Document:

Exhibit 10.6

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of [_____], 2020 (“Agreement”), by and among PETRA ACQUISITION, INC., a Delaware corporation (“Company”),
the stockholder of the Company listed on Exhibit A hereto (the “Founder”) and CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company was
formed for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated [_____], 2020 (“Underwriting Agreement”), with LifeSCI
CAPITAL LLC and Ladenburg thalmann & Co. inc.  (together the “Representatives”,
each a “Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 7,500,000 units (“Units”) of the
Company, plus an additional 1,125,000 Units if the Representatives exercise the over-allotment option in full. Each Unit consists
of one share of the Company’s common stock, par value $0.001 per share (“Common Stock”), and one warrant (“Warrant”),
each Warrant to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus,
dated [_____], 2020 (“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File
No. 333-240175) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on [_____],
2020 (“Effective Date”).

 

WHEREAS, the Founder has
agreed as a condition of the sale of the Units to deposit its shares of Common Stock of the Company in escrow as hereinafter provided.

 

WHEREAS, the Company and
the Founder desire that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Founder hereby appoint the Escrow Agent to act in accordance with and subject to the terms
of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such
terms.

 

2. Deposit of Shares.
On or before the Effective Date, the Founder shall have delivered to the Escrow Agent certificates (and applicable stock powers
if requested by the Escrow Agent) representing such Founder’s respective shares of Common Stock set forth on Exhibit A
hereto, to be held and disbursed subject to the terms and conditions of this Agreement. The Founder acknowledges that the certificate
representing such Founder’s shares is legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 If the over-allotment option to purchase all or a portion
of the additional 1,125,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described
in the Underwriting Agreement), the Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost,
the number of shares of Common Stock held by it determined by multiplying 281,250 multiplied by a fraction, (i) the numerator of
which is 1,125,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise
of the over-allotment option, and (ii) the denominator of which is 1,125,000. The Company shall promptly provide notice to the
Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters
in connection with the exercise thereof

 

     

     

    

 

3.2 Except as otherwise set
forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1, if any,
above (such remaining shares to be referred to herein as the “Escrow Shares”) until (i) with respect to 50% of the
Escrow Shares, the earlier of (x) three months after the date of the consummation of an initial Business Combination and (y) the
date on which the last sale price of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends,
reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period following the consummation of the
Business Combination and (ii) with respect to the remaining 50% of the Escrow Shares, six months after the date of the consummation
of an initial Business Combination (such period of time during which the Escrow Shares are held in escrow, the “Escrow Period”).
The Company shall promptly provide notice of the consummation of an initial Business Combination to the Escrow Agent. Upon completion
of the Escrow Period, the Escrow Agent shall disburse such amount of each Founder’s Escrow Shares to such Founder; provided,
however, that if, within the Escrow Period, the Company (or the surviving entity) subsequently consummates a liquidation, merger,
stock exchange or other similar transaction which results in all of the stockholders of such entity having the right to exchange
their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed
by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable
to the Escrow Agent, certifying that such transaction is then being consummated or such conditions have been achieved, as applicable,
release the Escrow Shares to the Founder. The Escrow Agent shall have no further duties hereunder after the disbursement of the
Escrow Shares in accordance with this Section 3.2.

 

3.3 If the Escrow Agent
is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated, then the Escrow Agent shall deliver
the certificates representing the Escrow Shares to the Founder promptly after the public stockholders are paid the liquidating
distributions and shall have no further duties hereunder.

 

4. Rights of Founder
in Escrow Shares.

 

4.1 Voting Rights
as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided,
the Founder shall retain all of their rights as stockholders of the Company as long as any shares are held in escrow pursuant to
this Agreement, including, without limitation, the right to vote such shares.

 

4.2 Dividends and
Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Founder, but all dividends payable in stock
or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founder and the
Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s stockholders, partners
or members upon the Founder’s liquidation, (iii) by bona fide gift to a member of the Founder’s immediate family or
to a trust, the beneficiary of which is the Founder or a member of the Founder’s immediate family for estate planning purposes,
(iv) by virtue of the laws of descent and distribution upon death of the Founder, (v) pursuant to a qualified domestic relations
order binding on the Founder, (vi) to the Company for no value for cancellation in connection with the consummation of a Business
Combination or (vii) by private sales of the Escrow Shares made at or prior to the consummation of a Business Combination at prices
no greater than the price at which the Escrow Shares were originally purchased; provided, however, that except for clause (vi)
or with the Company’s prior written consent, such permitted transfers may be implemented only upon the respective transferee’s
written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Founder transferring
the shares.

 

4.4 Insider Letters.
The Founder has executed a letter agreement with the Company and the Representatives, dated as of the date hereto, the form of
which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations
of such Founder in certain events, including, but not limited to, the liquidation of the Company.

  

    2

     

    

 

5. Concerning the
Escrow Agent.

 

5.1 Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein
contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented by the proper person
or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the
duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the
gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Founder shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved
by the Representatives, which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so
appointed within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow
Shares with any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge of
Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in
writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only upon
the appointment of a successor escrow agent selected by the Company and approved by the Representatives, which approval will not
be unreasonably withheld, conditioned or delayed.

 

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5.7 Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence, fraud or willful misconduct.

 

5.8 Waiver. The
Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

  

6. Miscellaneous.

 

6.1 Governing Law.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

 

6.2 Third Party Beneficiaries.
Each of the parties to this Agreement hereby acknowledges that the Representatives are each a third party beneficiary of this Agreement.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may only be changed, amended, or modified by a writing signed by each of the parties hereto.

 

6.4 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

6.6 Notices.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery,
by email or by facsimile transmission:

 

If to the Company, to:

 

Petra Acquisition, Inc.

5 West 21st Street

New York, NY 1001

Attn: Andreas Typaldos

Fax No.:

Email:atypaldos@gmail.com

 

If to a Founder, to his/her/its
address set forth in Exhibit A.

 

and if to the Escrow Agent,
to:

 

Continental Stock Transfer&
Trust Company

1 State Street

New York, New York 10004

Attn: Chairman

Fax No.:

Email:

 

A copy of any notice sent
hereunder shall be sent to:

 

LifeSci Capital
LLC

250 West 55th
Street, Suite 3401

New York, NY 10019

Attn: David Dobkin

Fax No.:

Email: ddobkin@lifescicapital.com

 

    4

     

    

 

and

Ladenburg Thalmann & Co. Inc.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steven Kaplan, Head of Capital
Markets

Fax No.:

Email: Skaplan@ladenburg.com

 

with a copy to:

 

Horwitz + Armstrong, APLC

14 Orchard, Suite 200

Lake Forest, CA 92630

Attn: Lawrence W. Horwitz, Esq.

Fax No.: (949) 540-6578

Email: lhorwitz@horwitzarmstrong.com

 

and:

 

Ellenoff Grossman&
Schole LLP

1345 Avenue of
the Americas

New York, New York
10105

Attn: Stuart Nuehauser,
Esq.

Fax No.: (212)
370-7889

Email: sneuhauser@egsllp.com

 

The parties may change the
persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in
the manner provided herein for giving notice.

 

6.7 Liquidation of
the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by
facsimile transmission and together shall constitute one instrument.

 

[Signature Page Follows]

 

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WITNESS the execution of
this Agreement as of the date first above written.

 

	 	
        COMPANY:

        

        PETRA ACQUISITION, INC.

	 	 
	 	By:	 
	 	Name:	Andreas Typaldos
	 	Title:	Chief Executive Officer
	 	 
	 	FOUNDERS:
	 	 
	 	PETRA INVESTMENT HOLDINGS, LLC
	 	 
	 	By:	 
	 	Name:	Andreas Typaldos
	 	Title:	Managing Member
	 	 
	 	 DAVID DOBKIN
	 	 
	 	 	 
	 	 	Signature 
	 	
         

        ANTHONY HAYES

	 	 
	 	 	 
	 	 	Signature 
	 	
         

        ROBERT NICHOLSON

	 	 
	 	 	 
	 	 	Signature 
	 	 	 
	 	
         

        BARRY DENNIS

	 	 
	 	 	 
	 	 	Signature
	 	 	 

 

	 	
         

        ESCROW AGENT:

         

        CONTINENTAL STOCK TRANSFER & TRUST COMPANY

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

     

     

    

EXHIBIT A

 

	Name and Address of Founder	 	Number of Shares	 
	
        Petra Investment Holdings, LLC

        5 West 21st Street,

        New York, NY 10010
	 	 	2,056,250	 
	Anthony Hayes	 	 	25,000 	 
	David Dobkin	 	 	25,000	 
	Robert Nicholson	 	 	25,000 	 
	Barry Dennis	 	 	25,000Exhibit 4.10

 

THE FIRST BANCSHARES, INC.

 

SENIOR DEBT INDENTURE

 

DATED AS OF                   , 20

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,
AS TRUSTEE

 

    

     

    

 

TABLE OF CONTENTS

Page Number

 

	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1	Definitions.	1
	Section 1.2	Other Definitions.	4
	Section 1.3	Incorporation by Reference of Trust Indenture Act	4
	Section 1.4	Rules of Construction	5
	 	 	 
	Article II THE SECURITIES	5
	Section 2.1	Issuable in Series	5
	Section 2.2	Establishment of Terms of Series of Securities	5
	Section 2.3	Execution and Authentication.	7
	Section 2.4	Registrar and Paying Agent	8
	Section 2.5	Paying Agent to Hold Money in Trust	8
	Section 2.6	Securityholder Lists	9
	Section 2.7	Transfer and Exchange	9
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	9
	Section 2.9	Outstanding Securities	10
	Section 2.10	Treasury Securities	10
	Section 2.11	Temporary Securities	10
	Section 2.12	Cancellation	10
	Section 2.13	Defaulted Interest	11
	Section 2.14	Global Securities.	11
	Section 2.15	CUSIP Numbers	12
	 	 	 
	Article III REDEMPTION	12
	Section 3.1	Notice to Trustee	12
	Section 3.2	Selection of Securities to be Redeemed	12
	Section 3.3	Notice of Redemption	13
	Section 3.4	Effect of Notice of Redemption	13
	Section 3.5	Deposit of Redemption Price	14
	Section 3.6	Securities Redeemed in Part	14
	 	 	 
	Article IV COVENANTS	14
	Section 4.1	Payment of Principal and Interest	14
	Section 4.2	SEC Reports	14
	Section 4.3	Compliance Certificate	14
	Section 4.4	Stay, Extension and Usury Laws	15
	Section 4.5	Corporate Existence	15
	Section 4.6	Taxes	15
	 	 	 
	Article V SUCCESSORS	15
	Section 5.1	When Company May Merge, Etc	15
	Section 5.2	Successor Corporation Substituted	15

 

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	Article VI  DEFAULTS AND REMEDIES	16
	Section 6.1	Events of Default.	16
	Section 6.2	Acceleration of Maturity; Rescission and Annulment	17
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	17
	Section 6.4	Trustee may File Proofs of Claim	18
	Section 6.5	Trustee may Enforce Claims Without Possession of Securities	18
	Section 6.6	Application of Money Collected	18
	Section 6.7	Limitation on Suits	19
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	19
	Section 6.9	Restoration of Rights and Remedies	19
	Section 6.10	Rights and Remedies Cumulative	20
	Section 6.11	Delay or Omission Not Waiver	20
	Section 6.12	Control by Holders	20
	Section 6.13	Waiver of Past Defaults	20
	Section 6.14	Undertaking for Costs	21
	 	 	 
	Article VII TRUSTEE	21
	Section 7.1	Duties of Trustee.	21
	Section 7.2	Rights of Trustee.	22
	Section 7.3	Individual Rights of Trustee	24
	Section 7.4	Trustee’s Disclaimer	24
	Section 7.5	Notice of Defaults	24
	Section 7.6	Reports by Trustee to Holders	24
	Section 7.7	Compensation and Indemnity	24
	Section 7.8	Replacement of Trustee	25
	Section 7.9	Successor Trustee by Merger, Etc	26
	Section 7.10	Eligibility; Disqualification	26
	Section 7.11	Referential Collection of Claims Against Company	26
	 	 	 
	Article VIII  SATISFACTION AND DISCHARGE; DEFEASANCE	26
	Section 8.1	Satisfaction and Discharge of Indenture	26
	Section 8.2	Application of Trust Funds; Indemnification.	27
	Section 8.3	Legal Defeasance of Securities of any Series	28
	Section 8.4	Covenant Defeasance	29
	Section 8.5	Repayment to Company	30
	 	 	 
	Article IX  AMENDMENTS AND WAIVERS	30
	Section 9.1	Without Consent of Holders	30
	Section 9.2	With Consent of Holders	31
	Section 9.3	Limitations	31
	Section 9.4	Compliance with Trust Indenture Act	32
	Section 9.5	Revocation and Effect of Consents	32
	Section 9.6	Notation on or Exchange of Securities	32
	Section 9.7	Trustee Protected	32
	 	 	 
	Article X MISCELLANEOUS	33
	Section 10.1	Trust Indenture Act Controls	33

 

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	Section 10.2	Notices	33
	Section 10.3	Communication by Holders with Other Holders	33
	Section 10.4	Certificate and Opinion as to Conditions Precedent	34
	Section 10.5	Statements Required in Certificate or Opinion	34
	Section 10.6	Rules by Trustee and Agents	34
	Section 10.7	Legal Holidays	34
	Section 10.8	No Recourse Against Others	34
	Section 10.9	Counterparts	34
	Section 10.10	Governing Laws	35
	Section 10.11	No Adverse Interpretation of Other Agreements	35
	Section 10.12	Successors	35
	Section 10.13	Severability	35
	Section 10.14	Table of Contents, Headings, Etc	35
	 	 	 
	Article XI SINKING FUNDS	35
	Section 11.1	Applicability of Article	35
	Section 11.2	Satisfaction of Sinking Fund Payments with Securities	36
	Section 11.3	Redemption of Securities for Sinking Fund	36

 

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CROSS REFERENCE TABLE

 

	Trust Indenture		Indenture
	Act Section		Section
	Section 310	(a)(1)	7.10
		(a)(2)	7.10
		(a)(3)	N/A
		(a)(4)	N/A
		(a)(5)	7.10
		(b)    	7.10
	Section 311	(a)    	7.11
		(b)    	7.11
		(c)    	N/A
	Section 312	(a)    	2.6
		(b)    	10.3
		(c)    	10.3
	Section 313	(a)    	7.6
		(b)(1)	7.6
		(b)(2)	7.6
		(c)(1)	7.6
		(d)    	7.6
	Section 314	(a)    	4.2, 10.5
		(b)    	N/A
		(c)(1)	10.4
		(c)(2)	10.4
		(c)(3)	N/A
		(d)    	N/A
		(e)    	10.5
		(f)    	N/A
	Section 315	(a)    	7.1
		(b)    	7.5
		(c)    	7.1
		(d)    	7.1
		(e)    	6.14
	Section 316	(a)    	2.10
		      (a)(1)(A)	6.12
		     (a)(1)(B)	6.13
		(b)     	6.8
	Section 317	(a)(1)	6.3
		(a)(2)	6.4
		(b)     	2.5
	Section 318	(a)     	10.1

 

* This Cross Reference Table shall not, for
any purpose, be deemed to be part of this Indenture.

 

    iv

     

    

 

This Senior
Debt Indenture, dated as of                    
, 20          is made by and between THE FIRST BANCSHARES, INC., a Mississippi
corporation (the “Company”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association,
not in its individual capacity but solely as trustee (the “Trustee”).

 

Each party agrees
as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under
this Indenture:

 

Article
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1              
Definitions.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are
owing to such Holders.

 

“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 the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”), as used with respect to any person,
shall mean 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 or by agreement or otherwise.

 

“Agent”
means any Registrar, Paying Agent or Service Agent.

 

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

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board
of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee.

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto
for a particular Series, any day except a Saturday, Sunday, a legal holiday or any other day on which banking institutions in
the City of New York, New York, any Place of Payment, or the city in which the Corporate Trust Office is located, are authorized
or required by law, regulation or executive order to close.

 

“Capital
Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate
stock.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s
principal executive officer, principal financial officer or principal accounting officer.

 

    

     

    

 

“Company
Request” means a written request signed in the name of the Company by its Chief Executive Officer, the President or
a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the
Trustee.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be
principally administered, which office at the date hereof is located at 1100 North Market Street, Wilmington, DE 19890, Attention:
The First Bancshares, Inc. Administrator, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor
Trustee may designate from time to time by notice to the Holders and the Company).

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depository”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to the
Securities of any Series shall mean the Depository with respect to the Securities of such Series.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of the United States of America. “Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of
the accounting profession, which are in effect as of the date of determination.

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant
to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and
registered in the name of such Depository or nominee.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Senior Debt Indenture as amended or supplemented from time to time and shall include the form and terms of particular
Series of Securities established as contemplated hereunder.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security
or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration
of acceleration, call for redemption, or otherwise.

 

    -2-

     

    

 

“Officer”
means the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary, any Assistant Treasurer or
any Assistant Secretary of the Company.

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

“Opinion
of Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. The counsel may be
an employee of or counsel to the Company or outside counsel designated by the Corporation, rendered, if applicable, in accordance
with Section 314(c) of the Trust Indenture Act.

 

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

 

“Place of
Payment”, when used with respect to the Securities of or within any Series, means the place or places where the principal
of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Section 2.1.

 

“principal”
or “principal amount” of a Security means the principal amount of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular
corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and
familiarity with a particular subject, in each case, who has direct responsibility for the administration of this Indenture.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2.

 

“Stated Maturity”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in
such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable.

 

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

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the
extent required by any such amendment, the Trust Indenture Act as so amended.

 

“Trustee”
means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each
person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with
respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

    -3-

     

    

 

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

 

Section 1.2              
Other Definitions.

 

	Term	Defined
    in Section
	“Bankruptcy
    Law”	6.1
	“Custodian”	6.1
	“Event of Default”	6.1
	“Legal Holiday”	 10.7
	“mandatory
    sinking fund payment”	 11.1
	“optional sinking
    fund payment”	 11.1
	“Paying Agent”	2.4
	“Registrar”	2.4
	“Service Agent”	2.4
	“successor
    person”	5.1

  

Section 1.3              
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this
Indenture have the following meanings:

 

“Commission”
means the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Securityholder.

 

“indenture to
be qualified” means this Indenture.

 

“indenture trustee”
or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
and not otherwise defined herein are used herein as so defined.

 

    -4-

     

    

 

Section 1.4              
Rules of Construction. Unless the context otherwise requires:

 

		(a)	a
                                         term has the meaning assigned to it;

 

		(b)	an
                                         accounting term not otherwise defined has the meaning assigned to it in accordance with
                                         generally accepted accounting principles;

 

		(c)	references
                                         to “generally accepted accounting principles” and “GAAP” shall
                                         mean generally accepted accounting principles, consistently applied, in effect as of
                                         the time when and for the period as to which such accounting principles are to be applied;

 

		(d)	“or”
                                         is not exclusive;

 

		(e)	words
                                         in the singular include the plural, and in the plural include the singular; and

 

		(f)	provisions
                                         apply to successive events and transactions.

 

Article
II

THE SECURITIES

 

Section 2.1              
Issuable in Series. The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series
shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, supplemental indenture
or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution.
In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the
method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are
to be determined. Securities may differ between Series in respect of any matters; provided that all Series of Securities
shall be equally and ratably entitled to the benefits of this Indenture.

 

Section 2.2              
Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Section 2.2(a) and either
as to such Securities within the Series or as to the Series generally, in the case of Sections 2.2(b) through 2.2(q)) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an
Officers’ Certificate:

 

		(a)	the
                                         title of the Series (which shall distinguish the Securities of that particular Series
                                         from the Securities of any other Series);

 

		(b)	the
                                         price or prices (expressed as a percentage of the principal amount thereof) at which
                                         the Securities of the Series will be issued;

 

		(c)	any
                                         limit upon the aggregate principal amount of the Securities of the Series which may be
                                         authenticated and delivered under this Indenture (except for Securities authenticated
                                         and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
                                         Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

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

 

    -5-

     

    

 

		(e)	the
                                         rate or rates (which may be fixed or variable) per annum or, if applicable, the method
                                         used to determine such rate or rates (including, but not limited to, any commodity, commodity
                                         index, stock exchange index or financial index) at which the Securities of the Series
                                         shall bear interest, if any, the date or dates from which such interest, if any, shall
                                         accrue, the date or dates on which such interest, if any, shall commence and be payable
                                         and any regular record date for the interest payable on any interest payment date;

 

		(f)	the
                                         Place of Payment where the principal of and interest, if any, on the Securities of the
                                         Series shall be payable, where the Securities of such Series may be surrendered for registration
                                         of transfer or exchange and where notices and demands to or upon the Company in respect
                                         of the Securities of such Series and this Indenture may be served, and the method of
                                         such payment, if by wire transfer, mail or other means;

 

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

 

		(h)	the
                                         obligation, if any, of the Company to redeem or purchase the Securities of the Series
                                         pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof
                                         and the period or periods within which, the price or prices at which and the terms and
                                         conditions upon which Securities of the Series shall be redeemed or purchased, in whole
                                         or in part, pursuant to such obligation;

 

		(i)	the
                                         dates, if any, on which and the price or prices at which the Securities of the Series
                                         will be repurchased by the Company at the option of the Holders thereof and other detailed
                                         terms and provisions of such repurchase obligations;

 

		(j)	if
                                         other than minimum denominations of $1,000 and any integral multiple of $1,000 in excess
                                         thereof, the denominations in which the Securities of the Series shall be issuable;

 

		(k)	the
                                         forms of the Securities of the Series in fully registered form (and whether the Securities
                                         will be issuable as Global Securities);

 

		(l)	if
                                         other than the entire principal amount thereof, the portion of the principal amount of
                                         the Securities of the Series that shall be payable upon declaration of acceleration of
                                         the maturity thereof pursuant to Section 6.2;

 

		(m)	the
                                         provisions, if any, relating to any lien, security or encumbrance provided for the Securities
                                         of the Series;

 

		(n)	any
                                         addition to or change in the Events of Default which applies to any Securities of the
                                         Series and any change in the right of the Trustee or the requisite Holders of such Securities
                                         to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

		(o)	any
                                         addition to or change in the covenants set forth in Article IV or V which applies to
                                         Securities of the Series;

 

		(p)	any
                                         other terms of the Securities of the Series (which may modify or delete any provision
                                         of this Indenture insofar as it applies to such Series); and

 

		(q)	any
                                         depositories, interest rate calculation agents, exchange rate calculation agents or other
                                         agents with respect to Securities of such Series if other than those appointed herein.

 

    -6-

     

    

 

All Securities of
any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to
above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities
of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

Section 2.3              
Execution and Authentication.

 

Two Officers shall
sign the Securities for the Company by manual, facsimile signature or electronic signature. Unless otherwise provided herein or
in any other Securities, the words “execute”, “execution”, “signed”, and “signature”
and words of similar import used in or related to any document to be signed in connection with this Indenture, any other Securities
or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed
to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable,
to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform
Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation
to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures
approved by such Trustee.

 

If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless
be valid.

 

A Security shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. Such a signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall
at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order
may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized
agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its
authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.2, except as provided in Section 2.8.

 

Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying
on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

    -7-

     

    

 

The Trustee shall
have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would
expose the Trustee to personal liability.

 

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

Section 2.4              
Registrar and Paying Agent. The Company shall maintain, with respect to each Series of Securities,
at the Place of Payment specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of
such Series may be presented or surrendered for payment (the “Paying Agent”), where Securities of such Series
may be surrendered for registration of transfer or exchange (the “Registrar”) and where notices and demands
(other than service of process) to or upon the Company in respect of the Securities of such Series and this Indenture may be served
(the “Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to
their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change
in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any
such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof,
such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands (other than
any service of process).

 

The Company may also
from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time
to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant
to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional
service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service agent.

 

The Company hereby
appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5              
Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent (other than
the Trustee) to hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held
by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing
of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall
have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying
Agent.

 

    -8-

     

    

 

Section 2.6              
Securityholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise
comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at such times as
the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names
and addresses of Securityholders of each Series of Securities; provided that no such list need be furnished by the Company to
the Trustee so long as the Trustee is acting as Registrar. The Trustee may destroy any list furnished to it as provided in Section
2.6 upon receipt of a new list so furnished.

 

Section 2.7              
Transfer and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar
with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the
Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations
of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall
be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than
any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6 or 9.6).

 

Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, (b) to register the transfer of
or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part, or (c) to register the transfer of or exchange
Securities of any Series between a record date and the relevant payment date.

 

Section 2.8              
Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor
a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be
delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security
and (b) such security or satisfactory indemnity as may be required by them to save each of them and any agent of either of them
harmless, then, in the absence of written notice to the Company or the Trustee that such Security has been acquired by a bona
fide purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and make available for delivery,
in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance
of any new Security under this Section, 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.

 

Every new Security
of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that Series duly issued hereunder.

 

    -9-

     

    

 

The provisions of
this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 2.9              
Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated
by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a
Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

 

If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser.

 

If the Paying Agent
(other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a
Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series
cease to be outstanding and interest on them ceases to accrue (to the extent of the Maturity of such Security if less than the
entire principal amount is due and payable on such date of Maturity).

 

A Security does not
cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon
a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10           
Treasury Securities. In determining whether the Holders of the required principal amount
of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities
of a Series owned by the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be
protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series
that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.

 

Section 2.11           
Temporary Securities. Until definitive Securities are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate definitive Securities
of the same Series and Stated Maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have
the same rights under this Indenture as the definitive Securities.

 

Section 2.12           
Cancellation. All Securities and coupons surrendered for payment, redemption, repayment at
the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and coupons and Securities and coupons
surrendered directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may
have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. If the Company shall so 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 surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this Indenture. Cancelled Securities and coupons held
by the Trustee shall be destroyed by the Trustee in accordance with its customary procedures. The Company by Company Order may
direct the Trustee to deliver a certificate of such destruction to the Company.

 

    -10-

     

    

 

Section 2.13           
Defaulted Interest. If the Company defaults in a payment of interest on a Series of Securities,
it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to
the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and
payment date. At least 10 days before the record date, the Company shall mail to the Trustee and to each Securityholder of the
Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted
interest in any other lawful manner.

 

Section 2.14           
Global Securities.

 

		(a)	Terms
                                         of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’
                                         Certificate shall establish whether the Securities of a Series shall be issued in whole
                                         or in part in the form of one or more Global Securities and the Depository for such Global
                                         Security or Securities.

 

		(b)	Transfer
                                         and Exchange. Notwithstanding any provisions to the contrary contained in Section
                                         2.7 and in addition thereto, any Global Security shall be exchangeable pursuant to Section
                                         2.7 for Securities registered in the names of Holders other than the Depository for such
                                         Security or its nominee only if (i) such Depository notifies the Company that it is unwilling
                                         or unable to continue as Depository for such Global Security or if at any time such Depository
                                         ceases to be a clearing agency registered under the Exchange Act, and, in either case,
                                         the Company fails to appoint a successor Depository registered as a clearing agency under
                                         the Exchange Act within 90 days of such event, (ii) the Company executes and delivers
                                         to the Trustee an Officers’ Certificate to the effect that such Global Security
                                         shall be so exchangeable or (iii) an Event of Default with respect to the Securities
                                         represented by such Global Security shall have happened and be continuing. Any Global
                                         Security that is exchangeable pursuant to the preceding sentence shall be exchangeable
                                         for Securities registered in such names as the Depository shall direct in writing in
                                         an aggregate principal amount equal to the principal amount of the Global Security with
                                         like tenor and terms.

 

Except as provided in this Section
2.14(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to
a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

		(c)	Legend.
                                         Any Global Security issued hereunder shall bear a legend in substantially the following
                                         form:

 

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“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee
of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or
its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the
Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository
or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

		(d)	Acts
                                         of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize
                                         participants to give or take any request, demand, authorization, direction, notice, consent,
                                         waiver or other action which a Holder is entitled to give or take under this Indenture.

 

		(e)	Payments.
                                         Notwithstanding the other provisions of this Indenture, unless otherwise specified as
                                         contemplated by Section 2.2, payment of the principal of and interest, if any, on any
                                         Global Security shall be made to the Holder thereof.

 

		(f)	Consents,
                                         Declaration and Directions. Except as provided in Section 2.14(e), the Company, the
                                         Trustee and any Agent shall treat a person as the Holder of such principal amount of
                                         outstanding Securities of such Series represented by a Global Security as shall be specified
                                         in a written statement of the Depository with respect to such Global Security, for purposes
                                         of obtaining any consents, declarations, waivers or directions required to be given by
                                         the Holders pursuant to this Indenture.

 

Section 2.15           
CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience
to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the
other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers.

 

Article
III

REDEMPTION

 

Section 3.1              
Notice to Trustee. The Company may, with respect to any Series of Securities, reserve the
right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof
prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities
is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal
amount of Series of Securities to be redeemed. The Company shall give the notice at least 45 days before the redemption date (or
such shorter notice as may be acceptable to the Trustee).

 

Section 3.2              
Selection of Securities to be Redeemed. Unless otherwise indicated for a particular Series
by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of any Series
issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not
more than 45 days prior to the redemption date by the Trustee, from the Outstanding Securities of such Series issued on such date
with the same terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate, and,
in the case of Global Securities, in accordance with the procedures of the Depository; provided that such method complies
with the rules of any national securities exchange or quotation system on which the Securities are listed (and the Company shall
notify the Trustee of any such listing), and may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that Series or any integral multiple thereof) of the principal amount of Securities of such Series
of a denomination larger than the minimum authorized denomination for Securities of that Series; provided, however,
that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum
authorized denomination for Securities of such Series.

 

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The Trustee shall
promptly notify the Company and the Registrar (if other than itself) in writing of the Securities selected for redemption and,
in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in
the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which
has been or is to be redeemed.

 

Notwithstanding the
foregoing, if any Security to be redeemed is a Global Security then any partial redemption of that Series of Securities will be
made in accordance with the Depository’s applicable procedures among all Holders of such Series of Securities.

 

Section 3.3              
Notice of Redemption. Unless otherwise indicated for a particular Series by Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption
date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.

 

The notice shall identify
the Securities of the Series to be redeemed and shall state:

 

		(a)	the
                                         redemption date;

 

		(b)	the
                                         redemption price and accrued interest, if any, to the redemption date payable as provided;

 

		(c)	the
                                         name and address of the Paying Agent;

 

		(d)	that
                                         Securities of the Series called for redemption must be surrendered to the Paying Agent
                                         to collect the redemption price;

 

		(e)	that
                                         interest on Securities of the Series called for redemption ceases to accrue on and after
                                         the redemption date;

 

		(f)	the
                                         CUSIP number, if any;

 

		(g)	any
                                         conditions precedent that must be satisfied prior to the redemption; and

 

		(h)	any
                                         other information as may be required by the terms of the particular Series or the Securities
                                         of a Series being redeemed.

 

At the Company’s
written request given at least five Business Days prior to the date such notice is given to Holders, the Trustee shall give the
notice of redemption in the Company’s name and at its expense.

 

Section 3.4              
Effect of Notice of Redemption. Once notice of redemption is mailed or published as provided
in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price, subject to, with respect to any redemption that is conditioned upon the satisfaction of any conditions precedent, (i) the
delay of such redemption date until such time as any or all of such conditions precedent have been satisfied or (ii) the revocation
of such redemption if the Company determines that such conditions precedent will not be satisfied. Upon surrender to the Paying
Agent, such Securities shall be paid at the redemption price plus accrued interest to, but excluding, the redemption date; provided
that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders
of such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor
according to their terms and the terms of this Indenture.

 

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Section 3.5              
Deposit of Redemption Price. On or before the redemption date, the Company shall deposit
with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed
on that date.

 

Section 3.6              
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Trustee
shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered.

 

Article
IV

COVENANTS

 

Section 4.1              
Payment of Principal and Interest. The Company covenants and agrees for the benefit of the
Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2              
SEC Reports. The Company shall deliver to the Trustee within 15 days after it files them
with the SEC 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 SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA Section 314(a). Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
conclusively rely exclusively on an Officers’ Certificate).

 

Section 4.3              
Compliance Certificate. The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year of the Company, an Officers’ Certificate stating that a review of the activities of the Company
and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best
of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture
and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default
or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge).

 

The Company will,
so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event
of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto.

 

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Section 4.4              
Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully
do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture or the Securities and the Company (to the extent it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no
such law has been enacted.

 

Section 4.5              
Corporate Existence. Subject to Article V, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory), licenses
and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right,
license or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material
respect to the Holders.

 

Section 4.6              
Taxes. The Company shall pay prior to delinquency all taxes, assessments and governmental
levies, except as contested in good faith and by appropriate proceedings.

 

Article
V

SUCCESSORS

 

Section 5.1              
When Company May Merge, Etc. The Company shall not consolidate with or merge with or into,
or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”),
nor shall the Company permit any other person to consolidate with or merge into it or convey, transfer or lease all or substantially
all of its properties and assets to it, in either case unless:

 

		(a)	the
                                         Company is the surviving corporation or the successor person (if other than the Company)
                                         is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction
                                         and expressly assumes the Company’s obligations on the Securities and under this
                                         Indenture; and

 

		(b)	immediately
                                         after giving effect to the transaction, and treating any indebtedness that becomes the
                                         obligation of the Company or any of its Subsidiaries as having been incurred at the effective
                                         date of such transaction no Default or Event of Default shall have occurred and be continuing.

 

The Company shall
deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect
and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Section 5.2              
Successor Corporation Substituted. Upon any consolidation or merger, or any sale, lease,
conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance
or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however,
that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from
all obligations and covenants under this Indenture and the Securities.

 

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ARTICLE VI

DEFAULTS AND REMEDIES

 

Section
6.1               Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing
Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit
of said Event of Default:

 

		(a)	default in the payment of any interest on any Security of that Series when it becomes due and payable,
and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with
the Trustee or with a Paying Agent prior to the expiration of such period of 30 days);

 

		(b)	default in the payment of principal of any Security of that Series at its Maturity;

 

		(c)	default in the deposit of any sinking fund payment, when and as due in respect of any Security
of that Series;

 

		(d)	default in the performance or breach of any covenant or warranty of the Company in this Indenture
(other than a covenant or warranty for which the consequences of nonperformance or breach are addressed elsewhere in this Section
6.1 and other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities
other than that Series), which default or breach continues uncured or unwaived in accordance with the provisions of this Indenture
for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of not less than 25.0% in principal amount of the outstanding Securities of that Series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder;

 

		(e)	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,
	 	 	 
	 	iv.	makes a general assignment for the benefit of its creditors, or
	 	 	 
	 	v.	generally is unable to pay its debts as the same become due; or

 

		(f)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

		i.	is for relief against the Company in an involuntary case,

 

		ii.	appoints a Custodian of the Company or for all or substantially all of its property, or

 

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		iii.	orders the liquidation of the Company, and the order or decree remains unstayed
and in effect for 60 days; or

 

		(g)	any other Event of Default provided with respect to Securities of that Series, which is specified
in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(n).

 

The term “Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section
6.2          Acceleration of Maturity; Rescission
and Annulment. Except to the extent provided otherwise
in the establishing Board Resolution, supplemental indenture or Officers’ Certificate for such Series, if an Event of Default
with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred
to in Section 6.1(e) or 6.1(f)), then in every such case the Trustee or the Holders of not less than 25.0% in aggregate principal
amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are
Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued
and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or portion thereof)
and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section
6.1(e) or 6.1(f) shall occur, the principal amount (or portion thereof) of and accrued and unpaid interest, if any, on all outstanding
Securities shall automatically become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.

 

At any time after such
a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 6.13.

 

No such rescission
shall affect any subsequent Default or impair any right consequent thereon.

 

Section
6.3           Collection of Indebtedness and
Suits for Enforcement by Trustee. The Company covenants
that if:

 

		(a)	default is made in the payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days,

 

		(b)	default is made in the payment of principal of any Security at the Maturity thereof, or

 

		(c)	default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

 

then, the Company will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

    -17-

     

    

 

If the Company fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.

 

If an Event of Default
with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section
6.4              Trustee may File Proofs of
Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,adjustment,composition or other judicial proceeding
relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or
their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise, (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the
Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and (b) to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

Section
6.5               Trustee may Enforce Claims Without
Possession of Securities. All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any such 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 the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section
6.6               Application of Money Collected.
Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

    -18-

     

    

 

First: To the payment
of all amounts due the Trustee under Section 7.7; and

 

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

 

Third: To the Company.

 

Section
6.7               Limitation on Suits.
No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

		(a)	such Holder has previously given written notice to the Trustee of a continuing Event of Default
with respect to the Securities of that Series;

 

		(b)	the Holders of not less than 25.0% in principal amount of the outstanding Securities of that Series
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;

 

		(c)	such Holder or Holders have offered to the Trustee indemnity or security satisfactory to it against
the costs, expenses and liabilities to be incurred in compliance with such request;

 

		(d)	the Trustee for 60 days after its receipt of such notice, request and offer of indemnity or security
has failed to institute any such proceeding; and

 

		(e)	no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of the outstanding Securities of that Series;

 

it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders.

 

Section
6.8               Unconditional Right of Holders
to Receive Principal and Interest. Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed
in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such Holder.

 

Section
6.9               Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders
shall continue as though no such proceeding had been instituted.

 

    -19-

     

    

 

Section
6.10            Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section
2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

Section
6.11            Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section
6.12            Control by Holders.
The Holders of a majority in principal amount of the outstanding Securities of any Series 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 the Securities of such Series; provided that:

 

		(a)	the Trustee shall have the right to decline to follow any such direction if the Trustee, being
advised by counsel, determines that such direction shall be in conflict with any rule of law or with this Indenture;

 

		(b)	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction; and

 

		(c)	the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability or expense for which it is not adequately indemnified, or is unduly prejudicial to the rights of any other Holder (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).

 

Section
6.13            Waiver of Past Defaults.
The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders
of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except
a Default (a) in the payment of the principal
of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount
of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default
that resulted from such acceleration) or (b) in respect of a covenant or provision hereof which cannot be modified or amended without
the consent of the Holder of each outstanding Security of such Series affected. Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

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Section
6.14        Undertaking for Costs.
All parties to this Indenture agree, and each Holder of any Security by his 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, suffered 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
Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption date).

 

Article
VII

TRUSTEE

 

Section
7.1          Duties of Trustee.

 

		(a)	The Trustee, prior to the occurrence of an Event of Default with respect to the Securities and
after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise
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 their own affairs.

 

		(b)	Except during the continuance of an Event of Default:

 

		i.	The Trustee need perform only those duties that are specifically set forth in this Indenture and
no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee. The Trustee shall not
be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers.
The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers
under this Indenture. 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.

 

		ii.	The Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.

 

		(c)	The Trustee may not be relieved from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that:

 

		i.	This paragraph does not limit the effect of paragraph (b) of this Section.

 

		ii.	The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

 

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		iii.	The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken
by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect
to the Securities of such Series.

 

		(d)	Every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section.

 

		(e)	The Trustee may refuse to perform any duty or exercise any right or power at the request or direction
of any Holder or Holders pursuant to this Indenture, unless such Holder or Holders shall have offered and, if requested, provided
to the Trustee security or indemnity satisfactory to the Trustee in its sole and absolute discretion against any costs, losses,
liabilities and expenses which might be incurred by it in compliance with such request or direction.

 

		(f)	The Trustee shall not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law.

 

		(g)	No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur
any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall
have reasonable grounds for believing that repayment of such funds or satisfactory indemnity against such risk is not assured to
it.

 

		(h)	The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections,
immunities and standard of care as are set forth in paragraphs (b) and (c) of this Section with respect to the Trustee.

 

Section
7.2          Rights of Trustee.

 

		(a)	The Trustee may rely on and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, bond, debenture, note,
coupon, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented
by the proper person, not only as to due execution, validity and effectiveness, but also as to the truth and accuracy of any information
contained therein. The Trustee need not investigate any fact or matter stated in the document.

 

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

 

		(c)	The Trustee may act through agents and shall not be responsible for the misconduct or negligence
of any agent appointed with due care. No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible
for any act or omission by any Depository.

 

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		(d)	The Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute negligence
or willful misconduct.

 

		(e)	The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee
security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction.

 

		(f)	The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder
without negligence and in good faith and in reliance thereon.

 

		(g)	The Trustee may conclusively rely upon and shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit.

 

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

 

		(i)	Delivery of reports, information and documents (including, without limitation, reports contemplated
in this Section) to the Trustee is for information purposes only, and the Trustee’s receipts thereof shall not constitute
actual or constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with covenants under this Indenture, Securities, and guarantees (if any), as to which the Trustee
is entitled to rely exclusively on Officers’ Certificates.

 

		(j)	The Trustee shall have no responsibility for monitoring the Company’s compliance with any
of its covenants under this Indenture.

 

		(k)	The Trustee shall not be responsible or liable for punitive, special, indirect, incidental 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 actions.

 

		(l)	Any permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture
shall not be construed as a duty.

 

		(m)	The Trustee shall not be responsible or liable for any failure or delay in the performance of its
obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control,
including, without limitation, acts of God; earthquakes; fires; floods; terrorism; wars; civil or military disturbances; sabotage;
epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents;
labor disputes; acts of civil or military authorities and governmental actions; or the unavailability of the Federal Reserve Bank
wire or telex or other wire or communication facility.

 

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		(n)	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 a majority in principal amount of the outstanding Securities of any
Series, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.

 

Section
7.3               Individual Rights of Trustee.
The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the
Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with
like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 

Section
7.4               Trustee’s Disclaimer.
The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable
for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities
other than its authentication. In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and
not in its individual capacity and all persons, including without limitation the Holders of Securities and the Company having any
claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for
payment except as otherwise provided herein.

 

Section
7.5               Notice of Defaults.
If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a
Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a
Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge
of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest
on any Security of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding
the notice is in the interests of Securityholders of that Series.

 

Section
7.6               Reports by Trustee to Holders.
Within 60 days after in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses
appear on the register kept by the Registrar, a brief report dated as of such, in accordance with, and to the extent required
under, TIA Section 313.

 

A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange, if any, on which
the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed
on any stock exchange.

 

Section
7.7               Compensation and Indemnity.
The Company shall pay to the Trustee from time to time compensation for its services hereunder as the Company and the Trustee shall
from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable expenses, disbursements and
advances incurred by it in connection with the performance of its duties under this Indenture. Such expenses shall include the
reasonable compensation and expenses of the Trustee’s agents and counsel.

 

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The Company shall indemnify
each of the Trustee and any predecessor Trustee for and hold it harmless, (including the cost of defending itself) against any
and all loss, liability, claim, suit or expense (including attorneys’ fees and expenses, and including other than taxes based
upon, measured by or determined by the income of the Trustee), including without limitation the costs and expenses of defending
itself against any third-party claim (whether asserted by any Holder or any other person), without negligence or willful misconduct,
as finally determined by a court of competent jurisdiction, arising out of or in connection with its acceptance or administration
of the trust or trusts hereunder, including the performance of its duties or the exercise of its powers hereunder and including
the enforcement of this Agreement (including, without limitation, this Section 7.7). With respect to any such claim other than
a claim brought by the Company, (i) the Trustee shall notify the Company promptly of any claim for which it may seek indemnity,
(ii) the Company may at its option defend the claim, in which event the Trustee shall cooperate in the defense and the Trustee
may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel and (iii) the Company need
not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall
apply to officers, directors, employees, shareholders and agents of the Trustee.

 

To secure the Company’s
payment obligations in this Section, 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 that Series.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.1(e) or 6.1(f) 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 shall survive the resignation or removal of the Trustee and the termination of this Indenture.

 

Section
7.8               Replacement of Trustee.
A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section.

 

The Trustee may resign
with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed
resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect
to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one
or more Series if:

 

		(a)	the Trustee fails to comply with Section 7.10;

 

		(b)	the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect
to the Trustee under any Bankruptcy Law;

 

		(c)	a Custodian or public officer takes charge of the Trustee or its property; or

 

		(d)	the Trustee becomes incapable of acting.

 

If the Trustee resigns
or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

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If a successor Trustee
with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of
the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring
Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.
A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement
of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 shall continue for the benefit of
the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement.

 

Section
7.9          Successor Trustee by Merger,
Etc. Any corporation or other entity 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 or acquiring all or substantially all
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 such corporation shall be otherwise qualified and eligible under this Article, without
the execution or filing of any paper or any further act on the part of any of the parties hereto. 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, or by succession to or acquisition of all or substantially all of the corporate trust business of, such successor Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

 

Section
7.10        Eligibility; Disqualification.
This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The
Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual
report of condition. The Trustee shall comply with TIA Section 310(b).

 

Section
7.11        Referential Collection of Claims Against Company.
The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

 

Article
VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section
8.1          Satisfaction and Discharge of
Indenture. This Indenture shall upon Company Order
cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)         
either:

 

i.            all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and
that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

ii.           all such Securities not theretofore delivered to the Trustee for cancellation

 

(1)               
have become due and payable, or

 

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(2)               
will become due and payable at their Stated Maturity within one year, or

 

(3)               
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company; or

 

(4)               
are deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of clauses
(1), (2) and (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount
sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due
and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

		(b)	the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

		(c)	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have
been complied with.

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2
and 8.5 shall survive.

 

Section
8.2           Application of Trust Funds; Indemnification.

 

		(a)	Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section
8.1, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received
by the Trustee in respect of U.S. Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held
in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (other than the Company acting as its own Paying Agent) as the Trustee may determine, to the persons
entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or to make mandatory sinking fund payments or analogous payments as contemplated by Section 8.3 or 8.4.

 

		(b)	The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against U.S. Government Obligations deposited pursuant to Section 8.3 or 8.4 or the interest and principal received
in respect of such obligations other than any payable by or on behalf of Holders.

 

		(c)	The Trustee shall deliver or
pay to the Company from time to time upon Company Request any U.S. Government Obligations or money held by it as provided in Section
8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to
be deposited for the purpose for which such U.S. Government Obligations or money were deposited or received. This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations held under this Indenture.

 

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Section
8.3         Legal Defeasance of Securities
of any Series. Unless this Section 8.3 is otherwise
specified, pursuant to Section 2.2(p), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid
and discharged the entire indebtedness on all the outstanding Securities of any Series on the 90th day after the date of the deposit
referred to in subparagraph (c) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such
Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper
instruments acknowledging the same), except as to:

 

		(a)	the rights of Holders of Securities of such Series to receive, from the trust funds described in
subparagraph (c) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities
of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory
sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance
with the terms of this Indenture and the Securities of such Series;

 

		(b)	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

		(c)	the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following
conditions shall have been satisfied:

 

		i.	the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section
8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security
for and dedicated solely to the benefit of the Holders of such Securities, cash in Dollars and/or U.S. Government Obligations,
which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such
installments of interest or principal and such sinking fund payments are due;

 

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

 

		iii.	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 or during the period ending on the 90th day after such date;

 

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		iv.	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel to the effect 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 execution of this Indenture, there has been a change in the applicable Federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series
will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case
if such deposit, defeasance and discharge had not occurred;

 

		v.	the Company shall have delivered
to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring
the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; and

 

		vi.	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been
complied with.

 

Section
8.4          Covenant Defeasance.
Unless this Section 8.4 is otherwise specified pursuant to Section 2.2(p) to be inapplicable to Securities of any Series, on and
after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with respect
to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.6, and 5.1 as well
as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’
Certificate delivered pursuant to Section 2.2(p) (and the failure to comply with any such covenants shall not constitute a Default
or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2(n)
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series; provided that the following conditions shall have been satisfied:

 

		(a)	With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited
(except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, cash in Dollars and/or
U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before
the due date of any payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment
of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on
the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

		(c)	No Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 90th day after such date;

 

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		(d)	The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders
of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit
and 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 deposit and covenant defeasance had not occurred; and

 

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

 

Section
8.5               Repayment to Company.
The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and
interest that remains unclaimed for six months. After that, Securityholders entitled to the money must look to the Company for
payment as general creditors unless an applicable abandoned property law designates another person.

 

Article
IX

AMENDMENTS AND WAIVERS

 

Section
9.1               Without Consent of Holders.
The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent
of any Securityholder by indentures supplemental hereto:

 

		(a)	to cure any ambiguity, defect or inconsistency;

 

		(b)	to comply with Article V;

 

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

 

		(d)	to add to the covenants of the Company such further covenants, restrictions, conditions or provisions
as its Board of Directors shall consider to be for the protection of the holders of Securities, and to make the occurrence, or
the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions an Event
of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth, with
such period of grace, if any, and subject to such conditions as such supplemental indenture may provide;

 

		(e)	[reserved];

 

		(f)	to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary
to effect the qualification of this Indenture under the TIA, or under any similar federal statute hereafter enacted, and to add
to this Indenture such other provisions as may be expressly permitted by the TIA, excluding however, the provisions referred to
in Section 316(a)(2) of the TIA or any corresponding provision in any similar federal statute hereafter enacted;

 

		(g)	to add any additional Events of Default (and if such Events of Default are to be for the benefit
of less than all Series of Securities, stating that such are expressly being included solely for the benefit of such Series);

 

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		(h)	to modify, eliminate or add to any of the provisions of this Indenture; provided that any
such change or elimination (i) shall become effective only when there is no Security of any Series Outstanding and created prior
to the execution of such supplemental indenture that is entitled to the benefit of such provision or (ii) shall not apply to any
Security Outstanding;

 

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

 

		(j)	to make any change that does not adversely affect the rights of any Securityholder;

 

		(k)	to provide for the issuance of and establish the form and terms and conditions of Securities of
any Series as permitted by this Indenture;

 

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

 

		(m)	to comply with requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA.

 

Section
9.2               With Consent of Holders.
The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority
in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained
in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying
in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least
a majority in principal amount of the outstanding Securities of any Series by written notice to the Trustee (including consents
obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company
with any provision of this Indenture or the Securities with respect to such Series.

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this Section becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice briefly
describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section
9.3               Limitations.
Without the consent of each Securityholder affected, an amendment or waiver may not:

 

		(a)	reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

		(b)	reduce the rate of or extend the time for payment of interest (including default interest) on any
Security;

 

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		(c)	reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or
postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

		(d)	reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

		(e)	waive a Default or Event of Default in the payment of the principal of or interest, if any, on
any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal
amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

		(f)	make the principal of or interest, if any, on any Security payable in any currency other than that
stated in the Security;

 

		(g)	make any change in Section 6.8, 6.13, or 9.3 (this sentence); or

 

		(h)	waive a redemption payment with respect to any Security.

 

Section
9.4               Compliance with Trust Indenture
Act. Every amendment to this Indenture or the Securities
of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section
9.5               Revocation and Effect of Consents.
Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security
is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice
of revocation before the date of the supplemental indenture or the date the waiver becomes effective.

 

Any amendment or waiver
once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security
who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security.

 

Section
9.6               Notation on or Exchange of Securities.
The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.
The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities
of that Series that reflect the amendment or waiver.

 

Section
9.7               Trustee Protected.
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be
fully protected in relying upon, an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent have
been satisfied, the execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental
indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.
The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely
affects it.

 

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Article
X

MISCELLANEOUS

 

Section
10.1            Trust Indenture Act Controls.
If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included
in this Indenture by the TIA, such required or deemed provision shall control.

 

Section
10.2             Notices.
Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail:

 

if to the Company:

 

The First Bancshares, Inc.

6480 U.S. Highway 98 West

Hattiesburg, Mississippi 39402

Attention: Dee Dee Lowery, Executive
Vice President and Chief Financial Officer

Telephone: (601) 268-8998

 

if to the Trustee:

 

Wilmington Trust, National Association

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: The First Bancshares,
Inc. Administrator

Telephone: (302) 636-6398

 

The Company or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to
mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect
to other Securityholders of that or any other Series.

 

If a notice or communication
is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder
receives it.

 

If
the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same
time. Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides
for notice of any event or any other communication (including any notice of redemption or repurchase) to a Securityholder of a
Security (whether by mail or otherwise), such notice shall be sufficiently given if given to Depository (or its designee) pursuant
to the applicable procedures from Depository or its designee, including by electronic mail in accordance with accepted practices
at Depository.

 

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

 

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Section
10.4            Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish
to the Trustee:

 

		(a)	an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

		(b)	an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

Section
10.5           Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than
a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

		(a)	a statement that the person making such certificate or opinion has read such covenant or condition;

 

		(b)	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;

 

		(c)	a statement that, in the opinion of such person, he has made such examination or investigation
as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied
with; and

 

		(d)	a statement as to whether or not, in the opinion of such person, such condition or covenant has
been complied with.

 

Section
10.6            Rules by Trustee and Agents.
The Trustee may make reasonable rules for action by, or a meeting of, Securityholders of one or more Series. Any Agent may make
reasonable rules and set reasonable requirements for its functions.

 

Section
10.7            Legal Holidays.
Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series,
a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the
intervening period.

 

Section
10.8            No Recourse Against Others.
A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company
under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities.

 

Section
10.9            Counterparts.
This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf”
or “.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all
purposes.

 

    -34-

     

    

 

Section
10.10        Governing Laws;
Waiver of Jury Trial; Jurisdiction. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY AND CONSTRUED WITH THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW
TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY (OTHER THAN SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

The parties hereby
(i) irrevocably submit to the exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city
of New York, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection
that such courts are an inconvenient forum or do not have jurisdiction over any party.

 

Section
10.11        No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
10.12        Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this
Indenture shall bind its successor.

 

Section
10.13        Severability.
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
10.14        Table of Contents, Headings, Etc.
The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms
or provisions hereof.

 

Article
XI

SINKING FUNDS

 

Section
11.1           Applicability of Article.
The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except
as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 

The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such 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 11.2. Each sinking fund payment shall be applied to the
redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

 

    -35-

     

    

 

Section
11.2            Satisfaction of Sinking Fund Payments with Securities.
The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to
be made pursuant to the terms of such Securities (a) deliver outstanding Securities of such
Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking
fund redemption) and (b) apply as credit Securities of such Series to which such sinking fund payment is applicable and which
have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of
Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments
or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously
so credited. Such Securities shall be received by the Trustee, together with an Officers’ Certificate with respect thereto,
not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall
be credited for such purpose by the Trustee at the 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. If as a result of the delivery or credit
of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be
redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such
Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by
the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment; provided, however, that the
Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash
payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series
purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.

 

Section
11.3            Redemption of Securities for Sinking Fund.
Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture or Officers’ Certificate
in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company
will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment
for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash
and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to
Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in
the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) 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 3.3. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

[Signature page follows]

 

    -36-

     

    

 

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

 

	 	THE FIRST BANCSHARES, INC. 
	 	 	 
	 	By:	        
	 		Name:
	 		Title:
	 	 	 
	 	WILMINGTON TRUST,
    NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

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