costs. If (a) any Preferred Shares are placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or a Holder otherwise takes action to collect amounts due
under this Certificate of Designations with respect to the Preferred Shares or to enforce the provisions of this Certificate of
Designations or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company
creditors’ rights and involving a claim under this Certificate of Designations, then the Company shall pay the costs incurred
by such Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or
other proceeding, including, without limitation, attorneys’ fees and disbursements.

 

23.          Construction;
Headings. This Certificate of Designations shall be deemed to be jointly drafted by the Company and the Holders and shall not
be construed against any such Person as the drafter hereof. The headings of this Certificate of Designations are for convenience
of reference and shall not form part of, or affect the interpretation of, this Certificate of Designations. Unless the context
clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural
forms thereof. The terms “including,” “includes,” “include” and words of like import shall
be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Certificate of Designations instead of just the provision in
which they are found. Unless expressly indicated otherwise, all section references are to sections of this Certificate of Designations.
Terms used in this Certificate of Designations and not otherwise defined herein, but defined in the other Transaction Documents,
shall have the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented
to in writing by the Required Holders.

 

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24.          Failure
or Indulgence Not Waiver. No failure or delay on the part of a Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party. This Certificate of Designations shall be deemed to be jointly drafted
by the Company and all Holders and shall not be construed against any Person as the drafter hereof. Notwithstanding the foregoing,
nothing contained in this Section 24 shall permit any waiver of any provision of Section 4(d).

 

		25.	Dispute Resolution.

 

		(a)	Submission to Dispute Resolution.

 

(i) In the
case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, an Installment Conversion Price, a
Pre-Installment Conversion Price, an Alternate Conversion Price, a Black Scholes Consideration Value, a VWAP or a fair market value
or the arithmetic calculation of a Conversion Rate, or the applicable Redemption Price (as the case may be) (including, without
limitation, a dispute relating to the determination of any of the foregoing), the Company or the applicable Holder (as the case
may be) shall submit the dispute to the other party via facsimile or electronic mail (A) if by the Company, within two (2) Business
Days after the occurrence of the circumstances giving rise to such dispute or (B) if by such Holder at any time after such Holder
learned of the circumstances giving rise to such dispute. If such Holder and the Company are unable to promptly resolve such dispute
relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such Installment Conversion Price, such Pre-Installment
Conversion Price, such Alternate Conversion Price, such Black Scholes Consideration Value, such VWAP or such fair market value,
or the arithmetic calculation of such Conversion Rate or such applicable Redemption Price (as the case may be), at any time after
the second (2nd) Business Day following such initial notice by the Company or such Holder (as the case may be) of such
dispute to the Company or such Holder (as the case may be), then such Holder may, at its sole option, select an independent, reputable
investment bank to resolve such dispute.

 

(ii) Such Holder
and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance
with the first sentence of this Section 25 and (B) written documentation supporting its position with respect to such dispute,
in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date
on which such Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents referred
to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute Documentation”)
(it being understood and agreed that if either such Holder or the Company fails to so deliver all of the Required Dispute Documentation
by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer
be entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment
bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation
that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by
both the Company and such Holder or otherwise requested by such investment bank, neither the Company nor such Holder shall be entitled
to deliver or submit any written documentation or other support to such investment bank in connection with such dispute (other
than the Required Dispute Documentation).

 

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(iii) The Company
and such Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and such Holder
of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees
and expenses of such investment bank shall be borne solely by the Company, and such investment bank’s resolution of such
dispute shall be final and binding upon all parties absent manifest error.

 

(b)          Miscellaneous.
The Company expressly acknowledges and agrees that (i) this Section 25 constitutes an agreement to arbitrate between the Company
and each Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New York Civil Practice Law and Rules
(“CPLR”) and that any Holder is authorized to apply for an order to compel arbitration pursuant to CPLR §
7503(a) in order to compel compliance with this Section 25, (ii) a dispute relating to a Conversion Price includes, without limitation,
disputes as to (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred under Section 8(a), (B) the
consideration per share at which an issuance or deemed issuance of Common Stock occurred, (C) whether any issuance or sale or deemed
issuance or sale of Common Stock was an issuance or sale or deemed issuance or sale of Excluded Securities, (D) whether an agreement,
instrument, security or the like constitutes and Option or Convertible Security and (E) whether a Dilutive Issuance occurred, (iii)
the terms of this Certificate of Designations and each other applicable Transaction Document shall serve as the basis for the selected
investment bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly authorized)
to make all findings, determinations and the like that such investment bank determines are required to be made by such investment
bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings,
determinations and the like to the terms of this Certificate of Designations and any other applicable Transaction Documents, (iv)
the applicable Holder (and only such Holder with respect to disputes solely relating to such Holder), in its sole discretion, shall
have the right to submit any dispute described in this Section 25 to any state or federal court sitting in The City of New York,
Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 25 and (v) nothing in this Section 25 shall
limit such Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect
to any matters described in this Section 25).

 

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		26.	Notices; Currency; Payments.

 

(a)          Notices.
The Company shall provide each Holder of Preferred Shares with prompt written notice of all actions taken pursuant to the terms
of this Certificate of Designations, including in reasonable detail a description of such action and the reason therefor. Whenever
notice is required to be given under this Certificate of Designations, unless otherwise provided herein, such notice shall be given
in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide each Holder with prompt written
notice of all actions taken pursuant to this Certificate of Designations, including in reasonable detail a description of such
action and the reason therefore. Without limiting the generality of the foregoing, the Company shall give written notice to each
Holder (i) immediately upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation
of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the Common Stock, (B) with respect to any grant, issuances, or sales of any
Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common
Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in
each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to
such Holder.

 

(b)          Currency.
All dollar amounts referred to in this Certificate of Designations are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Certificate of Designations shall be paid in U.S. Dollars. All amounts denominated in other currencies
(if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation.
“Exchange Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant
to this Certificate of Designations, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date
of calculation (it being understood and agreed that where an amount is calculated with reference to, or over, a period of time,
the date of calculation shall be the final date of such period of time).

 

(c)          Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Certificate of Designations, unless otherwise
expressly set forth herein, such payment shall be made in lawful money of the United States of America by a certified check drawn
on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to the
Company in writing (which address, in the case of each of the Buyers, shall initially be as set forth on the Schedule of Buyers
attached to the Securities Purchase Agreement), provided that such Holder may elect to receive a payment of cash via wire transfer
of immediately available funds by providing the Company with prior written notice setting out such request and such Holder’s
wire transfer instructions. Whenever any amount expressed to be due by the terms of this Certificate of Designations is due on
any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day. Any amount
due under the Transaction Documents which is not paid when due shall result in a late charge being incurred and payable by the
Company in an amount equal to interest on such amount at the rate of eighteen percent (18%) per annum from the date such amount
was due until the same is paid in full (“Late Charge”).

 

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27.          Waiver
of Notice. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all
other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Certificate
of Designations and the Securities Purchase Agreement.

 

28.          Governing
Law. This Certificate of Designations shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Certificate of Designations shall be governed by, the internal laws
of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of Delaware. Except as otherwise required by Section 25 above, the Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing
contained herein (i) shall be deemed or operate to preclude any Holder from bringing suit or taking other legal action against
the Company in any other jurisdiction to collect on the Company’s obligations to such Holder, to realize on any collateral
or any other security for such obligations, or to enforce a judgment or other court ruling in favor of such Holder or (ii) shall
limit, or shall be deemed or construed to limit, any provision of Section 25. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT
IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS CERTIFICATE OF DESIGNATIONS OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

		29.	Judgment Currency.

 

(a)          If
for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary to
convert into any other currency (such other currency being hereinafter in this Section 28 referred to as the “Judgment
Currency”) an amount due in U.S. dollars under this Certificate of Designations, the conversion shall be made at the
Exchange Rate prevailing on the Trading Day immediately preceding:

 

(i) the date actual
payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or

 

(ii) the date on
which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which
such conversion is made pursuant to this Section 29(a)(ii) being hereinafter referred to as the “Judgment Conversion Date”).

 

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(b)          If
in the case of any proceeding in the court of any jurisdiction referred to in Section 29(a)(ii) above, there is a change in the
Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of US dollars which could have been purchased with
the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion
Date.

 

(c)          Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Certificate of Designations.

 

30.          Severability.
If any provision of this Certificate of Designations is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Certificate of Designations so long as this Certificate
of Designations as so modified continues to express, without material change, the original intentions of the parties as to the
subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially
impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid
or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

 

31.          Maximum
Payments. Without limiting Section 9(d) of the Securities Purchase Agreement, nothing contained herein shall be deemed to establish
or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event
that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments
in excess of such maximum shall be credited against amounts owed by the Company to the applicable Holder and thus refunded to the
Company.

 

		32.	Stockholder Matters; Amendment.

 

(a)          Stockholder
Matters. Any stockholder action, approval or consent required, desired or otherwise sought by the Company pursuant to the DGCL,
the Certificate of Incorporation, this Certificate of Designations or otherwise with respect to the issuance of Preferred Shares
may be effected by written consent of the Company’s stockholders or at a duly called meeting of the Company’s stockholders,
all in accordance with the applicable rules and regulations of the DGCL. This provision is intended to comply with the applicable
sections of the DGCL permitting stockholder action, approval and consent affected by written consent in lieu of a meeting.

 

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(b)          Amendment.
This Certificate of Designations or any provision hereof may be amended by obtaining the affirmative vote at a meeting duly called
for such purpose, or written consent without a meeting in accordance with the DGCL, of the Required Holders, voting separate as
a single class, and with such other stockholder approval, if any, as may then be required pursuant to the DGCL and the Certificate
of Incorporation.

 

33.          Certain
Defined Terms. For purposes of this Certificate of Designations, the following terms shall have the following meanings:

 

(a)          “1933
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)          “1934
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(c)          “Additional
Amount” means, as of the applicable date of determination, with respect to each Preferred Share, all declared and unpaid
Dividends on such Preferred Share.

 

(d)          “Additional
Preferred Shares” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(e)          “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance
or sale (or deemed issuance or sale in accordance with Section 8(a)) of shares of Common Stock (other than rights of the type described
in Section 7(a) hereof) that could result in a decrease in the net consideration received by the Company in connection with, or
with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

(f)          “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(g)          “Alternate
Conversion Floor Amount” means an amount in cash, to be delivered by wire transfer of immediately available funds pursuant
to wire instructions delivered to the Company by the applicable Holder in writing, equal to the product obtained by multiplying
(A) the higher of (I) the highest price that the Common Stock trades at on the Trading Day immediately preceding the relevant Alternate
Conversion Date and (II) the applicable Alternate Conversion Price and (B) the difference obtained by subtracting (I) the number
of shares of Common Stock delivered (or to be delivered) on the applicable Share Delivery Deadline with respect to such Alternate
Conversion from (II) the quotient obtain by dividing (x) the applicable Conversion Amount that such Holder has elected to be the
subject of the applicable Alternate Conversion, by (y) the applicable Alternate Conversion Price without giving effect to clause
(x) of such definition.

 

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(h)          “Aggregate
Installment Share Amount” means 1,200 Preferred Shares.

 

(i)          “Alternate
Conversion Price” means, with respect to any Alternate Conversion that price which shall be the lower of (A) the applicable
Conversion Price as in effect on the applicable Conversion Date of the applicable Alternate Conversion and (B) the greater of (x)
the Floor Price and (y) the lowest of (i) 85% of the VWAP of the Common Stock as of the Trading Day immediately preceding the delivery
or deemed delivery of the applicable Conversion Notice, (ii) 85% of the VWAP of the Common Stock as of the Trading Day of the delivery
or deemed delivery of the applicable Conversion Notice and (iii) 85% of the price computed as the quotient of (I) the sum of the
VWAP of the Common Stock for each of the ten (10) Trading Days with the lowest VWAP of the Common Stock during the twenty (20)
consecutive Trading Day period ending and including the Trading Day immediately preceding the delivery or deemed delivery of the
applicable Conversion Notice, divided by (II) ten (10) (such period, the “Alternate Conversion Measuring Period”).
All such determinations to be appropriately adjusted for any stock Dividends, stock split, stock combination, reclassification
or similar transaction that proportionately decreases or increases the Common Stock during such Alternate Conversion Measuring
Period.

 

(j)          “Approved
Stock Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to
or subsequent to the Subscription Date pursuant to which shares of Common Stock and standard options to purchase Common Stock may
be issued to any employee, officer or director for services provided to the Company in their capacity as such.

 

(k)          “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the Initial Issuance Date, directly or indirectly managed or advised
by a Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of such Holder
or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with such Holder or any
of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated
with such Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose
of the foregoing is to subject collectively such Holder and all other Attribution Parties to the Maximum Percentage.

 

(l)          “Available
Cash” means, with respect to any date of determination, an amount equal to the aggregate amount of the Cash of the Company
and its Subsidiaries (excluding for this purpose cash held in restricted accounts, other than as provided for in the Transaction
Documents) as of such date of determination held in bank accounts of financial banking institutions in the United States of America.

 

     47

     

    

 

(m)          “Black
Scholes Consideration Value” means the value of the applicable Option, Convertible Security or Adjustment Right (as the
case may be) as of the date of issuance thereof calculated using the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg utilizing (i) an underlying price per share equal to the Closing Sale Price of the Common Stock on the Trading
Day immediately preceding the public announcement of the execution of definitive documents with respect to the issuance of such
Option, Convertible Security or Adjustment Right (as the case may be), (ii) a risk-free interest rate corresponding to the U.S.
Treasury rate for a period equal to the remaining term of such Option, Convertible Security or Adjustment Right (as the case may
be) as of the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (iii) a zero cost
of borrow and (iv) an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the “HVT”
function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be).

 

(n)          “Bloomberg”
means Bloomberg, L.P.

 

(o)          “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(p)          “Cash”
of the Company and its Subsidiaries on any date shall be determined from such Persons’ books maintained in accordance with
GAAP, and means, without duplication, the cash, cash equivalents and Eligible Marketable Securities accrued by the Company and
its wholly owned Subsidiaries on a consolidated basis on such date.

 

(q)          
“Cash Burn” means, with respect to any given month, the largest negative number of the following: (i) the difference
of (x) Available Cash measured as of the end of the last calendar day of such month, less (y) the sum of (A) Available Cash measured
as of the end of the last calendar day of the month immediately preceding such month; and (ii) the difference of (x) the sum of
(A) Consolidated Net Income for such month, (B) depreciation expense for such month, (C) amortization for such month, and (D) stock
based compensation for such month, less (y) the sum of (A) capital expenditures for such month, (B) any cash proceeds from any
accounts receivable collected during such month and before such accounts receivable had been outstanding for 30 days, (C) any accounts
payable outstanding more than 45 days during such month and (D) any payments of Dividends, Stated Value or other amounts under
any Indebtedness during such month. For purposes of the foregoing, each of depreciation, amortization, stock based compensation,
capital expenditures, accounts receivable, and accounts payable shall each be calculated in accordance with GAAP.

 

     48

     

    

 

(r)          
“Change of Control” means any Fundamental Transaction other than (i) any merger of the Company or any of its,
direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the shares of Common Stock in which holders of the Company’s voting power immediately prior to such
reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to
hold publicly traded securities and, directly or indirectly, are, in all material respects, such holders of the voting power of
the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their
equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification,
or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company
or any of its Subsidiaries.

 

(s)          “Change
of Control Redemption Premium” means 115%.

 

(t)          “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as
the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time,
as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security,
the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid
price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such
security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security
by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing
Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the
Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined by
the Company and the Required Holder. If the Company and the Required Holders are unable to agree upon the fair market value of
such security, then such dispute shall be resolved in accordance with the procedures in Section 25. All such determinations shall
be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions
during such period.

 

(u)          “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is the date the Company initially
issued the Preferred Shares, the Preferred Warrants (as defined in the Securities Purchase Agreement) and the Warrants pursuant
to the terms of the Securities Purchase Agreement.

 

(v)         
“Common Stock” means (i) the Company’s shares of common stock, $0.001 par value per share, and (ii)
any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of
such common stock.

 

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(w)          "Consolidated
Net Income” means, for any applicable period, the net income (loss) of the Company and its Subsidiaries for such period,
determined on a consolidated basis and in accordance with GAAP, but excluding from the determination of Consolidated Net Income
(without duplication) (a) any extraordinary or non-recurring gains or losses or gains or losses from dispositions, (b) restructuring
charges, (c) any tax refunds, net operating losses or other net tax benefits, (d) effects of discontinued operations and (e) Dividends
income (including Dividends paid-in-kind).

 

(x)          “Conversion
Additional Pre-Installment Floor Amount” means an amount in cash, to be delivered by wire transfer of immediately available
funds pursuant to wire instructions delivered to the Company by the applicable Holder in writing, equal to the product obtained
by multiplying (A) the higher of (I) the highest price that the Common Stock trades at on the Trading Day immediately preceding
the relevant Additional Pre-Installment Conversion Shares Date and (II) the applicable Pre-Installment Conversion Price and (B)
the difference obtained by subtracting (I) the number of Additional Pre-Installment Conversion Shares delivered (or to be delivered)
on the applicable Additional Pre-Installment Conversion Shares Date from (II) the quotient obtain by dividing (x) the applicable
Acceleration Amount that such Holder has elected to be the subject of the applicable Installment Conversion, by (y) the applicable
Pre-Installment Conversion Price without giving effect to clause (x) of such definition.

 

(y)          “Conversion
Balance Floor Amount” means an amount in cash, to be delivered by wire transfer of immediately available funds pursuant
to wire instructions delivered to the Company by the applicable Holder in writing, equal to the product obtained by multiplying
(A) the higher of (I) the highest price that the Common Stock trades at on the Trading Day immediately preceding the relevant Installment
Date and (II) the applicable Installment Conversion Price and (B) the difference obtained by subtracting (I) the number of Installment
Balance Conversion Shares delivered (or to be delivered) on the applicable Installment Date from (II) the Installment Balance Floor
Conversion Shares.

 

(z)          “Conversion
Floor Price Condition” means that the relevant Alternate Conversion Price, Installment Conversion Price or Pre-Installment
Conversion Price, as applicable, is being determined based on clause (x) of such definitions.

 

(aa)         “Conversion
Initial Pre-Installment Floor Amount” means an amount in cash, to be delivered by wire transfer of immediately available
funds pursuant to wire instructions delivered to the Company by the applicable Holder in writing, equal to the product obtained
by multiplying (A) the higher of (I) the highest price that the Common Stock trades at on the Trading Day immediately preceding
the relevant Initial Pre-Installment Conversion Shares Date and (II) the applicable Pre-Installment Conversion Price and (B) the
difference obtained by subtracting (I) the number of Initial Pre-Installment Conversion Shares delivered (or to be delivered) on
the applicable Initial Pre-Installment Conversion Shares Date from (II) the quotient obtain by dividing (x) the applicable Installment
Amount that is the subject of the applicable Installment Conversion, by (y) the applicable Pre-Installment Conversion Price without
giving effect to clause (x) of such definition.

 

     50

     

    

 

(bb)         “Conversion
Share Ratio” means as to any applicable Installment Date, the quotient of (i) the number of Pre-Installment Conversion
Shares delivered in connection with such Installment Date divided by (ii) the number of Post-Installment Conversion Shares applicable
to such Installment Date.

 

(cc)         “Convertible
Securities” means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.

 

(dd)         “Current
Subsidiary” means any Person in which the Company on the Subscription Date, directly or indirectly, (i) owns any of the
outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of
the business, operations or administration of such Person, and all of the foregoing, collectively, “Current Subsidiaries”.

 

(ee)         
“Eligible Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq
Global Market or the Principal Market.

 

(ff)         
“Eligible Marketable Securities” as of any date means marketable securities which would be reflected on a consolidated
balance sheet of the Company and its Subsidiaries prepared as of such date in accordance with GAAP, and which are permitted under
the Company’s investment policies as in effect on the Initial Issuance Date or approved thereafter by the Board.

 

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(gg)         “Equity
Conditions” means, with respect to an given date of determination: (i) on each day during the period beginning thirty
calendar days prior to such applicable date of determination and ending on and including such applicable date of determination
either (x) one or more Registration Statements (each, a “Resale Registration Statement”) shall be effective
and the prospectus contained therein shall be available on such applicable date of determination (with, for the avoidance of doubt,
any shares of Common Stock previously sold pursuant to such prospectus deemed unavailable) for the resale of all shares of Common
Stock to be issued in connection with the event requiring this determination (or issuable upon conversion of the Preferred Shares
being redeemed, as applicable, in the event requiring this determination at the Alternate Conversion Price then in effect (without
regard to any limitations on conversion set forth herein)) (each, a “Required Minimum Securities Amount”) that
are not available to be resold by the applicable Holder pursuant to Rule 144 (each, a “Required Minimum Resale Securities
Amount”), and there shall not have been during such period any Grace Periods (as defined in the Registration Rights Agreement)
or (y) such portion of the applicable Required Minimum Securities Amount that are not eligible for resale pursuant to an available
Resale Registration Statement (each, a “Required Minimum 144 Securities Amount”) shall be eligible for resale
pursuant to Rule 144 (as defined in the Securities Purchase Agreement) without the need for registration under any applicable federal
or state securities laws (in each case, disregarding any limitation on conversion of the Preferred Shares, other issuance of securities
with respect to the Preferred Shares and exercise of the Warrants) and no Current Information Failure (as defined in the Registration
Rights Agreement) exists or is continuing; (ii) on each day during the period beginning thirty calendar days prior to the applicable
date of determination and ending on and including the applicable date of determination (the “Equity Conditions Measuring
Period”), the Common Stock (including the Required Minimum Securities Amount) is listed or designated for quotation (as
applicable) on an Eligible Market and shall not have been suspended from trading on an Eligible Market (other than suspensions
of not more than two (2) days and occurring prior to the applicable date of determination due to business announcements by the
Company) nor shall delisting or suspension by an Eligible Market have been threatened (with a reasonable prospect of delisting
occurring after giving effect to all applicable notice, appeal, compliance and hearing periods) or reasonably likely to occur or
pending as evidenced by (A) a writing by such Eligible Market or (B) the Company falling below the minimum listing maintenance
requirements of the Eligible Market on which the Common Stock is then listed or designated for quotation (as applicable); (iii)
during the Equity Conditions Measuring Period, the Company shall have delivered all shares of Common Stock issuable upon conversion
of the Preferred Shares on a timely basis as set forth in Section 4(c) hereof and all other shares of capital stock required to
be delivered by the Company on a timely basis as set forth in the other Transaction Documents; (iv) any shares of Common Stock
to be issued in connection with the event requiring determination (or issuable upon conversion of the Conversion Amount of the
Preferred Shares being redeemed in the event requiring this determination) may be issued in full without violating Section 4(d)
hereof; (v) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion
of the Conversion Amount of the Preferred Shares being redeemed in the event requiring this determination (without regards to any
limitations on conversion set forth herein)) may be issued in full without violating the rules or regulations of the Eligible Market
on which the Common Stock is then listed or designated for quotation (as applicable); (vi) on each day during the Equity Conditions
Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has
not been abandoned, terminated or consummated; (vii) the Company shall have no knowledge of any fact that would reasonably be expected
to cause (1) any Resale Registration Statement to be used for the resale of all, or any part, of the applicable Required Minimum
Resale Securities Amount to not be effective or the prospectus contained therein to not be available for the resale of the applicable
Required Minimum Resale Securities Amount in accordance with the terms of the Registration Rights Agreement or (2) any Required
Minimum Securities 144 Amount to not be eligible for resale pursuant to Rule 144 without the need for registration under any applicable
federal or state securities laws (in each case, disregarding any limitation on conversion of the Preferred Shares, other issuance
of securities with respect to the Preferred Shares and exercise of the Warrants) and no Current Information Failure exists or is
continuing; (viii) the applicable Holder shall not be in (and no other holder of Preferred Shares shall be in) possession of any
material, non-public information provided to any of them by the Company, any of its Subsidiaries or any of their respective affiliates,
employees, officers, representatives, agents or the like; (ix) on each day during the Equity Conditions Measuring Period, the Company
otherwise shall have been in compliance with each, and shall not have breached any representation or warranty in any material respect
(other than representations or warranties subject to material adverse effect or materiality, which may not be breached in any respect)
or any covenant or other term or condition of any Transaction Document, including, without limitation, the Company shall not have
failed to timely make any payment pursuant to any Transaction Document; (x) on each Trading Day during the Equity Conditions Measuring
Period, there shall not have occurred any Volume Failure or Price Failure as of such applicable date of determination; (xi) on
the applicable date of determination (A) no Authorized Share Failure shall exist or be continuing and the applicable Required Minimum
Securities Amount of shares of Common Stock are available under the certificate of incorporation of the Company and reserved by
the Company to be issued pursuant to the Preferred Shares and (B) all shares of Common Stock to be issued in connection with the
event requiring this determination (or issuable upon conversion of the Conversion Amount of the Preferred Shares being redeemed
in the event requiring this determination (without regards to any limitations on conversion set forth herein)) may be issued in
full without resulting in an Authorized Share Failure; (xii) on each day during the Equity Conditions Measuring Period, there shall
not have occurred and there shall not exist an Triggering Event or an event that with the passage of time or giving of notice would
constitute a Triggering Event; and (xi) the shares of Common Stock issuable pursuant the event requiring the satisfaction of the
Equity Conditions are duly authorized and listed and eligible for trading without restriction on an Eligible Market.

 

     52

     

    

 

(hh)         “Equity
Conditions Failure” means that (i) on any day during the period commencing twenty (20) Trading Days prior to the applicable
Company Optional Redemption Notice Date through the applicable Company Optional Redemption Date or (ii) on any day during the period
commencing twenty (20) Trading Days prior to the applicable Installment Notice Date through the later of the applicable Installment
Date and the date on which the applicable shares of Common Stock are actually delivered to the applicable Holder, the Equity Conditions
have not been satisfied (or waived in writing by the applicable Holder).

 

(ii)         “Event
Market Price” means, with respect to any Stock Combination Event Date, the quotient determined by dividing (x) the sum
of the VWAP of the Common Stock for each of the five (5) Trading Days with the lowest VWAP of the Common Stock during the fifteen
(15) consecutive Trading Day period ending and including the Trading Day immediately preceding the sixteenth (16th) Trading Day
after such Stock Combination Event Date, divided by (y) five (5).

 

     53

     

    

 

(jj)         
“Excluded Securities” means (i) shares of Common Stock or standard options to purchase Common Stock to third
party service providers in lieu of or in addition to cash for services rendered; provided that (A) all such issuances (taking into
account the shares of Common Stock issuable upon exercise of such options) after the Subscription Date pursuant to this clause
(i) do not, in the aggregate, exceed more than 15% of the Common Stock issued and outstanding immediately prior to the Subscription
Date and (B) the exercise price of any such options is not lowered, none of such options are amended to increase the number of
shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner
that adversely affects any of the Buyers; (ii) shares of Common Stock or standard options to purchase Common Stock issued to directors,
officers or employees of the Company for services rendered to the Company in their capacity as such pursuant to an Approved Stock
Plan (as defined above), provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise
of such options) after the Subscription Date pursuant to this clause (ii) do not, in the aggregate, exceed more than 15% of the
Common Stock issued and outstanding immediately prior to the Subscription Date and (B) the exercise price of any such options is
not lowered, none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions
of any such options are otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) shares of Common
Stock issued upon the conversion or exercise of Convertible Securities (other than standard options to purchase Common Stock issued
pursuant to an Approved Stock Plan that are covered by clause (i) above) issued prior to the Subscription Date, provided that the
conversion price of any such Convertible Securities (other than standard options to purchase Common Stock issued pursuant to an
Approved Stock Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities (other than standard
options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are amended to
increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other
than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above)
are otherwise materially changed in any manner that adversely affects any of the Buyers; (iv) the shares of Common Stock issuable
upon conversion of the Preferred Shares or otherwise pursuant to the terms of this Certificate of Designations; provided, that
the terms of this Certificate of Designations are not amended, modified or changed on or after the Subscription Date (other than
anti-dilution adjustments pursuant to the terms thereof in effect as of the Subscription Date), and (v) the shares of Common Stock
issuable upon exercise of the Warrants; provided, that the terms of the Warrants are not amended, modified or changed on or after
the Subscription Date (other than anti-dilution adjustments pursuant to the terms thereof in effect as of the Subscription Date).

 

(kk)         “Fiscal
Quarter” means each of the fiscal quarters adopted by the Company for financial reporting purposes that correspond
to the Company’s fiscal year as of the date hereof that ends on December 31.

 

(ll)          “Fiscal
Year” means the fiscal year adopted by the Company for financial reporting purposes as of the date hereof that
ends on December 31.

 

(mm)        “Floor
Price” means $0.35.

 

     54

     

    

 

(nn)         “Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or
otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving
corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be
subject to or have its Voting Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange
offer that is accepted by the holders of at least either (w) 35% of the outstanding shares of Series A Preferred Stock of the Company,
(x) 50% of the outstanding shares of Voting Stock, (y) 50% of the outstanding shares of Voting Stock calculated as if any shares
of Voting Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such
purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Voting Stock such that all Subject Entities
making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively
the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Voting Stock,
or (iv) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually
or in the aggregate, acquire, either (w) at least 35% of the outstanding shares of Voting Stock of the Company, (x) at least 50%
of the outstanding shares of Voting Stock, (y) at least 50% of the outstanding shares of Voting Stock calculated as if any shares
of Voting Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to,
such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Voting Stock
such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Voting Stock, or (v) reorganize, recapitalize or reclassify its Voting Stock, (B) that the Company
shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow
any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance,
tender, tender offer, exchange, reduction in outstanding shares of Voting Stock, merger, consolidation, business combination, reorganization,
recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
whatsoever, of either (w) at least 35% of the outstanding shares of Voting Stock of the Company, (x) at least 50% of the aggregate
ordinary voting power represented by issued and outstanding Voting Stock, (y) at least 50% of the aggregate ordinary voting power
represented by issued and outstanding Voting Stock not held by all such Subject Entities as of the date of the Preferred Shares
calculated as if any shares of Voting Stock held by all such Subject Entities were not outstanding, or (z) a percentage of the
aggregate ordinary voting power represented by issued and outstanding shares of Voting Stock or other equity securities of the
Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other
shareholders of the Company to surrender their shares of Voting Stock without approval of the shareholders of the Company or (C)
directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance
of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent
of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may
be defective or inconsistent with the intended treatment of such instrument or transaction.

 

     55

     

    

 

(oo)         
“GAAP” means United States generally accepted accounting principles, consistently applied.

 

(pp)         “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(qq)         
“Holder Pro Rata Amount” means, with respect to any Holder, a fraction (i) the numerator of which is the
number of Preferred Shares issued to such Holder pursuant to the Securities Purchase Agreement on the Initial Issuance Date and
(ii) the denominator of which is the number of Preferred Shares issued to all Holders pursuant to the Securities Purchase
Agreement on the Initial Issuance Date.

 

(rr)         “Indebtedness”
shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

(ss)         “Initial
Installment Notice Due Date” means the earlier of (x) the Effective Date (as defined in the Registration Rights Agreement)
of the initial Registration Statement and (y) July [_______], 20171.

 

(tt)         “Initial
Preferred Shares” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(uu)        “Installment
Amount” means, with respect to any given Holder and any given Installment Date, the Conversion Amount of the Installment
Share Amount of Preferred Shares of such Holder for such Installment Date.

 

(vv)        “Installment
Balance Conversion Shares” means, for any given Holder on any Installment Date, a number of shares of Common Stock equal
to (i) the Post-Installment Conversion Shares of such Holder for such date minus (ii) the amount of any Pre-Installment Conversion
Shares delivered to such Holder in respect of the applicable Installment Date; provided, that in the event that such amount
of Pre-Installment Conversion Shares exceeds such Post-Installment Conversion Shares for such date (such excess, the “Installment
Conversion Shares Excess”), such Installment Balance Conversion Shares shall equal zero (0) for such date.

 

(ww)        “Installment
Balance Floor Conversion Shares” means, for any given Holder on any Installment Date, a number of shares of Common Stock
equal to (i) the Post-Installment Floor Conversion Shares of such Holder for such date minus (ii) the amount of any Pre-Installment
Floor Conversion Shares that would have been delivered to such Holder in respect of the applicable Installment Date; provided,
that in the event that such amount of Pre-Installment Floor Conversion Shares exceeds such Post-Installment Floor Conversion Shares
for such date (such excess, the “Installment Floor Conversion Shares Excess”), such Installment Balance Floor
Conversion Shares shall equal zero (0) for such date.

 

 

1
Insert 30 day anniversary of Closing Date

 

     56

     

    

 

(xx)        “Installment
Conversion Price” means, with respect to a particular date of determination, the lower of (A) the Conversion Price then
in effect and (B) the greater of (x) the Floor Price and (y) the lower of (i) 85% of the VWAP of the Common Stock as of the Trading
Day immediately preceding the applicable Installment Date and (ii) 85% of the quotient of (A) the sum of the VWAP of the Common
Stock for each of the ten (10) Trading Days with the lowest VWAP of the Common Stock during the twenty (20) consecutive Trading
Day period ending and including the Trading Day immediately prior to the applicable Installment Date, divided by (B) ten (10).
All such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination or other similar transaction
during any such measuring period.

 

(yy)         “Installment
Date” means (i) the twenty-first (21st) Trading Day after the Initial Installment Notice Due Date, (ii) then, (x) if
the last Trading Day of the calendar month immediately following the initial Installment Date occurs less than twenty (20) Trading
Days after the initial Installment Date, the last Trading Day of the second calendar month immediately following the initial Installment
Date or (y) otherwise, the last Trading Day of the calendar month immediately following the initial Installment Date, (iii) thereafter,
the last Trading Day of the calendar month immediately following the previous Installment Date until the Maturity Date, and (iv)
the Maturity Date; provided, that with respect to each share of Additional Preferred Stock, the initial Installment Date for such
Additional Preferred Stock shall be the initial Installment Date at least twenty (20) Trading Days after the date of issuance of
such Additional Preferred Stock (unless subject to an Acceleration in accordance with Section 9(e)).

 

(zz)         “Installment
Share Amount” means, with respect to any given Holder, the aggregate number of Preferred Shares equal to the sum of (A)
(i) with respect to any Installment Date other than the Maturity Date, the lesser of (x) the number of Preferred Shares (which
shall be allocated initially to any Additional Preferred Shares then outstanding of such Holder, and thereafter to any Initial
Preferred Shares then outstanding of such Holder) equal to (i) such Holder’s Pro Rata Amount (rounded to the nearest whole
number) of the Aggregate Installment Share Amount of Preferred Shares or (ii) all Preferred Shares then held by such Holder only
if such number of Preferred Shares then held by such Holder is less than the amount determined under the immediately preceding
clause (i) (in each case, as any such Installment Share Amount of Preferred Shares may be reduced pursuant to the terms of this
Certificate of Designations, whether upon conversion, redemption or Deferral), (B) any prior Deferral Amount of Preferred Shares
deferred pursuant to Section 9(d) and included in such Installment Share Amount of Preferred Shares in accordance therewith, and
(C) any Preferred Shares corresponding to any Acceleration Amount accelerated pursuant to Section 9(e) and included in such Installment
Share Amount of Preferred Shares in accordance therewith.

 

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(aaa)        
“Liquidation Event” means, whether in a single transaction or series of transactions, the voluntary or involuntary
liquidation, dissolution or winding up of the Company or such Subsidiaries the assets of which constitute all or substantially
all of the assets of the business of the Company and its Subsidiaries, taken as a whole.

 

(bbb)        “Maturity
Date” shall mean December 31, 2019; provided, however, the Maturity Date may be extended at the option of the Required
Holders (i) in the event that, and for so long as, a Triggering Event shall have occurred and be continuing or any event shall
have occurred and be continuing that with the passage of time and the failure to cure would result in a Triggering Event or (ii)
through the date that is twenty (20) Business Days after the consummation of a Fundamental Transaction in the event that a Fundamental
Transaction is publicly announced or a Change of Control Notice is delivered prior to the Maturity Date, provided further that
if a Holder elects to convert some or all of its Preferred Shares pursuant to Section 4(c) hereof, and the Conversion Amount would
be limited pursuant to Section 4(d) hereunder, the Maturity Date shall automatically be extended until such time as such provision
shall not limit the conversion of such Preferred Shares.

 

(ccc)        
“New Subsidiary” means, as of any date of determination, any Person in which the Company after the Subscription
Date, directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest
of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all
of the foregoing, collectively, “New Subsidiaries.”

 

(ddd)        
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.

 

(eee)        “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(fff)          “Permitted
Indebtedness” means (i) Indebtedness set forth on Schedule 3(s) to the Securities Purchase Agreement, as in effect as
of the Subscription Date, (iii) Indebtedness secured by Permitted Liens or unsecured but as described in clauses (iv) and (v) of
the definition of Permitted Liens and (iv) Permitted Senior Indebtedness.

 

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(ggg)        “Permitted
Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings
for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course
of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any Lien created by operation
of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary course of business
with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings,
(iv) Liens (A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries to secure the purchase price
of such equipment or Indebtedness incurred solely for the purpose of financing the acquisition or lease of such equipment, or (B)
existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired
and improvements thereon, and the proceeds of such equipment, (v) Liens incurred in connection with the extension, renewal
or refinancing of the Indebtedness secured by Liens of the type described in clause (iv) above, provided that any extension, renewal
or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness
being extended, renewed or refinanced does not increase, (vi) Liens in favor of customs and revenue authorities arising as a matter
of law to secure payments of custom duties in connection with the importation of goods, and (vii) Liens arising from judgments,
decrees or attachments in circumstances not constituting a Triggering Event under Section 5(a)(xv).

 

(hhh)        
“Permitted Senior Indebtedness” means the indebtedness evidenced by that certain 8% Senior Debenture issued
by the Company on May 10, 2017 in the principal amount of $1,000,000, provided, however, that the aggregate outstanding
principal amount of such Indebtedness permitted hereunder does not at any time exceed $1,500,000 million.

 

(iii)         
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(jjj)           “Post-Installment
Conversion Shares" means, for any given Holder on for an Installment Date and without taking into account the delivery
of any Pre-Installment Conversion Shares to such Holder, that number of shares of Common Stock equal to the applicable Installment
Conversion Amount of such Holder (including, without limitation, the addition of any Deferral Amounts and/or Acceleration Amounts
to such Installment Conversion Amount by such Holder in accordance with Section 9(d) and/or Section 9(e), respectively, on such
Installment Date) divided by the Installment Conversion Price as in effect on the applicable Installment Date, rounded up to the
nearest whole share of Common Stock.

 

(kkk)        “Post-Installment
Floor Conversion Shares" means, for any given Holder on an Installment Date and without taking into account the number
of Pre-Installment Floor Conversion Shares of such Holder, that number of shares of Common Stock equal to the applicable Installment
Conversion Amount of such Holder (including, without limitation, the addition of any Deferral Amounts and/or Acceleration Amounts
to such Installment Conversion Amount by such Holder in accordance with Section 9(d) and/or Section 9(e), respectively, on such
Installment Date) divided by the Installment Conversion Price but determined without giving effect to clause (x) of such definition,
as of the applicable Installment Date, rounded up to the nearest whole share of Common Stock.

 

(lll)          “Preferred
Warrants” shall have the meaning as set forth in the Securities Purchase Agreement.

 

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(mmm)    “Pre-Installment
Floor Conversion Shares” means, for any given Holder on an Installment Date, that number of shares of Common Stock equal
to the applicable Installment Conversion Amount of such Holder (including, without limitation, the addition of any Deferral Amounts
and/or Acceleration Amounts to such Company Conversion Amount by such Holder in accordance with Section 9(d) and/or Section 9(e),
respectively, on such Installment Date) divided by the Pre-Installment Conversion Price but determined without giving effect to
clause (x) of such definition, as of the applicable Installment Notice Date, rounded up to the nearest whole share of Common Stock.

 

(nnn)      “Pre-Installment
Conversion Price” means, with respect to a given Holder on a particular date of determination, the lower of (A) the Conversion
Price then in effect and (B) the greater of (x) the Floor Price and (y) the lower of (i) 85% of the VWAP of the Common Stock as
of the Trading Day immediately preceding the date of the delivery or deemed delivery of the applicable Installment Notice to such
Holder and (ii) 85% of the quotient of (A) the sum of the VWAP of the Common Stock for each of the ten (10) Trading Days with the
lowest VWAP of the Common Stock during the twenty (20) consecutive Trading Day period ending and including the Trading Day immediately
preceding the date of the delivery or deemed delivery of the applicable Installment Notice, divided by (B) ten (10). All such determinations
to be appropriately adjusted for any stock split, stock Dividends, stock combination or other similar transaction during any such
measuring period.

 

(ooo)      “Price
Failure” means, with respect to a particular date of determination, the VWAP of the Common Stock on any Trading Day during
any Trading Day during the twenty (20) Trading Day period ending on the Trading Day immediately preceding such date of determination
fails to exceed $0.88 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions
occurring after the Subscription Date). All such determinations to be appropriately adjusted for any stock splits, stock dividends,
stock combinations, recapitalizations or other similar transactions during any such measuring period.

 

(ppp)       “Principal
Market” means the Nasdaq Capital Market.

 

(qqq)       “Redemption
Notices” means, collectively, the Triggering Events Redemption Notices, the Maturity Redemption Notice, the Company Optional
Redemption Notice, the Installment Notices with respect to any Installment Redemption and the Change of Control Redemption Notices,
and each of the foregoing, individually, a “Redemption Notice.”

 

(rrr)         “Redemption
Premium” means 115%.

 

(sss)       “Redemption
Prices” means, collectively, Triggering Event Redemption Prices, the Change of Control Redemption Prices, the Maturity
Redemption Price, the Company Optional Redemption Prices and the Installment Redemption Prices, and each of the foregoing, individually,
a “Redemption Price.”

 

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(ttt)         “Registration
Rights Agreement” means that certain registration rights agreement, dated as of the Closing Date, by and among the Company
and the initial holders of the Preferred Shares relating to, among other things, the registration of the issuance of the Additional
Preferred Shares, as may be amended from time to time.

 

(uuu)      
“SEC” means the United States Securities and Exchange Commission or the successor thereto.

 

(vvv)        “Securities
Purchase Agreement” means that certain securities purchase agreement by and among the Company and the initial holders
of Preferred Shares, dated as of the Subscription Date, as may be amended from time in accordance with the terms thereof.

 

(www)     “Stated
Value” shall mean $1,000 per share, subject to adjustment for stock splits, stock dividends, recapitalizations, reorganizations,
reclassifications, combinations, subdivisions or other similar events occurring after the Initial Issuance Date with respect to
the Preferred Shares.

 

(xxx)        “Subscription
Date” means June 12, 2017.

 

(yyy)        “Subsidiaries”
means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries, and each of the foregoing,
individually, a “Subsidiary.”

 

(zzz)        “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(aaaa)      “Successor
Entity” means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by, resulting from or
surviving any Fundamental Transaction or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

(bbbb)      “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded,
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on
such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day
in writing by the Holder or (y) with respect to all determinations other than price determinations relating to the Common Stock,
any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

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(cccc)      “Transaction
Documents” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(dddd)    “Volume
Failure” means, with respect to a particular date of determination, the aggregate daily dollar trading volume (as reported
on Bloomberg) of the Common Stock on the Eligible Market on at least five (5) Trading Days during the twenty (20) Trading Day period
ending on the Trading Day immediately preceding such date of determination (such period, the “Volume Failure Measuring
Period”), is less than, as applicable, (x) if on or prior to the sixty (60) calendar day anniversary of the Closing Date,
$150,000, (y) if after the sixty (60) calendar day anniversary of the Closing Date, but on or prior to the one hundred and twenty
(120) calendar day anniversary of the Closing Date, $175,000 or (z) if after the one hundred and twenty (120) calendar day anniversary
of the Closing Date, $200,000, (in each case, as adjusted for any stock splits, stock dividends, stock combinations, recapitalizations
or other similar transactions occurring after the Subscription Date). All such determinations to be appropriately adjusted for
any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such Volume Failure
Measuring Period.

 

(eeee)     “Voting
Stock” of a Person means the Common Stock and each series or other class of capital stock of such Person pursuant to
which the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board
of directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock of any series or other
class or classes shall have or might have voting power by reason of the happening of any contingency).

 

(ffff)       
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted
average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending
at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security
by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market
makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If
the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date
shall be the fair market value as mutually determined by the Company and the Required Holders. If the Company and the Required
Holders are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with
the procedures in Section 25. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination, recapitalization or other similar transaction during such period.

 

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(gggg)     “Warrants”
has the meaning ascribed to such term in the Securities Purchase Agreement, and shall include all warrants issued in exchange therefor
or replacement thereof.

 

(hhhh)    “Warrant
Shares” means, collectively, the shares of Common Stock issuable upon exercise of the Warrants.

 

34.          Disclosure.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Certificate of Designations, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall within one (1) Business Day after any such receipt or delivery
publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company
believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company
so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, such
Holder shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries. If the Company or any of its Subsidiaries provides material non-public information
to a Holder that is not simultaneously filed in a Current Report on Form 8-K and such Holder has not agreed to receive such material
non-public information, the Company hereby covenants and agrees that such Holder shall not have any duty of confidentiality to
the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect
to, or a duty to any of the foregoing not to trade on the basis of, such material non-public information. Nothing contained in
this Section 34 shall limit any obligations of the Company, or any rights of any Holder, under Section 4(i) of the Securities Purchase
Agreement.

 

[signature page follows]

 

     63

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Certificate of Designations of Series C Convertible Preferred Stock MagneGas Corporation to be signed by
its Chief Executive Officer on this ___ day of June, 2017.

 

	 	MAGNEGAS CORPORATION
	 	 	 
	 	By:	
	 	 	Name:  Ermanno Santilli
	 	 	Title:    Chief Executive Officer

 

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EXHIBIT I

 

MAGNEGAS CORPORATION

CONVERSION NOTICE

 

Reference is made to the
Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock of MagneGas Corporation (the “Certificate
of Designations”). In accordance with and pursuant to the Certificate of Designations, the undersigned hereby elects
to convert the number of shares of Series C Convertible Preferred Stock, $0.001 par value per share (the “Preferred Shares”),
of Ascent Solar Technologies, Inc., a Delaware corporation (the “Company”), indicated below into shares of common
stock, $0.001 value per share (the “Common Stock”), of the Company, as of the date specified below.

 

	Date of Conversion:	 

 

	Aggregate number of Preferred Shares to be converted	 
	 	 
	Aggregate Stated Value of such Preferred Shares to be converted:	 
	 	 
	Aggregate accrued and unpaid Dividends and accrued and unpaid Late Charges with respect to such Preferred Shares and such Aggregate Dividends to be converted:	 
	 	 
	AGGREGATE CONVERSION AMOUNT  TO BE CONVERTED:	 

 

Please confirm the following information:

 

	Conversion Price:	 

 

	Number of shares of Common Stock to be issued:	 
	 	 
	Installment Share Amount(s) of Preferred Shares to be reduced (and corresponding Installment Date(s)) and amount of reduction:	 

 

 ̈           If
this Conversion Notice is being delivered with respect to an Alternate Conversion, check here if Holder is electing to use the
following Alternate Conversion Price:____________

 

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		 ̈	If this Conversion Notice is being delivered with respect to an Acceleration, check here if Holder
is electing to use _________ as the Pre-Installment Conversion Price or Installment Conversion Price (as applicable) related to
the following Installment Date:____________

 

Please issue the Common Stock into which the
applicable Preferred Shares are being converted to Holder, or for its benefit, as follows:

 

		 ̈	Check here if requesting delivery as a certificate to the following name and to the following address:

 

	Issue to:	 
	 	 
	 	 

 

		 ̈	Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

	DTC Participant:	 
	 	 
	DTC Number:	 
	 	 
	Account Number:	 

 

Date: _____________ __, ____

 

	 	 
	Name of Registered Holder	 

 

	By:  	 	 
	 	Name:	 
	 	Title:	 

 

    Tax ID:_____________________

 

    Facsimile:___________________

 

E-mail Address:

 

     66

     

    

 

EXHIBIT II

 

ACKNOWLEDGMENT

 

The Company hereby (a)
acknowledges this Conversion Notice, (b) certifies that the above indicated number of shares of Common Stock [are][are not] eligible
to be resold by the applicable Holder either (i) pursuant to Rule 144 (subject to such Holder’s execution and delivery to
the Company of a customary 144 representation letter) or (ii) an effective and available registration statement and (c) hereby
directs Corporate Stock Transfer to issue the above indicated number of shares of Common Stock in accordance with the Transfer
Agent Instructions dated June [__], 2017 from the Company and acknowledged and agreed to by Corporate Stock Transfer.

 

 

	 	MAGNEGAS CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     67

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